Can Sri Lanka be a net-zero nation by 2050?—Current renewable energy profile, opportunities, challenges, and recommendations

Abstract

Sri Lanka as a country has tremendous potential for harnessing energy from renewable sources such as solar, wind, and hydro. However, as of 2018, only 39 % of Sri Lanka's energy generation capacity was harnessed through renewable energy sources. The continuous increase in electrical energy demand and the drastic increase in vehicle population over the past few years have resulted in much of its annual income being spent on purchasing fossil fuels from foreign countries. This has placed the country's future at risk due to the predicted shortage of fossil fuel reserves and in release of an unexpected level of harmful emissions to the environment. In the meantime, Sri Lanka also has an ambitious plan of achieving Net Zero by 2050. The study conducted a systematic review followed by a time series analysis to first identify the present state of the renewable energy progress of the country and through the time series analysis recognize any discrepancies in these efforts. The initial findings revealed the lack of coordination amongst relevant institutions and contrasting government policies such as the increase in investment for non-renewable energy resources as well as backing away from providing initial investment needed to boost the usage of renewable sources for businesses and smaller entities. The study further identified sectors such as transportation and non-renewable power generation activities as the two main barriers deterring the country from having a feasible plan for its efforts for net zero by 2050. From a non-governmental perspective, the study also recognized the knowledge gap and lack of awareness in the wider population of the long-term benefits of switching to renewable sources.