Business
Accelerating Sustainable Finance in SL through private sector participation
Sri Lanka declared its commitment to achieving the 17 Sustainable Development Goals (SDGs) in 2015. Since then, the country has made several national pledges and commitments to achieve environmental, social and economic goals in line with the SDGs. These ambitious commitments require greener and more sustainable capital markets and financial systems and a private sector investing in environmental and social priority sectors.
While the link between climate-related goals and finance may not be immediately apparent, the financial sector is an important leverage point for a sustainable transformation. Investments aligned with a country’s climate goals can make an important contribution to environmental and climate protection.
In line with the current and evolving global and regional trends and opportunities, accessing the untapped potential of the sustainable finance market can only be done through empowering financial sector institutions and corporate leaders through comprehensive competence and knowledge development on climate-relevant issues and priorities and their interrelationships with the financial sector and investment choices.
Environment, Social and Governance (ESG) is often used in business as a key metric in making investment decisions and also serves as a reference for companies reporting the impacts of their businesses. ESG has become a globally recognized consideration in investment decision-making and is increasingly the focus of companies’ strategic and operational agendas. With issues such as climate change, ethical supply chains, environmental damage and global welfare becoming more critical, investors and regulators are now focused on ESG aspects that positively contribute to solving current global issues.
Many economies, especially in Asia, have implemented different policies to incentivize the private sector to issue green bonds. In Asia and the Pacific, financial entities are the main issuers of green bonds having a 50% share in the market compared to 17% share of the governments. Global cooperation and international standardization have had a positive impact on the issuance of private green bonds.
Countries like Indonesia have implemented a series of sustainable finance initiatives as an effort to create an inclusive and globally competitive capital market. The Indonesia Stock Exchange (IDX), became a part of the Sustainable Stock Exchanges and launched ESG focused indices, aiming to improve the transparency of listed companies’ ESG performance and to drive the implementation of SDGs as a part of Investor’s decision-making process.
Recent research has found that green investments significantly contribute to businesses’ green innovation. Therefore, in addition to bridging the SDGs funding gap, a sustainable capital market will facilitate green innovation, which is fundamental to keeping pace with the global economy.
In view of above, a 3-day Sustainable Finance training targeting the private sector stakeholders was successfully conducted recently by the Central Bank of Sri Lanka in partnership with the Sustainable Development Council, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the Global Green Growth Institute (GGGI) and the Luxembourg Green Exchange (LGX) and LGX Academy (the world’s first and leading exchange dedicated to sustainable finance) in Colombo.
The objective of the training was to support the private sector in developing a better understanding of sustainable finance instruments, best practices on compliance, and ESG risk identification and management. To build staff capacity in both government and the private sector to understand sustainable finance as a distinct segment of the market, increased awareness of various emerging asset classes, and enhanced cooperation between the public and private sectors are citical. Strong links between financial markets and key actors in the real economy can create an enabling environment that looks at sustainable finance as the new business-as-usual.
Delivering the Opening Remarks at the event, the Senior Deputy Governor of the Central Bank, T. M.Y.J.P Fernando stated that sustainable finance has ceased to be a mere aspiration; it has become a necessity and as the main regulator of the financial sector, the Central Bank is committed to creating an enabling environment for the advancement of sustainable finance in Sri Lanka through laying the necessary foundations and the private sector must build upon the initiatives and drive the momentum forward, benefitting from efforts of the financial sector institutions to green the economy.
Speaking at the event, the Director General of the Sustainable Development Council, Chamindry Saparamadu highlighted that developing greener and sustainable capital markets and financial systems and channeling private capital flows towards environmental and social priorities are vital to achieve country’s development goals whilst remaining within the planetary boundaries. Ms Saparamadu further noted that this requires all key stakeholders ie regulators, financial sector institutions, and corporate leaders to work with a shared vision and understanding.
The training was attended by representatives from Banks, Non-bank Financial Institutions, Insurance Companies, leading Business Chambers and officials from the Central Bank and the Securities and Exchange Commission,
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector
By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
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