The Central Bank of Sri Lanka (CBSL) launched the Roadmap for Sustainable Finance in Sri Lanka (“the Roadmap”) on April 10, 2019 at the Sustainable Banking Network (SBN) Global Meeting. Commissioned by UNDP BIOFIN and with IFC as the technical advisor, SynTao Green Finance provided technical assistance in the Roadmap development. After a mission to Sri Lanka in September 2018, SynTao Green Finance spent a few months on drafting the Roadmap.
As a tropical island in the Indian Ocean, Sri Lanka is one of the biodiversity hotspots in the world, but at the same time, it is also one of the most vulnerable countries to climate change. Sri Lanka emphasized sustainable development in its national strategy and launched the Sustainable Sri Lanka Vision and Strategic Path 2030 (“VISION 2030”) to address the need of sustainable transition. The Roadmap is of great significance in achieving the vision, increasing capital flows to greener, climate friendly and socially inclusive activities, and providing a broad direction to financial regulators and financial institutions to effectively manage environmental, social and governance (ESG) risks. While focusing on banks and non-bank financial institutions regulated by CBSL, the Roadmap also reflects commitment and aspirations of the other financial sub-sectors towards sustainability, including the insurance and capital market. The Roadmap articulates a series of strategic activities, revolving around six focus areas namely: Financing VISION 2030, ESG Integration into Financial Market, Financial Inclusion, Capacity Building, International Cooperation, and Measurement & Reporting. In alignment with the timetable set in VISION 2030, a detailed action plan over short, medium and long term by respective stakeholders is encompassed in the Roadmap to implement sustainable finance in Sri Lanka.
Click here for the press release of CBSL regarding the Roadmap
Click here for the Roadmap for Sustainable Finance in Sri Lanka