Press briefing of Cabinet Decision taken on 2023-05-22

Green Bond Framework

- The Government's intention to move towards green financing was stated in the Budget 2023. The proceeds of such bond issuances may be utilized in the areas such as Renewable Energy, Energy Efficiency, Green Buildings, Clean Transportation, Sustainable Water and Wastewater Management, Pollution Prevention, Control and Circular Economy, Climate Change Adaptation, Biodiversity Conservation and Sustainable Management of Natural Resources and Land Use. The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), United Nations Development Programme (UNDP) and the Global Green Growth Institute (GGGI) have expressed their consent to assist the Government in establishing an internationally accepted framework to access financing through Green/Blue and Sustainable instruments and accordingly a Green Bond Framework has been drafted at present. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to obtain a Second Party Opinion enabling to validate the presently drafted Green Bond Framework, was approved by the Cabinet.