Sri Lanka is initiating a comprehensive spatial mapping project for all tree species across the island in preparation for entering the global carbon credit markets, announced Ruwan Wijewardene, Senior Presidential Advisor on Climate Change.
The mapping will allow government to have a clear idea of the carbon sequestration capacity of all tree species on the island-state and is awaiting formal approval from the cabinet to proceed with the project.
The mapping itself will take approximately two years and will provide measurable variables for the carbon potential of Sri Lanka’s rich forests, as well as a first estimate of the number of credits that can potentially be issued.
A community-driven approach is also being developed for what could also become part of the carbon markets – the vast mangrove areas along the island’s coastline. The country has 6,400 project proposals from the “Green Entrepreneurs” initiative, which looks to restore and protect mangroves which have an outsized impact on sequestering carbon, as well as protecting from extreme weather.
Mr. Wijewardene adds that a regulatory framework is being developed that will create an opportunity to take develop both tourism and carbon credit revenue with the additional benefit of employment.
Positive impact of carbon markets in Sri Lanka
The country has an ambitious goal of becoming carbon neutral by 2040 by developing renewable energy. Supplemenet with protecting and monetizing its natural carbon sinks this is part of President Wickremesinghe to reduce the impact of climate change on Sri Lanka.
The country has recently seen increased numbers of extreme weather events with both droughts and floods hitting the island.
Along with other countries suffering similar occurrences Sri Lanka announced several initiatives at COP28 – the International Climate Change University, the Tropical Belt Initiative (TBI), and the Climate Justice Forum (CJF) – all aimed at creating a group that shares knowledge about increasing climate adaptation capabilities, as well as creating a stronger voice at negotiation tables with industrialized nations in the future.
Read more: KiudaEX Carbon Credit Exchange To Be Launched In Sri Lanka
