New IFC report notes solid waste management and wastewater management opportunities in Sri Lanka
A new report released by IFC, a member of the World Bank Group, states that Sri Lanka has US$ 18 billion worth of climate investment opportunities, which would be part of South Asia’s US$ 3.4 trillion in investment in cities and infrastructure by 2030 under the Paris Agreement.
The report has stated that Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka, which contribute 7.38% of global carbon dioxide emissions, have enormous but untapped opportunities in climate-smart investment in sectors including renewable energy, transport, green buildings, urban water, climate-smart agriculture and municipal solid waste.
The report has also identified US$ 18 billion in climate investment opportunities in Sri Lanka alone, along with US$ 3.1 trillion in India, US$ 172 billion in Bangladesh, US$ 42 billion in Bhutan, US$ 2 billion in the Maldives and US$ 46 billion in Nepal.
In Sri Lanka municipal solid waste management and climate-smart urban wastewater have reportedly been highlighted.
Recognising the need for solid waste management, Sri Lanka’s national policies create a US$ 3.5 billion opportunity for investment in the sector. Wastewater management, identified as a key priority, opens an investment opportunity of more than US$ 2.7 billion.
“The only way that South Asian countries can take advantage of these climate investment opportunities is through a strong and engaged private sector,” IFC CEO Philippe Le Houérou has said. “We also need to have a comprehensive approach to creating markets for climate business in key sectors. That means putting in place necessary policy frameworks, promoting competition and building capacity and skills to open new markets.”
It has been noted that the impacts of climate change on business assets, supply chains and business interruptions are already a major concern for South Asian companies. This concern, coupled with the urgency of addressing air pollution, reinforces the need for immediate action while capitalising on existing investment potential.
The South Asia region has seen a surge in investment in clean energy and energy efficiency in recent years, contributing to significant development gains.
IFC’s report has highlighted two sectors for future growth: due to rapid urbanisation, green buildings represent an investment potential totaling more than US$ 1.5 trillion across South Asia between 2018 and 2030 and green transport infrastructure and electric vehicles create an opportunity of over $ 950 billion to 2030.
Such investments generate further benefits by providing access to markets, enabling trade and ensuring mobility, which in turn stimulate economic growth and private investment.
The IFC’s observation that Sri Lanka’s solid waste management national policies create a US$ 3.5 billion opportunity for investment in the sector as well as the opening up of an investment opportunity of US$ 2.7 billion in wastewater management are two areas that interested foreign investors could consider.
|Article Code :||VBS/AT/06122017/Z_6|