Sri Lanka welcomes climate financing for sustainability efforts - President

COLOMBO (News 1st); Sri Lanka is proud to be a co-lead of the “Global Energy Compact for No New Coal Power”, said President Gotabaya Rajapaksa addressing the World Leaders Summit - COP 26 held in Glasgow, Scotland, on Monday (01).

The COP26 – the UN Climate Change Conference held as a “critical moment in the fight against climate change” is attended by around 25,000 people representing a wide range of fields, including Heads of State, government representatives, scholars, and businessmen from 197 countries.

It is reported that this is the largest conference ever held in the United Kingdom.

“It is essential that the world’s largest emitters of greenhouse gases fulfill their national commitments and assist developing nations to navigate through the climate crisis,” the President said and called upon all nations to work together in a spirit of true cooperation to overcome this crisis and sustain humanity and our planet.

“Sri Lanka recently restricted the imports of chemical fertilizers, pesticides, and weedicides due to public health concerns, water contamination, soil degradation, and biodiversity impacts. Although opposed by entrenched lobbies, this has created opportunities for innovation and investment into organic agriculture that will be healthier and more sustainable in future”, the President pointed out.

Climate change affects all nations but disproportionately impacts developing island nations. Developing nations that take bold steps towards climate change mitigation and adaptation deserve extensive support, the President added.

"Sri Lanka is deeply aware of the impacts of climate change. Our rich philosophical heritage, shaped by Lord Buddha’s teachings, places great value on environmental integrity," said the President.

Therefore, the President said sustainability is at the heart of our national policy framework.

"Sri Lanka’s updated Nationally Determined Contributions aims to reduce emissions towards achieving carbon neutrality by 2050. It is expected to increase carbon sequestration capacity by 7% by 2030 and steps are being taken to phase out use of fossil fuels," the President said.

In 2019, Sri Lanka spearheaded the Colombo Declaration on Sustainable Nitrogen Management, which seeks to halve Nitrogen waste by 2030. "We look forward to more countries joining this initiative," the President said.

Sri Lanka leads the Action Group on Mangrove Ecosystems and Livelihoods under the Commonwealth Blue Charter initiative. 

President Rajapaksa also said Sri Lanka welcomes investments, technology transfers, and climate financing for its ambitious sustainability efforts, along with broader development assistance to support recovery from the COVID19 pandemic.

COP:26 United Nations Conference on Climate Change, which commenced on October 31, will be held until November 12 in Glasgow.