Green bond framework

The Government’s expectation of turning to green finance was announced in Budget 2023. Funds gained from such bond issues can be used for renewable energy, energy efficiency, green buildings, clear transportation, sustainable water & waste water management, pollution prevention, governance and circular economy, adaptation to climate change, conservation of biodiversity and sustainable management of natural conservation of biodiversity and sustainable management of natural resources and land use.

The United Nation’s Economic and Social Commission for Asia (UNESCAP), United Nation’s Development Program (UNDP) and Global Green Growth Institute (GGGI) have agreed to support the government in establishing an internationally recognized framework for accessing finance through green/blue and sustainable financial instruments and a green bond framework has now been drafted accordingly.

As such, the Cabinet of Ministers approved the proposal presented by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to obtain a second party opinion(SPO) with the support of the United Nation’s Economic and Social Commission for Asia (UNECSAP), United Nation’s Economic and Social Commission for Asia (UNESCAP), United Nation’s Economic and Social Commission for Asia (UNESCAP) and Global Green Growth Institute (GGGI) so as to make the Green Bond Framework that has been drafted into a valid document.

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