The Ministry of Environment and the Global Green Growth Institute (GGGI) organized a High-Level Event on Strategies and Actions to Accelerate Sri Lanka’s Transition to a Green Growth Pathway on 6th February 2023. The event aimed to complement ongoing efforts to transform Sri Lanka’s development, by formalizing the application of a green growth model. Under the patronage of H.E. Ranil Wickramasinghe, the President of the Democratic Socialist Republic of Sri Lanka, and by H.E. Ban Ki-moon, the President of the Assembly and Chair of the Council of the Global Green Growth Institute and the Eighth Secretary-General of the United Nations, the event brought together key stakeholders from government, private sector, development partners, academia, and civil society.

Delivering a key statement at the event H.E Ban Ki-moon reinstated a powerful statement, “We have no excess time to spare, nor do we have a Plan B or a Planet B. This is what we will bestow upon our succeeding generation”. A message that resonated strongly with the diverse audience members.

During his welcome remarks, Dr. Anil Jasinghe, Secretary Ministry of Environment expressed that the Government of Sri Lanka was not able to successfully deliver alone on the transition to a green development pathway and was seeking the support of all the experts invited and looking forward to working in close collaboration.

The event featured a panel discussion on strategies and actions to accelerate Sri Lanka’s green growth pathway, moderated by Dr. Achala Abeysinghe, GGGI Asia Regional Director and Head of Programs. Leaders representing various sectors presented their perspectives on strategies and actions Ms. Kumudini Vidyalankara, Director of Climate Change at the Ministry of Environment, discussed the development of a green enabling environment in Sri Lanka. She acknowledged that while the country has robust policies and plans in place, there are still significant obstacles that need to be addressed, including a lack of financing, technical expertise, and capacity. This sentiment was echoed by Hon. Naseer Ahamed, Minister of Environment, in his remarks. The Government of Sri Lanka is keen to work closely with development partners, organizations such as GGGI, and the private sector to address these gaps. She also highlighted that Sri Lanka launched a Climate Prosperity Plan at COP 27, which aims to promote large-scale investments in the country, in three main sectors, renewable energy, e- mobility, and climate change adaptation.

Mr. Dimantha Seneviratne, Chief Executive Officer of the National Development Bank PLC [NDB] stated that many banks are currently working towards accessing significant funding from global climate financiers for the purpose of on-lending to green projects, while also building the required institutional capacity to play this role. The Central Bank of Sri Lanka as the regulator has facilitated this process by formulating the required regulatory environment with the launch of the “Green Finance Taxonomy”. Mr. Dimantha further stated that the consideration of a debt-for-nature swap transaction to supplement the sovereign debt restructuring process can serve as a key demonstration project for Sri Lanka that can mirror the success of such transactions executed in the South American region.

Ms. Karin Fernando, Senior Research Professional and Team Leader for Sustainable Development at the Center for Poverty Analysis (CEPA) was of the view that while greening is important, there is also a real need to reduce inequalities and increase opportunities. This means reducing the gap between urban and rural areas through diversifying employment options to include jobs that are not dependent on natural resources. Recognizing the rights and dignity of the poor, ensuring that they are not dispossessed and have support to transition into new jobs is also something to be prioritized, she said.

Mr. Dilhan Fernando, CEO of Dilmah Tea and Chair of Biodiversity Sri Lanka, indicated that only when businesses understand the need for climate action as well as realize the impact that collective action by the private sector can have, can there be a sincere and urgent commitment to Environmental Social and Governance (ESG). This includes considering aspects of business operations that might degrade nature while seeking to innovate in terms of products, processes, materials, and strategies for ending biodiversity loss, reducing pollution, and striving for nature-positive business. Finally, Prof. Buddhi Marambe, Senior Professor at the Faculty of Agriculture at the University of Peradeniya spoke about the use of climate-smart technologies to increase food security and reduce vulnerability in both urban and rural settings. Along with the importance of observing good agricultural practices coupled with green growth scenarios.

H.E. Ranil Wickramasinghe, President of Sri Lanka, delivered key remarks at the conclusion of the event, highlighting the nation’s double jeopardy. The ongoing struggle with both an economic crisis and fiscal imbalances to address climate action. He emphasized the need for international cooperation and stronger financial commitments from developed countries to address these pressing challenges. Additionally, H.E Ban Ki-moon highlighted GGGI’s willingness to support Sri Lanka in new areas such as Debt for Nature Swaps, Floating Solar, or electric buses; projects that the organization is piloting and developing investment strategies for in numerous countries across the world. He concluded his recommendations by emphasizing the importance of the proposed steps in creating a comprehensive and ambitious partnership between the Government of Sri Lanka, GGGI, and the private sector. He assured that the GGGI and its members are fully committed to supporting Sri Lanka in its green transition and will spare no effort in doing so.

Dr. Sonali Senaratna Sellamuttu, Country Representative for GGGI in Sri Lanka, stressed in her vote of thanks, that synopsis from the event would include the views expressed by invitees through an online app during the event, on priority actions and concrete steps needed to work collectively to move the green growth agenda forward.