CEOs of Financial Institutions Convene for a Strategic Briefing on Green Finance
On Tuesday, 26th November 2024, Biodiversity Sri Lanka (BSL) hosted a strategic briefing at Cinnamon Life, Colombo, under the EU-funded SWITCH Asia PLASTICS Project. This initiative, led by ACTED in partnership with BSL, ISB, STENUM Asia, and TERI, focuses on reducing plastic waste and promoting a circular economy in Sri Lanka.
The event was a major milestone, bringing together representatives from 32 organisations, including CEOs of leading financial institutions. Its aim was to explore the role of green financial services in fostering sustainable business practices and resilience within Sri Lanka’s economy.
In his opening address, Mr. Dilhan C. Fernando, Chairperson of Dilmah Ceylon Tea Company and Chairman of BSL, stressed the importance of green finance in building a resource-efficient, low-carbon economy. He stressed the need for Sri Lankan financial institutions to understand global financial flows and find innovative ways to tap into them.
Central Bank Governor, Dr. P. Nandalal Weerasinghe, provided insights into the role of the Central Bank of Sri Lanka in fostering green financial ecosystems and informed the participants that, CBSL was in the process of developing the green taxonomy and sustainable finance roadmap. He underscored the urgency of transitioning to green finance given Sri Lanka’s environmental vulnerabilities and escalating global challenges.
The programme highlighted the European Union’s Global Gateway strategy, which aligns economic growth with sustainability goals by leveraging green financial tools. Dr. Johann Hesse, Head of Cooperation at the EU Delegation to Sri Lanka, further emphasised the EU’s commitment to a green economic recovery, focusing on mobilising resources for transformative sustainable initiatives.
Co-founder/Director, Centre for a Smart Future
Mr. Anushka Wijesinha presented findings from the 2024 Green Finance Maturity Assessment (GFMA), outlining key opportunities and gaps in Sri Lanka’s financial sector to advance green initiatives. A key finding from the GFMA is that while green finance opportunities are growing – including funding lines for financial institutions and new lending opportunities for green projects – there remains a lack of comprehensive understanding within the market. Many financial institutions are unsure about their relative performance or where they stand in adopting green finance compared to industry benchmarks. This highlights an urgent need for capacity building and awareness among financial institutions, enabling them to better position themselves to leverage emerging opportunities and contribute to sustainable economic development.
The PLASTICS Project’s Green Finance component focuses on improving access to funding for SMEs to drive circular economy initiatives. BSL’s Green Finance Specialist, Mr Errol Abeyratne, noted, “Green finance is crucial for a sustainable future, but gaps in knowledge and reporting frameworks hinder progress.” The project addresses these barriers through initiatives like a digital toolkit and a practitioners’ forum, empowering businesses and financial institutions to embrace sustainability.
The event concluded with engaging discussions on actionable strategies to promote green financial solutions, empowering institutions to lead in sustainable economic transformation. This strategic briefing reinforced the PLASTICS Project’s role in driving private sector engagement and advancing circular economy principles as key enablers for environmental stewardship.
Introducing the BSL LIFE Series: Leading Initiatives for Environment and Sustainability
In today’s world, where environmental sustainability is both a global priority and a pressing need, businesses are expected to lead by example. Biodiversity Sri Lanka (BSL) recognizes this urgency and provides its members with a powerful platform to address environmental challenges in a meaningful way. Through our LIFE Series (Leading Initiatives for Environment), BSL connects, empowers, and inspires member companies to adopt sustainable practices that support biodiversity and make a tangible impact on the ground.
What is the LIFE Series?
The LIFE Series is a suite of carefully designed initiatives that provide BSL members with resources, opportunities, and guidance to advance their sustainability efforts. It’s more than a program – it’s a journey where businesses from various sectors can learn, innovate, and act collectively. The LIFE Series emphasizes collaborative action, knowledge sharing, and hands-on engagement with pressing environmental issues in Sri Lanka.
While understanding the broad benefits of reversing the trend in environmental degradation, most companies are reluctant to begin intervening in natural ecosystem restoration as this requires specialised knowledge and long-term involvement. BSL has recognised the fact that such businesses need technical support as well as assistance in liasing with government stakeholders. Using many years of experience in facilitating field-based interventions and leveraging on the strong relationship built with the public sector in Sri Lanka, BSL has now packaged its field activities to offer the LIFE Series of projects to the private sector.
