COP15 Global Biodiversity Framework: 196 Countries to Require All Large Business and Financial Institutions to Assess And Disclose Their Risks, Impacts And Dependencies On Nature

What a way to finish 2022! With an unprecedented number of progressive companies attending COP15 and thanks to country negotiators working tirelessly over the past few weeks, a new Kunming-Montreal Global Biodiversity Framework (GBF) has been adopted. We at BSL welcome this historic agreement as it defines our common goal to halt and reverse nature loss by 2030, commits governments to require all large business and financial institutions to assess and disclose their risks, impacts, and dependencies on biodiversity, and promises comprehensive reform of environmentally harmful subsidies. This simply wouldn’t have happened without the effort and teamwork from a huge number of organizations, including many of our partners and leading companies stepping and showing up.  

Business leadership and momentum  

Business for Nature’s Executive Director, Eva Zabey outlining the outcomes for business at the closing of the High-Level Segment.

In a week of high stakes and high drama – with a tense World Cup thrown in for good measure (congratulations, Argentina) – it was exciting if a little emotional to see a new global agreement on nature adopted by 196 countries in Montreal in the early hours of 19 December.  A united voice of progressive businesses had played a critical role in driving momentum and leadership in the run-up to COP15, and many companies showed up on the ground to urge governments to secure a Paris-style agreement on nature. 

Business Briefing sessions were hosted every morning to provide the latest updates on negotiations during COP15.

Hundreds of corporate leaders contributed to a wide range of business and finance events as either speakers or participants, including the official side events, the Business and Biodiversity Forum, the Business Hub in Place Quebec, the Nature Positive Pavilion, the Global Environment Facility pavilion and in offsite events such as TNFD’s Nature Labs. These rich conversations and discussions gave participants a shared sense of responsibility and, importantly, a feeling of being part of a like-minded business community committed to tackling the collective challenges we face.  

We thank the CBD Secretariat and the GBF co-chairs who really lived up to the goal of delivering a Global Biodiversity Framework (GBF) that takes a whole-of-society approach. Observers were welcomed in the negotiation rooms for most sessions – an effective way to engage stakeholders directly. This promoted a genuine and continuous interest in the status of the negotiations.

Progressing At the Anawilundawa Wetland Restoration Site

More about our flagship project being undertaken jointly with the Department of Wildlife Conservation (DWC), the Wayamba University of Sri Lanka and selected private sector partners in the Anawilundawa Ramsar wetland sanctuary… 

Phases of the project

Data collection on-site is as follows,

1. Site assessment for the flora – completed
2. Site assessment for fauna – Mammals, birds, fish, reptiles, amphibians, gastropods, crabs, and shrimps – ongoing
3. Site assessment for threats – ongoing
4. Site assessment for soil and water – completed

 

Bird watching

 

Floral survey

 

Water sample checking – pH, conductivity, temperature

 

Soil samples collecting – for soil carbon tests, pH

 

2. Preparation of the grounds – completed (plot 07)
3. Plots adjacent to the Dutch canal (to the west of the central canal) will be restored with mangroves and salt marsh species depending on the ability of the plants to colonize.
4. DWC will create two constructed wetlands in the restoration area to provide habitats for fauna and other organisms.
5. Plots to the west will be irrigated by means of individual canals to ensure the tidal flow of water from the Dutch Canal.
6. Each partner responsible for the plots are expected to bear the cost of such hydrological interventions (construction of canals).
7. The location of each plot’s canal will be decided on a case-by-case basis considering the topography (land elevation), existing flora, and most environmentally beneficial approach.
8. Within each plot, depending on the contours within the plot, inner channels will be constructed. The width, depth, and design will be on a case-by-case basis.

 

Design – plot 07

 

Before

 

 

After

 

Remaining tasks

3. Nursery management.

Nursery maintenance should be carried out with the support of the local community as a means of livelihood enhancement for them. Quotations should be called by DWC and the cost borne equally by all partners. The list of species is that should be raised at the nursery. Data sheets to be maintained at the nursery for growth monitoring and survival.

