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.
A New Pathway for Biodiversity Conservation in Sri Lanka
Amid Sri Lanka’s financial challenges, the country’s greatest untapped resource is its rich biodiversity. As the new government shapes its policy agenda, there is a unique opportunity to adopt innovative, market-based approaches like Payment for Ecosystem Services (PES). PES incentivises individuals, communities, and businesses to protect vital ecosystems by compensating them for the services these ecosystems provide, such as carbon sequestration, water filtration, and biodiversity conservation. This approach not only preserves the environment but also generates new income streams, benefiting the economy in the long run.
PES in Action Globally
While Sri Lanka has yet to fully embrace large-scale PES projects, there are successful examples from around the world that offer a roadmap for how it could be applied. One prominent example is Costa Rica’s PES program, which has been operational since the 1990s. Costa Rica pays landowners to maintain forest cover, helping to both protect biodiversity and reduce carbon emissions. This program has become a model for integrating conservation with economic development and has significantly contributed to Costa Rica’s reforestation efforts.
In Uganda, a randomised control trial found that PES schemes significantly reduced deforestation. The Ugandan program provided payments to villages to conserve forests, halving deforestation rates in just two years. The results were beneficial not only for environmental conservation but also for improving local livelihoods.
How PES Can Transform Sri Lanka
By integrating such a new approach into national policy, Sri Lanka could protect its unique ecosystems while addressing economic challenges. Here’s how this new approach could work in key areas:
- Ecotourism and Conservation: In areas like Yala and Wilpattu, a new approach can be used to channel tourism revenue into conservation efforts. Local communities would be compensated for protecting wildlife habitats and reducing human-wildlife conflict, making conservation a more integrated part of the tourism economy.
- Forest and Watershed Protection: Sri Lanka’s forests, such as Sinharaja, are essential for carbon sequestration and water supply. Through a new policy-based PES framework, companies could purchase carbon credits from communities maintaining forest cover, helping the country meet its environmental goals while generating income for local residents. Additionally, watershed protection through such an approach can ensure clean water supplies for industries like hydropower and agriculture.
- Coastal and Marine Ecosystem Conservation: Coastal ecosystems like mangroves and coral reefs, crucial for fisheries and tourism, can be protected through such a new policy-oriented approach. Mangroves, for instance, act as carbon sinks, and a PES scheme could see private companies pay for the restoration and protection of these ecosystems, benefiting both biodiversity and local communities reliant on these resources.
- Sustainable Agriculture: Tea, spice, and fruit farmers can benefit from such a new approach by adopting sustainable practices such as agroforestry. International markets are increasingly favoring sustainable products, and a PES-based approach could open these markets to Sri Lankan farmers while improving soil health and biodiversity.
Win-Win Approach for Sri Lanka
Adopting such a new PES-based national approach to biodiversity conservation offers Sri Lanka a sustainable solution that aligns with its national priorities – job creation, poverty reduction, and climate resilience. By implementing PES at a national level, Sri Lanka can unlock new financial resources for conservation, ensuring that biodiversity conservation becomes a driver for national prosperity.
With the right frameworks in place, this approach can become a key tool in protecting Sri Lanka’s natural heritage while supporting long-term economic growth while positioning Sri Lanka as a global leader in sustainable development.
The Vital Connection Between Biodiversity and Sustainability
In today’s rapidly changing world, the concepts of biodiversity and sustainability are more interconnected than ever before. As leaders in the business community, it’s crucial to understand this nexus and take proactive steps to ensure that our economic activities support, rather than harm, the natural world that sustains us.
Why Biodiversity Matters
Biodiversity refers to the variety of life on Earth, encompassing different species, ecosystems, and genetic variations. This diversity is not just about preserving the beauty of nature; it’s about maintaining the essential services that ecosystems provide. These services include clean air and water, fertile soil for agriculture, pollination of crops, and climate regulation. In essence, biodiversity is the foundation of our well-being and economic prosperity.
The Role of Sustainability
Sustainability is about meeting our current needs without compromising the ability of future generations to meet theirs. It involves balancing economic growth, social inclusion, and environmental protection. When we integrate biodiversity into our sustainability efforts, we ensure that our natural resources are used wisely and conserved for the future.
