Wednesday, May 31, 2023

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Govt. plans to make Sri Lanka the region’s first green economy – President

By: Staff Writer

Colombo (LNW): Government has embarked on an ambitious and innovative programme to transform Sri Lanka as first green country in the region with a green economic policy plan.

President Ranil Wickremesinghe has announced his plans to place Sri Lanka at the forefront of green economic policy, with a green economic policy being introduced in the next two months.

Accordingly, he stated that the island nation will become the first country in the region to adopt a green economy, with the Environment, Power and Energy Ministries and the Climate Change Office working together to introduce a green economic policy focused on renewable energy within the next two months.

President Wickremesinghe also committed to facilitating both local and foreign investors who attended the conference, adding that the green economic policy due to be implemented soon will be the first of its kind in the region.

Speaking at a meeting with investors who attended the Sri Lanka Green Energy Summit at the President’s Office on 27 March, the Head of State expressed his gratitude to the investors who participated in the Clean Green Energy Summit, and pledged to provide the necessary facilities to meet their investment requirements.

“Sri Lanka is currently facing two major challenges – debt restructuring and transitioning to green energy. While debt restructuring is already underway, the country must also act quickly to establish a green economy.

It has great potential to generate energy through renewable sources such as solar, wind, bio gas, and sea waves. President Wickremesinghe believes that transitioning to a green economy could be the key to building a stronger economy for Sri Lanka”, the President’s Media Division (PMD) stated.

Mr Wickremesinghe further emphasized on the need for legislation to be passed promptly pertaining to the new policy, adding that the green economic policy is not a short-term program, but a long-term initiative that requires a legal framework.

The President highlighted that Sri Lanka has the potential to become the first in Asia in green energy, thanks to its natural resources and the experienced investors present at the meeting.

He also mentioned the on-going discussion of bringing an oil pipeline from India to Trincomalee, and emphasized the importance of cooperation with South India in moving towards renewable energy.

According to the President, Trincomalee has been identified as a potential port for green hydrogen due to its proximity to the North, which has abundant sources of green hydrogen, renewable energy, and strong wind power in Sri Lanka.

He added that this would create development opportunities for the country and investors, leading to economic expansion and good returns on investment.

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