The same data sheet should be used for each plot to monitor the growth of approximately 100 tagged plants. 

Nursery plants should be transferred to the definitive plots between 3-4 months of bagging.

Rhizophora mucronata dominates the Dutch Canal bank and areas where tidal water influx is significantly higher. Hence, R. mucronata will be used only in areas where such conditions are available. Also, direct planting is performed with mature hypocotyls at the right time after rain when the plots are acclimatised, the survival and growth rates are higher.

Other species – Avicennia marina, Avicennia officinalis, Bruguiera cylindrical, Aegicerus corniculatum, Nypa fruticans, Xylocarpus granatum, Heritiera littoralis, Lumnitzera racemose, Excoecaria agallocha

 

Specie –  Excoecaria agallocha

 

Specie – Avicennia officinalis

 

4. Gap filling.

Gap filling should be done only after removing the dead plant and soil associated with it. Gap filling should be done using the plants raised in nurseries. Also, mangrove associates should be used in gap filling.

5. Maintenance of hydrology status.

Weekly observations of constructed channels should be done and log books should be maintained. Especially after heavy rains and floods, maintenance should be done. This avoids major maintenance.

Working With Budding Youth Action Activists

24 candidates from the Colombo district were selected and trained to be leaders in climate action under the auspices of the Youth Leadership for Climate Action (YLCA) Project, funded by the British Council and implemented by Biodiversity Sri Lanka with technical support from Curve Up. The training program was conducted over a period of nine days, in all three languages. Split into 3 segments, the 1^st two segments were residential training programs whilst the 3^rd segment was a non-residential training program. Both the first and second training segments were conducted successfully, along with activities for skills development, climate awareness, and entertainment for the participants. The sessions were focused on the YLCA Learning Journey (YLCA River Journey), which is conducted in 5 phases: Me, Me, and You, We Together, Social Action, and Locally engaged-globally connected.

Here is a cross-section of participant feedback:

• “Compared to previous workshops we’ve attended, YLCA made each one of us gets involved in all the activities, keeping us away from boredom.” – Shaheer Ahamed
• “YLCA has made me look at the environment around me with a different perception, for example, I see a tree as something which helps reduce pollution in the air.” – Fathima Nawreen
• “Thank you so much for the excellent training. We were quite pleased with how much fun you made it for us! We gained a lot of knowledge. We were strongly urged to participate by the excellent facilitators.” -Kithiyon Yoganathan
• “The YLCA training program helped me a lot to think differently in terms of biodiversity and climate change.” – Junali Shaini
• “The program has instilled good values in me, to see the unseen side of climate change”. – Jathujan Mahendran

After a comprehensive training session on project development, along with expanded virtual discussions on the project proposals, followed by ideation and prototyping workshops, candidates were inspired to raise 8 project ideas (Individual & group), focused on climate change and biodiversity.   

Here are some of the Community Intervention Projects:

• Spread awareness on Biodegradable diapers and the long-term goal to introduce an appropriate biodegradable diaper product to the market.
• Upcycling the fabric waste to reduce the open burning of fabric waste and produce a new product.
• Tree planting program with the involvement of the children living under probation to enhance the air quality in the area while reducing air pollution and fostering a positive mindset in the children who are a part of the program.
• Make a video documentary to spreading awareness of environmental harm from lunch sheets.
• Eco-friendly play items for kids are designed and produced using wood waste materials. By utilizing eco-friendly toys instead of plastic ones, this encourages improving children’s attitudes while reducing plastic usage and waste.
• Spread awareness on the value of the wetlands, based on Bellanwila- Aththidiya Sanctuary. The long-term objective is to organize youth-focused wetland activist groups in the Aththidiya Sanctuary area.
• Innovative ways to manage garbage in schools through awareness, introducing waste management system, 3R, school gardening, etc
• Introduce a proper solution for food waste management by converting food waste into compost using a machine called a food waste accelerator.