The Business Case for Biodiversity
For businesses, embracing biodiversity and sustainability is not just a moral obligation; it’s a smart strategy. Companies that prioritize these values often see numerous benefits, including:
- Enhanced Reputation: Consumers and investors are increasingly favoring companies that demonstrate environmental responsibility. By showing a commitment to biodiversity, your business can build a positive image and attract a loyal customer base that values sustainability.
- Risk Management: Healthy ecosystems can mitigate risks related to climate change, such as extreme weather events. For instance, forests and wetlands can act as natural buffers against floods and storms, reducing potential damage to infrastructure and operations.
- Innovation and Efficiency: Sustainable practices often lead to innovative solutions and more efficient use of resources, reducing costs in the long run. For example, adopting biodiverse agricultural practices can improve soil health and crop yields, leading to more resilient and productive farming systems.
- Market Opportunities: There is a growing market for eco-friendly products and services, providing new business opportunities. Consumers are willing to pay a premium for products that are sustainably sourced and produced, opening up new revenue streams for businesses that prioritize biodiversity.
Biodiversity Sri Lanka (BSL)
To make a meaningful impact, we invite you to join Biodiversity Sri Lanka (BSL). BSL is a platform that brings together businesses committed to biodiversity conservation and sustainable practices. By becoming a member, you can:
- Collaborate: Work with other like-minded businesses to share knowledge and best practices. BSL provides a network where you can learn from the experiences of others and develop joint initiatives that amplify your impact.
- Report: Engage in biodiversity reporting to track and communicate your conservation efforts. Transparent reporting helps build trust with stakeholders and demonstrates your commitment to sustainability.
- Support: Contribute to projects that protect and restore Sri Lanka’s unique ecosystems. BSL facilitates various conservation projects that you can support, ensuring that your efforts are directed towards impactful and scientifically-backed initiatives.
Take Action Today
Your involvement through BSL can make a significant difference. Together, we can create a sustainable future where businesses thrive in harmony with nature. Let’s lead by example and show that economic success and environmental stewardship go hand in hand.
Boosting Sri Lanka’s Circular Conversion: The PLASTICS Project
Biodiversity Sri Lanka (BSL) is playing a pivotal role through the PLASTICS project, an ambitious, multi-partner initiative aimed at promoting a sustainable and circular economy for plastics in Sri Lanka. Funded by the EU’s SWITCH-Asia program, this 48-month project is designed to boost economic development in the plastics value and supply chains (V/SC) by supporting Small and Medium Enterprises (SMEs) through innovative approaches to resource efficiency, green finance, and sustainable waste management.
The overall objective of the project is to facilitate sustainable and innovative plastic minimisation and management in Sri Lanka by integrating SMEs in greener value and supply chains, thereby contributing to economic prosperity and environmental sustainability.
The four main outputs of the PLASTICS project are:
BSL’s Key Goals are Activity 3 and Activity 4.
Activity 3: Access to green finance and Investment’s dimension are increased to scale up green economic initiatives, especially among Businesses
Activity 4: The traceability, transparency, and compliance in plastic SWM are strengthened through public-private dialogue, collaboration and monitoring
A Focus on SMEs and Green Finance
The project aims to engage 150 SMEs, 10 entrepreneurs, and 50 Business Development Service providers to foster a collaborative environment for green business development. BSL’s work under Activity 3 involves engaging the SMEs in the circular economy, and creating awareness of green financing options. These awareness sessions, held in Colombo, Gampaha, and Kalutara in August and September 2024, encouraged SMEs to rethink their business models, adopting more sustainable and resilient approaches that align with circular economy principles.
Event held for SMEs in Colombo at the BMICH on 15 August 2024
Event held for SMEs in Kaluthara at the Royal Oshin hotel on 12 September 2024
Event held for SMEs in Gampaha at the KayJay hotel on 13 September 2024
Why promote a Circular Economy?
A circular economy promotes efficient use of resources, reducing waste by encouraging the reuse and recycling of materials. For businesses, especially in sectors that use plastics, adopting circular economy practices means less dependency on raw materials, cost savings, and compliance with evolving environmental regulations. Climate change is also a significant business risk, and understanding how to mitigate its impacts—while taking advantage of green finance options—can help businesses remain competitive in an increasingly eco-conscious market.
