SL failing to act fast on climate change could push more into poverty: UNDP

Sri Lanka must step up efforts and act fast in addressing climate change as failing to do so would result in more falling into poverty, a session by the United Nations Development Programme (UNDP) on leveraging green financing for development highlighted.

Experts on green financing came onboard to stress that for Sri Lanka to brave through the challenges that are arising from climate change, an even bigger concern than the ongoing COVID-19 pandemic, the relevant authorities must ensure sustainability takes the centre stage in every discussion in 
every field.

The forum also pointed out that while Asia is uniquely vulnerable to climate change, Sri Lanka would need approximately Rs.30 million in the next five years for bio conservation.

As Sri Lanka looks to embrace alternative financing to embrace green development, the panel, facilitated by the UNDP, concluded that the need of the hour for the country in this regard is to make a regulatory framework for green projects, have a project pipeline to attract environment financing, capitalise and have a multi-stakeholder strategy for broader sustainability and lastly explore multiple avenues and options to increase awareness on climate change and execute the formulated action plans.