President Wickremesinghe Unveils Ambitious Plans for Renewable Energy at Davos Green Technology Forum
January 17, Colombo (LNW): President Ranil Wickremesinghe, speaking at the Green Technology Forum in Davos, Switzerland, on Monday, revealed a heightened commitment to integrating wind and solar power generation into Sri Lanka’s national grid. The President declared that his government is expediting this initiative, aiming to ensure that 70% of the country’s electricity needs are met through renewable energy sources by 2030.
Highlighting Sri Lanka’s historical commitment to renewable energy, President Wickremesinghe pointed out the nation’s extensive hydropower network, which commenced with the commissioning of its first major hydro-power plant in 1950. Hydropower played a significant role in meeting the country’s energy needs until the 1990s, with it still contributing around 40% to Sri Lanka’s installed electricity generation capacity today.
The President emphasized the urgency of the transition to renewable energy during his address at the forum, which was coordinated by the Swiss-Asian Chamber of Commerce. Acknowledging the need for substantial investment, estimated at up to US$ 11.5 billion, President Wickremesinghe noted that, until recently, the framework for private investment in the renewable energy sector had not been very conducive. The government’s intensified efforts seek to create an environment conducive to private investment, facilitating the ambitious shift toward sustainable and environmentally friendly energy sources.