https://www.unescap.org/events/2023/accelerating-sustainable-finance-thr...
To successfully manage environmental, social, and governance (ESG) risks and achieve the nation's climate goals, Sri Lanka's Roadmap for Sustainable Finance lays out an ambitious plan to develop the sustainable finance market. The strategy outlines important targets, including a Green Finance Taxonomy introduced in May 2022. The roadmap also outlines the development of essential local guidelines, operational instruments, and the adoption of global standards for sustainable bonds.
With economic reforms taking center stage towards rebuilding a crisis-stricken Sri Lanka into a resilient sustainable economy, the government continues to work with IMF and other stakeholders to restore macroeconomic stability and debt sustainability, safeguard financial stability, and step-up structural reforms to unlock its growth potential. At the same time, the opportunity of leveraging innovative means of sustainable finance through the galvanization of the private sector towards innovative financial instruments for sustainable development goals (SDGs) remains promising. The private sector can play a crucial role in facilitating the needed SDG investments.
The training Accelerating Sustainable Finance Through Private Sector Participation will be co-hosted by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Global Green Growth Institute (GGGI), the Central Bank of Sri Lanka, and the Sustainable Development Council, in partnership with the Luxembourg Green Exchange (LGX) and LGX Academy, which is the world’s first and leading exchange dedicated to sustainable finance.
This targeted capacity building aims to support the private sector in developing a better understanding of sustainable finance instruments, best practices on compliance, and ESG risk identification and management. Creating staff capacity in both government and the private sector to understand sustainable finance as a distinct segment of the market, increase awareness of various emerging asset classes, and enhanced cooperation between the public and private sectors will be critical. Strong links between financial markets and key actors in the real economy can create an enabling environment that looks at sustainable finance as the new business-as-usual.
Building on the positive momentum of Thematic Bond Issuance Training held in Sri Lanka last year, the second training on sustainable finance targets the private sector stakeholders and aims to increase the capacity and understanding of sustainable bond issuance, ESG financing products specifically lending, compliance with international best practices, and mainstream ESG instruments and risk management to unlock the potential of sustainable finance in Sri Lanka.
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