BSL is at the forefront of helping SMEs in Sri Lanka navigate these challenges, providing valuable insights into the circular economy and green financing incentives. These efforts are particularly focused on women-led businesses, helping them improve their competitiveness, expand their value addition, and access resources for scaling up sustainable practices.
Extended Producer Responsibility (EPR)
Another vital aspect of BSL’s contribution is through Activity 4, which focuses on advancing Extended Producer Responsibility (EPR) in Sri Lanka. EPR shifts the responsibility for post-consumer plastic waste management onto producers, ensuring they play a key role in the entire lifecycle of their products—from production to disposal. This strategy encourages responsible manufacturing and supports the proper collection and recycling of plastics.
In August 2024, BSL co-hosted the EPR Symposium in collaboration with the Ceylon Chamber of Commerce, bringing together industry leaders, policymakers, and environmental advocates to discuss how innovation can help advance environmental responsibility. The symposium was a unique opportunity to celebrate the progress made in promoting EPR in Sri Lanka, and to explore new frontiers in sustainable plastic management. By focusing on collaboration and innovation, BSL is helping Sri Lankan businesses take ownership of their environmental impact, ensuring that sustainability becomes a core part of their business strategies.
Looking Forward
With continued support from BSL and its partners, the PLASTICS project is paving the way for a sustainable future for Sri Lanka’s plastics industry. By promoting circular economy principles, facilitating access to green finance, and strengthening waste management frameworks, the project is helping businesses – both large and small – contribute to environmental conservation while improving their own resilience and competitiveness.
Through initiatives like the LIFE Series of projects and active collaboration with government agencies, BSL is ensuring that the private sector remains a powerful force for positive change in Sri Lanka’s journey towards sustainability.
Keep an eye on our newsletter for more updates on this transformative project, and find out how you can get involved in shaping a greener, more sustainable future for Sri Lanka.
Private Sector Commitment to Restore Sri Lanka’s Blue Carbon Ecosystems
Biodiversity Sri Lanka (BSL), in partnership with its members, government bodies, and conservation groups, continues to champion environmental stewardship through innovative restoration projects. One of BSL’s standout initiatives is the Life to Our Mangroves (LOM) project, which is dedicated to the restoration and preservation of vital blue carbon ecosystems in Sri Lanka.
The significance of blue carbon ecosystems, such as mangroves, lies in their ability to sequester large amounts of carbon, thereby playing a crucial role in combating climate change. Mangroves, with their dense root systems, stabilise coastlines, reduce erosion, and provide critical habitats for various species. Unfortunately, Sri Lanka’s mangrove forests have faced severe degradation, especially due to human activities like shrimp farming.
Plot 05
Plot 07
Planted mangroves
The LOM project, a key example of BSL’s vision for ecological conservation, began with a Memorandum of Understanding (MOU) signed between BSL and the Department of Wildlife Conservation. The Wayamba University too has come on board providing technical and scientific advice. The initial phase of this ambitious project focused on the restoration of 10 hectares of degraded land within the Anawilundawa Ramsar Wetland Sanctuary in the North Western Province. This sanctuary is a critical habitat for many species, but decades of intensive shrimp aquaculture between the 1980s and 1990s severely disrupted the area’s natural ecosystems. By the late 1990s, the land was abandoned, but the damage from artificial barriers and pond dikes had already interrupted the natural hydrological flows necessary for the area’s regeneration.
With the assistance of the Wayamba University, the project has adopted a science-based approach to restore the natural water flow in the sanctuary. By studying the land’s contours and reintroducing tidal patterns, the project has effectively allowed water levels to regulate naturally, promoting sediment deposition and preparing the land for mangrove growth. As of now, 2.95 hectares have been successfully restored with native mangrove species, and an additional 3.08 hectares are in the process of preparation and planting. Looking forward, BSL plans to rehabilitate 7.9 hectares of land with mangrove associates and dry-zone plant species to recreate the natural ecosystem that once flourished in the area.
The success of the LOM project is largely driven by an impressive public-private partnership model. BSL’s efforts are supported by a growing number of key corporate partners such as Sampath Bank PLC, National Development Bank PLC (NDB), Citizens Development Business Finance PLC (CDB), Dole Lanka (PVT) Ltd, Easwaran Brothers Ceylon (Pvt) Ltd, Dynawash Limited, Virtusa (Pvt) Ltd, LOLC Finance PLC, Dilmah Conservation, and Amana Bank. These organisations, by signing MOUs with BSL, are actively contributing to the restoration of Sri Lanka’s blue carbon ecosystems. Their involvement demonstrates how private sector engagement can enhance environmental conservation efforts, setting a precedent for future collaborations.