The LIFE Series currently comprises of five pathways for corporate involvement in nature-positive environmental interventions at a national level:
- Life to Our Forests (LOF) – Restoration of a degraded fern land in the Kanneliya Forest Reserve in collaboration with the Forest Department and IUCN with the objective of creating a legacy of conservation for generations to come by preserving the biodiversity of Sri Lanka’s rainforests.
- Life to Our Mangroves (LOM) – Restoration of mangrove ecosystems to showcase private sector engagement in achieving national biodiversity conservation and climate action goals. This project promotes Accelerated Natural Regeneration of Mangroves (ANRM) to increase carbon sequestration and boost ecosystem services of degraded mangrove ecosystems in collaboration with Wayamba University and the Department of Wildlife Conservation.
- Life to Our Coral Reefs (LOCR) – This is an initiative of Biodiversity Sri Lanka to showcase private sector commitment to conserve Sri Lanka’s blue resources. In collaboration with the Department of Wildlife Conservation, IUCN and the Blue Resources Trust, the project empowers local communities to adopt sustainable practices that safeguard vital ocean resources.
- Life to Our Beaches (LOB) – By empowering local communities – particularly women – to take care of their beaches as a viable livelihood option, this project provides a pathway for the private sector to protect Sri Lanka’s shores with the support of the Marine Environment Protection Authority (MEPA).
- Life to Our National Parks (LONP) – This is a collaborative initiative of Biodiversity Sri Lanka to showcase private sector engagement in enriching wildlife habitats. The project engages surrounding communities in the removal of Invasive Alien Plant Species (IAPS) in national parks by supporting livelihoods that restore wildlife habitats. This is a collective effort of BSL and the Federation of Environmental Organisations (FEO) together with the Department of Wildlife Conservation.
Biodiversity Sri Lanka encourages businesses to work closely with government agencies and NGOs through the LIFE Series of projects that focus on providing economic benefits to local communities while safeguarding natural ecosystems. This could include supporting rural livelihoods through sustainable farming initiatives, promoting eco-tourism, or funding biodiversity research.
Each initiative within the LIFE Series addresses specific aspects of biodiversity conservation and sustainable practices, making it possible for companies to choose pathways that align with their unique environmental commitments. The program offers diverse activities, from technical workshops and field training to collaborative projects that bring businesses and conservation experts together.
Why LIFE Series Matters to Businesses
Environmental leadership is now a key component of a company’s reputation and success. In Sri Lanka, consumers, investors, and communities alike are increasingly interested in businesses that demonstrate real commitment to sustainability. The LIFE Series helps member companies integrate sustainable practices into their business models while showcasing these efforts to stakeholders who value responsible business conduct.
By participating in the LIFE Series, companies can:
- Gain Practical Knowledge: The LIFE Series offers workshops, seminars, and resources that equip businesses with practical tools for tackling environmental challenges. From eco-friendly supply chain management to biodiversity conservation strategies, the LIFE Series covers essential skills that help businesses thrive sustainably.
- Build Partnerships: At BSL, we believe in the power of partnerships. LIFE Series initiatives create a space for companies to connect with like-minded businesses, conservationists, and experts. Together, our members share ideas, build solutions, and drive initiatives that extend beyond individual actions to collective impact.
- Demonstrate Accountability: Through regular reporting, impact assessments, and project visibility, BSL members who engage in the LIFE Series can demonstrate their commitment to sustainability. This accountability is critical in building trust with customers, investors, and communities.
- Make Ground-level Impact: The LIFE Series is designed to generate measurable environmental benefits. Whether through habitat restoration, pollution reduction, or awareness campaigns, each initiative within the series is crafted to make a lasting, positive impact on Sri Lanka’s natural environment.
Key Components of the LIFE Series
The LIFE Series is divided into several key components, each designed to address a different facet of sustainability. Some highlights include:
- LIFE Talks and Technical Sessions: These sessions bring together industry experts, scientists, and policymakers to discuss the latest developments in biodiversity conservation and sustainable practices. LIFE Talks provide an invaluable learning opportunity for members, helping them stay informed and engaged with global and local environmental trends.
- Field Projects and Conservation Activities: From coastal clean-ups to forest restoration projects, the LIFE Series organizes hands-on activities where members can contribute directly to the environment. These projects not only offer employees a chance to get involved but also give businesses the opportunity to show their commitment to real, on-the-ground change.