Candidates will begin their three-month community intervention initiatives after the third segment of the training. While the intervention projects are in progress, a networking program for the candidates will be held on the first week of February 2023, with the involvement of stakeholders from the public and private sectors. At this event, the project teams will present their concepts, and the best project concept, best presenter, etc. will be chosen. Candidates from Kandy and Gampaha will also take part.

Keep in touch with us for more updates on this fascinating program.

The On-Line EPR Portal To Be Housed and Managed At CEA

With funding from the Clean Cities Blue Oceans (CCBO) initiative of the United States Agency for International Development (USAID), the Ceylon Chamber of Commerce (CCC) and Biodiversity Sri Lanka (BSL) developed an Online Plastic Waste Reporting Portal for Extended Producer Responsibility (EPR) Obligatory Companies. On June 16, 2022, the Project officially inaugurated the EPR system for the environmentally responsible management of plastic waste. To access the online portal, visit www.epr.lk. The platform was developed by Virtusa Pvt Ltd., on which the private sector will commence reporting on waste collection and recycling.

The initiative aims to increase plastic waste collection and recycling to minimize plastic pollution at the national level. The Online reporting portal has been endorsed by the Ministry of Environment (MoE) and the Central Environmental Authority (CEA) and welcomed by the private sector.

As suggested by PET and HIPS Consortia Members, the CCC and BSL are now in the process of handing over management and monitoring of the Online Reporting System to the CEA.  With this transfer, EPR-Obligatory firms are expected to use the system to submit information on their plastic waste usage and collect-back accomplishments to CEA. In this regard, the Project had several meetings with the Senior Management Team of CEA. Following these negotiations, CEA confirmed that they are prepared to manage the online reporting system’s backend. Furthermore, they reaffirmed their utmost collaboration and support to the Project. In order to formalize the engagement an MoU between the CCC and the CEA will cement the relationship between the parties.

Launch of the online reporting system

The Project conducted a training program for selected employees of CEA and provided them with the necessary equipment to handle the online portal.  The CEA will soon convene a meeting with the PET and HIPS Consortia Members at which the brand owners would be informed that CEA has taken over the responsibility of managing the Online Reporting System. They will be requested to report on manufacturing and collection figures from January 2022 onwards into the Portal. It has been agreed that a three-month pilot run of the system would help uncover problems and the adjustments that may be required to be made.

BSL Engages In Efforts At Streamlining Contribution Of The Private Sector Towards Achieving The Sustainable Development Goals

BSL attended a discussion, chaired by Mr. Anura Dissanayake, Secretary to the Prime Minister along with many other distinguished guests, which was held recently, on the contributions of the Private Sector, Non-Governmental Organizations, and Civil Organizations towards achieving Sustainable Development Goals (SDG) with a special focus on Biodiversity Conservation and Climate Change Mitigation.

Mr. Anura Dissanayake, Secretary to the Prime Minister

Sri Lanka has not been able to accurately report on SDGs and biodiversity-related targets and achievements. Therefore, corrective action is needed to rectify the situation by establishing a mechanism for reporting on more holistic stakeholder contributions including Government, Corporate Sector, non–Governmental Sector, and Community-based Organizations accurately.

BSL, with a membership of approximately ninety (90) private sector corporate bodies, is using an integrated common Data Portal to upload details of member investments and contributions to biodiversity enhancement and all related activities. Thereby, a clear understanding of the contributions made towards biodiversity protection and climate change mitigation by its membership is centralized. It was noted that if the requirements of the Government can be aligned with the established reporting criteria such as ‘Global Reporting Initiative (GRI)’ criteria, it will be much easier to absorb all relevant national data from Private Sector initiatives. The ‘Data Gap’ can also be addressed by maintaining a more comprehensive data system. UNDP assistance could be possible to access to address this data gap.

Mrs. Shiranee Yasaratne – Advisor, Biodiversity Sri Lanka

SLASSCOM is actively engaged in promoting a number of biodiversity and SDG-related initiatives including e-waste management processes, the use of renewable energy, the creation of methods of working from home by reducing transportation which ultimately contributes to energy conservation, and the implementation of flexible working hours, etc. these measures ultimately promote sustainable development practices in their member institutions in the IT sector. It was also noted that a proper and accurate reporting system should be followed as a nation so that external parties can understand the positive steps that Sri Lanka has adopted so far toward achieving the SDGs. The process should be promoted through digital media platforms to attract investors to Sri Lanka which could result in additional Foreign Direct Investments (FDI’s).

