Climate Risks and Opportunities for Sri Lankan Business
Sri Lanka stands at a critical juncture. The country is recovering from an unprecedented economic crisis given the levels of unsustainable debt, and is currently undertaking a program of economic reforms in agreement with the IMF. The crisis is a unique opportunity to build back better with the strong collective efforts of all including the private sector.
Sri Lanka is also highly impacted by the Climate Crisis. The scientific consensus – a resounding “Code Red” – warns of accelerating climate change with devastating consequences to human civilization, planetary biosphere and our economies. Left unaddressed, climate crisis will erode large amounts of global GDP and will impact businesses.
Climate action requires significant investment by the state as well as the corporate sector. There is keen interest in sustainable finance, including climate finance, in Sri Lanka. The Central Bank of Sri Lanka (CBSL), has led with several regulatory initiatives in creating the ecosystem for sustainable finance. The session explored the climate financing landscape, and then looked at the specific instruments that are available for the businesses for climate action, with a focus on Asia and global contexts.
An overview of the Climate Financing Landscape for 2024 was given by Jean-Marc Champagne