This collective endeavor serves as a powerful model of sustainable partnerships in environmental stewardship. Not only does the project focus on ecosystem restoration, but it also reinforces the importance of corporate responsibility in combating climate change and promoting biodiversity. Through the LOM project, BSL is setting an example of how collaboration between the private sector, government bodies, and conservation organisations can lead to meaningful, long-term environmental impact.
With further restoration efforts on the horizon, the Life to Our Mangroves project is poised to leave a lasting positive imprint on Sri Lanka’s coastal ecosystems, contributing to the preservation of biodiversity and the mitigation of climate change.
Reviving Sri Lanka’s Coral Reefs
Biodiversity Sri Lanka is excited to announce the launch of the latest initiative in our “LIFE” series: called “Life to Our Coral Reefs – Project Kayankerni.” Set to commence this quarter, this groundbreaking conservation effort aims to protect the vibrant yet fragile coral ecosystems in Sri Lanka’s Kayankerni Marine Sanctuary, located in the Batticaloa District.
Coral reefs, though covering less than 1% of the world’s oceans, are home to 25% of all marine species. They provide critical ecosystem services such as coastal protection, food, recreation, and livelihoods for local communities. In the Kayankerni area, approximately 37% of the population relies on fishing and related activities for their livelihoods, underscoring the need for sustainable practices to ensure the long-term survival of this ecosystem.
Overcoming Challenges
Despite being one of Sri Lanka’s less disturbed marine environments, Kayankerni Reef faces several challenges. Unsustainable fishing practices, such as bottom-set nets, and the illegal use of explosives outside protected areas are contributing to coral damage and species loss. Agricultural runoff from the Maduru Oya basin, and nutrient-rich effluents from expanding aquaculture further threaten this delicate ecosystem. Without timely intervention, these factors could lead to further degradation of the reef.
In addition to the immediate threats posed by unsustainable fishing and pollution, climate change is emerging as a growing danger to the Kayankerni Reef. Rising sea temperatures are causing coral bleaching, a phenomenon where corals lose their vibrant colors and, more critically, their symbiotic algae, which are essential for their survival. This not only weakens the corals but also reduces their ability to support the diverse marine life that depends on them. According to research, even a slight increase in water temperature can trigger widespread bleaching events. Furthermore, ocean acidification, driven by increased carbon dioxide absorption, weakens coral skeletons, making them more susceptible to damage from storms and human activities. Without intervention, these climate-induced pressures could drastically reduce the reef’s resilience, undermining both biodiversity and the livelihoods of the local communities dependent on its health .
Meaningful Partnerships
In partnership with the Department of Wildlife Conservation (DWC) and Blue Resources Trust (BRT), BSL is spearheading the Life to Our Coral Reefs project as a Nature-based Solution (NbS) to address these threats. The project aims to restore the reef’s ecological balance while enhancing the livelihoods of the surrounding communities. In addition to safeguarding the coral ecosystem, the project will focus on protecting approximately 1,400 acres of mangroves and 20 acres of seagrass meadows, contributing to the overall health of the marine environment.
Guided by the IUCN Global Nature-based Solutions Standard, BSL will undertake baseline monitoring with the BRT under DWC supervision. This science-driven approach will ensure that we deliver measurable environmental and socio-economic benefits, building resilience and promoting ecosystem renewal.
We are pleased to announce that Commercial Bank, Dilmah Tea Company, and Citizens Development Business (CDB) PLC have already come on board as pioneering partners for this initiative. Commercial Bank and Dilmah officially signed agreements at our recent board meeting, while CDB completed their partnership at the BSL’s Annual General Meeting. With these valuable collaborators, BSL is ready to commence this transformative project. Our goal is to secure 10 private sector partners, creating a coalition dedicated to the preservation of Sri Lanka’s marine biodiversity.
