Pan Asia Bank becomes the 1st Sri Lankan Bank to be bestowed with the ‘Global Climate Partnership Award’

Sri Lanka’s fastest-growing bank, Pan Asia Bank, was rewarded with the prestigious ‘Global Climate Partnership Award’ by The Global Climate Partnership Fund (GCPF), one of the world’s largest climate funds which recognizes outstanding performance and impact across categories such as capacities and skills, institutional capacities and green lending offerings, as well as outstanding energy efficiency or renewable energy projects. Pan Asia Bank officials accepted the accolade at an award ceremony held in Tbilisi on 13th June 2019.

GCPF is an innovative public-private partnership dedicated to contributing to the mitigation of climate change through the reduction of greenhouse gas emissions. It focuses on financing energy efficiency and renewable energy projects for SMEs and private households in developing countries, primarily in cooperation with local financial institutions. The German Federal Environment Ministry, FMO, KfW, the Ministry of Foreign Affairs of Denmark, European Investment Bank and IFC are among the investors of GCPF.

Commenting on the accolade, Director/CEO Mr.Nimal Tillekeratne said, “We are proud to be the first Bank in Sri Lanka to be recognized by The Global Climate Partnership Awards on an international platform, which invites partnering financial institutions to showcase how they have incrementally advanced their green lending efforts. To be selected from amongst strong contenders for the award reaffirms our sustainability strategy which is directed towards green financing solutions whilst simultaneously making efforts both large and small to lower greenhouse gas emissions and to green our footprint. Green lending is a sector of immense importance that supports the growth in Sri Lanka in a socially responsible manner. Our efforts on development of processes and policies such as Social & Environmental Management Systems (SEMS) policy, appointment of Green champions and investments made in our people by providing training on green lending with the support of GCPF technical assistance facility were also reasons for this coveted award”

Pan Asia Bank is confident that this funding will create a perfect opportunity to generate long term sustainable economic benefits to uplift the living standards of people by creating cost-efficient energy solutions for businesses and employment, while also preserving the environment by promoting renewable energy. In addition to contributing towards limiting global warming, these initiatives will also result in creating strategic economic benefits to the country as development of renewable energy sources reduce Sri Lanka’s dependency on imported oil.

This commitment to green financing and sustainability is taken very seriously at Pan Asia Bank, where a strong commitment is maintained towards facilitating investments towards green initiatives as well as to implement sustainability initiatives both within and outside the banks operations.

An award jury of four independent members evaluated and deliberated on entries. The jury members held experience across financial institutions implementing green lending globally; one judge to evaluate the efforts in line with the Fund’s strategic objective; an investor evaluating the submissions from the perspective of shareholder expectations and one representative who was previously a green lending officer, brought insights on practical challenges that institutions encounter when promoting green lending.

The award categories consisted of Capacities and Skills to Implement Green Lending; Institutional Capacities, Infrastructure, Strategies and Processes; and Project and Green Lending Product Range. Pan Asia Bank’s proposal included details of its Hybrid Leasing, Solar Loans, Drip Irrigation loans, Mini hydro projects, Green debt securitization and “The future is Green Sri Lanka” event, which promote Green lending. The bank was among early pioneers of introducing green lending in Sri Lanka, is collaborating with the GCPF.

Prospective clients who are interested in availing funding for renewable and energy efficiency projects, may visit any of the Bank Branches or call the hotline (011) 4667222.