Keywords: global warming, environment sustainability, economic feasibility, cost benefits, GHG emissions, greenhouse gases, Sri Lanka, carbon emissions, emissions reduction, carbon reduction, electricity generation, CO2, carbon dioxide
Economic feasibility of carbon emission reduction in electricity generation, a case study based on Sri Lanka
The main purpose of this paper is an assessment of economic feasibility in reducing carbon dioxide emission of electricity generation in Sri Lanka. The paper shows that the present annual green house gas (GHG) emission with respect to electricity generation in Sri Lanka is about 2.8 million metric tons. The identified total GHG emission reduction potential in electricity generation is about 37 GW. The total reduction in GHG will be 16 million metric tons per year. Considering the savings on fossil fuel combustion, the total investment on CHG reduction methods would be recovered within a reasonable period as confirmed by a sensitivity analysis. To achieve these benefits, broad policies and guidelines are presented in–line with the country's environmental obligations. This is the first time that this type of scientific research study has been carried out in Sri Lanka to ascertain the current situation of GHG emission of electricity generation, to identify possible methods in reducing carbon dioxide emission and their economic feasibility. The methodology employed and the policies derived can be used as guides to similar types of research in other countries as well.