Colombo (LNW): Anka EnergyX, a sustainable energy company in Sri Lanka, has teamed up with Harnyss USA, a global leader in cutting-edge hydrogen energy storage technologies, to introduce smart grids to small and medium-sized enterprises (SMEs) in the country.

Anka EnergyX recently hosted “The Power of Hydrogen” – Sri Lanka’s first-ever open discussion and knowledge-sharing event on Hydrogen Energy Storage and smart grids, at the Kingsbury Hotel, Colombo.

The event aimed to raise awareness and promote conversations about the benefits of integrating hydrogen energy storage and smart grid technology with other, already existent renewable energy sources like solar, hydro and wind – sectors that have already been heavily invested in.

The event was attended by Secretary to the Prime Minister Anura Dissanayake, authorities from the Sri Lanka Sustainable Energy Authority and the Ministry of Industries, along with a range of other stakeholders, including CEOs, energy company directors, corporates, SMEs, engineers and entrepreneurs.

Smart Grid technology will enable Sri Lanka to better manage its existing power infrastructure, integrate new renewable energy sources, and create a more resilient, reliable, and sustainable energy system that benefits both the environment and the economy.

Additionally, it will allow the private sector to better insulate itself against shocks to the country’s power and energy infrastructure.

Explaining further, Harnyss USA CEO Kirby Smith, who was personally present for the event said: “Our goal is to bring our state-of-the-art hydrogen energy storage technology, which is scalable and flexible, making it suitable for SMEs and large-scale industrial applications, in Sri Lanka.

With smart grid technology, we can help balance energy supply and demand, optimise the power grid, and improve overall energy security.

“Our solutions can help Sri Lanka’s business sector, and the country as a whole, overcome the challenges of intermittent renewable energy sources, together with other risks in the system, and achieve energy security.”

“The Power of Hydrogen” event marked a significant milestone in Sri Lanka’s energy sector, demonstrating the country’s commitment to a sustainable and eco-friendly future.

With the support of industry leaders, Sri Lanka is building a strong and stable platform towards achieving its goal of a reliable, sustainable and dependable energy grid.

The Clean Clothes Campaign (CCC), the garment industry’s largest alliance of labour unions and non-governmental organisations, called on major brands sourcing apparel from Sri Lanka to take responsibility for their workers’ survival in the wake of the severe economic crisis in the country.

The brief titled ‘No relief: why clothing brands should take responsibility for worker relief payments amidst the economic crisis in Sri Lanka’, released last week, called upon the brands to ensure that the workers in their Sri Lankan supply chains are paid the ERA unconditionally.

It added that their right to organize and to have decent working conditions in line with the Conventions of the International Labour Organisation should be safeguarded.

The CCC alleges that garment workers in Sri Lanka have not been receiving the full Emergency Relief Allowances (ERA) of Rs. 10,000 on top of their monthly wages.

“Instead, workers have received far less than the ERA, or nothing. Bonuses have only been paid out under certain conditions, such as perfect attendance,” the CCC said in its latest research brief.

According to the CCC, several attempts by organisations in the CCC network to engage with the main garment brands sourcing from Sri Lanka urging them to take action to safeguard the livelihoods of their workers have had little effect thus far.

However, responding to the claims made by the CCC, Sri Lanka’s Joint Apparel Association Forum (JAAF) said it “strongly” refutes the implications in the brief. It pointed out that while the article is addressed to global clothing brands, a careful reading uncovers serious allegations against Sri Lankan apparel manufacturers who are their partners.

“Those allegations have been used in the past by CCC, and the Joint Apparel Associations Forum (JAAF) has refuted and disproved them on multiple occasions. Including them in setting the context for the demands in this latest brief is inappropriate, unfair and borders on slanderous, both in tone and content,” JAAF said in a statement yesterday.

Commenting on a statement made by CCC which read “the massive wage theft and sickness during the pandemic…”, JAAF said the implication here appears to be that wages were not paid to workers for work done and that companies in effect “stole” those wages and added it to their bottom line.

“That would be against the law, and had it been the case employees / unions could have raised these as complaints with the Labour Department. Additionally, several audits have shown that all wages during the pandemic were paid,” clarified the Forum.

The CCC report also accuses the apparel industry of paying “subsistence wages”. To this JAAF noted that its members pay its employees well above the minimum wage and have made significant cost of living adjustments to salaries over and above the annual increments. In some instances, these represent increases of 25 percent from 2021.

By Ronojoy Mazumdar and Karl Lester M Yap

Fitch Solutions: Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions.

“We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q-2023,” said Seah Wang Ting, country risk analyst at Fitch Solutions. Nevertheless, there’s potential for disruptions after the initial board approval as authorities may find it challenging to stay on track with the IMF program amid a weakening economy and a local election likely on the horizon, he said.

Fitch maintained its forecast for the rupee to weaken to a record low of 390 per dollar by year-end. The rupee advanced 3 per cent to 317.7 per dollar on Wednesday, taking its annual gains to over 15 per cent. That’s after the IMF said it plans to decide on a $2.9 billion bailout for Sri Lanka following China’s assurance that it will support the nation’s debt restructuring.

Sri Lanka has increased taxes, cut energy subsidies and loosened its grip on the currency to secure the IMF loan. The central bank recently lifted borrowing costs further to ensure that inflation which has slowed from nearly 70 per cent doesn’t flare up.

“Sri Lanka still has significant external debt repayment needs and will need to build up its foreign reserve buffer over the coming months, which would put downside pressure on the exchange rate,” Fitch said in a report Wednesday.

Sri Lankan President Ranil Wickremesinghe said on Tuesday the country needs to repay about $6 billion-$7 billion foreign loans on average each year until 2029.

The Sri Lankan rupee may also be pressured by tightening global monetary conditions, according to Fitch. Federal Reserve Chair Jerome Powell told the Senate Banking Committee on Tuesday that the ultimate level of interest rates is likely to be higher than previously anticipated.

Source: Fitch Solutions