Sri Lanka (Commonwealth Union)_ The Commercial Bank of Ceylon has recently sealed a groundbreaking collaboration with the Green Building Council of Sri Lanka, marking a pivotal agreement to jointly promote environmentally conscious construction practices in Sri Lanka. Under the Memorandum of Understanding (MoU), both entities commit to collaborating on initiatives related to the introduction of sustainable financial products by the bank, facilitating the shift towards carbon-neutral and environmentally sustainable economic development.
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These financial products are envisioned to support projects prioritizing resource efficiency, fostering healthy ecosystems, promoting the circular economy, and adopting sustainable financing principles. The goal is to create an environment where the economy thrives, society flourishes, and Sri Lanka’s future well-being is secured. Commercial Bank has already introduced Green Building Loans for retail, SME, and corporate customers, particularly those with Green Building certificates from the GBCSL. These loans cover the construction of buildings eligible for certification, as well as initiatives such as the purchase of solar power systems, solar net metering systems, and other green projects contributing to Green certification.
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Commercial Bank’s Chief Operating Officer, Mr. S. Prabagar, emphasized the importance of this partnership, stating, “This partnership is particularly important because any effort in eco-friendly construction must be professionally guided and certified in order to be able to measure its impact”. He added, “The Green Building Council is the leading authority in this sphere in Sri Lanka, and its contribution to our Green Lending initiatives will be a significant value addition to our customers.”
The agreement recognizes and acknowledges the GREENSL Rating Systems formed by the Green Building Council for certifying various aspects of construction, such as buildings, materials, infrastructure, homes, apartments, transport infrastructure, and sustainable cities. Further, construction and development projects with GREENSL certification will be eligible to apply for specially designed financial products offered by the bank, including special interest rates and other benefits.
As part of the collaboration, the Council will extend its expertise to bank customers involved in constructing green buildings and provide discounts to customers seeking Green Building Certification from the Council. The agreement also outlines the Council’s role in formulating and developing education and training programs in cooperation with the bank. These programs will train bank employees on climate change, green building concepts, and the requirements of sustainable financing products. Further, joint awareness programs aimed at promoting the bank’s sustainable financing products among customers and the general public are also on the agenda.
