Business
Value Network Ventures’ USD 4 mn carbon investment puts SL’s mangroves on global climate map
At a time when Sri Lanka was grappling with economic uncertainty, dwindling foreign reserves and an urgent need for foreign investment, a little-publicised environmental initiative quietly attracted nearly USD 4 million into the country through an innovative carbon-financing mechanism centred on mangrove restoration.
The project, implemented by TCP Lanka (PVT) Ltd. under the leadership of conservationist Thushan Kapurusinghe, has already restored approximately 3,000 hectares of mangrove ecosystems across Sri Lanka’s coastal belt, making it one of the largest nature-based carbon sequestration initiatives undertaken in the country.
Kapurusinghe, chairman of TCP Lanka (PVT) Ltd, said the investment originated from VNV, a Singapore-based project development company specialising in carbon-financing ventures linked to ecosystem restoration.
According to him, VNV sought a credible local partner capable not only of planting mangroves on a large scale but also of maintaining them over decades to ensure the generation of verifiable carbon credits.
“This is not a conventional tree-planting programme where saplings are planted and forgotten. Carbon-financing projects require long-term commitments because the trees must survive, grow and continue absorbing carbon dioxide from the atmosphere if carbon credits are to be generated and traded internationally, he explained.
The project commenced in 2021, during a period when Sri Lanka was facing severe economic challenges compounded by the lingering effects of the COVID-19 pandemic.
In 2021, TCP Lanka (PVT) Ltd. signed an MoU with the State Ministry of Coast Conservation and Low-Lying Lands Development (CCLD). The Secretary of the Coast Conservation Ministry officially requested the Director General of the Coast Conservation Department to appoint a liaison officer to coordinate this project with TCP.
Prematilake (the appointed CCD officer) organized several meetings in the districts of Kalpitiya, Mannar, Jaffna, Trincomalee, Batticaloa, and Ampara to create awareness about this project and seek their assistance. These meetings were attended by officers from government agencies such as the Forest Department, Coast Conservation Department, Central Environmental Authority (CEA), Department of Wildlife Conservation, Department of Fisheries, and others. Furthermore, the Secretary of the State Ministry of Coast Conservation organized several meetings in 2021 and 2022 with officials from the relevant ministries and departments.
It represented a rare example of climate finance flowing directly into large-scale ecosystem restoration while simultaneously creating employment opportunities and strengthening environmental resilience.
Initially conceived as a 500-hectare initiative, the project rapidly expanded following consultations with government agencies. Officials encouraged the expansion of the programme after recognising its potential to attract foreign investment while restoring degraded coastal habitats.
Following discussions between TCP and the VNV, the project was progressively enlarged first to 1,000 hectares and eventually to 3,000 hectares, significantly increasing the scale of investment.
The restored areas span several districts, including Puttalam, Kilinochchi, Mullaitivu, Trincomalee, Batticaloa and Ampara, covering some of Sri Lanka’s most ecologically significant coastal landscapes.
What makes the initiative particularly noteworthy is its registration under VERRA, one of the world’s leading carbon standards organisations. VERRA certification is regarded as a critical prerequisite for projects seeking access to international carbon markets, as it provides globally recognised methodologies for measuring, monitoring and verifying carbon sequestration.
Kapurusinghe noted that carbon financing differs fundamentally from traditional donor-funded environmental projects. Investors provide capital upfront for restoration activities with the expectation that future carbon credits generated by the restored ecosystems will eventually offset their investment and generate returns.
“The concept is straightforward. Investors provide the funds needed to restore degraded ecosystems. As the mangroves grow, they remove carbon dioxide from the atmosphere and store it. That stored carbon can then be converted into certified carbon credits that are sold in international markets,” he said.
Mangroves are among the most efficient natural carbon sinks on Earth, capable of storing several times more carbon per hectare than many terrestrial forests. Beyond carbon sequestration, they provide critical ecosystem services including shoreline protection, fisheries enhancement, biodiversity conservation and climate adaptation benefits for vulnerable coastal communities.
The project’s significance extends beyond environmental restoration. It also demonstrates how natural ecosystems can become economic assets within the emerging global carbon economy.
By Ifham Nizam
Business
Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation
Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.
Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.
As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.
The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:
Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.
Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.
Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.
Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.
A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.
They will be joined by senior delegations and policy experts from major global institutions, including:
= The Asian Development Bank (ADB)
= The International Finance Corporation (IFC)
= Standard Chartered Bank
= Zydus Lifesciences
The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
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