EU eager to help Lanka reap economic benefits by tapping into niche markets

As global markets demand products with lower carbon footprints, The European Union is eager to help Sri Lanka reap economic benefits by tapping into niche markets that seek sustainably produced goods, while also acting on climate change. “

“This is part of the external dimension of the EU’s Green Deal, our blueprint for securing a sustainable energy future,” said EU Ambassador to Sri Lanka and the Maldives Denis Chaibi. He was speaking at the ‘Industry Dialogue on Challenges and Opportunities of the Current Energy Crisis’ Organized by the European Union (EU)-Funded ‘Accelerating Industries’ Climate Response in Sri Lanka’ (AICRSL) project in Colombo.

“Sri Lanka’s industrial sector is among the largest consumers of costly imported fossil-fuels,” said the Minister for the Environment, Naseer Ahamed.

“By decoupling Sri Lanka’s industrial development from the use of imported fossil fuels, we can avoid energy crises in the future and help slow down global climate change.”

Minister for Industries, Dr. Ramesh Pathirana, stated that “The industrial sector employs 30 % of the national workforce, so it’s essential that we future-proof this sector.”

“Every transformational story needs people who will take on a challenge, run with it and make change happen. Sri Lanka’s Energy Savers are exactly that: courageous industry leaders and energy practitioners determined to help the country slash industries’ energy waste and greenhouse gas emissions,” said Nicholas Dehod, Project Manager at the United Nations Industrial Development Organizations (UNIDO).

Currently, Sri Lanka relies heavily on imported fossil fuels and in 2019, imported oil and electricity supplied more than half of the country’s energy. This reliance on fossil fuels has exposed the country to the worst effects of the global energy crisis.

More than 100 participants including leaders from across the industry, civil society, finance and academia attend this event.

The event is the first in a series of industry dialogues planned by the AICRSL project, a Rs. 2.8 billion (€7.56-million) partnership between the Sri Lankan Government, the EU and UNIDO.

This effort is designed to help the country’s industrial sector cut its greenhouse gas emissions (GHG) by 7% cent by 2030.

The initiative will achieve this aim by supporting industry to use more renewable energy, such as solar PV and biogas, and improve energy efficiency.