Virtusa (Pvt) Ltd presented the “Environmental Social Governance (ESG)” reporting system and the “United Nations Global Compact” Principles at this discussion. The steps that Virtusa has adopted in their reporting process while following GRI standards were described. Accordingly, Virtusa (Pvt) Ltd has effectively contributed toward 12 out of the 17 SDGs through these practices. Virtusa is also following Carbon Footprint Reduction Programs, the Zero Single-use Plastic System, the use of Renewable Energy, the motivation of employees towards SDG, and the Policy of avoiding Bribery and Corruption, etc. It was also stated that as a nation, both Public and the Private Sector should take necessary action to implement clear SDG implementation methods at least now, as the country is gradually trying to revive from the ongoing financial crisis. It was suggested that imposing new regulations to ensure that every company should invest a certain percentage (3%) of its net profit in Corporate Social Responsibility (CSR) initiatives would promote the achievement of  SDG targets.

The biodiversity division of the Ministry of Environment is in the process of developing a “Bio Diversity Expenditure Tracking Tool” and it includes the SDGs national target as well as the contribution of the Private Sector. Alliance Finance Company PLC, as a socially responsible corporate body, is using the “Sustainability Standards and Certification Initiatives (SSCI)” platform to integrate sustainability into every aspect of their business with positive and measurable outcomes. He further mentioned that the M/s Alliance Finance is approximately covering 76% of the 17 SDGs by performing actively in achieving financial sustainability by aligning the SDGs with its corporate Vision and Mission. It was suggested that standards are much more essential than guidelines in achieving the SDGs and recommended that those standards be based on social dimensions with a primary focus on the Environment and Society. The private sector should be encouraged to adapt to the proposed standards by the government so that tendency of Private Sector institutions to adapt to the relevant standards will increase.

The Director General – Sustainable Development Council suggested that the composition of the Steering Committee appointed to engage the Private Sector’s contribution to SDGs should be expanded as necessary to incorporate the above suggestions

Fresh Thinking, New Solutions: Ways To Fight Climate Change – Featuring The Keynote Presentation At Bsl’s Ceo Forum

Our CEO Forum was held on 3^rd November 2022 at Ramada Colombo in the aftermath of its 7^th AGM. Representatives from over 90 renowned private sector companies participated in the event. The keynote speech on the topic ‘Fresh Thinking, New Solutions: Ways to Fight Climate Change, was delivered by Dr. Ranjith Punyawardena, Chairman, National Steering Committee on Climate Change Adaptation, Ministry of Environment, Sri Lanka & Former Principal Scientist (Argo-Climatology)- Department of Agriculture, Sri Lanka.

Dr. Punyawardena commenced his speech on an interesting note, indicating the disappearance of glaciers on Mount Kilimanjaro from 1912, 1970, 2000, and 2006, as pictured by the Swedish Chemist Svante Arrhenius. He also explained how the greenhouse effect, global warming & climate change has had a drastic adverse impact on temperatures, also mentioning how the last 7 years are ranked as the top 7 hottest. He then defined the terms ‘Climate Variability’ & ‘Climate Change’ by indicating adaptation or resilience building for natural climate variability carried out through the Village Tank Cascade System in the Dry and Intermediate Zones of Sri Lanka, harnessing the potential of reliable climatic regime and terrain through the Village Anicut Systems in the Wet and Intermediate Zones of Sri Lanka.

Dr. Punyawardena next highlighted the salient features of climate change in Sri Lanka, which is the slow and continuous rise of ambient temperature, especially the nighttime minimum temperature and heat stress. He also highlighted the future climate of Sri Lanka according to the AR5 RCP 4.5 Scenario (mean across all 3 climatic zones) and trends of Summer Monsoon (SWM) and Winter Monsoon (NEM), following which he explained the options available for combatting the climate crisis – adaptation, mitigation or no actions.

