PAN ASIA BANK AND GCPF TEAM UP FOR A GREEN SRI LANKA
Pioneering climate finance in Sri Lanka
In this short video Pan Asia Bank explains how they approach climate financing and what has been achieved so far.
In Sri Lanka some 19 m people live in locations that by 2050 could become climate hotspots. GCPF partner Pan Asia Banking Corporation PLC (PABC) at the end of February hosted an event showcasing tried and tested financing solutions to counteract the negative effects of climate change.
Sri Lanka-based Pan Asia Banking Corporation PLC, a partner institution of the Global Climate Partnership Fund (GCPF) since 2013, was among the country’s earliest pioneers of green lending. Given that in Sri Lanka some 19 m people live in locations that by 2050 could become climate hotspots, the bank decided it was time to raise public awareness for the challenge – and to alert government officials as well as the private sector to the possibilities of driving a greener economic growth through appropriate climate financing.
Spreading the word
On 27 February, 2019, PABC invited representatives of both the public and the private sector to join them for ‘The Future is Green Sri Lanka 2019’, an event organised in close cooperation with GCPF. The event was attended by a very diverse group of participants including representatives from Sri Lanka Sustainable Energy Authority, the Regional Development Department of CBSL, Sri Lanka Sustainable Banking Initiative and renowned academics from the University of Moratuwa (UoM).
Highl-level discussions and technical workshops
The event was split in two parts: While the morning was dedicated to high-level open sessions with a diverse group of guests, the second half of the day was organised as a closed-group technical workshop. Sathish Dhanapal, Energy Specialist Green Lending at GCPF, underlined: “The event was designed to broadly share the experience and achievements of PABC in the area of green lending and to introduce PABCs clients to a wide range of technologies that could improve their energy performance, directly impacting their bottom line.”
“THE EVENT WAS DESIGNED TO INTRODUCE PABCS CLIENTS TO A WIDE RANGE OF TECHNOLOGIES THAT COULD IMPROVE THEIR ENERGY PERFORMANCE, DIRECTLY IMPACTING THEIR BOTTOM LINE.”
Sathish Dhanapal, Energy Specialist Green Lending at GCPF
Climate change in Sri Lanka: talking facts
Dr. Thusitha Sugathapala, Senior Lecturer at the UoM, delivered the key note address and presented the participants with insights on climate change, specifically in the context of Sri Lanka. He also expanded on the remedial actions taken by the government to mitigate the impacts, stressing the need to do more. His colleague Dr. Milinda Pathiraja, also from UoM, gave a fresh perspective on the institutional footprint and the benefits of green buildings.
A clear commitment from PABC
Addressing the gathering, the 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 for climate change and sustainable development in the country. I’m very happy to see the interest amongst our clientele and the key people in all related organizations. I hope participants will find the event valuable and that it will encourage them to start think green. Pan Asia Bank remains deeply committed to finance the sustainable development”, Tillekeratne said.
“I HOPE THIS EVENT WILL ENCOURAGE PARTICIPANTS TO START THINK GREEN.”
Nimal Tillekeratne, CEO Pan Asia Bank
Making climate finance a sound business
Luke Franson, Head of Green Lending at GCPF, explained the impact of climate finance and the Fund’s role in climate change mitigation. “The fact that climate finance provides for a viable business case is creating great opportunities across sectors and industries”, he said, adding how GCPF supports their partner financial institutions in facilitating climate finance.
“CLIMATE FINANCING CREATES GREAT BUSINESS OPPORTUNITIES ACROSS SECTORS AND INDUSTRIES.”
Luke Franson, Head of Green Lending at GCPF
Doing what’s right
The UN estimates that USD 100 billion will need to be mobilized annually by 2020 to address the needs of developing countries in the context of meaningful mitigation actions. With events such as ‘The future is green Sri Lanka’, PABC is doing its share to be part of the solution.