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Sri Lanka’s 2048 Green Economy Initiative receives global support

Sri Lanka’s 2048 Green Economy Initiative receives global support

The Morning: The Secretary of the Ministry of Environment, Dr. Anil Jasinghe, announced that Sri Lanka has formally committed to providing the essential funding for President Ranil Wickremesinghe’s 2048 Green Economy Programmed.
Dr. Jasinghe said: “President Ranil Wickremesinghe’s proposal encompasses all aspects of formulating a National Climate Change Act. A committee has been tasked with crafting a new environmental act that aligns with the contemporary world’s priorities, with an emphasis on climate change. These initiatives are also integrated into the National Environmental Action Plan developed approximately two years ago. All these endeavors are intended to be executed in a legal, transparent and meticulously structured manner, ensuring maximum benefits with minimal drawbacks.”
He also noted that, due to the President’s advocacy in international conferences and meetings with world leaders, several nations have swiftly expressed their interest in these agreements, the President’s Media Division (PMD) reported. Furthermore, Dr. Jasinghe underscored the significance of the Joint Crediting Mechanism (JCM) which serves as a gateway for collaboration with the Japanese government and the private sector in green initiatives.
He elaborated on how Sri Lanka, under the President’s leadership, was able to establish agreements with Singapore, including the innovative concept of carbon credits, the PMD said in a statement.
He highlighted that the Sri Lankan government, in partnership with the international community, is actively taking measures to reduce the impact of climate change. These measures aim to provide relief to those affected by natural disasters, including farmers.
Moreover, he disclosed that, in line with President Wickremesinghe’s directives, cooperation with neighboring countries is anticipated to secure the necessary funds for addressing climate change-related challenges like droughts and floods, it added.
Dr. Jasinghe further said: “For countries like Sri Lanka, the impact is disproportionately severe. While our contribution to fossil fuel consumption and greenhouse gas emissions is minuscule on the international scale, environmental effects know no borders. If left unaddressed, projections indicate that certain areas of the Jaffna Peninsula may become submerged by 2090, with the intrusion of saltwater severely affecting agriculture.”
He stressed that Sri Lanka’s focus must center on disaster mitigation, resilience-building in the face of calamities and disaster response strategies. Sri Lanka has the potential to pivot toward renewable energy sources such as solar, hydro and wind power, thus curbing greenhouse gas emissions.
At a recent climate change conference in Egypt, President Wickremesinghe unveiled this strategy as the “Climate Prosperity Plan.”

OSL take:
The government of Sri Lanka has been focused on promoting a blue and green economy during the past few years. However, the policy has now taken effect with the government of Sri Lanka presenting several new initiatives to be implemented. Therefore, Sri Lanka’s Green Economy Initiative has opened up new business/investment opportunities. With Sri Lanka once again on a growth path after facing several challenging years, the country is once again on the path to becoming an emerging business destination in the South Asian region. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also boosted the country’s appeal as a business destination for foreign businesses/investors exploring opportunities in the region. The Sri Lankan government with its Climate Prosperity Plan has several initiatives planned while also looking at setting up a climate university in the country as well. Given the country’s growth and business potential, foreign businesses/investors could confidently explore the growing opportunities in Sri Lanka’s Green Economy Initiative.

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Article Code : VBS/AT/20231006/Z_2

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