The world is warming faster than at any point in recorded history. Several important events have occurred during the past years, such as the temperature rising by 0.08^oC per decade since 1880, and the rate of warming is increased by more than twice (0.18^oC per decade) since 1981. 2021 has been the sixth-warmest year on record. Thereby, Dr. Punyawardena highlighted the need to reduce global warming through new solutions or Nationally Determined Contributions (NDCs), which is a climate action plan of a country to cut emissions and adapt to climate impacts in order to ensure a safer future below the 1.5^oC threshold. He then explained in order to ensure a safer future below the 1.5^oC threshold, it requires the world to cut 30 Gg GHG emissions annually by 2030. Therefore, the Paris Agreement/UNEP has identified the 6-sector solution, which can reduce 29-32 Gt CO₂e and limit temperature rise to 1.5^oC; Energy – 8.2 Gt, Industry – 5.4 Gt, Agriculture, Food & Waste – 6.7 Gt, Nature-based climate solutions – 5.9 Gt, Transport – 4.7 Gt and Building & Cities – 5.9 Gt. Finally, he briefed on Sri Lanka’s commitment to NDCs, to reduce GHG emissions by 14.5% by 2030, including an unconditional reduction of 4%, establishing 2030 targets to achieve 70% renewable energy in electricity generation while no further increase in the capacity of its coal power plants and also Sri Lanka expecting to achieve Carbon Neutrality by 2060 while Carbon Neutrality in electricity generation by 2050. He also explained the Mitigation NDCs and Adaptation NDCs of Sri Lanka.

As an ending note, Dr. Punyawardena mentioned some points for serious consideration such as the political commitment to climate actions, and the availability of an effective and inclusive engagement process in place to ensure that society accepts and adopts the proposed NDCs. He opined, are we ready with a strong supporting and coordination mechanism to ensure effectiveness and efficiency of NDC implementation, while avoiding overlaps during the process, are there any conflicting issues or synergies between post- Covid 19 recovery plans and Climate Actions, and trends of Sri Lanka’s GHG Emissions by Sector (Energy, Waste, Land-Use Change and Forestry, Agriculture & Industrial Processes) and Percent of Total Emissions for reflection by the participants.

UNFCC-COP27: Loss-and-damage fund victory undermined by fossil-fuel omissions

How much Sri Lanka stands to benefit from the developments at COP 27 is yet to be seen as much is to be ascertained at COP 28 and the year of secondary negotiations that will precede it. In summary COP 27 established a loss and damage fund, amped up technology based solutions to climate change, and added focus on climate finance but failed to make real progress where emissions were concerned  and set more ambitious goals on the 1.5 degree Celsius target and fossil fuels.

The COP27 summit was held with the assembly of countries reaching an agreement on a loss and damage fund. According to Kumudini Vidyalankara, Director of Sri Lanka’s Climate Change Secretariat, a fund was established and a transition committee was appointed to design a mechanism through which the fund would be operationalized.

The appointed committee holds responsibility for whom will be entitled to receive funding, who will have to pay etc. The recommendations are to be presented to COP28, which will be held in United Arab Emirates in 2023. However, Ms. Vidyalankara mentioned experts claiming that it will at least take five years before any money is mobilized. But she also said that vulnerable countries like Sri Lanka will be prioritized.

Yet, the final cover text has been receiving mixed comments as it addresses the results of climate change, but not the cause, which is fossil fuels. Catherine Abreu, Executive Director of Destination Zero has tweeted, that it is unfortunate that UN climate talks have failed to live up to the science, “which is clear that climate action = fossil phase out”.

The final cover text has no indication about oil or gas, and the references to coal and fossil fuel subsidies are filled with qualifiers and loopholes. The treaty, for which is gaining boost, will be functioning as a separate but supporting legal mechanism to end the growth of fossil fuels and manage a transition from coal, oil and gas production. Even the United Nations Framework Convention on Climate Change (UNFCCC), being a critical mechanism for international climate policy, has not facilitated the International Corporation on fossil fuel supply required to manage the global transition.     

