Green Energy is the Future
Natural power supplier
Since its incorporation in 2002, Panasian Power PLC has consistently worked to inculcate and incorporate values of sustainability within our organization and across all of our business and operational processes. From an environmental perspective, being a producer of clean, green, renewable energy, has enabled PAP to make vital and significant contributions towards powering the sustainable development of the Sri Lankan economy for well over a decade.
The Company has worked tirelessly under the diligent supervision and oversight of state energy and environmental regulatory agencies in order to ensure the strictest compliance with Government regulations. In doing so, PAP has maintained an unblemished record of strict compliance with a view to conservation and preservation of Sri Lanka’s rich biodiversity heritage.
The Green Imperative
Climate change is another factor which is gaining greater prominence on the international stage as the frequency of extreme weather events – from record heatwaves to devastating floods – across the globe increased in 2015 and is expected to continue this trend moving forwards. Nevertheless, 2015 also bore witness to the ratification of important agreements and commitments from both developing and advanced economies towards the reduction of carbon emissions and a renewed focus on the development and implementation of clean and renewable sources of energy to power their economies.
While it is unfortunate that historically low prices of crude oil created greater economic justifications for the continued reliance on fossil fuels to meet national power and energy requirements, particularly in most developing economies, the impact of the green energy uptake –primarily harnessed in the form of solar and wind energy – resulted in a reduced demand for fossil fuels, which also had a limited role to play in the low price regime for crude oil over the past year.
Despite the above-mentioned dynamics and as alluded to in our Chairman’s review, 2015 was a landmark year for renewable energy generation as clean energy managed to defy the crash in fossil fuel to attract a record global investment into renewables of US$ 329 billion with 64GW of wind and 57GW of solar PV commissioned during the year, an increase of nearly 30% Year-on-Year (YoY) from 2014.
Moving into the new financial year, many nations, including Germany, France, the Netherlands, India, and the United States are all anticipated to continue investing in increased renewable energy capacity. Similarly, funds are also anticipated to be directed towards research and development with a view to promoting greater efficiency of renewable energy sources. Such technology advancements are expected to further close the gap between clean energy and fossil fuel. The transition to clean energy sources will also potentially create new jobs and promote cost saving across many day to- day aspects of national economies around the world.