Business

Minimizing single use plastic is vital for a sustainable future

Published

5 years ago

2022/02/15

Single use plastic is considered one of the greatest challenges in managing environment pollution in the world today; single use plastic is said to last well over a century whilst polluting water sources and causing long term environmental hazards.

Experts believe that over 50% of the plastic produced in the world belong to the single use category and will cause damage to landfills, oceans and the entire environment over time.

It is estimated that in Sri Lanka, where single use plastic items such as straws, yoghurt spoons and sachet packs are widely used, 10 % of municipal waste consists of isopolyethylene plastic which belong to the single use category. That’s not all; Sri Lanka was ranked 05th in a list of countries that release plastic and polythene waste to the ocean in 2017.

Plastic waste generation in Sri Lanka is estimated at 1.59 MMT/year while mismanaged plastic is estimated at 5% ; the burden of this is already on the country and the people as we will continue to see a greater impact on the environment primarily from single use plastic which are already choking waterways and the oceans.

As more and more organizations express their commitment to minimizing the usage of single use plastic, Sri Lanka’s leading direct selling company, Global Lifestyle Lanka believes that a firm committed towards not using single use plastic throughout their operations is a vital one to follow and adhere to.

The Company believes that choosing the use of sustainable products in place of single use plastic is critical in managing our environmental damage.

Sri Lanka has also started re-processing of plastic to mitigate the damage; processing of plastic is already taking place with over 400 companies active in the space with Rs 13 billion invested in re-processing of plastic in the island.

Single use plastic consists of polymers that are HDPE, LDPE, PET, PP, PS and EPS and have the capacity to be absorbed easily into the ocean, rivers and earth fills, causing silent but lethal damage that will outlast entire generations.

Single use plastic also includes various plastic streams such as imported raw material, imported products, plastic components, semi-finished products, packaging, waste generated by airlines, ports, shipping etc and free flowing marine debris.

With industrial activity widely present in the Western Province, sources point out that single use plastic wastage is greater in the Western Province. The Western Province Waste Management Authority is entrusted with managing the plastic waste generated in the province.

Although Sri Lanka has taken steps to ban many kinds of single use plastic items, the commitment towards minimizing single use plastics must come from the people themselves.

Unless as a nation we take steps to ensure an individual commitment towards reducing and over time totally phase out single use plastics, our future generations will be impacted by the pollution the single use plastics cause in the environment.

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

5 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

6 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

6 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.