BSL and IUCN present a Succession Plan for LIFE – Kanneliya at its Annual Technical Session 3

BSL and IUCN shared the plan for the continuation of the LIFE Kanneliya project for a further 5 years. In the continuation phase, much of the focus will be on facilitating ecological succession. In addition, monitoring activities will be carried out to measure progress made in ecological succession. All partnering companies were invited to continue supporting the LIFE Journey to ensure that the site is a fully functional ecosystem in the long run.

Under the theme of “be a part of breathing new life into reality”, with the enthusiastic participation of over 75 members and invitees, as a part of its Annual Technical Sessions, BSL conducted an event to demonstrate successful examples of ecological restoration with particular emphasis on its LIFE – Kanneliya Project on November 2, 2022, at the Bandaranaike Centre for International Studies. This was the 3^rd segment of BSL’s Annual Technical Sessions – 2022/23.

At the outset, Mr. Mahesh Nanayakkara, Director of Biodiversity Sri Lanka & CEO, of Citizens Development Business Finance PLC (CDB), enlightened participants on the Value of Building Partnerships in Conservation (SDG 17). He provided some great examples from the CDB portfolio where partnerships have contributed to advancing the Bank’s conservation agenda. He reiterated the point that the LIFE partnership is unique as it consists of over 14 corporate partners some of which are competitors in the market. Renowned scientist, Dr Rohan Pethyagoda shared his story of a quarter century of experience in restoring montane forest ecosystems in Sri Lanka.  A documentary video on the LIFE Project was launched at the event for the benefit of participants. Prof. Devaka Weerakoon, Technical Expert of the LIFE Project, and Naalin Perera, Project Manager, IUCN Sri Lanka eloquently presented the results of the LIFE Project’s restoration efforts.

Our LIFE Journey commenced in 2016 with fifteen private sector companies coming together with Biodiversity Sri Lanka, to restore a 12-ha patch of degraded forest land in the Kanneliya Forest Reserve, under the able guidance of the Forest Department, with technical support of the International Union for Conservation of Nature (IUCN). The current phase is now in its 5^th year of implementation. The site is best described as a degraded rainforest, cleared for cultivation and subsequently abandoned resulting in the colonization by the pioneer fern species Dicranopteris linearis (Kekilla). This highly degraded patch will be restored using principles of restoration ecology to enhance its ecological functions, habitat quality, species diversity, and its capacity to provide biodiversity and ecosystem services – in a close approximation to what prevailed before it was converted to its present state. The project will develop a biodiversity credit accrual system for Sri Lanka with the objective of assigning a unit value for enhanced biodiversity and ecosystem services.

After years of astute planning, rigorous implementation, and monitoring, despite multiple challenges, the site has shown remarkable progress. At the culmination of the fourth year of field implementation, in April 2022, over 18,000 plants from 46 native species have been introduced including Hora, Wal Del, Bata Domba, Alu bo, Naa, Pelan, and Diyapara. Native shrub species of Maha bovitiya and Veraniya have emerged naturally after the systematic removal of the invasive Kekilla. Exotic species such as Alstonia have been observed alongside the native shrub species. Despite, Alstonia being invasive, it will be maintained at the site to obtain shade and to increase the soil carbon levels. Some of the naturally occurring pioneer plant species include Milla, Kekuna, Kenda, and Geduma.

Several new animal species, which were not recorded during the initial baseline study, are now on-site. The Brown shrike (Lanius cristatus), Jungle nightjar (Caprimulgus indicus), and the Ceylon frogmouth (Batrachostomus moniliger) naturally occurring in scrublands and shrub jungles, now call the site their home. Some areas have reached the second and third succession stages of forest regeneration, containing shrubs and small trees. This new succession structure attracts animal species, which play a significant role as seed dispersants. A massive total of 90 animal species have been recorded to date. This includes 4 species of land snails, 9 species of dragonflies, 14 species of butterflies, 6 amphibian species, 12 reptile species, 35 avian, and 10 mammal species.

