Urgent need for energy independence amid raging conflicts
Sri Lanka faces a pivotal moment in its energy and economic future due to its heavy dependence on imported fossil fuels. The recent geopolitical conflicts in West Asia, global price volatility, and internal economic crisis have exposed vulnerabilities in the country’s reliance on fossil fuels, highlighting the urgent need for energy independence. Transitioning to renewable energy is now a vital economic, national security, and environmental priority.
The country stands at a crucial juncture where, embracing renewable energy not only offers a path to economic stability and energy security, but also aligns with global efforts to combat climate change. The decisive shift towards domestic, clean energy resources could redefine the country’s future, making it resilient, self-sufficient, and sustainable, says Climate and Conservation Consortium (CCC), Director and CEO, Sanith de S Wijeyeratne. CCC is a leading corporate sustainability and environmental advocacy group, and is a strong advocate for corporate sustainability and more accountability for environmental impacts in the private sector.
He told the Sunday Times Businesss, that: “Sri Lanka imports nearly all fossil fuels. This drains our foreign currency reserves, especially during global price hikes or currency depreciations. Recent crises led to fuel shortages, power outages, and economic disruptions, underscoring energy supply vulnerabilities.”
On Sri Lanka’s governance and corruption challenges, he highlighted, “Fuel procurement often involves complex, opaque processes, sometimes linked to corruption. This inefficiency and potential fraud increase costs, impacting tariffs, public debt, and fiscal capacity. But progress toward renewable energy has often been slowed by institutional inertia fuelling rumours of commissions and vested interests. Delay risks locking Sri Lanka into outdated, costly energy systems. West Asian conflicts threaten fuel supply and spike prices. External shocks impact households, businesses, and public services through higher costs. Domestic renewable energy production enhances national resilience against such external disruptions.”
He said the country has significant solar and wind resources. Existing private projects prove renewables are economically viable and technically feasible. Scaling renewable infrastructure (solar farms, wind parks, rooftop solar) is an immediate opportunity. Globally, solar and wind are now the most cost-effective new electricity options. Falling technology costs make renewables a financially attractive solution for Sri Lanka. Incentives like net metering and concessional loans can promote widespread adoption among households and industries.
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