Pan Asia Banking Corporation PLC last week took an initiative to address climate change, which has reached new depths in threatening the ecological balance in the world.
The bank, among the pioneers in introducing green lending in Sri Lanka, is collaborating with the Global Climate Partnership Fund (GCPF), a global public-private partnership managed by responsAbility.
It aims at mitigating climate change via leveraging private capital in developing and emerging markets to channel funds into areas and projects which can curb the adverse effects and impact from a changing climate – a process referred to as climate finance.
To champion this cause, Pan Asia Bank, supported by GCPF, organised an event titled ‘The Future is Green Sri Lanka 2019’ at the Cinnamon Grand recently.
The event was attended by a diverse group of people, including representatives from the Sri Lanka Sustainable Energy Authority, Regional Development Department of CBSL, Sri Lanka Sustainable Banking Initiative and renowned academics from the University of Moratuwa (UoM).
Senior Lecturer at the UoM, Dr. Thusitha Sugathapala delivered the keynote address and presented the participants with insights on climate change, specifically, in the context of Sri Lanka, and the remedial action by the government to mitigate the impact, stressing on the need to do more. Dr. Milinda Pathiraja, also from the UoM, gave a fresh perspective on the institutional footprint and the benefits of green buildings.
Pan Asia Bank Chief Executive Officer, Nimal Tillekeratne pledged his continued support towards the climate finance initiative.
“We are holding this event to raise awareness on climate change and sustainable development in the country. I’m happy to see the interest among our clients and the key people in all related organisations. Pan Asia Bank is committed to finance the sustainable development,” Tillekeratne said.
Head of Green Lending at GCPF, Luke Franson outlined the impact of climate finance and the GCPF’s role in climate mitigation. As part of its mandate, the GCPF finances projects targeting small and medium-sized businesses and private households, specifically, energy-efficient projects that reduce projected greenhouse gas emission by at least 20% and renewable energy generation projects. Franson also briefed on how they support financial institutions in facilitating climate finance.
“The fact that climate finance also provides for a viable business case, creates great opportunities for a win-win situation across sectors and industries,” he said.