Annual Technical Session 2: Aligning business action with Post-2020 Global Biodiversity Framework & 2030 Action Targets

Over the last two years, we have seen significant engagement from 1,100 companies that are advocating for a nature-positive world, and hundreds of leading companies making commitments and applying available tools and data to help implement and deliver the relevant targets included in the Post-2020 Global Biodiversity Framework (GBF). There are more targeted resources on the way to support business implementation, such as the Science Based Targets Network (SBTN) and the Taskforce on Nature-related Financial Disclosures (TNFD).

The Convention on Biological Diversity’s Conference of Parties 15 (COP15) is now set to take place at the headquarters of the Secretariat of the Convention on Biological Diversity (SCBD) in Montreal, Canada from 5 to 17 December 2022. Member states will adopt the Post-2020 (GBF) at COP 15, which will hopefully provide a clear direction and strong signal on the need to halt and reverse nature loss by 2030. Based on Target 15 – Role of business, there has been significant momentum in favor of mandatory requirements for businesses and financial institutions to assess and disclose their impacts and dependencies on nature. The need for businesses and financial institutions to reduce their negative impacts on nature by at least half and increase positive impacts has also been supported by many countries during the negotiations but will need further discussion in Montreal.

The session engaged with experts to discuss road maps that break down what nature-positive means for a business to help companies understand what nature-positive means for their sector and break down key actions businesses need to consider to address nature loss. These Roadmaps include guidance on assessing dependencies, measuring impacts, and tracking efforts to halt and reverse nature loss across the value chain.

BSL Technical Session 1: Innovative Financing Mechanisms For SDG Implementation In Sri Lanka

The keynote speech on the topic ‘Inclusive Transformation towards a sustainably Developed Nation for All’, was delivered by Ms. Chamindry Saparamadu, Director General/CEO, Sustainable Development Council of Sri Lanka.

In her speech, Ms. Saparamadu discussed the current position of Sri Lanka, in terms of the progress of the Sustainable Development Goals (SDGs) implementation, within the past 4 years (from 2019 to 2022) and the policies aligned with SDGs. The flagship strategies, programs, and achievements aligned with SDG implementation were highlighted, emphasizing the rise in fisheries exports during the past 10 years, taken as an example of diversifying the economy. The SME Policy Framework Matrix was brought forward, by indicating the Policy Vision, Policy Mission, and Policy Objective. Details on Knowledge Economy were explained by elaborating on the decade of Skills Development: 2021 – 2030. The Blue green economy was highlighted as a vision for a low Carbon Future and revolutionizing waste management by the Nitrogen Waste Management Policy on Sustainable Consumption and Production. The next point discussed was the Technology driven Transformation, indicating the improved position of Sri Lanka’s ranking according to the E-Government Development Index and the roadmap for Government Digitalization taken into consideration.

Ms. Saparamadu also discussed Social Inclusivity, indicating the emergency cash transfer measures introduced by the GoSL in response to the impacts of COVID-19 and the Maternal Mortality, Neo-Natal Mortality, and Under-five Mortality Ratios. Strengthened Law Enforcement and Rights Protection were emphasized thereafter. The challenges to be faced, such as twin deficit, data gaps for targeted and evidence-based planning, and policy incoherence and institutional fragmentation were discussed hereto.

The best way to move forward was explained by Ms. Saparamadu, as addressing systematic and structural issues that impede SDG progress, Mobilizing Financing for SDGs, such as debt restructuring, sustainable and innovative financing, etc. The keynote speech ended with Key Initiatives for Mobilizing Resources for a Sustained Transformation, recommending publications from the Central Bank of Sri Lanka, such as ‘Roadmap for Sustainable Finance in Sri Lanka’ and ‘Sri Lanka Green Finance Taxonomy’.

The Sri Lanka SDG Investor map was introduced as a final note, by indicating its development process and the IOAs mapped to priority sectors such as Renewable Energy, Food and Beverages, Infrastructure, Healthcare, and Consumer Goods.