CSE aiming to launch green financing instruments
The Colombo Stock Exchange (CSE) has plans to launch green financial instruments in collaboration with related agencies, as the country’s climate policy begins to take shape, top officials said.
“We hope to work with agencies such as the Ceylon Chamber of Commerce and the Investment Promotion Ministry to launch climate-related instruments. We have already launched Green Bonds. We are doing a lot of work to encourage the issuing of these Green Bonds,” Rajeeva Bandaranaike, CSE CEO told the Business Times.
At the climate summit early this month, President Ranil Wickremasinghe emphasised having a green economy. “So green financing, and the whole aspect, the commercial and economic aspects become important. That’s where the Chamber of Commerce has a significant role to play. We will promote the green economy. We will give priority to promoting a green economy. Likewise, we might as well be the first in the region to do so. We are small enough to do that,” he said.
He pointed out that part of this will depend on how the country structures its new financial instruments. “One reason for following the Climate Change Act of the UK is that it has been well accepted by the financial circle. “So, we will ensure that in our green financing, the different options available, is certainly based on the same practices as the UK. The rest is how we get these instruments together.”
Analysts say that the country’s commitment to green bonds and climate action is a positive step towards achieving its carbon-neutral goal, but the nation’s current financial difficulties may hinder progress.
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