Sri Lanka targets economic transition achieving net zero

President Ranil Wickremesinghe addresses the inaugural session of the Sri Lanka Climate Summit in Colombo
PIC COURTESY PMD

Plans are underway to introduce legislation in Parliament, which would ensure that all government policies focus on the transformation to a highly competitive export-oriented economy, President Ranil Wickremesinghe said.

One of the items in the bill, in carrying out this transformation, is to ensure that we achieve net zero by 2050.

“And I can tell you we will achieve it before that. Sri Lanka can do it,” said Wickremesinghe.

“So, in making our policies, which are going to affect all of you, not merely a transformation of an economy into export orientation but into an economy that is based on achieving net zero,” he said.
The bill is expected to be gazetted next week.

Wickremesinghe was addressing the inaugural session of the Sri Lanka Climate Summit, hosted by the Ceylon Chamber of Commerce, at Shangri-La, Colombo this week.

While the first step towards this endeavour is in drafting a new law, which will deal with the environment and climate change, it will largely follow the Climate Change Act of the UK. Reason being, it has been well accepted by the financial circle.

He emphasised on giving priority to promoting a green economy and said Sri Lanka might as well be the first in the region to do so.

Sri Lanka’s green financing will ensure following the same practices as the UK. The Chamber of Commerce, Colombo Stock Exchange and investment ministry are to work in unison to achieve it, once the policy details on climate change are announced, covering every sector of the economy.