- Capacity-Building Workshops: BSL offers tailored training sessions for companies that want to strengthen their sustainability initiatives. Topics range from carbon footprint reduction to water conservation, giving businesses the tools they need to enhance their own environmental practices and inspire others in their industry.
- The LIFE Recognition Program: This program celebrates outstanding contributions to sustainability by recognizing member companies that go above and beyond. The LIFE Recognition Program awards businesses that have shown exceptional dedication to environmental stewardship, highlighting their achievements and motivating others to follow suit.
Success Stories: The LIFE Series in Action
The LIFE Series has already achieved significant results, thanks to the commitment and passion of BSL’s members. For example, our recent reforestation project in Kanneliya has brought together businesses, local communities, and environmental experts to restore degraded forest areas and improve biodiversity. Members who participated in this initiative have seen firsthand the power of collective action and the benefits it brings to both nature and business.
Another success story is the BSL Plastic Waste Reduction Initiative, where companies from various sectors collaborated to reduce single-use plastics in their operations. By sharing best practices and implementing waste reduction measures, these businesses have successfully minimized their environmental impact while demonstrating the benefits of sustainable practices to their employees and clients.
Why Join the LIFE Series?
The LIFE Series is designed for companies that are ready to make a meaningful impact on Sri Lanka’s environment. By joining, you not only gain access to a supportive network of like-minded businesses but also position yourself as a leader in sustainability. Whether you’re looking to improve internal practices, strengthen community relations, or boost your environmental credibility, the LIFE Series offers a pathway to achieving your goals.
At BSL, we understand that sustainability is a journey, and we’re here to support our members every step of the way. By joining the LIFE Series, your company becomes part of a movement that’s reshaping Sri Lanka’s environmental future. Together, we can make a difference that lasts.
Get Involved
If you’re ready to take your sustainability journey to the next level, we invite you to explore the LIFE Series and see how your business can benefit. For more information or to discuss how your company can join, please reach out to us at BSL. Together, let’s lead the way toward a sustainable, biodiverse Sri Lanka.
A New Wave of Conservation: Spa Ceylon joins Biodiversity Sri Lanka to Protect Coral Reefs
Spa Ceylon, the world’s largest luxury Ayurveda brand has joined forces with Biodiversity Sri Lanka (BSL) to strengthen the “Life to Our Coral Reefs” initiative — an ambitious project to restore and conserve Sri Lanka’s vibrant coral ecosystems. Announced alongside Spa Ceylon’s latest Festive Collection, “Undersea Paradise,” this partnership seeks to spotlight the beauty and critical importance of coral reefs while inspiring people to protect these fragile ecosystems. The Life to Our Coral Reefs initiative was conceptualised and designed with the support of the Ambassade de France à Sri Lanka et aux Maldives.
The initiative is part of BSL’s LIFE Series, which is dedicated to preserving Sri Lanka’s unique natural landscapes, from lush forests and mangroves to pristine beaches and coral reefs. Coral reefs, covering less than 1% of the oceans yet supporting 25% of marine life, play an irreplaceable role in coastal protection and supporting livelihoods. However, they are under severe threat from climate change, pollution, and unsustainable fishing practices. Through collaborations with the Department of Wildlife Conservation, the International Union for Conservation of Nature (IUCN), Blue Resources Trust and the Marine Environment Protection Authority (MEPA), BSL is committed to reversing the tide.
With Spa Ceylon’s international reach across 33 countries and its dedication to ethical, eco-friendly practices, the partnership promises to amplify marine conservation efforts in Sri Lanka and beyond. The Undersea Paradise Festive Gallery at One Galle Face Mall from November 1-3 provides an immersive experience to inspire people to take action for marine conservation.
“Biodiversity is at the heart of today’s environmental challenges, from climate change to habitat loss,” says Dilhan Fernando, Chairperson of BSL. “It’s on all of us—businesses, NGOs, government, and individuals—to protect it. Through this collaboration, we hope to inspire others to safeguard our marine heritage for generations to come.”
By merging luxury wellness with ecological responsibility, Spa Ceylon and BSL are setting a powerful example of how businesses can lead the way in environmental stewardship, working together to make an enduring impact on Sri Lanka’s natural heritage.
