Sri Lanka must invest to achieve biodiversity targets: report
The findings of the ‘Road Map for Sustainable Finance in Sri Lanka’ report indicate that the nation must invest Rs. 30 million over the next five years to achieve its target for national biodiversity, and avoid further expenses related to biodiversity restoration and management.
Speaking at the launch of the report compiled by the Central Bank of Sri Lanka (CBSL), Victor Anthonypillai – Country Officer for Sri Lanka and Maldives of IFC – drew attention to the fact that Sri Lanka could face a loss of 1.2 percent in annual GDP by 2050 if adequate measures are not taken to address climate related concerns.
Sri Lanka is recognised as a global biodiversity hotspot and ranked second among countries most affected by extreme weather events in the 20 years since 1998.
As such, the research led by CBSL aims to provide solutions to create a more resilient, sustainable and greener economy and country for the future generations of the nation.
Moreover, the road map seeks to develop sustainable finance in Sri Lanka by providing guidance and support to financial institutions to effectively manage governance, societal and environmental risks associated with projects finance by these entities.
Referring to the increased focus on investing in sustainable assets in the US, Japan, Canada, Australia and Europe, Anthonypillai added: “Sustainable finance has become a meaningful business… it represents close to 40 percent of assets in these countries.”