An Energy Transition Law, Multi-Agency Committee to guide decision-making on Energy Projects

November, 21, 2023

In a landmark address at the Sri Lanka Green Hydrogen Symposium 2023, President Ranil Wickremesinghe outlined a comprehensive vision for Sri Lanka’s role in addressing climate change, emphasizing sustainable practices and embracing cutting-edge green energy technologies.

President Wickremesinghe opened his speech by drawing attention to the alarming findings of the UNF emission report for 2023. Expressing concern over the potential 3-degree °C global temperature increase by the end of the century, he underscored the need for immediate global action, lamenting the unfulfilled emission reduction promises of developed nations. “It says by the end of this century we will be about 3 degrees °C higher. Just imagine what that is going to be. And the cuts which were promised by the developed nations have not taken place.

But even with that, we would come to 2.5-degrees °C. So then we have to come down to 1.5 degrees °C. That’s what our target is for 2030.”

Sri Lanka’s commitment to the cause was a focal point in the President’s discourse. He articulated two key objectives: advocating for the 1.5-degree °C target at COP28 and showcasing the nation’s commitment to contributing significantly, irrespective of its lower pollution levels compared to more industrialized countries.

The energy landscape took centre stage in President Wickremesinghe’s address. Citing the UN Secretary-General’s call for tripling renewable energy capacity by 2030, he positioned this as a pivotal opportunity for Sri Lanka to transform into a green energy exporter. The President specifically highlighted the vast potential of solar and wind power in the country’s expansive dry zones.

Using historical references, President Wickremesinghe proposed a bold shift, envisioning Sri Lanka as an energy exporter akin to ancient civilizations exporting grain. “Now we can become an exporter of energy. Let’s go for it. That is my idea,” he declared, underlining the nation’s potential in harnessing renewable resources.

Green hydrogen emerged as a key focus in the President’s vision, with Sri Lanka aspiring not only to achieve energy independence but also to become a regional hub for green hydrogen supply.

To realize these ambitious goals, the President announced plans for a new committee and an energy transition law, signalling a commitment to a holistic decision-making process regarding new energy projects. Acknowledging economic challenges, he stressed the importance of a thorough review to ensure sustained, long-term benefits.

President Wickremesinghe referenced the cancellation of the Norochcholai project in 2002. He pointed out that the decision was made due to economic considerations and the pursuit of a more modern version funded by the Japanese. However, he acknowledged that this decision faced opposition and Norochcholai now poses a challenge for the country, prompting a reassessment of its utility and future role.

The President also expressed dissatisfaction with the downgrading of sustainable energy in favour of other sources, such as wind power. He reflected on the consequences of mismanaging the energy portfolio, emphasizing the need for a holistic view and a re-evaluation of the long-term power generation plan.

In his concluding remarks, President Ranil Wickremesinghe reaffirmed Sri Lanka’s unwavering commitment to green energy and called upon experts to advise the government on the path forward. “We are committed to green energy and we are going ahead,” he declared, positioning Sri Lanka as a leader in sustainable and environmentally conscious policies.

In the meantime, “The Sri Lanka National Hydrogen Road Map” was presented by the Minister of Power & Energy Kanchana Wijesekara to President Ranil Wickremesinghe. This roadmap is a collaborative effort between the Petroleum Development Authority of Sri Lanka (PDASL) and Greenstat Hydrogen India, with the invaluable support of the United States Agency for International Development (USAID),

which charts a course for Sri Lanka’s energy landscape transformation.

Addressing the symposium, US Ambassador H.E. Julie J. Chung, Indian High Commissioner H.E. Gopal Baglay and the British High Commissioner H.E. Andrew Patrick commended on the actions taken by Sri Lanka and pledged their unwavering support for the country’s commitment to Green Hydrogen transformation.

The symposium, organized by Greenstat India in collaboration with PDASL and USAID, serves as a testament to Sri Lanka’s determination to spearhead the transition toward a sustainable and green future, reflecting a comprehensive and forward-thinking approach under President Ranil Wickremesinghe’s leadership.

