Business
Green Climate Fund reaches USD 12.8 bn; contributions from 31 countries
By Ifham Nizam
The United Nations Climate Change Conference’s (COP28), the Green Climate Fund (GCF), witnessed a significant advancement in its second replenishment, as six countries pledged fresh funding, a Youth Group leader and climate change activist said.
Speaking to The Island Financial Review, Sustainable Ocean Alliance Sri Lanka spokesman Sudarsha De Silva said that the total commitments now reached an unprecedented USD 12.8 billion, with 31 countries contributing, and additional pledges anticipated in future.
De Silva said furthermore, eight donor governments disclosed new commitments exceeding USD 174 million to the Least Developed Countries Fund and Special Climate Change Fund. This financial support is crucial for addressing the unique challenges faced by the least developed nations in coping with the impacts of climate change.
In another positive development, he noted COP28 saw new pledges amounting to nearly USD 188 million directed towards the Adaptation Fund. This underscores the growing recognition of the importance of supporting initiatives aimed at helping communities adapt to the changing climate.
“The collective financial contributions from various countries and the diverse allocation of funds to different climate-related initiatives signify a concerted global effort to address climate change challenges and build resilience in vulnerable regions. The commitments made at COP28 mark a noteworthy step forward in international collaboration to combat the adverse effects of climate change, De Silva explained.
However, he said, as highlighted in the global stock-take, these financial pledges are far short of the trillions eventually needed to support developing countries with clean energy transitions, implementing their national climate plans and adaptation efforts.
During COP 28 President Ranil Wickremesinghe unveiled a tropical belt initiative aimed at addressing the challenges of global warming and securing sustainable development for nations within the tropical belt. The President highlighted the urgency of the initiative, emphasizing the need for a paradigm shift in climate funding and a multilateral approach to achieve meaningful results,
The President proposed an approach that involves both tropical and non-tropical countries, as well as collaboration between the government and the private sector. The tropical belt initiative focuses on harnessing commercial investments in vital natural resources within the tropical belt, such as forests, swamps, and mangroves.
President Wickremesinghe highlighted the initiative’s potential to attract private sector involvement, contributing to the ambitious goal of securing trillions of dollars annually.
Negotiators from nearly 200 parties gathered in Dubai for COP28, where a pivotal decision was reached concerning the world’s inaugural ‘global stock-take.’ This landmark event aims to intensify global efforts to combat climate change before the decade concludes, with the overarching objective of maintaining the global temperature increase below the critical 1.5°C limit.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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