News
Advancing sustainability in private sector through innovative financing solutions
The United Nations Development Programme (UNDP) in Sri Lanka, in collaboration with the Colombo Stock Exchange (CSE), Ceylon Chamber of Commerce (CCC), United Nations Global Compact Network Sri Lanka (CNSL), and the UN Economic and Social Commission for Asia and the Pacific (UNESCAP), recently hosted a two-day workshop as part of the Sustainable Finance Week for the Private Sector in Colombo. This event was designed to address the urgent need to integrate sustainability into the strategic framework of businesses in Sri Lanka.
Speaking at the event, Azusa Kubota, Resident Representative of UNDP in Sri Lanka, emphasized the transformative power of sustainable finance, noting “This workshop is about reimagining our economies where economic prosperity aligns seamlessly with sustainability. As the business environment evolves under the influence of climate change, resource limitations, and shifting societal values, integrating sustainability into business strategy is no longer optional—it is imperative.”
The event highlighted the importance of embedding sustainability into everyday operations, which will enable Sri Lankan companies to attract ethical consumers, enhance their brand image, stay compliant with evolving regulations, and access sustainable investment opportunities.
Punyamali Saparamadu, Senior Vice President – Commercial, Colombo Stock Exchange, emphasized the importance of capacity building in Environmental, Social, and Governance (ESG) frameworks commented, “As we explore the commercialization of green bonds, we have identified a significant interest among companies. Yet many lack clarity on the execution pathway. This highlights the urgent need for capacity building in the area. It is increasingly clear that companies with strong ESG frameworks not only bolster their reputation, but also effectively mitigate risks and lower their cost of capital in the long run.”
During the two-day workshop, experts from the organising committee led a series of interactive discussions designed to enhance the capacity of the private sector in understanding and implementing sustainable practices. Participants gained valuable insights into how aligning with the Sustainable Development Goals (SDGs) can unlock substantial business opportunities. They were also given the opportunity to clarify key terms and concepts related to sustainable financing and were given practical advice on integrating sustainability into business models and investment portfolios – which included case studies relevant to Sri Lankan businesses.
Underscoring the urgency of translating sustainability commitments into actionable strategies, Rathika de Silva, Executive Director, United Nations Global Compact Network Sri Lanka, highlighted, “Sustainability is not a buzzword—it’s a business imperative. We find ourselves at a critical juncture in our economy, where an infusion of funds is urgently needed. Currently, we have only achieved 15% of the SDGs, leaving us with 85% still to accomplish. With just 6 or 7 years remaining, the urgency to act has never been greater.”
Additionally, the event covered sustainable financing options such as green bonds, corporate bond issuance, and sustainability disclosures. Participants gained technical expertise in Environmental, Social, and Governance (ESG) frameworks as well as Impact Measurement and Management (IMM), learning how to incorporate these into their operations and reporting. The workshop also fostered networking and partnerships, allowing attendees to build connections, explore collaborations, and share knowledge on sustainability initiatives.
Sanjaya Ariywansa, Chief Economist speaking on behalf of the Ceylon Chamber of Commerce, noted “Sri Lanka has immense potential for sustainable growth and development. However, the path to realising this potential has many challenges. The private sector as the engine of economic growth holds the key to unlocking this potential. We must empower businesses to measure and manage their environmental and social impact while simultaneously accessing the growing pool of sustainable finance.”
The Sustainable Finance Week concluded with a call for continued collaboration and partnership among the private sector, UN agencies, the UN Global Compact and financial institutions. The event laid the groundwork for long-term engagement and knowledge sharing, encouraging businesses to take proactive steps towards sustainability. As Sri Lanka continues to develop its sustainable finance landscape, the outcomes of this week will play a crucial role in shaping the future of business in the country.
News
Prison officers urge Justice Minister to protect their colleague who opened fire
Prison officers yesterday requested Justice and National Integration Minister Harshana Nanayakkara to protect their colleague who opened fire at the Negombo Prison during Monday’s riot.
They made that request when the Minister visited the Welikada Prison to pay his last respects to seven officers killed by inmates during the clashes. Soon thereafter, the National Hospital reported that another prison officer had succumbed to his injuries.
The Minister was told that the officer had opened fire through a small opening in the main door to prevent the rioting prisoners from escaping.
The Opposition has demanded to know who ordered the prisons officer to fire. The concerned officer’s colleagues told the Minister that had a breakout occurred the inmates would have posed a serious threat to the public.
Altogether, authorities transferred 1,033 inmates from Negombo to other prisons. Among them was Katuwellegama Suresh, who is alleged to have spearheaded Sunday’s attack on a group of prisoners that led to the following day’s clashes.
Executive Director of the Committee for Protecting the Rights of Prisons, Attorney-at-Law Senaka Perera told The Island that some of the transferred inmates had been mercilessly assaulted in other prisons.
