Central Bank of Sri Lanka’s Roadmap for Sustainable Finance notes Rs. 30 billion investments next five years
The Roadmap for Sustainable Finance report launched by the Central Bank of Sri Lanka (CBSL) has recorded the need to invest Rs. 30 billion over the next five years to achieve national biodiversity targets and avoid future expenses related to biodiversity restoration and management.
International Finance Corporation (IFC), Country officer for Sri Lanka and the Maldives Victor Anthonypillai has stated at the launch of the report by CBSL that the country may face a 1.2 percent loss of annual GDP by 2050 if effective measures are not taken to address climate change related issues.
Sri Lanka is one of the biodiversity hotspots in the world and also has been ranked second among the countries most affected by extreme weather events in 20 years since 1998.
The main aim of the launch of CBSL’s latest report is aimed at creating create a more resilient, sustainable and green economy and a country for future generation.
The roadmap reportedly sets out plans to develop sustainable finance in Sri Lanka, aiming to provide guidance and support to financial institutions to effectively managing environmental, social and governance(ESG) risks associated with projects they finance and increase support to businesses that are greener, climate friendly and socially inclusive.
The CBSL’s Roadmap for Sustainable Finance in Sri Lanka was first launched in Washington DC in April 10 this year.
IFC, a part of the World Bank Group, also served as the secretariat and technical advisor and United Nations Development Programme provided financial support through its Biodiversity Finance Initiative to the Central Bank in designing the Sustainable Finance Roadmap.
OSL take:
The latest report launched by the Central Bank of Sri Lanka highlights an important area of focus in the next five years. The announcement that it would create investments worth Rs. 30 billion within the next five years is a positive sign for foreign businesses/investors exploring business/investment opportunities in Sri Lanka. They could start exploring investment opportunities in the biodiversity restoration and management sector and even present to the government of Sri Lanka projects that could be implemented under the programme.
| Article Code : | VBS/AT/20062019/Z_5 |