Business
Compass for more human business
Together with the Board and Team at Global Compact Network Sri Lanka it was an honour to present plans for more sustainable business at Network Sri Lanka’s ‘Compass 2024’ last week. Amidst unprecedented social, economic, health and environmental crises, further complicated by geopolitical tension and conflict, growing inequality and financial stress, there has never been greater urgency to sincerely embrace responsibility in business.
Initiator of Global Compact, the late Kofi Annan advocated greater humanity, “We have to choose between a global market driven only by calculations of short-term profit, and one which has a human face. Between a world which condemns a quarter of the human race to starvation and squalor, and one which offers everyone at least a chance of prosperity, in a healthy environment. Between a selfish free-for-all in which we ignore the fate of the losers, and a future in which the strong and successful accept their responsibilities, showing global vision and leadership.”
Politicians globally have failed to rise to the challenge. Climate change costs the world US$16 million per hour; governments agreed at the COP26 climate summit in Glasgow 3 years ago to phase out “inefficient” fossil fuel subsidies to fight global warming. Yet the IMF reports that global fossil fuel subsidies have since risen $2 trillion to $7 trillion.
The Ten Principles governing Global Compact, define a principles based approach to doing business; human rights, labour, anti-corruption and environment. These and Sustainable Development Goals they connect with, are the human face of business that late Kofi Annan proposed in 1999; they define more humane business; doing the right thing, because it is the right thing to do.
Yet only 15% of the SDGs were on track in 2023 with more than half regressing, stagnating or only partially on track. The first of several key message in the 2023 SDG progress update states, “The SDGs are in peril. The world has entered an age of polycrisis and hard-earned SDG progress is threatened by the climate crisis, conflict, gloomy global economic outlook and lingering COVID-19 effects.”
With the prospect for a better world so clearly and practically set out in the SDGs, the universal lack of progress is impossible to comprehend, prompting current UN Secretary General to observe, “Unless we act now, the 2030 Agenda will become an epitaph for a world that might have been.”
The Global Compact is a blueprint for the collaborative, science based, measurable and impactful actions and outcomes we need to integrate into business. Businesses were desensitized to humanity by flawed economic theory in the 1970s. Yet the truth is that operating without considering social and environmental responsibility implies an abhorrent and extractive form of capitalism that is outdated and parasitic.
Sri Lanka has inspiring examples of responsible corporate initiatives for the benefit of people and planet. That is laudable but together we can do more, especially within the framework for collective and informed actions that the Global Compact embodies.
I am not advocating anything other than genuine capitalism that requires the creation of social and natural value alongside conventional economic value. Anything less would be profiting at the expense of people and nature, effectively theft, from less fortunate people in our community, from Nature and from unborn generations.
My appreciation and respect for the Compass 2024 event and connected plans, to the Global Compact Network Team, led by Executive Director Rathika de Silva, and Network manager Janani Wijetunge, and Global Compact partners UNDP, represented by Resident Representative Azusa Kubota, and Marc-André Franche, United Nations Resident Coordinator in Sri Lanka.
Dilhan C. Fernando
Chair of UN Global Compact Network Sri Lanka
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.
Our government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. – Dr. Harini Amarasuriya
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