20 July 2023 01:11 am Views - 219
From left: DFCC Bank PLC Vice President Sustainability and Consulting Nalin Karunatileka, Assistant Vice President Sustainability Senaka Jayasinghe, Environment Ministry Secretary Dr. Anil Jasinghe, DFCC Bank PLC Director/CEO Thimal Perera and DFFC Bank PLC Chairman J. Durairatnam
PIC BY PRADEEP PATHIRANA
DFCC Bank PLC this week announced its accreditation by the Green Climate Fund (GCF), making it the first Sri Lankan entity to achieve this significant milestone.
This accreditation empowers DFCC Bank to access concessionary funding for projects with a value of up to US $ 250 million from the GCF, enabling financing climate mitigation and adaptation projects across Sri Lanka.
Having undergone the rigorous process to secure the GCF accreditation, DFCC Bank has joined the ranks of 118 respected institutions worldwide that are at the forefront of combating climate change and building a sustainable future.
With DFCC Bank now joining this esteemed group, it reinforces the bank’s reputation as a leading player in sustainable finance.
The GCF, established in 2010 by 194 countries under the United Nations Framework Convention on Climate Change (UNFCCC), is dedicated to supporting developing nations in their efforts to address the challenges of climate change.
The fund focuses on mitigating greenhouse gas emissions and enhancing climate resilience while prioritising the needs of countries most vulnerable to climate change impacts.
The 118 institutions to have achieved the GCF accreditation represent a diverse range of international, regional and national entities committed to driving climate action.
Discussing this significant milestone that puts Sri Lanka on the map, DFCC Bank Chairman J. Durairatnam said, “We are honoured to become the first Sri Lankan entity to be accredited by the GCF. This achievement is a testament to DFCC Bank’s commitment to sustainability, guided by our sustainability strategy and vision of creating a resilient world for everyone. We are excited to leverage this accreditation to mobilise climate finance and spearhead impactful projects that address the urgent climate challenges facing Sri Lanka.”
“Sri Lanka is facing rising temperatures and extreme weather events attributable to climate change. As the world’s largest climate fund dedicated to helping developing countries take climate action, the GCF is pleased to welcome DFCC Bank as a Direct Access Entity, the first in Sri Lanka. We look forward to a fruitful and long-term partnership to ensure a low emission and climate-resilient future for people across the nation,” said GCF Executive Director Henry Gonzalez.
DFCC Bank’s GCF accreditation enables it to use various blended financing options to fund individual climate adaptation and mitigation projects and foster resilient businesses. The bank will collaborate closely with the Environment Ministry and other ministries, private investors, national and international financial institutions, development agencies and other relevant stakeholders to fulfil Sri Lanka’s climate-related commitments and the goals outlined in the Nationally Determined Contributions (NDCs) and National Adaptation Plan.