Improving climate finance for Sri Lankan industries
Imported fossil fuels currently supply around half of Sri Lanka’s energy demand. This has resulted in challenging cost rises for many businesses in recent years. Sri Lanka is also experiencing the worst effects of climate change. These factors combined mean the need to move to renewable energy and reduce energy waste has never been greater.
To build the energy security needed for Sri Lanka’s economy to thrive and to reduce emissions, the Sri Lankan government has pledged that 70 per cent of energy in the country will come from renewable sources by 2030. As part of this, Sri Lankan industries must reduce their fossil fuel use so that industrial emissions fall by 7 per cent.
The cost and environmental benefits for industrial decarbonization are clear. But one of the biggest barriers businesses face is how much transitioning to renewables and implementing energy efficiency measures can cost. Many Sri Lankan businesses find that decarbonization technologies and expertise are too expensive. There is also a lack of affordable climate loans or other financial incentives to enable them to make the investments they need to move away from fossil fuels.
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