In a compelling address at the “Green Technology Forum” held on January 15 in Davos, Switzerland, President Ranil Wickremesinghe highlighted the present as an opportune moment for investing in Sri Lanka’s renewable energy sector. He expressed confidence in the sector’s potential to yield substantial benefits for both stakeholders and consumers in the coming decades.
President Wickremesinghe underscored that investors entering the renewable energy sector can anticipate a comprehensive and unwavering policy framework. He made these remarks during the event coordinated by the Swiss-Asian Chamber of Commerce, where the theme centered on “Paving the way to an energy-secure Sri Lanka.”
Addressing the gathering, President Wickremesinghe emphasized Sri Lanka’s commitment to addressing climate change, citing various measures, including the “Tropical Belt Initiative” presented at the COP28 conference in Dubai. He pointed out that negotiations with regional countries, including India, are ongoing, highlighting the importance of the ocean region for fuel exploration and biodiversity.
The President stressed the need to expedite renewable energy activities in coordination with the Ministry of Defense, anticipating making a formal request to the minister overseeing the subject. Committee members and Members of Parliament Madhura Withanage, S.M.M. Muszhaaraff, and officials from the Ministry of Foreign Affairs were present at the Committee meeting.
President Wickremesinghe’s full speech at the Green Technology Forum delved into Sri Lanka’s historical reliance on renewable energy, the country’s ambitious plans to achieve 70% renewable energy by 2030, and the necessary investments totaling USD 11.5 billion. He outlined financial, legislative, and institutional reforms undertaken over the past two years to create an optimal investment climate for the sector.
With the implementation of major reforms and renewed interest in the sector, President Wickremesinghe emphasized that Sri Lanka’s renewable energy policy direction is underpinned by multiple motivations. He concluded by stating that this is the best time to invest in Sri Lanka’s renewable energy journey, expressing confidence that such investments will generate significant value for shareholders and consumers over the next several decades.
