As Sri Lanka rebuilds from a series of economic, social, and environmental shocks, a quiet transformation is taking shape – one that challenges how the country defines growth itself. Across four video series discussions held earlier this year, through a partnership between Echelon (a business magazine) and the Centre for a Smart Future (CSF), on topics ranging from Prioritizing Natural Capital in Our Economic Recovery, to Transforming Tourism through Nature and Biodiversity, to Financing Green Business Recovery, and Business Models for a Nature-Positive Recovery – policymakers, economists, conservationists, and entrepreneurs reflected on a shared question: Can Sri Lanka build an economy that values its natural wealth as much as its financial one?

Together, all four of these dialogues outlined a narrative for how recovery can be both economically sound and environmentally grounded.

Reimagining Recovery

Across the discussions, there was a consensus that Sri Lanka’s recovery must be re-envisioned as a response to multiple, interconnected crises – economic fragility, climate shocks, and biodiversity loss. As Sonali Sellamuttu (Country Representative, Global Green Growth Institute) stated in the panel on “Prioritizing Natural Capital in Our Economic Recovery”, “We are dealing with not one crisis but a number of crises, so its economic recovery plus climate action plus the need for biodiversity.” These insights spanned ministries and markets, from macro policy to micro practice, revealing how deeply intertwined economic and ecological systems have become.

This panel focused on how Sri Lanka’s biodiversity, ecosystems, and natural assets must underpin its recovery strategy. Panelists emphasized the need to value nature in economic terms, with examples such as Sri Lanka’s biodiversity being valued at approximately US$138 billion, yet rarely reflected in decision-making and vastly under-recognized national asset. As Dilhan Fernando (CEO, Dilmah Tea) observed, “We are one of 36 biodiversity hotspots in the world… but I think where we lack is our understanding of the valuation.” This valuation is not just an environmental statistic but rather a policy signal: nature is an undervalued item in Sri Lanka’s macro balance-sheet.

Through this discussion the theme of governance and trust reappeared. Dr. Anil Jasinghe (Senior Additional Secretary, Presidential Secretariat) reminded listeners that Sri Lanka’s challenge is not a lack of ideas, but a lack of follow-through. As he noted, “Countries like Sri Lanka should concentrate on this path… unless we control climate shocks through mitigation and adaptation, we will be losing on the other hand.” His point emphasized that the real bottleneck lies in how institutions coordinate, implement, and sustain what already exists on paper.

Interestingly, across the green finance and tourism panels as well, this same logic reappeared. The macro message was clear in that valuing natural capital is not only about protecting ecosystems, but about redefining what national wealth actually means.

From Principles to Practice 

Building on that macro perspective, the discussion on “Financing Green Business Recovery,” shifted the conversation from principles to practice – exploring how Sri Lanka can mobilize financial capital to recognize and reward natural capital.

The discussion centered around the readiness of Sri Lanka’s financial system. Errol Abeyrathne (Programme Manager – Green Finance, Biodiversity Sri Lanka) reflected, “Right now the return is intangible…. Funding is there, but projects aren’t.” His comment reflected a broader frustration where over a hundred corporates have expressed interest in green finance, but there are few projects ready to absorb this capital. “We have results to show – look here, your five-year investment is this – but the projects are not there,” he added, emphasizing that the issue is not liquidity but the limited pipeline of projects.

Shehan Ramanayake (Project Director, Tourism Resilience Project) offered an example from the Pekoe Trail, a tourism-linked initiative demonstrating how this pipeline is getting developed. “We are creating a product which ties into demand for a product like this globally,” he explained, noting that the trail itself could become a magnet for sustainability-driven tourism investment rather than just a peripheral attraction. “So the trail may be the reason you come to Sri Lanka, rather than something you do once you’re here.”

Collectively, the panel recognised that Sri Lanka’s green financing ecosystem is still at a formative stage. Capital – both domestic and international – is “lining up,” but remains underutilized due to weak coordination and credibility gaps. The absence of standardized frameworks, data systems, and monitoring mechanisms continues to stall progress.

The task now is to turn scattered initiatives into a cohesive, investable landscape that rewards sustainability as much as it rewards returns.

Tourism and the Test of Authenticity

Few sectors illustrate the tension between growth and conservation as vividly as tourism. The discussion on “Transforming Tourism through Nature and Biodiversity,” grounded these abstract ideas in the realities of Sri Lanka’s tourism sector –  where the balance between nature and economy plays out most visibly. It positioned tourism as both a driver of recovery and a litmus test for governance.

