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Sri Lanka central bank to promote ‘Green Financing’

ECONOMYNEXT – Sri Lanka plans to promote ‘green financing’ to encourage businesses to conserve resources and better protect the environment, Central Bank Governor Indrajit Coomaraswamy said.

The Central Bank has joined the Sustainable Banking Network of the International Finance Corporation (IFC), he said in a speech on the Central Bank’s monetary and financial sector policies for 2017.

“The Central Bank will promote ‘Green Financing’ by enhancing awareness to encourage enterprises to protect the environment, conserve resources and to achieve carbon neutrality,” he said.

“Banks will also be encouraged to provide financial facilities to green enterprises with the intention of protecting the environment.”

The Sustainable Banking Network (SBN) of the IFC is a knowledge and capacity building platform for financial regulators and banking associations of emerging markets on sustainable finance.

“As a member of the SBN, we would focus on sustainable banking practices to help banks effectively manage environmental and social risks in the projects they finance and support businesses that are greener, climate friendly and socially inclusive,” he said.

Coomaraswamy said the central bank intends to conduct a workshop for senior staff of banking institutions in Sri Lanka during the first quarter of 2017 as part of efforts to promote sustainable finance, with the support of IFC.
(COLOMBO, Jan 04, 2016)

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