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President highlights Global North’s failure in climate change financing
President Ranil Wickremesinghe delivered a compelling speech at the 10th World Water Forum, held in Bali, Indonesia today (May 20), highlighting the stark contrast between global funding priorities, pointing out the willingness of the Global North to fund death and destruction in Ukraine while showing reluctance to finance measures to combat climate change.
Accordingly, President Wickremesinghe proposed a 10% levy on the annual profits of global tax evasion assets deposited in tax havens, estimated at $1.4 trillion annually. He suggested that funds raised through this levy could support Blended Finance projects focused on climate change adaptation and mitigation.
In his opening remarks, President Wickremesinghe extended his gratitude to President Joko Widodo of Indonesia for hosting the event, which centres around the theme “Water for Shared Prosperity.” He praised Indonesia for its leadership in promoting the “Sustainable Management of Lakes” resolution at UNEA-5, emphasizing the collective responsibility in managing water resources, essential for all life and ecosystems.
Following is the speech delivered by President Ranil Wickremesinghe;
At the outset let me thank the President of the Republic of Indonesia, H.E. Joko Widodo for hosting the 10th World Water Forum in Bali. The theme ‘Water for shared prosperity’ focuses on collective responsibility in managing water resources, the life blood of all living beings and ecosystem services. This follows the “Sustainable Management of Lakes” Resolution proposed by Indonesia at the UNEA-5.
During the UNEA -6 held this year, the European Union together with Sri Lanka brought about the resolution “6/13 Effective and inclusive solutions for strengthening water policies to achieve sustainable development in the context of climate change, biodiversity loss and pollution”.
I also take this opportunity to congratulate the Government of Indonesia for taking the initiative during the G20 Presidency to launch the Global Blended Finance Alliance. Sri Lanka expresses its willingness to become a pioneering member.
Climate Change and water stress are two sides of the same coin. The cumulative effects of Climate Change are the main reason for what we see today as the water resource crisis. According to IPCC projected climate scenarios till 2090, Sri Lanka’s dry zone will get drier and the wet zone will get wetter in an unprecedented manner. Sea level rise will cause salt water intrusion in coastal areas resulting in salinization of land. I took this example from Sri Lanka while appreciating the fact that this is what is happening all over the world.
In global terms the solution to water stress revolves around climate mitigation and adaptation. Combating the triple planetary crisis with specific measures aiming at water. In the Nationally Determined Contributions water is classified under the adaptation sectors. On the other hand, mitigation is equally important as emissions are the root cause. Combating the threats to water resources posed by climate change requires colossal amounts of financial resources.
The Global North has failed miserably in adhering to the commitments to provide financial resources for Climate Change. There is a notable lack of political will after the euphoria of the Glasgow COP was over. Climate Change denial is gaining ground in the West.
The establishment of the Loss and Damage Fund, after a long drag, if effectively implemented can help to bridge the gap. This is a big IF. The Summit for a new Global Financing Pact will hopefully reach a conclusion by September this year. Nevertheless, the final outcome will depend on the results of the US Presidential Elections in November.
The OECD in 2021 projected the investment for global water related infrastructure at US $ 6.7 trillion for 2030 and US$ 22 trillion for 2058. The UNEP Report 2023 “Underfinanced – Underprepared” estimate the under financed gap to combat climate change at US$ 194 – 366 billion per year. The Global North is willing to fund death and destruction in the Ukraine. But there is an unwillingness to fund measures to avoid death and destruction caused by climate change.
Since money is not coming our way in anticipated amounts and at anticipated pace, to overcome the resource gap, Sri Lanka presented to COP 28 the Tropical Belt Initiative. A novel concept of harnessing commercial investments in the natural forests, mangroves, swamps, grassland water bodies and other natural resources in the Tropical Belt towards tackling the triple planetary crisis. The Tropical Belt from the time of its existence has been a ‘shield’ for the whole world. It is a catalytic accelerator of solutions to the ongoing triple planetary crisis. Investment in the tropical belt will bring in transformative changes to combat the triple planetary crisis.
In this context, the Initiative on Global Blended Finance will enable the Global South to mobilise the much needed financial resources. The US$ 9.4 billion available to commence this fund is a good example of leveraging concessional finance. The Tropical Belt Initiative will also benefit from this facility. In this context Sri Lanka proposes a 10% levy on the annual profits of global tax evasion assets deposited in tax havens. The annual profits are estimated at US$ 1.4 trillion per annum. The levy can be enforced by imposing sanctions, similar to those imposed on Russian Banks on the Banks and the Financial Institutes which fail to implement the levy. The monies raised by these levies to be made available to be utilised by the Blended Finance projects on Climate Change adaptation and mitigation.