Sources familiar with the situation at prisons said that they were able to accommodate between 11,000 to 12,000 inmates but over 40,000, both convicted and suspects were held in the country’s prisons. About 30,000 of them are suspects. Due to severe overcrowding, prison management had been compelled to accommodate both the convicts and suspects at the Negombo Remand Prison, sources said, adding that the clashes had erupted between the two groups.
Those who had been convicted were accused by the other group of passing information to the previous prison management resulting in elimination of narcotics and other banned items in the prison, sources said. They went on the offensive after both the administrator and the second-in-command were transferred separately and the authorities ignored the volatile situation and proceeded with routine work on Monday.
Sources said that the authorities were yet to release the exact number of convicts and suspects killed and wounded during clashes between the two groups and with prison staff. According to the Health and Media Ministry the total number of persons admitted to the National Hospital, following the incidents, were 29. Of them, 14 were inmates. The Ministry said that of the 29, 12 were in the intensive care unit.
Prof. Prathiba Mahanamahewa told The Island that the overcrowding of prisons should be carefully examined, taking into consideration that even some innocent people were held in various prisons. Poisons, Opium and Dangerous Drugs (Amendment) Act of No 41 of 2022 was being exploited and misused by law enforcement authorities to frame and arrest people. In terms of this law, those who had been framed couldn’t secure bail from the High Court but had to seek the intervention of the Court of Appeal. The lawyer explained how Section 54 of the Act was being used indiscriminately against people.
According to Mahanamahewa about 80 percent of those suspects held were on narcotic charges.
By Shamindra Ferdinando
News
Negombo Prison riot: Ensuring protection of prisoners fundamental responsibility of the state – UN
Expressing concern over the death of prisoners, both convicts and suspects, as well as correctional officers, the United Nations Resident Coordinator in Sri Lanka, Marc-André Franche has emphasised that ensuring that protection is a fundamental responsibility of the State.
Twenty prisoners and seven correctional officers were killed in clashes on Sunday and Monday. Over 100 received injuries.
Issuing a statement, the United Nations extended its condolences to the families affected by the tragedy and wished a speedy recovery to those injured.
Underscoring prison officials carried out challenging duties in service of the State, and the general public, the UN Resident Coordinator said that their loss was deeply felt. The UN also stressed that inmates who died, or were injured, were under the care and protection of the State, emphasising that both correctional officers and prisoners require greater protection. Ensuring that protection is a fundamental responsibility of the State, he said.
The UN statement highlighted the urgent need for continued investment and reform within Sri Lanka’s prison system.
It pointed to longstanding challenges, including overcrowding, outdated practices and poor conditions in detention facilities, which remain concerns in prison systems both in Sri Lanka and globally.
The UN said Sri Lanka’s engagement with international human rights standards, relating to the treatment, safety and wellbeing of persons deprived of liberty, provides an important framework for addressing these issues.
The United Nations welcomed the establishment of an independent committee to investigate the circumstances surrounding the prison violence and emphasised that the committee’s findings should lead to concrete and lasting improvements in detention conditions.
The UN also reaffirmed its commitment to supporting Sri Lanka through technical cooperation aimed at improving prison security, strengthening detention conditions, and supporting the welfare of correctional personnel.
News
Govt. considers banning or restricting social media for children under 16: PM
The government was considering imposing restrictions or a possible ban on social media access for children under 16, Prime Minister Harini Amarasuriya told Parliament yesterday (8).
Responding to a question raised by SJB Gampaha District MP Harshana Rajakaruna, the Prime Minister said discussions with relevant stakeholders were currently underway to assess the impact of social media use on children and explore measures to ensure their safety.
She said the consultations, led by the Ministry of Women and Child Affairs, were focussed on the social, mental and health effects of excessive social media use, digital security concerns and global developments in regulating online platforms.
The Prime Minister said the National Child Protection Authority and the National Childcare and Protection Society were also engaged in discussions on the proposal, while steps were being taken to draft national guidelines on restricting access to social media platforms for children below 16 years.
She added that awareness programmes would also be introduced to safeguard children’s mental and physical wellbeing in an increasingly digital environment.
According to the Prime Minister, several government institutions, including the Ministries of Women and Child Affairs, Education, Higher Education and Vocational Education, Health, Mass Media and Digital Economy, along with the Sri Lanka Police, Department of Probation and Child Care Services and the National Child Protection Authority, were collaborating on the initiative.
The PM said the government, together with World Vision, was implementing a programme aimed at addressing mobile phone addiction among children under 18, which had already shown positive results.
Prime Minister Amarasuriya said the government’s focus was to strike a balance between protecting children from potential online harms and ensuring they benefit from digital opportunities.
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