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While almost 40% of Sri Lanka’s electricity came from hydropower in 2017, the country still relies heavily on fossil fuels with coal’s share in power generation continuing to increase. Relying heavily on finite fossil fuels, which are tied to volatile markets, came with dire consequences in 2022; with Sri Lanka suffering the worst economic crisis that it has seen in 70 years. Shifting to clean renewable energy sources, in particular solar power, is critical in future-proofing the nation's economy and eradicating energy poverty, which is currently systemic throughout the country.
Sri Lanka has abundant renewable energy potential, with opportunity to harness the power of wind and solar to meet the country's energy demands. Yet most small-scale solar and wind projects are not attractive to investors due to low return on investment. Thanks to carbon finance, this project makes small-scale renewable energy projects throughout the country viable. The project has set up a series of solar and wind farms that export electricity to the national grid every year, displacing fossil fuels and slashing the emissions that are released when they are burnt.
In addition to displacing climate-warming emissions from the grid, the project's small-scale wind and solar farms contribute to sustainable economic growth in Sri Lanka - with a number of jobs created for local workers, during the construction and operation phases of the farms. Trainings are provided to upskill the permanent workforce, facilitating the transfer of knowledge in renewable technology. A key social benefit that comes with these projects is the increase in stable electricity supply to poor and vulnerable communities in rural Sri Lanka, ensuring they are provided with energy access to meet their daily cooking, lighting, and heating needs.
To learn more about the Sustainable Development Goals verified by the standard for this project, please check the registry link.
