The Asian Development Bank (ADB) urged Sri Lanka to ramp up its growth efforts while tackling climate change challenges, emphasizing the potential of green bonds to meet the country's financial needs.
ADB Country Director Takafumi Kadono highlighted that public sector funding alone is insufficient for these efforts, making it essential to mobilize private financing through the capital market.
Kadono stressed that the sustainable bond market is crucial for attracting private investment in climate mitigation and adaptation, which are critically needed in Sri Lanka.
He described this as a tremendous opportunity for the country to capitalize on. Promoting the development of a sustainable capital market is a key aspect of ADB’s initiatives in Sri Lanka, aimed at fostering sustainable recovery, building resilience, and encouraging inclusive growth.
He was speaking at the "Serendipity Knowledge Program" (SKOP) initiative hosted by the Asian Development Bank (ADB) tailored to address Sri Lanka's specific needs, aligning with ADB's mission as a knowledge solutions bank.
SKOP aims to share insights on key issues and foster discussions among various stakeholders.
The event featured a keynote address on wildlife and nature-based tourism in Africa, highlighting successful examples from the Wilderness Group in South Africa.
The ADB estimates that developing Asia will require approximately $1.7 trillion annually from 2016 to 2030 to achieve its economic growth targets while tackling climate change challenges. This underscores the importance of mobilizing private capital at a much faster pace through the capital markets and allocating it to projects that have a positive impact on the sustainability agenda.