Sri Lanka can meet its current and future demand for electricity through judicial use of renewable energy for 2050, according to a joint study by the United Nations Development Program (UNDP) and the Asian Development Bank (ADB).
The report, titled Assessment of Sri Lanka's Power Sector-100 percent Electricity Generation through Renewable Energy by 2050 (Evaluation of Sri Lanka's electricity sector-100% electric generation through renewable energy) notes that for 2050, generation capacity needs installed electricity in the country will increase from the current 3.700 megawatts (MW) to about 34.000 MW. Of these, 15.000 MW will be wind energy and some 16.000 MW solar energy. It is expected that the equilibrium capacity will be reached by hydroelectric and biomass power plants. In addition to the addition of renewable sources of electricity generation, the study identified the need to introduce an electricity storage solution that should provide instantaneous power of 3.600 MWh and an energy storage capacity of 15.000 MWh. This will guarantee the stability of the electrical network.
The evaluation indicates that the replacement of imported fossil fuel with renewable energy until the 2050 year provides direct monetary benefits and will reduce the fuel import bill of Sri Lanka in a cumulative 18.000 million dollars.
It is estimated that to pass to 100% of the generation of electricity from renewable energy sources, Sri Lanka will need an investment of 50.000 million dollars.
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Sri Lanka's economy is based on the export of primary products, such as graphite, textiles, tea, coconut and rubber. The geographical position of the island makes its capital, Colombo, one of the most important ports of the Indian Ocean.
In 1977, the government abandoned the policies of nationalization and the substitution of exports for others oriented towards the market economy and exports, including incentives for foreign investment. However, in 1983 a civil war between ethnic Sinhalese and Tamil minority began, which lasted until 2009 causing great damage to the economy of the country. But despite the war, the country's gross domestic product grew almost 5% per year in the last 10 years. Expenditures by the developing government and the fight against the Liberation Tigers of Tamil Eelam made the GDP grow almost 7% per year between 2006 and 2008.
Since the beginning of the 90 years, Sri Lanka is the world's largest exporter of Ceylon Tea.
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