Business

Pan Asia the first local bank to win Climate Partnership Award

Sri Lanka’s fastest growing bank, Pan Asia Bank, was rewarded with the prestigious “Global Climate Partnership Award” by the Global Climate Partnership Fund (GCPF), one of the world’s largest climate funds which recognises outstanding performance and impact across categories such as capacities and skills, institutional capacities, and green lending offerings, as well as outstanding energy efficiency or renewable energy projects. Pan Asia Bank’s officials accepted the accolade at an award ceremony held in Tbilisi on 13 June 2019.

GCPF is an innovative public-private partnership dedicated to contributing to the mitigation of climate change through the reduction of greenhouse gas emissions. It focuses on financing energy efficiency and renewable energy projects for SMEs and private households in developing countries, primarily in co-operation with local financial institutions. The German Federal Environment Ministry, FMO (Dutch Development Bank), KfW (Development Bank), the Ministry of Foreign Affairs of Denmark, European Investment Bank, and IFC (International Finance Corporation) are among the investors of GCPF.

Commenting on the accolade, Director/CEO Nimal Tillekeratne said: “We are proud to be the first bank in Sri Lanka to be recognised at the Global Climate Partnership Awards on an international platform which invites partnering financial institutions to showcase how they have incrementally advanced their green lending efforts.

“To be selected from amongst strong contenders for the award reaffirms our sustainability strategy, which is directed towards green financing solutions whilst simultaneously making efforts, both large and small, to lower greenhouse gas emissions and to make our footprint green.

“Green lending is a sector of immense importance that supports growth in Sri Lanka in a socially responsible manner. Our efforts on development of processes and policies such as social and environmental management systems (SEMS) policy, appointment of green champions, and investments made in our people by providing training on green lending with the support of GCPF technical assistance facility were also reasons for this coveted award.”

Pan Asia Bank is confident that this funding will create a perfect opportunity to generate long-term sustainable economic benefits to uplift the living standards of people by creating cost-efficient energy solutions for businesses and employment, while also preserving the environment by promoting renewable energy. In addition to contributing towards limiting global warming, these initiatives will also result in creating strategic economic benefits to the country as the development of renewable energy sources will reduce Sri Lanka’s dependency on imported oil.