HSBC launches Project CORE – their biggest initiative ever in Sri Lanka to tackle climate change

HSBC has committed LKR48.2m for Project CORE (Climate-smart Opportunities through Restoration and Education): a first of its kind, science-backed restoration initiative combining nature-based knowledge, ecosystem best practices, youth involvement and innovation to enhance ecosystem sustainability. The project aims to restore 125ha of degraded land in the Thanthirimale area over a period of four years, addressing multiple societal challenges by enhancing disaster resilience, addressing income challenges, improving ecosystem services and biodiversity in line with the Nature Based Solutions(NbS) approach. Engaging the community through developing an understanding of the value of conservation and restoration is also a critical outcome of Project CORE.

Considered one of the 36 biodiversity hotspots in the world, Sri Lanka is highly vulnerable to climate induced disaster impacts. The country’s unique biodiversity is currently threatened by climate change, habitat fragmentation and over-exploitation. Severe shifts in Sri Lanka’s seasonal rainfall patterns accompanied by increased flood and drought events in the last decade has directly impacted rural food security and income. According to HSBC Global Research, climate change will be the defining crisis of the century for Asia. Ignoring the human impact on climate will delay reducing inequality and achieving sustainable long-term growth in the region.

An exmaple of the typical landscape of Thanthirimale