Sri Lanka is blessed with thousands of endemic fauna and flora. But its facing numerous challenges to maintain these treasures and has been identified as one of the biodiversity hot spot in the world. For the first time in its history, the resources required for achieving national biodiversity targets have been assessed by the BIOFIN process. As per the Financial Needs Assessment Sri Lanka needs to mobilize 190 million USD in addition to the resources being allocated by the Government within next seven years. The country is taking steps towards achieving the national targets through public and private initiatives.
Prioritized finance solutions
Sri Lanka is working on three financial solutions.
1. Developing sustainable finance framework which will promote green lending
2. Developing a sustainable certification system for Sri Lankan tourism industry
3. Payment for Ecosystem Services in the power generation sector