Sri Lanka to transition to green economy at a cost
Sri Lanka is to transition to a green economy, at a high cost, President Ranil Wickremesinghe said.
He said the Government will enact a new Climate Change Act and a National Environment Act to address the triple planetary crisis in the context of new knowledge and practices.
“We are starting our transition to a green economy. But there is a cost. The Climate Prosperity Plan, which spans from 2023 to 2042, will require 26.5 billion U.S. dollars. The implementation of the Net Zero 2050 roadmap will require over 100 billion U.S. dollars. The list is not over. Where are we going to source these resources from? We cannot source all this money from within our country. The problem is not confined to Sri Lanka,” the President said.
He expressed these views while speaking at the 5th Forum of Ministers & Environment Authorities of the Asia Pacific held at the Shangri La Hotel in Colombo.
The President cited the alarming estimate from the Intergovernmental Panel on Climate Change (IPCC), stating that global warming is projected to reach a dangerous 1.5 degrees Celsius between 2030 and 2052.
“Humanity is facing an existential threat,” he declared. He highlighted the interlinked crises of climate change, biodiversity loss and pollution, emphasizing the devastating impact on individuals and communities worldwide.
The President then turned to Sri Lanka’s commitment to addressing these challenges. He pledged to accelerate nature-based solutions, including renewable energy, through Sri Lanka’s Climate Prosperity Plan, which was launched at COP 27.
“Sri Lanka is in the process of renewing the National Biodiversity Strategic Action Plan 2016 to 2022 to achieve the objectives of the Kunming-Montreal Global Diversity Framework,” he announced. Additionally, he unveiled an ambitious Net Zero 2050 roadmap for Sri Lanka, set to be launched at COP 28.
President Wickremesinghe stressed that despite Sri Lanka’s minor global emissions contribution (0.03%), the country is dedicated to significant reductions. Sri Lanka aims to achieve a 14.5% reduction in greenhouse gas emissions by 2030, generate 70% of its electricity from renewable sources, attain a 32% forest cover, phase out coal power by 2042, and reach net-zero emissions by 2050. (Colombo Gazette)
