Business

Earth Day warning: Environmental neglect risks undermining Sri Lanka’s economic stability — CEJ

Published

5 months ago

2026/04/22

By Ifham Nizam

Today, April 22, as the world marks Earth Day, the Centre for Environmental Justice (CEJ) warned that Sri Lanka’s fragile economic recovery could face serious setbacks if environmental degradation and climate vulnerabilities are not urgently addressed—framing sustainability as a core economic priority rather than a peripheral concern.

CEJ stressed that the country’s exposure to climate shocks—ranging from floods and droughts to coastal erosion—poses direct and escalating risks to key economic sectors including agriculture, water resources, fisheries, and infrastructure.

CEJ chairperson Hemantha Withanage stressed that Sri Lanka’s development trajectory remains dangerously disconnected from environmental realities.

He told The Island Financial Review:”Sri Lanka is highly vulnerable to climate change. Increasingly erratic weather patterns are already disrupting livelihoods, damaging crops, and straining water systems. If these risks are not integrated into economic planning, the cost to the national economy will be severe.”

The warning comes at a time when Sri Lanka is attempting to rebuild fiscal stability, attract investment, and strengthen export sectors. However, CEJ argues that environmental mismanagement—from unchecked pollution to poor land-use planning—continues to erode long-term economic resilience.

The organisation pointed out that climate-induced disasters not only incur immediate financial losses but also create cascading impacts across industries. Agricultural output declines, supply chains are disrupted, and public expenditure rises due to disaster response and infrastructure repairs—placing further pressure on an already constrained national budget.

CEJ also highlighted that unsustainable practices, including excessive plastic use and chemical pollution, carry hidden economic costs—ranging from healthcare burdens to ecosystem damage and loss of tourism appeal.

However, the group noted that policy interventions can yield measurable gains. It cited the government’s move to ban the distribution of polythene bags in supermarkets from November 2025, following a court ruling, as a step that has already contributed to a significant reduction in plastic usage.

“Policy consistency and enforcement are key. When strong environmental regulations are implemented, the benefits are not only ecological but also economic,” Withanage said.

Framing this year’s Earth Day theme, “Our Power, Our Planet,” CEJ called for a shift towards sustainable consumption patterns, green investment, and climate-resilient infrastructure.

“Environmental protection is no longer optional—it is central to economic survival and growth,” CEJ emphasised.

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Business

HNB Finance strengthens Board with four independent directors

Published

4 hours ago

2026/09/13

Thilina Walpola

Newly appointed HNB FINANCE PLC Independent Non- Executive Directors (from left): Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi

HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.

The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.

Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.

Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.

Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.

Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.

Business

Prime Residencies hands over The Palace Gampaha

Published

4 hours ago

2026/09/13

Thilina Walpola

Prime Group Chairman Premalal Brahmanage speaking at the event

Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.

The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.

Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.

The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.

The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.

Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.

Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.

The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.

Business

SLANA warns NVOCC business losing ground amid THC concerns

Published

4 hours ago

2026/09/13

Thilina Walpola

SLANA Chairperson Swabha Wickramasinghe presenting a memento to Minister of Ports and Civil Aviation Anura Karunathilaka at the eventually

Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.

Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.

She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.

“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.

Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.

She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.

With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.

Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.