Over 100 participants from Sri Lanka and the Maldives participated in an online workshop on how to access the international instruments of climate finance.
The International Water Management Institute (IWMI), together with the Netherlands Embassy hosted this session on climate finance especially for policymakers and private sector organisations in Sri Lanka and Maldives.
During the online workshop, experts shared key insights and opportunities for accessing international climate funds. The interactive workshop also provided an opportunity to discuss the latest developments on this critical issue of financing crucial investments to tackle climate change.
Experts and participants concluded that Sri Lanka’s current situation makes it even more important to explore how to access climate finance to further the climate agenda.
Climate finance experts from Climate Funds and top Dutch financial institutions such as the Dutch development bank (FMO) elaborated on the available funds for Sri Lanka and the Maldives. They explained that these funds have been raised and managed to mitigate climate change. The deployment of these funds therefore could play a transformative role for climate change initiatives in mitigation and adaptation. The experts also emphasised that blended finance structures could even attract public and private capital to invest in high-impact sectors such as the water sector.
Sharing thoughts on behalf of Sri Lanka, External Resources Department Additional Director-General Visakha Amarasekera elaborated on the green economy transition programs of the Government. She also said that the Climate Prosperity Plan and Green Economy 2050 are aimed at creating an enabling environment to prepare for access to climate finance as the country progresses towards macroeconomic stability.
Representing Global Green Growth Institute (GGGI) Program Manager Srinath Komarina explained how his organisation engages with the Sri Lankan Government and the private sector on navigating a green transition through the GGGI’s Green Bond Readiness Program. This will prepare Sri Lanka for access international private capital in the medium term. He also touched on GGGI’s innovative programs such as debt for nature swaps that could be options for Sri Lanka and the Maldives.
IWMI Director Business Strategy and Delivery Mark Thomson explained how climate finance could present an opportunity for development partners and private sector to come together to solve water problems and scale up solutions. He further explained the important work that development partners and research organisation do to support an enabling environment for climate finance through evidence based mechanisms, creating good data tools and scaling up research
The workshop is a continuation of the session held in October 2022. The final session will be held in March. The Embassy and the IWMI will be organising another session on climate and water in March. This session will come just ahead of the UN 2023 Water Conference in New York and will focus on how Sri Lanka and the Maldives can use the international agenda to leverage their national climate goals. The Water Conference in New York aims to accelerate worldwide progress on water challenges. Water challenges are both the deal-breaker and deal-maker to achieving the international climate goals.
If you would like to join the next session please contact BConnected on www.bconnected.lk.