CBSL Chief urges $ 10.85 b climate push by 2030

CENTRAL Bank Governor Dr. Nandalal Weerasinghe on Monday cautioned that Sri Lanka must mobilise an estimated $ 10.85 billion by 2030 to meet its climate commitments, under-scoring the urgent need for investment in climate resilience and sustainability - an effort that is crucial for Sri Lanka’s economic recovery, acting as both a shield against future shocks and a springboard for long-term, inclusive growth.

- BY JANANI KANDARAMAGE

Delivering the keynote address at the launch of the Sustainable Finance Roadmap 2.0, the CBSL Governor said the figure represents the cost of implementing the country's Nationally Determined Contributions (NDCs) under the Paris Agreement, as the country grapples with an increasing frequency of climate-related disruptions on agriculture, infrastructure, energy, and livelihoods.

"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 remarked.

"This is a critical step forward," Dr. Weerasinghe added, labelling the initiative as pivotal to shaping a financial system that is both environmentally responsible and socially inclusive. He warned that the cost of inaction is rising as climate risks become increasingly entrenched, posing severe threats to macroeconomic and financial stability.