Global Green Growth Institute conducts workshop on Accelerating Sustainable Finance

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Recognizing the private sector’s pivotal role in facilitating NDC and SDG investments, a targeted capacity-building workshop was recently conducted to equip key stakeholders with the knowledge and tools fundamental to mobilizing sustainable finance. 

The Accelerating Sustainable Finance Through Private Sector Participation workshop, jointly organized by the Central Bank of Sri Lanka, the Sustainable Development Council, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), and the Global Green Growth Institute (GGGI), builds on the momentum of previous sustainable finance knowledge sessions held in Sri Lanka.

The training program was designed to empower private sector stakeholders considering future thematic bond issuance and those seeking a deeper understanding of sustainable finance instruments, including ESG lending. The training sessions were highly interactive, featuring group work, presentations, and ESG application considerations. Participants are equipped to apply their newfound knowledge practically within their respective organizations, driving forward Sri Lanka’s sustainable finance agenda. 

GGGI, an international inter-governmental organization based in Seoul, supports strong, inclusive, and sustainable economic growth in developing countries and emerging economies. With 45 members and over 20 countries, it provides policy advice and technical support for developing green growth plans, policies, regulations, investment mobilization, project implementation, and local capacity development. Sri Lanka became the 30th member in 2019 and was elected as Vice President of the Assembly and Vice Chair of the Council in October 2022. 

Sri Lanka is embarking on a transformative journey towards a sustainable, resilient economy, bolstered by a strategic partnership between key stakeholders. In pursuit of ambitious climate goals and the effective management of environmental, social, and governance (ESG) risks, the nation is setting the stage for a paradigm shift in sustainable finance mobilization. The roadmap for this transformation includes a Roadmap for Sustainable Finance in Sri Lanka, the Green Finance Taxonomy introduced in May 2022, and further emphasizes the development of local guidelines, operational tools, and the adoption of global standards for thematic bonds.

As Sri Lanka works diligently with the International Monetary Fund (IMF) and other stakeholders to restore macroeconomic and debt sustainability, the government’s focus remains on economic reforms. This pivotal moment also presents a unique opportunity to harness innovative sustainable finance mechanisms, particularly by mobilizing the private sector towards innovative financial instruments to finance the Nationally Determinant Contributions (NDC) and the Sustainable Development Goals (SDG).

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations. The ESCAP secretariat supports inclusive, resilient and sustainable development in the region by generating action-oriented knowledge, and by providing technical assistance and capacity-building services in support of national development objectives, regional agreements and the implementation of the 2030 Agenda for Sustainable Development. 

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