30 March 2023 04:59 am
The Sri Lankan companies that are currently exporting and are looking to export to the European Union (EU) will have to step up their efforts in adhering to environmental protection practices, as they are being made a key requirement for trade.
He stressed that the private operators in Europe are now asking for a clear assessment of the carbon footprint of products exported from the other nations into the EU.
“It is important for Sri Lanka to anticipate that because otherwise, Vietnam, Bangladesh and Pakistan will do faster and better than Sri Lanka.
The environmental professionals in the country need to be at the forefront of this,” Chaibi told the Institute of Environmental Professionals Sri Lanka AGM held yesterday in Colombo.
The EU emission trading system (ETS), the world’s first carbon market, was established in 2005.
While various measures and methods have been proposed and implemented by governments globally to combat climate change and achieve climate neutrality, the scope of carbon pricing initiatives through carbon taxation is expanding rapidly and is becoming a significant part of country policy strategies to achieve the nationally determined contributions under the Paris Agreement. According to the assessment of the impact of the EU’s carbon border by KPMG, more countries are introducing initiatives to decrease their emissions and failure to respond to and control greenhouse gas emissions could lead to a loss in international competitiveness and increased vulnerability for trade and investment.
This would increase the pressure placed on businesses to operate more sustainably and in a more environmentally friendly manner. Previously, an area of strong focus in the GSP Plus scheme of the EU was human rights conditionality. During the 24th meeting of the EU-Sri Lanka Joint Commission that took place in February in Brussels, the discussion focused on democracy, governance, rule of law, human rights, including the rights of minorities, women, children and labour rights and freedom of expression and association. The EU strongly encouraged Sri Lanka to continue cooperation and engagement with the Human Rights Council and its mechanisms.