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Advancing sustainability in private sector through innovative financing solutions

Published

2 years ago

2024/09/9

Azusa Kubota, Resident Representative of UNDP in Sri Lanka, speaking at the event

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.

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PM on inspection tour of newly renovated Colombo Central Bus Stand

Published

20 hours ago

2026/04/10

Priyan

The Colombo Central Bus Stand, which has a history of over six decades and had remained without a proper maintenance for many years, has now been renovated under the current government’s development programme and vested to the public. Following that, the Prime Minister undertook an inspection tour of the newly renovated Colombo Central Bus Stand.

Originally constructed in 1964, the bus stand was refurbished with modern facilities to meet current needs and was officially reopened to the public on April 8. The primary objective of this initiative is to provide passengers with a higher-quality and more comfortable transportation service.

During the renovation process, special attention has been given to the comfort and safety of women, which was commended by the Prime Minister. In particular, a modern rest area designed to ensure privacy for nursing mothers travelling from distant areas received special praise.

The Prime Minister also reviewed the newly introduced passenger seat reservation system and information services established to assist commuters. In addition, the modern surveillance unit and other security measures installed within the premises to ensure passenger safety were also inspected.

During the visit, the Prime Minister engaged in conversations with passengers at the bus stand and inquired about their views on the newly renovated facilities and the quality of transport services.

It was emphasized that the government’s objective is to transform public transportation into a safe, technologically advanced service that can be used with convenience by all citizens.

(Prime Minister’s Media Division)

Latest News

Sun directly overhead Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon today (10)

Published

20 hours ago

2026/04/10

Priyan

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from the 05th to 15th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon.

News

Opposition tells Minister Kumara Jayakody to resign

Published

22 hours ago

2026/04/10

Thilina Walpola

Prof. Peiris

No-faith motion to be taken up today

Former Foreign Minister Prof. G. L. Peiris yesterday (9) said that President Anura Kumara Dissanayake should remove Energy Minister Kumara Jayakody unless the minister stepped down on his own.Prof. Peiris, addressing a press conference called by the Opposition, said that Jayakody couldn’t under any circumstance continue to serve as a minister after the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) moved the Colombo High Court against the government member over a previous financial scandal.

Pointing out that Minister Jayakody had been indicted of a corrupt deal struck during the yahapalana regime, Prof. Peiris said it was wrong for the NPP to retain him as a minister, claiming that the offence was not committed during his tenure as a Cabinet minister in the current government.

Prof. Peiris and several other Opposition members dealt with the No-Confidence Motion (NCM) against Jayakody that would be taken up today (10) with the academic calling the vote an acid test for the NPP. Having campaigned on an anti-corruption platform at presidential and parliamentary polls, the NPP couldn’t protect Jayakody though he was widely believed to be close to President Dissanayake.

As the Manager of the Procurement and Import Division of the Ceylon Fertilizer Company, Jayakody is alleged to have committed the offence of corruption, according to CIABOC.

Jayakody has been accused of causing a loss of Rs. 8,859,708 to the State by influencing and exploiting the procurement process.

Following the serving of indictments on 27 March, the judge ordered Jayakody’s release on two personal bail bonds of Rs. 1 million each. The court directed that the defendant’s fingerprints be obtained and a formal report be submitted. The case has been scheduled for a pre-trial conference on 6 May.

Prof. Peiris stressed that the CIABOC action against Jayakody is central to the NCM primarily moved over the irregularities ridden coal procurement process launched in 2025 that caused severe disruption to the power generation. Responding to The Island query after the media briefing, Prof Peiris expressed surprise that the JVP/NPP accommodated a person under investigation by the CIABOC. Having taken an utterly irresponsible decision, the JVP/NPP were now playing down the developing issue, prof. Peiris said.

The entire government parliamentary group faced the prospect of having its image tarnished by defending Jayakody, the former lawmaker said.

Prof. Peiris said that they intended to build a campaign around the issues involving the energy minister to expose the government. With yet another electricity tariff hike in the offing due to the growing demand for thermal generation as a result of coal-fired Lakvijaya power plant’s failure to meet the requirement[RA1] , the energy minister and ministry’s performances have to be examined, Prof. Peiris said.The timely release of the Auditor General’s report on controversial coal procurement should compel the government to decide on the energy minister’s fate or be prepared to face the fallout.

By Shamindra Ferdinando