Nilanka Martinus (Co-Founder and Managing Director, Mosvold Boutique Hotels) captured this duality as he stated, “We are the last frontier of Asia –  raw and authentic. There’s been no mutilation of what we are yet.” That authenticity – the unspoiled landscapes, cultural richness, and biodiversity that define Sri Lanka’s tourism identity was described as the country’s most valuable brand asset.

Yet the same discussion went on to reveal how fragmented oversight threatens that asset. “Tourism falls under every remit – coast conservation, fisheries, irrigation – that poses its challenges,” explained Rashmini Mather (Former Government Policy Lead). Implementation, several panelists agreed, often fails at the croas-currents of these overlapping mandates.

The consensus across the conversation was that Sri Lanka’s advantage lies in its ecological and cultural distinctiveness – but protecting that advantage requires cross-sector alignment. Tourism, in this sense, is a microcosm of the broader economy as it reflects how well governance and investment can converge around a shared vision of sustainable growth.

Redefining Profitability

The panel on “Business Models for a Nature-Positive Recovery,” brought the focus to the firm level – where private-sector action determines whether sustainability remains rhetoric or becomes reality.

The discussion centered around redefining profitability, with Arj Wignaraja (Board Advisor and Strategist, GoodLifeX) stating, “Fundamentally, you have to start with the idea that it’s well beyond profits and yet the model also has to be profitable in order to be sustainable.” The panel touched on partnerships, transparency, and the need for companies to move from reactive CSR to regenerative business design.

This dialogue built on the earlier themes of readiness and trust, translating them into market behavior: companies that disclose environmental impact, invest in community partnerships, and innovate around circular supply chains are already seeing long-term resilience. Interestingly, this perspective looped back to the Natural Capital framing – that true competitiveness will come not from cheap inputs, but from renewable ecosystems and reputational trust.

The discussion emphasized that sustainability is now a strategic imperative, not a marketing exercise. Savera Weerasinghe (Circular Economy Consultant) explained how openness and disclosure are key to growth by stating that“Transparency attracts partners who can help you get further.” Randhula De Silva (CEO, GoodLifeX) added that this kind of mindset “… is no longer a nice-to-have; it’s a necessity. We need to start afresh, partner, and unlearn.” It became evident that profit and purpose are no longer mutually exclusive. Companies that embrace regenerative models – those that rebuild ecosystems, share value with communities, and innovate through collaboration are shaping what the next phase of Sri Lanka’s competitiveness will look like.

A Smarter Path Forward

Across these four discussions, a shared conclusion emerged, one that believed that Sri Lanka’s smartest recovery is one that works with nature, not against it. The discussions underscored that nature-positive growth is not a romantic idea, but rather that it is both sound economics and pragmatic governance.

Essentially, the big picture story is not one of reinvention, but of reorientation – a recognition that Sri Lanka’s greatest assets are the ones it has always had: its people, its ecosystems, and its capacity to link the two in smarter, more sustainable ways. 

As Sonali Sellamuttu aptly summarized in the first panel, “If we get this right, Sri Lanka could become a regional spotlight for how a small island can build prosperity through nature.” That, perhaps, is the real measure of progress – not just how fast we recover, but what kind of recovery we choose. 

This article is based on insights drawn from the interview series produced by Echelon and the Centre for a Smart Future (CSF). The series brought together policymakers, financial sector leaders, conservation practitioners, tourism experts, and private-sector innovators to explore how Sri Lanka can integrate natural capital into its economic recovery. Cover image design by Shanilka Attanayake (Junior Designer, CSF)

Watch the full interviews here: 

Prioritizing Natural Capital in Our Economic Recovery 

Speakers: Sonali Sellamuttu, Country Representative at the Global Green Growth Institute; Dilhan Fernando, CEO of Dilmah Tea; Dr. Anil Jasinghe, Senior Additional Secretary at the Presidential Secretariat; Moderator: Anushka Wijesinha, Co-Founder/Director at CSF.

Financing a Green Business Recovery 

Speakers: Errol Abeyrathne, Programme Manager – Green Finance at Biodiversity Sri Lanka ; Shehan Ramanayake, Project Director of the Tourism Resilience Project; Moderator: Anushka Wijesinha, Co-Founder/Director at CSF

Transforming Tourism through Nature and Biodiversity 

Speakers: Nilanka Martinus, Co-Founder and Managing Director of Mosvold Boutique Hotels; Rashmini Mather, Former Government Policy Lead; Moderator: Senith Abeyanayake, Research Associate at CSF.

Business Models for a Nature-Positive Recovery 

Speakers: Arj Wignaraja, Board Advisor and Strategist at GoodLifeX; Savera Weerasinghe, Circular Economy Consultant for the APAC region; Moderator: Randhula De Silva, CEO of GoodLifeX.