Driven by its commitment to creating a sustainable future, the Commercial Bank of Ceylon has embarked on a significant new chapter in its sustainability journey, undertaking the restoration of a degraded section of the Kanneliya Conservation Forest in Galle, and reinforcing its commitment to environmental stewardship and nature-positive growth.
To be executed in partnership with Biodiversity Sri Lanka (BSL), a private-sector-led organisation dedicated to advancing corporate environmental stewardship, the initiative forms part of the wider ‘LIFE to Our Forests’ programme, an ambitious, multi-stakeholder effort to rehabilitate degraded forest ecosystems across Sri Lanka. Monitoring and evaluation of the Kanneliya project is to be provided by the International Union for Conservation of Nature (IUCN), ensuring that the restoration aligns with globally recognised scientific standards and best practices.
In parallel with the celebration of World Earth Day 2026, the signing of this agreement paves the way for the launch of the project to restore one hectare of degraded rainforest within the Kanneliya Forest Reserve, a UNESCO-designated biosphere reserve and one of South Asia’s richest floristic regions. The selected site, currently overrun by the fern species Dicranopteris linearis (locally known as ‘Kekilla’) which has potential invasive characteristics, will undergo a comprehensive, science-based rehabilitation process, the Bank said.
Structured over a six-year period from 2026 to 2032, the initiative will commence with an initial phase spanning 2026 to 2028, encompassing site preparation and early-stage restoration, followed by long-term ecological monitoring and enhancement. The restoration strategy integrates the systematic removal of kekilla fern, the establishment of nurseries, the planting of native and pioneer species, and interventions to improve soil quality and habitat conditions. Measures to prevent forest fires and ensure continuous ecological monitoring will further strengthen the resilience and sustainability of the restored ecosystem.
BSL is currently leading the implementation of the project, actively carrying out restoration and monitoring activities in line with the guidelines and scientific methodology provided by IUCN. Through this approach, BSL continues to ensure measurable improvements in biodiversity, habitat quality, and ecosystem resilience, while adhering to internationally accepted principles of restoration ecology.
A notable feature of this initiative is the attempt to develop a National Biodiversity Credit Accrual System in Sri Lanka, representing an innovative step towards integrating conservation outcomes with market-based financing mechanisms. By linking ecological restoration with potential financial instruments, the project opens new pathways for sustainable investment in biodiversity conservation.
The restoration of this critical rainforest habitat is expected to generate far-reaching environmental benefits, including enhanced biodiversity, improved water retention, strengthened soil stability, and increased ecological connectivity. It also contributes to climate change mitigation and the protection of vital water resources, underscoring the broader significance of conserving one of the country’s most important biodiversity hotspots.
Beyond its environmental impact, the project also contributes to socio-economic development within surrounding communities. By engaging local villagers as part of the workforce for restoration and monitoring activities, the initiative generates meaningful employment opportunities and supports livelihood enhancement. This inclusive approach ensures that conservation efforts are closely aligned with community development, fostering a sense of ownership while delivering long-term social and economic benefits to the region.
This latest initiative builds on Commercial Bank’s established track record in environmental conservation. The Bank has already undertaken the reforestation of a 100-hectare area of degraded habitat in the Kandegama forest in the Dimbulagala range, in collaboration with the Forest Department. That project is expected to enhance rainfall stability and support diverse wildlife, including elephants, leopards, deer, and porcupines, while delivering long-term ecological benefits.
In parallel, the Bank continues to expand its flagship ‘Trees for Tomorrow’ programme. Following the successful planting of 100,000 trees during 2023–2024, Phase II of the initiative commenced in 2025 with a further 100,000 trees being planted in collaboration with the National Water Supply and Drainage Board (NWSDB), reaffirming the Bank’s sustained commitment to climate action, biodiversity restoration, and ecosystem protection.
By extending its sustainability agenda into high-impact ecosystem restoration, Commercial Bank said it not only strengthens its role as a responsible corporate citizen but also delivers tangible environmental and socio-economic benefits to communities and customers alike, contributing to a more resilient and sustainable future for Sri Lanka.
Commercial Bank is the first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn. and was also the first bank in the country to be listed among the Top 1000 Banks of the World. Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country’s SME sector. Ranked No. 1 in the Business Today Top 40, Commercial Bank is recognised as the most respected and most-awarded Bank in Sri Lanka. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates more than 270 strategically located branches and an extensive network of automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance PLC and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
Photo caption:
Mr Sanath Manatunge, Managing Director/CEO of Commercial Bank and Mr Dmitri Cooray, Director Biodiversity Sri Lanka and Managing Director – Jetwing Hotels, exchange the agreement in the presence of senior representatives of the two institutions.
