Sri Lanka updates sustainability roadmap as it faces a $10.85bn finance gap

The Central Bank of Sri Lanka (CBSL) has released an updated sustainability roadmap, as the central bank governor highlighted the country’s need to increase its green investments to meet its climate goals.

CBSL governor Nandalal Weerasinghe said Sri Lanka needs an estimated US$10.85bn by 2030 to meet its nationally determined contributions (NDCs) under the Paris Agreement. “Extreme weather events are no longer anomalies – they are the new normal, sustainable finance is not optional. It is a global imperative, and it is an imperative here in Sri Lanka,” he said during a keynote address at the roadmap launch. Sri Lanka is prone to extreme weather events from climate change, with losses accounting for about 0.4% of GDP or $300mn. If no action is taken, CBSL estimates losses will triple by 2050 to 1.2% of GDP…..| read more on Green Central Banking