Commercial Bank COO Sanath Manatunge (right) receives one of the CAFI awards from IFC South Asia Regional Director Hector Gomez Ang
The Commercial Bank of Ceylon became one of the first banks – and the only Sri Lankan bank – to win two Climate Assessment Awards for Financial Institutions (CAFI) from the International Finance Corporation (IFC).
These groundbreaking climate impact awards were presented to Commercial Bank in recognition of the Bank’s estimated greenhouse gas (GHG) reduction and for completing the highest number of climate finance transactions in South Asia in 2020 .
The awards were first presented by IFC to recognize financial institutions that exceed their climate finance targets.
Commercial Bank’s climate finance achievements include reducing 208,400 tonnes of carbon dioxide equivalent greenhouse gas emissions, equivalent to taking more than 40,000 cars off the road, and disbursing 416 loans. green or climate finance transactions that meet CAFI criteria.
IFC selected Commercial Bank after analyzing data regarding GHG reductions and climate finance submitted by clients in the South Asia region using CAFI – an online digital platform introduced by IFC to help banks and other financial institutions assess climate eligibility and measure the development impact of the projects they finance.
Commenting on the CBC accolade, IFC Regional Director for South Asia, Hector Gomez Ang, said: âThe private sector should see climate change as an opportunity to deliver innovative solutions that are commercially viable and help countries to transform their economies.
Commercial Bank of Ceylon is a long-standing partner of IFC in Sri Lanka. We are proud to see the results and impact of CBC’s green investments across the country, helping Sri Lanka transition to a more sustainable and resilient future.
Commercial Bank uploads data related to its green projects and green loans and leases to the CAFI platform as a practice. Thanks to CAFI, the bank is able to verify whether or not a project meets internationally agreed criteria for climate finance.
Commenting on the Bank’s remarkable achievements, Commercial Bank Managing Director and Group CEO S. Renganathan said, âWe are truly delighted to win these awards because climate finance and reducing the carbon footprint have always been important. were priority areas for us. These awards position Commercial Bank as the preeminent bank in climate finance and environmental awareness in the South Asia region.
They also claim that as an institution, we continue to fight for the reduction of the carbon footprint even after achieving carbon neutrality. Not only do we conscientiously reduce GHG emissions in our operations, but by funding sustainable and climate-impacting initiatives, we also encourage other individuals and businesses to join our march towards a greener future.