The Hon. Hector Appuhamy

¶ 01 Am I getting six minutes? The time is short. How do we do this? I need more time, because this proposal is somewhat lengthy and requires clarification. Previously, time was granted after the conclusion of business of the House. Likewise, please extend the time for this matter as well.

¶ 02 It will be okay. No problem.

¶ 03 Madam Deputy Chairperson of Committees, at the Adjournment today I move the following:

¶ 04 “Among the countries at risk due to global climate change, Sri Lanka is one, suffering from natural disasters such as extreme heat, droughts and floods, which have severely affected sectors like food, water and energy, pushing the people of Sri Lanka into acute hardship. Under the leadership of the Climate Vulnerable Forum (CVF), comprising 74 countries including Sri Lanka, a Climate Prosperity Plan (CPP) was prepared in 2022 as an Integrated Economic Transformation policy paper, and the Ministry of Environment is currently updating this Climate Prosperity Plan with a new framework.

¶ 05 Implementing this Climate Prosperity Plan is vital to set Sri Lanka on a path of sustainable development by increasing GDP through low‑carbon development strategies that minimize environmental damage; improving the labour market; reducing inflation; introducing modern, climate‑friendly agricultural practices and new energy sources; and mobilizing new financial instruments.”

¶ 06 This is important.

¶ 07 “Establishing a CVF office in Sri Lanka; setting up a nationally recognized Development Bank to mobilize international climate risk funds; preparing the necessary guidelines to introduce a carbon market mechanism; and acquiring specialist knowledge in climate risk are essential. Therefore, this august House is urged to approve and implement the Climate Prosperity Plan, and to take the necessary measures through available CVF funds.”

¶ 08 Madam Deputy Chairperson of Committees, I intend to focus particularly on Sri Lanka’s Climate Prosperity Plan. Its key action areas include expanding domestic energy opportunities through renewables; scaling nature‑based solutions; enhancing resilience via financial protection; attracting foreign investment to drive economic growth and jobs; and transitioning to a near‑zero emissions pathway by reducing greenhouse gas emissions.

¶ 09 Since its launch in 2022, this Plan has served as Sri Lanka’s official guide for climate action. Notably, we can access multiple financing channels through the CVF, which introduced the CPP to Sri Lanka and represents 74 countries. We anticipate blended financing, including bilateral and multilateral sources. I must highlight the Green Climate Fund (GCF), with around USD 500 million of potential resources for us if we implement the CPP properly.

¶ 10 Further sources include the Global Environment Facility (GEF), the Adaptation Fund, the World Bank’s climate finance programs, and the Asian Development Bank’s climate financing. The European Investment Bank (EIB) is another avenue. In the private sector, green bonds, project finance for energy, and Public‑Private Partnerships (PPPs) can be leveraged, together with investor‑required risk‑mitigation support. Through the CVF, V20 membership—formed by leaders and finance teams of 20 climate‑vulnerable nations—can provide technical assistance for project financing. South‑South cooperation has expanded, and we can develop collective negotiating power.

¶ 11 On investment needs: power sector renewables—solar, wind, hydropower—and grid modernization; transport electrification, public transit and green urban mobility; climate‑smart and organic agriculture, reforestation and mangrove restoration; roads and water management; eco‑tourism and sustainable tourism infrastructure; and waste management and circular economy industries—all can attract concessional finance. The goal is to protect our environment through a renewables‑driven program, as countries that protect their environment advance and generate higher incomes.

¶ 12 Bhutan is cited as a happy nation because it lives in harmony with nature. We already face climate disruptions—today droughts; tomorrow possibly severe floods. What measures will we take? We must also address carbon issues and share solutions with the world, securing technology support. I expect Hon. Ajith P. Perera, who has expertise, to address carbon matters. We also propose Sri Lanka host a regional CVF office. That would facilitate transactions with the 74 CVF countries, helping us access financing, assistance and new technology to implement the CPP.

¶ 13 Therefore, I propose that this Parliament approve and implement Sri Lanka’s Climate Prosperity Plan.

¶ 14 Thank you, Madam Deputy Chairperson of Committees.