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CBSL launches Sri Lanka Green Finance Taxonomy – The Island


 

The Central Financial institution of Sri Lanka launched the Sri Lanka Green Finance Taxonomy on the John Exter Worldwide Convention Corridor of the Central Financial institution on 06 Might 2022. The Sri Lanka Green Finance Taxonomy is a classification system, which defines and categorizes financial actions which can be environmentally sustainable, and is a key motion merchandise outlined within the Roadmap for Sustainable Finance of Sri Lanka launched by the Central Financial institution in 2019.The Taxonomy has been ready in step with the worldwide greatest practices, whereas harmonizing for native context, therefore it’s anticipated to allow monetary market members to lift low-cost funding for inexperienced actions by means of each home and overseas markets.

The Sri Lanka Green Finance Taxonomy could be relevant to all home and overseas market members providing monetary merchandise (reminiscent of financial institution lending, debt devices, portfolio administration, and funding funds), giant firms, in addition to nationwide and native authorities our bodies. It may also be used as a reference by the economic planning authorities and served as the premise for native governments to help inexperienced industries protecting a variety of financial actions reminiscent of Forest and Logging, Agriculture, Manufacturing, Electrical energy technology, Transmission and distribution, Fuel, steam and air-con provide, Water provide, sewerage and waste administration.

Development, Transportation and storage, Monetary providers and Tourism and recreation. The Sri Lanka Green Finance Taxonomy was developed with the technical and monetary help of the Worldwide Finance Company (IFC), and the method was facilitated by means of the Sustainable Banking and Finance Community (SBFN) and the IFC Green Bond Technical Help Program (GB- TAP). A panel of worldwide technical specialists with the assistance of native specialists particularly Dr. Thusitha Sugathapala of College of Moratuwa and Dr. Madurika Nanayakkara of College of Kelaniya and the officers of the Central Financial institution contributed in devising the Taxonomy. Drafting of the Taxonomy concerned an in depth session course of with a number of stakeholders, together with numerous authorities ministries, monetary establishments, monetary trade associations, different monetary sector regulators, {and professional} service supplier companies.

The launch of the Sri Lanka Green Finance Taxonomy was attended by Ms. Lisa Kaestner, Nation Supervisor of the IFC for Sri Lanka and Maldives and the officers of the IFC, secretaries of ministries and senior officers of presidency establishments, worldwide and native specialists, representatives of worldwide establishments and associate businesses, representatives of monetary establishments, and the officers of the Central Financial institution. Delivering the keynote deal with of the launch, Dr. P Nandalal Weerasinghe, Governor of the Central Financial institution of Sri Lanka, highlighted the significance of selling and growing a holistic technique to combine sustainability into the nation’s monetary system, notably within the context of the present financial challenges confronted by the nation and in the course of the restoration within the aftermath of the COVID – 19 pandemic. The Governor additionally highlighted the truth that the Sri Lanka Green Finance Taxonomy could be a important instrument to information monetary establishments, traders, corporates and green-bond issuers to navigate the transition to a low-carbon, climate- resilient, and useful resource environment friendly economic system.
The keynote deal with was adopted by a hybrid session to offer an summary of the Sri Lanka Green Finance Taxonomy and a digital panel dialogue on ‘Accelerating Green Finance in Sri Lanka with the Green Finance Taxonomy’. The session on the Taxonomy was contributed by Wei Yuan of the IFC, Dr. Thusitha Sugathapala in addition to Bolu Wang and Bridget Boulle, worldwide specialists who contributed to Taxonomy improvement. The digital panel dialogue was moderated by Rong Zhang,SBFN International Coordinator of the IFC specializing in how the taxonomy can help monetary establishments to broaden inexperienced financing alternatives. Dr. Ma Jun, Chairman, China Green Finance Committee and the Co-Chair of G20 Sustainable Finance Research Group, Pushkala Lakshmi Ratan, Senior Business Specialist of IFC, Sean Kidney of Local weather Bond Initiative and Chaoni Huang, Head of Sustainable Capital Market APAC, BNP Paribas contributed to the panel dialogue.

The Sri Lanka Green Finance Taxonomy might be accessed utilizing the next hyperlink: https://www.cbsl.gov.lk/sl-green-finance-taxonomy 3 Chosen Pictures 4



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