COP28: Sri Lanka to bring 'Climate Prosperity Plan' to secure Net Zero by 2040

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe told a forum in Colombo that the country's economic model would be built on competitiveness, digital transition, energy transition and the transformation to a green economy.

Speaking at the first International Climate Change Forum at Temple Trees on Friday (3), Wickremesinghe said that Sri Lanka is making notable strides towards combating climate change and transitioning into a green economy.

He pointed out that the country’s small size could be advantageous, given its potential for excess green energy, including solar, wind power and hydrogen.

The President also said that in order to address the lack of expertise to formulate detailed plans for this transition, Sri Lanka is reaching out to multilateral development banks and bilateral partners to obtain the necessary knowledge and support.

He also noted that Sri Lanka would be presenting a Climate Prosperity Plan at COP28, with goal of reaching net zero emissions by 2040. 

"This ambitious endeavour, while necessary for the planet’s well-being, comes with a substantial cost of over $100 billion USD over 20 years," the President said, as quoted by the President's Media Division. 

"To meet these financial challenges, Sri Lanka is committed to raising a significant portion of the required funds through commercial means," said the President.

President Wickremesinghe revealed plans to establish the International Climate Change University (ICCU), emphasizing that it should be an international stakeholder university rather than a solely Sri Lankan institution. 

The government has already allocated 600 acres overlooking the Kothmale reservoir for this purpose.