The Global Blended Finance initiative is a supplement to the Loss and damage funds – not an alternative. These two measures must work in tandem. Therefore at this forum, let us express our appreciation for the hard work done by Indonesia in proposing this Initiative at the G20 culminating the establishment of the Alliance Secretariat.
Again, our thanks to President Joko Widodo for his contribution both in respect to the management of water resources and for bringing together the Global Blended Alliance.”
The World Water Summit, themed “Water for Common Prosperity,” began on May 18 in Bali, Indonesia, bringing together world leaders, experts, academics, entrepreneurs, and policymakers. The conference aims to unite nations in a collaborative effort to address global water issues.
Since its inception in 1997, the World Water Summit has been held every three years, serving as a premier platform for countries worldwide to share experiences and knowledge on best practices for water management. The summit facilitates dialogues among stakeholders on water, sanitation challenges, and sustainable development goals.
This year’s event sees the participation of key United Nations organizations, including the United Nations Economic and Social Commission for Asia and the Pacific, the United Nations Food and Agriculture Organization, the United Nations Environment Programme, the United Nations Development Programme, the United Nations Educational, Scientific and Cultural Organization, the United Nations International Children’s Fund, the United Nations Industrial Development Organization, and the United Nations Climate Change Organization.
Meanwhile, Indonesian President Joko Widodo hosted a dinner at the Bali Cultural Park yesterday (19) for the heads of state and representatives attending the conference. President Ranil Wickremesinghe was also in attendance.
(President’s Media Division)
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President joins National Poson Festival in Mihintale (Pics)
President Anura Kumara Disanayake emphasized that the transformation which took place in Sri Lankan society with the introduction of Buddhism laid the foundation for a disciplined and culturally sophisticated nation.
The President expressed these views while participating in the National Poson Festival held today (June 10) at the sacred Mihintale temple grounds, organized under the theme “May the world be enlightened by the teachings of the Buddha.”
Highlighting that the arrival of Arahant Mahinda Thero marked a civilizational turning point, President Disanayake questioned how the Poson Festival could be meaningfully celebrated without remembering Mihintale and its profound significance.
The President highlighted that the spiritual and cultural heritage linked to Mihintale must be preserved and passed on to future generations, a responsibility the State must not ignore.
The President explained that only citizens who are spiritually and culturally grounded who remain connected to the earth and their heritage could truly uphold this responsibility, not those disconnected from reality. He said the government has already initiated a programme to restore and redevelop the ancient city of Anuradhapura in a manner that reinstates its former glory.
The President stated that the foundation for our country becoming a centre of Theravada Buddhist philosophy and tradition was established with the arrival of Anubudu Mihindu Thero in Sri Lanka. This remarkable event, which sparked spiritual enlightenment alongside social transformation, went beyond mere religious significance and enabled the development of more advanced frameworks across all aspects of our nation including cultural, social and political spheres.
President Anura Kumara Disanayake emphasized that the paramount responsibility lies in re-establishing that society on Sri Lankan soil and building a modern, cultured state for the country one that embraces new ethical, social and environmental principles and that this duty must be unwaveringly fulfilled.
The President stated that the government is undertaking the task of reconstructing Anuradhapura, the site of Sri Lanka’s first city, first reservoir, first surgical operation and the great irrigation canals like Yodha Ela, in a manner that restores its ancient heritage.
The President further noted that the Prime Minister of India has already expressed willingness to support this reconstruction initiative under Indian assistance.
Expressing further views on the occasion, President Anura Kumara Disanayake stated:
“Any nation needs a strong foundation to rise. For the Sri Lankan people, that strong foundation has been provided through the philosophy of the Buddha. In a society devoid of education, we cannot expect empowered citizens. More than two thousand years ago, it was Buddhism that introduced a transformative change in education to this country. By transforming temples into centres of learning “Pirivenas” Buddhism played a vital role in imparting not only spiritual guidance but also knowledge to the people. It paved the way for a well-disciplined and cultured social structure. For this immense contribution, the great monastic leaders who served this country throughout its 2,500-year history deserve the nation’s utmost respect and gratitude.
However, today that social structure has collapsed. Some members of the police have reached a point where they protect criminals. Certain officers at the Department of Immigration and Emigration are issuing travel documents illegally. Underworld figures have been granted passports. Some officials at the Department of Prisons have unlawfully released inmates. Even within the Department of Motor Traffic, some officers are engaged in illegal activities. Citizens do not view these institutions with confidence or peace of mind. Therefore, a well-disciplined civic programme must be established to foster a sense of civic responsibility among the people. The Buddhist philosophy can provide essential guidance in this regard.
As a disciplined nation, we are committed to restoring the integrity of these state institutions. We will not abandon this task, but to succeed, we need the cooperation of the general public. We must bring an end to this era of decline and lead the nation towards a victorious, spiritually and materially prosperous way of life. The people must unite to fulfil this vital responsibility”.
