Sri Lanka is embarking on a significant project to map all tree species across the island, paving the way for its entry into the global carbon credit market. Ruwan Wijewardene, Senior Presidential Advisor on Climate Change, made the announcement, highlighting the initiative's role in assessing the carbon sequestration capacity of the country's forests.
View from above of a forest and mangrove in Sri Lanka. AI generated picture.
The project, pending cabinet approval, is expected to take around two years. It aims to provide a clear estimate of Sri Lanka’s carbon potential, helping the government issue carbon credits based on measurable data. This mapping initiative will be crucial for the island’s rich forests and vast mangrove areas along its coastline.
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A community-driven approach is being developed to restore and protect these mangroves, which play a critical role in sequestering carbon and shielding the island from extreme weather. The Green Entrepreneurs initiative has generated 6,400 project proposals focusing on mangrove conservation.
Wijewardene also mentioned the creation of a regulatory framework to boost both tourism and carbon credit revenue, offering employment opportunities. Sri Lanka’s goal is to become carbon neutral by 2040 by advancing renewable energy and monetising natural carbon sinks.
Read more: The Science Based Targets initiative and carbon offsetting: striking the right balance
The island has experienced increased extreme weather events, prompting multiple initiatives announced at COP28. These include the International Climate Change University, the Tropical Belt Initiative (TBI), and the Climate Justice Forum (CJF). These efforts aim to enhance environmental adaptation capabilities and amplify the voices of nations affected by environmental instability in global negotiations.
At DGB Group, we are committed to promoting nature restoration through our nature-based solutions, which sequester carbon and provide extensive environmental and socio-economic advantages. Our projects generate high-quality, verified carbon units, supporting companies in achieving their sustainability objectives while also restoring biodiversity and safeguarding ecosystems.
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