SL Climate Summit to show Green Growth is great for business
Climate change, the defining issue of our time, is global in scope and unprecedented in scale.
Sri Lanka is highly impacted by the climate crisis, with a scientific consensus warning of accelerating climate change and devastating consequences for human civilization, the planetary biosphere, and the economy. Left unaddressed, the climate crisis will impact global GDP and businesses, but many find themselves at the crossroads of economic interests and environmental stewardship.
Since climate change is indisputably one of the most significant challenges that will only intensify in the coming years, taking climate action makes good business sense meaning that businesses need to understand these risks and identify opportunities for profitable climate action, according to many stakeholders.
“The link between climate action and business is in the reality that green growth offers vastly greater business opportunity than traditional, unsustainable businesses,” says Dilhan C. Fernando, Co-chair of the Climate Action Committee of the Ceylon Chamber of Commerce, organisers of the Sri Lanka Climate Summit 2024 to be held in Colombo in May.
The demand for sustainable goods and services, especially by younger consumers who are beginning to dominate markets globally, underline the importance of adopting circular economy principles for the credibility and appeal of every business, Mr. Fernando added in an interview with the Business Times on Tuesday. Climate action and sustainability generally were always perceived as a cost to business, while the reality that both are investments in aligning businesses with the future is becoming evident, he added. “There are sceptics who don’t accept the connection between human activity and the climate crisis, although the recent heatwave, floods and a multitude of extreme, climatic phenomena confirm the scientific truth. That crisis will affect every business and the time to realign and access new and emerging green economic opportunities is now. There is unprecedented innovation and opportunity in the space, delivering sales and growth. The exponential growth in demand for clean energy, electric vehicles, compostable packaging materials, are examples of that opportunities.”
Mr. Fernando noted that science-led climate action will deliver jobs, restore ecosystem services, strengthen food security, address unsustainable urban migration and fuel growth without depleting the natural resources that are critical requirements for the existence of present and future generations. He added that an eminent panel addressing topics including the role of Business in a Planet Threatened by Climate Crisis, an Introduction to the Climate Crisis, Implications for Business in Risks and Opportunities, Opportunities for Green Growth in Sri Lanka, Making Net Zero Possible and Financially Viable, Mobilising Funding for Green Growth will be featured in the climate conference.
“Importantly, we will also look at ways of engaging youth and their fresh perspective on climate solutions. The Summit will not end with the event itself, because we want to deliver impact and a parallel hackathon will invite youth to share their ideas for the small but impactful actions that will deliver a sustainable Sri Lanka.”
As the effects of climate change worsen, businesses may face disruptions from extreme weather events, resource scarcity, and regulatory changes. The Sri Lanka Climate Summit will facilitate a deep dive into the topic of Climate Action, giving participants a thorough understanding of the threats, how they can be mitigated and the green growth opportunities available, Sheran Fernando, Co-Chair of the Climate Action Committee added.
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