While briefing the island nation on the implementation of the European Green Deal, the EU shared its desire to work closely with Sri Lanka bilaterally and in multilateral fora, on climate financing options and climate change actions as well as environmental protection.

The EU put forward its intention during the 25th session of Sri Lanka - EU Joint Commission that was held virtually towards the end of April. The European Green Deal is considered to be a lifeline out of the COVID-19 pandemic. One-third of the €1.8 trillion investments from the Next Generation EU Recovery Plan, and EU’s seven-year budget will finance the European Green Deal.

The European Union also welcomed Sri Lanka’s ambitious Climate Prosperity Plan (CPP), which aims to attract foreign investment in the country’s transition to a greener economy. The CPP includes a roadmap for climate adaptation and the achievement of net negative carbon emissions by 2050.

Further, on the follow-up to the Conference of the Parties (COP27) of UNFCCC, both sides exchanged views on making the Loss and Damage Fund operational.