For the past two years, the National Poson Festival could not be held with state patronage. However, expressing gratitude for the firm decision taken to once again hold the National Poson Festival in Mihintale, the Chief Incumbent of the Mihintale Rajamaha Viharaya, Most Venerable Dr. Walawahengunawawe Dhammarathana Thero, extended his sincere thanks to the President during the ceremony.
The official welcome and the clarification of purpose were delivered by the Viharadikari of Mihintale, Venerable Surukkulame Indrarathana Thero.
Those in attendance at the event included the Chief Incumbent of Mihintale Rajamaha Viharaya, Venerable Dr. Walawahengunawawe Dhammarathana Thero, Minister of Buddhasasana, Religious and Cultural Affairs, Hiniduma Sunil Senevi, Minister Wasantha Samarasinghe, Deputy Minister of Religious and Cultural Affairs Gamagedara Dissanayake , Deputy Minister Susil Ranasinghe, Members of Parliament Sena Nanayakkara, Thilina Tharuka Samarakoon, Bhagya Sri Herath and Anuradhapura District Secretary Ranjith Wimalasuriya, along with a large number of participants.
(President’s Media Division)
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Marine Drive tree planting project held (Pics)
In line with World Environment Day, a tree planting and conservation project was launched this morning (5) along the coastal stretch of Colombo’s Marine Drive, from the Kollupitiya Railway Station towards Wellawatte. The initiative is being implemented by the Clean Sri Lanka Secretariat Office.
Marking the commencement of the project, 1,600 Takkada (Scaevola taccada) saplings were planted today, with plans to expand the number to 6,000 in the near future. The project is being carried out with participation from state institutions, private organisations and the general public.
The Takkada plant, which includes two species highly resistant to saline environments, is listed as a threatened species on the Red Data List. The Scaevola taccada species planted today typically grows as a shrub reaching heights of 5 to 6 feet. Its dense green foliage and compact height make it ideal for urban settings, enhancing cityscapes with both environmental and aesthetic value.
This initiative is being carried out with the collaboration of the Sri Lanka Army, Sri Lanka Police (Environmental and Traffic Divisions), Sri Lanka Railways, Road Development Authority, Urban Development Authority and the Colombo Municipal Council. It is sponsored by LB Finance PLC and Hemsandu Marketing Company.
The event was attended by Colombo Municipal Councillor Vraie Cally Balthazaar, Senior Additional Secretary to the President (Finance and Economic Affairs) G.M.R.D. Appuhamy, along with representatives from the sponsoring organisations and other distinguished guests.
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China donates 05 dragon boats to Sri Lanka (Pics)
The Chinese Embassy in Sri Lanka has donated five 12-person international-standard dragon boats to the Sri Lanka’s Ministry of Youth Affairs and Sports.
The donation was formally made on May 31 at the 2025 Dragon Boat Festival China-Sri Lanka Friendship Cup Dragon Boat Championship.
The championship was held at the Diyawanna Oya Amateur Rowing Association of Sri Lanka (ARASL) Rowing Center. Participants included school teams, university crews, clubs, members of the tri-forces, as well as Chinese teams. It was notable that the event also featured 05 teams from Jaffna.
The regatta was hosted by Chinese Embassy in Sri Lanka and the Ministry of Youth Affairs and Sports of Sri Lanka, and co-organized by National Association for Canoeing and Kayaking in Sri Lanka, CICT (Colombo International Container Terminals Ltd.), Sri Lanka Overseas Chinese Association and Chinese Chamber Of Commerce In Sri Lanka.
Expressing gratitude for the donation, Minister of Youth Affairs and Sports – S.K. Gamage said, “This is not merely a sports event, it is a powerful symbol of friendship, culture, and cooperation between our two nations.”
Meanwhile, Chinese Ambassador to Sri Lanka – Mr. Qi Zhenhong said the championship was “a new starting point to further deepen sports and cultural exchanges between China and Sri Lanka and to enhance mutual understanding and friendship between our peoples.”
Rear Admiral HNS Perera, President of the National Association for Canoeing and Kayaking in Sri Lanka, described the event as a bridge between tradition and modernity.
Sri Lanka Navy and Visakha Vidyalaya powered their way to victory by clinching the top honours in the Men’s and Women’s Open Championships. Visakha Vidyalaya also grabbed the top spot in the Junior Girls’ final.
The Junior Boys’ final saw Thambaddy GTMV from Jaffna winning the gold medal, ahead of J/Delft M.V and D.S. Senanayake College Colombo.
In the Masters Women’s race, Ceylong team took top spot, while Wave Breakers and Pink Dragon followed closely.
The University of Sabaragamuwa won the Mixed Category final, pushing Chinese Team 03 and Chinese Team 01 to second and third places.
(Pics : Shanika Jayasekara)
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