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Nestlé invests Rs. 1 Bn in biomass boiler project

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Highest ever coconut yield of 3.2 Bn nuts reported in 2022
Coconut exports top unprecedented USD 850 Mn turnover
Minister of Industries and Plantations Dr Ramesh Pathirana, Nestlé Lanka Managing Director, Jason Avancena and Managing Director – Designate, Bemhard Stefan launching the project. Picture by Wimal Karunatillake
Minister of Industries and Plantations Dr Ramesh Pathirana, Nestlé Lanka Managing Director, Jason Avancena and Managing Director – Designate, Bemhard Stefan launching the project. Picture by Wimal Karunatillake

Sri Lankan agricultural sector has started performing well and coconut production has come to the highest level ever recorded last year producing 3.2 billion nuts in Sri Lanka despite the fertilizer shortage and that was the highest ever recorded nut production in the country and coconut has ample potential to grow Dr Ramesh Pathirana, Minister of Industries and Plantations told the launch of the Rs 1 billion biomass boiler project press held by Nestlé Lanka in Colombo yesterday.

The minister said that the tea market is about USD 8 billion without having significant market growth worldwide. As against tea coconut records a much better growth record worldwide. Coconut has an annual growth of about 5 to 6% and the market size is also much larger than tea. The coconut export market is more than $13 billion. Also Sri Lanka coconut exports have gone up to $850 million last year and the minister said he was thankful to Nestlé for strengthening the Sri Lankan dairy sector and Sri Lanka coconut sector.

“During this unprecedented time of economic volatility, it is a pleasure to witness Nestlé Lanka consistently investing in the country, especially in green energy. Investments such as this is not only imperative for sustainable economic recovery, but also for a better tomorrow for our future generations,” he said.

Nestlé Lanka, furthering its investment in the country despite volatilities, with its strong focus on sustainability will be investing over Rs. 1 billion in a biomass boiler project at its state-of-the-art factory in Kurunegala. This will contribute significantly towards the company’s endeavour of achieving net zero emissions across the value chain by 2050. Planned to begin mid 2023, this investment project will be conducted under a Build-Own-Operate-Transfer (BOOT) agreement with Thermax Energy and Environment Lanka (Private) Limited.

Nestle has in place a comprehensive roadmaps spanning across the entire value chain from farm to end-of-shelf-life, towards reducing greenhouse gas emissions by 20% in 2025 and 50% by 2030, ultimately achieving net zero emissions by 2050. As such, the construction of this biomass boiler is a significant milestone in Nestlé’s sustainability journey in Sri Lanka, resulting in an approximate 37% reduction in greenhouse gas emissions in manufacturing. “This will also help reduce foreign currency outflow by a approximate USD 4 million a year with a reduced use of fossil fuel in our operations contributing positively to the economy in these challenging times,” Jason Avancena, Managing Director, Nestlé Lanka said.

 

Friday, February 10, 2023 – 01:00











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