Banks moot green financing
Sri Lankan banks are unlocking the growth opportunities in green financing.
The DFCC Bank, having received accreditation from the world’s largest climate fund, the Green Climate Fund is making blueprints with two UN agencies to attract green climate funding, for adaptation and mitigation financing.
Officials told the Business Times that DFCC is collaborating with UNDP on adaptation financing for agriculture and with FAO for fisheries. The bank is also partnering with UNDP on rooftop solar and E-mobility financing to access climate mitigation financing. USAID also is working closely with the Climate Change Secretariat and selected provincial councils to strengthen private sector investment in climate adaptation and building strategic partnerships with DFCC and other banks to access climate financing through the Green Climate Fund and the Adaptation Fund.
At least two other big commercial banks have initiated discussions with a few development financial institutions to launch green financing.
Last month, the Commercial Bank partnered with the International Finance Corporation through the EU’s initiative Accelerative Climate, Smart and Inclusive Infrastructure in South Asia to boost green financing for a net-zero transition, aiming to expand into blue finance and green SMEs with IFC’s Technical Support.
Commercial Bank and NDB Bank are working with the Global Green Growth Institute to issue green bonds.
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