This event was graced by notable personalities such as Mr. Sagala Ratnayaka; Senior Advisor to the President on National Security and the Chief of Staff, Mr. Sturle Pedersen; Chairman of Greenstat India, Mr. Surath Ovitigama: Chairman of PDASL and Official dignitaries of Greenstat India, USAID, stakeholders and other collaborators.

Video Story

A Crisis If Economy Does Not Grow – Sujeewa Mudalige & Talal RafiLiberal Handling of Market Will Continue | Duminda HulangamuwaTax exemptions have not served very well for SL - IMF's Peter Breuer ‘At Hydepark’SL tourism to showcase a new era of growth at WTM 2024 in LondonExclusive Interview with Dr. Nandalal Weerasinghe at Ada Derana Hyde ParkThe Nightly Business Report |17th May 2024The Nightly Business Report | 15th May 2024The Nightly Business Report | 13th May 2024The Nightly Business Report | 07 May 2024The Nightly Business Report | 30th April 2024The Nightly Business Report | 29th April 2024The Nightly Business Report | 26th April 2024The Nightly Business Report | 25th April 2024The Nightly Business Report | 22nd April 2024The Nightly Business Report | 19th April 2024The Nightly Business Report | 17th April 2024The Nightly Business Report | 16th April 2024The Nightly Business Report | 15th April 2024RICH MUST PAY MORE TAXES, IMF’S PETER BREUER & SARWAT JAHAN ‘AT HYDEPARK WITH INDEEWARI AMUWATTE’2024 Will Have More Positivity – CBSL Governor Dr. Nandalal Weerasinghe ‘@ HYDEPARKBudget 2024 - Dr. Roshan PereraWhat's happening to tourism ?SALIYA PIERIS & NALAKA GUNAWARDENE ON SL ONLINE SAFETY BILL - 'AT HYDEPARK WITH INDEEWARI AMUWATTE’Ravi Abeysuriya and Deshan Pushparajah join Indeewari Amuwatte 'At HydePark' on Ada Derana 24Former IMF-ICD director Dr. Sharmini Coorey joins Indeewari Amuwatte 'at HYDEPARK' on Ada Derana 24Dr. Priyanga Dunusinghe and Dr. Nadeem Ul Haque join Indeewari Amuwatte At HydeParkHEAD OF SOE RESTRUCTURING UNIT SURESH SHAH JOINS INDEEWARI AMUWATTE 'AT HYDEPARK' ON ADA DERANA 24Sri Lanka: Supporting Recovery and Promoting Stable & Inclusive GrowthCBSL Governor is confident that Sri Lanka will be able to achieve debt sustainability even before the timeframe envisaged through the IMF EFF programmeCSE had a bullish start for the week but later drop in prices capped early gains of the dayForeign Investors resulted a net foreign inflow of LKR 230 millionCSE continued to move upward ahead of monetary policy review meetingCSE records downward trend for second consecutive dayThe current tax policy is a rescue operation - PresidentCSE managed to secure its bull run for 2nd consecutive session in the weekCSE’s ASPI records massive gain - 20.02.2022Sri Lanka Stock Market 13.02.2023Sri Lanka Stock Market 10.02.2023Sri Lanka Stock Market 08.02.2023Sri Lanka Stock Market 03.02.2023Sri Lanka Stock Market 02.02.2023Govt needs to have a policy framework to bring about the necessary change - Ranjit PageSri Lanka Stock Market 26.01.2023Sri Lanka Stock Market 24.01.2023Sri Lanka Stock Market 20.01.2023Sri Lanka Stock Market 18.01.2023Sri Lanka Stock Market 13.01.2023Sri Lanka Stock Market 12.01.2023Alternative solutions for Sri Lanka's economic recovery - Dr. Howard Nicholas, EconomistSri Lanka Stock Market 10. 01. 