Come join us for Coral Conservation
As we embark on this exciting journey, we invite more like-minded organizations to join us in safeguarding our coral reefs and ensuring a sustainable future for both nature and people. Join us to create a lasting impact on biodiversity and empower local communities to embrace sustainable practices that ensure the long-term health of the marine environment. Let’s build a coalition of committed partners who are passionate about marine conservation, where each contribution – be it financial support, expertise, or resources – will bring us closer to achieving our collective goals.
Join us in this crucial mission to save the Kayankerni Reef. Your partnership can help shape a brighter future, one where vibrant coral ecosystems thrive, and local communities flourish in harmony with nature. Together, we can foster a sustainable legacy that benefits both the environment and future generations.
The Kanneliya Project’s Milestone Achievement
The Life to Our Forests – Project Kanneliya has achieved a remarkable milestone by receiving the prestigious Ecosystem Restoration Standard Award from Preferred by Nature. This recognition, awarded on July 8, 2024, highlights the project’s commitment to sustainable land use and effective ecosystem restoration practices.
Ecosystem Restoration Verification Process
The journey towards this award began with a rigorous Ecosystem Restoration Verification Audit conducted by Preferred by Nature on January 19-20, 2024. This audit involved a thorough assessment of the restoration efforts at the field level, including documentation reviews, field observations, and interviews with key stakeholders such as the Restoration Manager and field workers. The audit team found no significant nonconformities, affirming that the project’s restoration practices are scientifically sound and verifiable. During the second day of the audit, Mr. Naalin Perera from IUCN joined the BSL team to monitor ongoing maintenance work at the project site. His insights were invaluable in identifying areas for future improvement, ensuring that the project continues to evolve and thrive. This audit is notable as one of the first of its kind in Asia, showcasing Sri Lanka’s leadership in ecosystem restoration verification.
A Collaborative Effort
The award ceremony brought together all 15 project partners, including prominent companies like Access Engineering PLC and Dilmah Ceylon Tea Company PLC. Each partner received certificates recognizing their contributions to this significant ecological initiative. The independent verification by Preferred by Nature ensures that all partners’ restoration efforts align with global best practices, enhancing their credibility and attracting further recognition.This collaborative effort not only contributes to local ecological restoration but also plays a vital role in global environmental initiatives. By adhering to the Ecosystem Restoration Standard, project partners can demonstrate their commitment to responsible land management and sustainable business practices, driving positive environmental impacts across the region.
A Bright Future for Ecosystem Restoration
The success of the Kanneliya Project serves as an inspiring example of how effective partnerships and rigorous standards can lead to meaningful ecological restoration. With the recent recognition from Preferred by Nature, this initiative not only showcases the importance of sustainable land use practices but also highlights Sri Lanka’s leadership role in the global movement for ecosystem restoration.
As we celebrate this achievement, it is clear that continued collaboration and adherence to best practices will be essential for sustaining our forests and ensuring a healthier planet for future generations. Let us build on this momentum, inspiring others to join the cause and contribute to the vital work of restoring our ecosystems.
Join the Wave: Let’s Keep Sri Lanka’s Beaches Beautiful
The “Life to Our Beaches” project, initiated by Biodiversity Sri Lanka and the Marine Environment Protection Authority (MEPA), is an inspiring initiative dedicated to preserving and cleaning Sri Lanka’s beautiful coastal areas. This annual project focuses on enhancing the cleanliness and ecological health of our beaches, ensuring they remain pristine and welcoming for both residents and tourists.
This year, the project has received an exciting boost with the Citizen Development Bank (CDB) joining as a new partner, demonstrating their commitment to environmental conservation. Together, we aim to make a significant impact on three major beach areas: Dehiwala, Wellawatta and Mt. Lavinia.
The “Life to Our Beaches” initiative is not only about removing waste but also about educating the public on the importance of protecting our marine environment. The combined effort of BSL, MEPA, and CDB is expected to inspire more organisations and communities to participate in maintaining these beautiful coastlines. By bringing together the expertise and resources of these organizations, the project is set to make a lasting difference, ensuring that our beaches remain safe and clean.
As we continue to expand our efforts, we invite more private sector companies to join us in this vital mission. Your participation can significantly amplify our impact, fostering a collective commitment to safeguarding our coastlines. Together, we can champion sustainable practices, inspire community engagement, and ensure a cleaner, healthier environment for future generations. Join us in making a difference today!
