Accelerating Sustainable Finance Through Private Sector Participation in Sri Lanka - Financespiders

Accelerating Sustainable Finance Through Private Sector Participation in Sri Lanka - Financespiders

Sri Lanka is embarking on a transformative journey towards a sustainable, resilient economy, bolstered by a strategic partnership between key stakeholders.

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In pursuit of ambitious climate goals and the effective management of environmental, social, and governance (ESG) risks, the nation is setting the stage for a paradigm shift in sustainable finance mobilization.

The roadmap for this transformation includes a Roadmap for Sustainable Finance in Sri Lanka, the Green Finance Taxonomy introduced in May 2022, and further emphasizes the development of local guidelines, operational tools, and the adoption of global standards for thematic bonds.

As Sri Lanka works diligently with the International Monetary Fund (IMF) and other stakeholders to restore macroeconomic and debt sustainability, the government's focus remains on economic reforms.

This pivotal moment also presents a unique opportunity to harness innovative sustainable finance mechanisms, particularly by mobilizing the private sector towards innovative financial instruments to finance the Nationally Determinant Contributions (NDC) and the Sustainable Development Goals (SDG).

Recognizing the private sector's pivotal role in facilitating NDC and SDG investments, a targeted capacity-building workshop was conducted to equip key stakeholders with the knowledge and tools fundamental to mobilizing sustainable finance.

The Accelerating Sustainable Finance Through Private Sector Participation workshop, jointly organized by the Central Bank of Sri Lanka, the Sustainable Development Council, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Global Green Growth Institute (GGGI), builds on the momentum of previous sustainable finance knowledge sessions held in Sri Lanka.

The training program, conducted in partnership with the Luxembourg Green Exchange (LGX) and LGX Academy, aimed to enhance capacity and understanding in several critical areas for financial institutions:

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