2023Sri Lanka Stock Market 09.01.2023Sri Lanka Stock Market 04.01.2023Sri Lanka Stock Market 03.01.2023IMF bailout package can be approved by the global lender in January 2023 by which time Sri Lanka would have secured creditor assurances from countries including India and China – CBSL GovernorADA DERANA POST-BUDGET DISCUSSION ON 'RECOVERING FROM CRISIS, REGAINING STABILITY'CSE Chairman says they expect to introduce a host of new financial instruments to the Colombo Bourse by mid-2023Sri Lanka’s Turnaround Strategies and the Role of the International CommunityPresident Ranil addresses Sri Lankan diaspora in UKUSAID ADMINISTRATOR SAMANTHA POWER WITH INDEEWARI AMUWATTE AT HYDEPARK ON ADA DERANA 24PETROLEUM ENGINEER SALIYA WICKRAMASURIYA JOINS INDEEWARI AMUWATTE AT HYDEPARK ON ADA DERANA 24US Ambassador to Sri Lanka Julie Chung Joins Indeewari Amuwatte at Hydepark on Ada Derana 24Press Conference on Current Economic SituationSri Lanka may take weeks to hire debt advisers, Sabry saysExpert Panel of Industrialists Join Indeewari Amuwatte @HydeparkExperts Discuss How to Best Address Sri Lanka’s Economic Situation with Indeewari Amuwatte @HYDEPARK@Hyde Park with Indeewari Amuwatta | Srimathi ShivashankarHow can Sri Lanka reset and revive its economy while finding solutions to address a health crisis?CBSL Governor Ajith Nivard Cabraal Joins Indeewari Amuwatte @HYDEPARKU.S. Ambassador to Sri Lanka Alaina B. Teplitz says that Sri Lanka should choose its partners based on openness, transparency and true investments rather than loans.We're not taking anything away from investors - SEC ChairmanEconomic Freedom of Sri LankaCSE Chairman Dumith Fernando Joins Indeewari Amuwatte @Hydepark on Ada Derana 24Inaugural speech by His Excellency President Gotabaya Rajapaksa at Sri Lanka Economic Summit 2020US SEC. of State Mike Pompeo Joins Indeewari Amuwatte @Hydepark on Ada Derana 24Foreign Secretary Joins Indeewari Amuwatte @HYDEPARK on Ada Derana 24GET REAL - Senior Deputy Governor of the Central Bank of Sri Lanka Dr. Nandalal WeerasingheMAS joins global efforts to contain spread of COVID-19Preventing Disruptions to Economic Activity amidst the Spread of the COVID-19 PandemicDUMITH FERNANDO JOINS INDEEWARI AMUWATTE @HYDEPARK ON ADA DERANA 24FORMER CBSL GOVERNOR AJITH NIVARD CABRAAL JOINS INDEEWARI AMUWATTE @HYDEPARK ON ADA DERANA 24BE BOLD! DR. MARK MOBIUS TELLS SRI LANKASri Lanka urgently needs a nation branding strategy that will help the island nation be a game-changer - Dr. Udaya IndrarathnaLotus Tower officially declared openAgreement signed to develop East container terminal at Colombo PortUpdate from Washington: US Foreign Policy towards China and South Asia and what it means for Sri LankaEaster Day attacks are a blow in the economy at large, not just tourism industryILO Launches Report on the Future of Work in Sri LankaMacroeconomic Impact of the Budget 2019Fiscal Impact of the Budget 2019Harry Jayawardena @ KPMG's post Budget ForumDissecting Budget 2019Sri Lanka Economic Association – Annual Sessions 2018Land reclamation for Port City completedSri Lanka Targeting 3 Million Tourists in 2019Susantha Ratnayake bids farewell to JKH, Balendra junior in as ChairmanThe economy cannot operate isolation - PallewattaDo we have the money to pay our obligations coming due next year? Answer is yes.CBSL Governor Dr. Indrajit Coomaraswamy, addressing 22nd Annual General Meeting of the ACGMr. Ranjit Page addressing the 2nd Annual General Meeting of the Sri Lanka Retailers’ AssociationCentral Bank issues a new series of coinsUS$ 184 million spent to defend Rupee - CBSL GovernorSri Lanka PM Ranil ‘Concerned on rebalancing of the Global Order’ at World Economic Forum on ASEANSri Lanka Economic Summit 2018 - Keynote Address Mr. Arun M Kumar - Chairman and CEO, KPMG IndiaSL at risk of exchange rate crisis - NomuraSumal Perera suggests Dhammika Perera should be the Next Presidential Candidate at Fireside ChatSL's IT/BPM Marks $1.2 Bn in Revenue - EDBContent creators can now monetize via YouTube in