DFCC Bank Emerges as First Bank to Launch Green Fixed Deposits Championing Sustainability and Climate Adaptation
August 18, 2023
DFCC Bank, a pioneer of sustainable finance in Sri Lanka, has taken another significant step towards supporting environmental protection, climate adaptation and other sustainability initiatives. Adding to its list of achievements and innovations towards this cause, DFCC Bank recently launched its groundbreaking Green Fixed Deposit. Fuelling yet another revolution in Sri Lanka, DFCC Bank’s Green Fixed Deposits are specifically designed to support and promote environmentally sustainable initiatives. These deposits are aimed at directing funds towards projects and activities that positively impact the environment and contribute to sustainability.
The new DFCC Green Fixed Deposit was launched at a special ceremony held at the DFCC Bank Head Office. Distinguished guests, including the Resident Representative for UNDP in Sri Lanka, Azusa Kubota; Activity Team Lead, USAID Catalyse Private Sector Development Activity, Juan Forero; and Chief Executive Officer and Secretary General of the Ceylon Chamber of Commerce, Buwanekabahu Perera. Thimal Perera – Director/CEO at DFCC Bank PLC along with the DFCC Bank’s Senior Management Team and staff, were present at the occasion.
Commenting on the launch, CEO – of DFCC Bank PLC, Thimal Perera said, “We recognise the urgent need to address the threats to our planet’s sustainability and survival. Therefore, we are dedicated to contributing to social and environmental well-being through a range of sustainability initiatives. We are promoting energy efficiency and conservation, encouraging renewable energy sources, reducing greenhouse gas emissions, and minimising other pollutants and more through our financing activities and internal and external awareness campaigns. With DFCC Green Fixed Deposits, we are leading the way towards fostering a greener and more sustainable future, and we invite all Sri Lankans to join the green revolution whilst growing their savings and investments.”
With its low carbon footprint and yet vulnerable status, Sri Lanka has demonstrated remarkable determination to combat climate change. The country has set ambitious targets to increase its forest cover to 32% by 2030 and reduce greenhouse gas emissions by 14.5%. Furthermore, Sri Lanka has established a goal of achieving 70% renewable energy in electricity generation by 2030. His Excellency President Ranil Wickremesinghe’s visionary plan to establish the Climate Change University in Sri Lanka in 2024 underscores the nation’s dedication to addressing climate-related challenges. Thus, the launch of DFCC Green Fixed Deposits aligns with this national drive towards a more sustainable future.
DFCC Bank has long been at the forefront of sustainability efforts in Sri Lanka, including being the first Bank to launch a formal sustainability strategy in 2020. Since 1988, the Bank has spearheaded the financing of renewable energy projects, playing a catalytic role in driving sustainable transformation across the country. From solar PV assembly plants to, hydro, wind, solar, bio-mass and waste-to-energy power generation projects, , DFCC Bank has always played a pioneering role and supported a diverse range of sustainable initiatives.
DFCC Bank’s dedication to sustainability recently also received global recognition, as it became the first Sri Lankan organisation accredited by the Green Climate Fund (GCF). This prestigious accreditation empowers DFCC Bank to access GCF concessionary funding for projects of up to USD 250 million in value, enabling the financing of climate mitigation and adaptation projects across Sri Lanka. Thus, with the launch of DFCC Green Fixed Deposits, the Bank has taken another pioneering step towards realising the greener future that all Sri Lankans yearn for.
From Left to Right:
Nalin Karunatileka – VP -Sustainability & Consulting , DFCC Bank PLC, Kushani Jayasinghe – Manager, Offshore Banking & Trade Business Development, DFCC Bank PLC, Channa Dayarathne – VP – Treasury & Investment Banking – DFCC Bank PLC, Prins Perera – SVP – Treasury & Investment Banking, DFCC Bank PLC, Anton Arumugam – SVP – Offshore Banking, Remittance and Business Development, DFCC Bank PLC, Thimal Perera – Director/CEO – DFCC Bank PLC, Azusa Kubota, Resident Representative for UNDP in Sr Lanka, Uan Forero, Activity Team Lead, USAid Catalyze Private Sector Development Activity, Buwanekabahu Perera, CEO & Secretary General, Ceylon Chamber of Commerce, Nilmini Gunaratne – VP/Head of Marketing & Sustainability, DFCC Bank PLC, Iranga Amilana – AVP – Offshore Banking, Remittance and Business Development, DFCC Bank PLC.
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the Bank aims to become a leading institution contributing to greater resilience by creating resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. Attesting to its commitment to sustainability, DFCC Bank is also the first, and presently only, entity in Sri Lanka to have received accreditation from the Green Climate Fund (GCF), granting it access to concessionary funding to support climate mitigation and adaptation projects in Sri Lanka. The Bank has received numerous accolades, including ‘Market Leader in Cash Management 2021 and 2022’ by Euromoney and is ranked among Business Today’s Top 40 Corporates in Sri Lanka. Additionally, DFCC Bank is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka.
