Navigating risk in Sri Lanka's renewable energy transition: key challenges affecting investment in onshore wind farms

Abstract

In alignment with the 13 Sustainable Development Goals (SDGs) that emphasize the transition from fossil fuels to renewable energy [1]. Sri Lanka stands at a pivotal juncture in embracing this transformative trend. The country can significantly reduce its carbon footprint, enhance energy security, and foster sustainable economic growth by investing in renewable energy sources such as wind, solar, and hydroelectric power. With its geographical advantages, Sri Lanka has enormous potential to harness energy from renewable sources like wind, and sunlight. However, as of 2018, only 39% of Sri Lanka’s energy generation has been utilized through renewable energy sources. Located in one of South Asia’s largest monsoon belts, Sri Lanka benefited from excellent wind resources with an estimated 5000 km2 of wind energy potential in 2003 [2].