Sri Lanka to launch $ 2.66 million Natural Capital Valuation Project for coastal, marine ecosystems
Daily FT: The Cabinet of Ministers has approved the implementation of a new environmental conservation initiative funded through a $ 2.66 million grant from the Global Environment Facility (GEF), aimed at formally assessing and integrating the natural capital value of Sri Lanka’s coastal and marine ecosystems into national development planning.
The project, titled “Integration of the Natural Capital Value of the Coastal and Marine Ecosystems in Sri Lanka with the Sustainable Development Plans,” will be executed over four years in selected coastal regions of Galle, Mannar, Puttalam and Trincomalee. The initiative was jointly developed by the Environment Ministry and the International Union for Conservation of Nature (IUCN), with support from other relevant agencies and received approval under the GEF’s seventh funding cycle.
The Cabinet of Ministers also authorised the signing of a formal agreement between the Environment Ministry and the IUCN to proceed with project implementation.
Cabinet Spokesman and Minister Dr. Nalinda Jayatissa noted that although many environmentally conscious nations have already quantified the value of their natural capital, Sri Lanka has yet to undertake such assessments in a comprehensive or quantitative manner.
“The new project is expected to fill this gap, supporting more informed planning and enabling coastal ecosystems such as mangroves, coral reefs, lagoons and seagrass beds, to be factored into economic and development decision-making,” he said at the post-Cabinet meeting media briefing recently.
He said the project will enhance long-term conservation efforts while strengthening resilience in coastal districts that are increasingly vulnerable to climate-related pressures.
OSL take:
Sri Lanka’s focus on developing and expanding on a blue and green economy has created business/investment opportunities. The project to develop coastal ecosystems among other similar programmes indicate the many business/investment opportunities in Sri Lanka’s coastal and marine conservation sector. The increasing global interest on expanding blue and green economies has resulted in many multilateral funding agencies also pledging funds for programmes aimed at promoting the concept while also developing sustainable solutions, have opened funding for foreign businesses/investors to explore and launch projects in countries like Sri Lanka. With Sri Lanka on the path to becoming a regional hub, the development of a blue and green economy and projects related to it, present many business/investment opportunities for foreign businesses/investors on the lookout for lucrative ventures in Sri Lanka.
| Article Code : | VBS/AT/20251216/Z_4 |