Business
Sri Lanka facing another uphill battle on global front:Climate Finance
• Excessive bureaucracy between developed country parties and Sri Lankan negotiators
• Sri Lankan side studying how to crack the code of complex financial mechanism
• World’s biggest carbon polluters are just a few countries
By Sanath Nanayakkare
Sri Lanka’s attempts to gain access to Climate Finance from developed country parties is going to require a great deal of effort as there is a whole slew of bureaucracy between the developed country parties and Sri Lankan negotiators, Harsha Wickramasinghe, Deputy Director General (Demand Side Management) Sri Lanka Sustainable Energy Authority told The Island Financial Review last week.
Speaking to The Island at the International Conference on Climate Change 2023 (ICCC 2023) held at Taj Samudra Colombo, the renewable energy expert said,” It is so very difficult to access Climate Finance. It is technically very sophisticated to write a proposal and get it approved by these people. I have gone through the mill with one of the Climate Funds and found it a very frustrating exercise. They are used to these systems, but we are not. So we have to learn the tricks of the trade when it comes to gaining access to Climate Finance. It’s not about being unable to convince these parties, but about the mechanism that they have put in place for such funding to actually materialise. There is a large amount of bureaucracy between us and them. We have not given up though. I’d say that we are learning by doing it. My hope is that things will improve as we go along. We have intelligent people on our side that can crack the code and have access to Climate Finance. When you take institutional lenders such as the Asian Development Bank or the World Bank, they have a good system up and running. In contrast, Climate Finance is in its initial stage and they have a way of doing their own evaluations. Besides, they have a lot of teething issues in the process.”
Climate Finance refers to public, private and alternative sources of financing utilized to support mitigation and adaptation to address climate change. The Kyoto Protocol and the Paris Agreement call for financial assistance from parties with more financial resources to those that are less endowed and more vulnerable.
Developed country parties are to provide financial resources to assist developing country parties in implementing the objectives of the United Nations Framework Convention on Climate Change (UNFCCC).
To facilitate the provision of climate finance, a financial mechanism has been established to provide financial resources to developing country parties. Sri Lanka, however, finds this mechanism a frustrating one to break through.
“Wealthy countries are disproportionately responsible for the climate crisis, and they have the double responsibility to both cut emissions at home and to support developing countries with the costs of moving from dirty energy forms to cleaner, lower-carbon ones,” said Oxfam’s Climate Policy Lead Nafkote Dabi in November 2022.
President Ranil Wickremesinghe, who had participated in the COP 27 United Nations Climate Change Conference in Egypt in November 2022, was critical of the countries that were historically accountable for the greatest damage and are capable of meaningful contributions, but have stymied the furtherance of climate action.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
