Sri Lanka’s next big export opportunity: Financial benefits of safeguarding environment

THE Export Development Board (EDB) is targeting an ambitious $ 45 billion in export revenue by 2030, our country’s economic resilience hinges on its ability to transform these export earnings for the long-term.

- Don Ferdinando

The synergy between the IT sector and climate initiatives offers a unique opportunity to cultivate new industries which can hold a comparative advantage on the global stage. Sri Lanka has a unique opportunity to become a leader in sustainability services.

The global focus on addressing climate change has spurred demand for innovative solutions, from data driven monitoring and reporting, renewable energy management to greenhouse gas (GHG) reporting by accounting firms.

For Sri Lanka, embracing and championing sustainability is not just an economic opportunity but an urgent necessity. Ranked 124 out of 183 countries on the ND-GAIN index —a measure of vulnerability to climate change and readiness to adapt—the nation’s future depends on proactive measures to mitigate and navigate climate risks.

Over the past decade, a surge of commitments from companies and governments to cut greenhouse gas (GHG) emissions has highlighted a critical question: how to transition effectively to a green economy and maintain a development trajectory. Many countries and companies have set Net-Zero targets however, achieving absolute zero emissions remain unattainable for many industries and activities. This gap underscores the need for robust mechanisms to onset residual emissions, to make Net-Zero goals a reality.

This mechanism was finalised after nine years of negotiations at COP29, the UN Climate Change Conference held in Baku, Azerbaijan, in November 2024.

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