Sri Lanka!There are about 20 other reports like of the bond scam - Auditor GeneralA rapid development in coming 18 months - PMEconomic growth cannot be achieved with a small marketSL Rupee should be allowed to float – IMFSri Lanka highly important in terms of business in South Asia - Petri PeltonenSri Lanka blessed with rich natural resources we can only dream about - Harri KämäräinenGovt planning new national economic strategy – Prof. Lalith SamarakoonSri Lanka rupee hits record lowMonetary Board decides to reduce SLFR by 25 bpsEU delegation highlights need for further progress on human rightsTourism Minister requests diplomats to invite countrymen to visit SLSri Lanka statistics office withdraws GDP dataJapan-Sri Lanka Business Forum held under President's patronageEvening with a Corporate Leader : Mr Dhammika PereraThere is scarcity of talent - Kathy Tingate, Director HR, Microsoft Asia PacificGas cylinder prices to be increased?Budget Openness: Sri Lanka Needs Higher StandardsStock Market continues strong start to the year with the second listing of 2018United States GSP program expires on Dec 31President to request Russia to withdraw tea banJAT Holdings could go public in SingaporeLVL Energy Fund announces Rs. 1.2 billion IPO to fund its strategic growth and expansionWe still haven't found all the dead bodies - PMA budget office to be established in parliament by the end of 2018 - Minister EranWe have a serious concern about debt distress – CBSL GovernorPetroleum Minister Arjuna Ranatunga explains cause for fuel shortageAnika Wijesuriya has fled country due to threats - AG's DeptSri Lanka and Finland to ink agreement on digitalizationMorison PLC unveiled to mark new eraDSL Enterprises joins with Little Hearts social welfare projectPM inaugurates largest naval vessel to be produced in SLAG's dept grills PTL legal officers over litigation errorPresident declares open star class hotel in Nuwara EliyaFormer CB Governor questioned on Greek bond investmentsNew Inland Revenue Bill to be tabled on FridayRevelations at treasury bond commission by former EPF SuperintendentBOI should be closed down - Justice MinisterAloysius asked to hand over personal electronic devices to bond commissionSri Lanka Customs launches online payment platform for declarationsSri Lanka’s tallest building gets shaky from the startBeneficiaries of EPF will have to pay taxes - BandulaWe need an export oriented economy - PMRavi Karunanayake on why he switched from finance to foreign affairsSL looking to import fabric to meet new demand due to GSP+ - Felix Fernando18% duty on fish exports to be lifted under GSP+GSP+ is granted to encourage govt. towards reforms - Tung-Lai MargueNew tax revenue proposal to increase government coffers - RaviDHL is committed to enhancing its investments in SLHambantota port deal is a major plus, will benefit country - CB GovernorDerana launches Derana SME Club with IDBWe will bring in new legislation – PMSL’s first A320 touches down at BIAAll securities issued by the government are absolutely safe – CB GovernorSri Lanka spending Rs 35 billion to import milk powder - HarshaGoogle internet balloon plan hits a legal snag - HarinLAUGFS Creates History at HambantotaFinance Minister calls CB Governor a hospital attendant - VIDEOEPF can buy over all companies in Sri Lanka, says Premier – VIDEOHandunnetti questions how Perpetual Treasuries gained heavenly wisdom – VIDEOLondon Stock Exchange Group opens new technology facility in Sri Lanka - VIDEO
The requested content cannot be found
A Crisis If Economy Does Not Grow – Sujeewa Mudalige & Talal Rafi

Stock Market

Exchange Rates