SL Climate Financing Strategy ready by May
View(s):Sri Lanka’s Climate Financing Strategy will be ready by May, top officials said. The Ministry of Finance had a workshop on this in conjunction with donor agencies, on Thursday, they added. “We are in the process of validating the strategy. We are working with the United Nations Development programme, And it will be according to global standards,” one official told The Sunday Times Business on Friday. Sri Lanka’s climate financing strategy, outlined in the Climate Prosperity Plan, aims to secure a path to prosperity in a climate-insecure world, focusing on maximising socio-economic outcomes and well-being, with a need for US$26.5 billion in investments by 2030 and $100 billion to become a net-zero emitter by 2050.
Climate financing strategies are used to mobilise and access financial resources for climate action, focusing on mitigation and adaptation efforts. They involve public and private sector collaboration and aim to attract funding for climate-related projects. The primary goal is to scale up investments, while ensuring effective and transparent use of climate finance with clear monitoring and evaluation mechanisms, the official explained.
Two Green Bonds have already been issued, and a third, Commercial Bank, raising Rs. 15 billion; Basel III, Tier II capital—is in the pipeline.
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