The Commercial Bank of Ceylon won triple honours including two Golds at the Green Industry Awards 2024 presented by the Industrial Development Board (IDB) to recognize success stories in sustainability.
Sri Lanka’s first 100% carbon-neutral bank, Commercial Bank was presented the Gold for ‘Low carbon and/or climate-resilient production’ for the positive impacts of the Bank’s journey to carbon-neutral status; and the Gold for ‘Green digital and information technologies’ for its success in driving the adoption of digital banking by a wide spectrum of customers, thereby enhancing financial inclusion and reducing environmental impact.
Commercial Bank also won the Bronze award for ‘Inclusive business development’ in recognition of its pioneering role in Green Financing to support initiatives aimed at addressing climate change, promoting environmental sustainability, and fostering eco-friendly activities.
The IDB’s Green Industry Awards 2024 was one of the highlights of the International Industry Expo 2024 held at the BMICH.
“Commercial Bank is irrevocably committed to a holistic approach to sustainability, encapsulating the principles of diversity, inclusivity, transparency, and social equity,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge commented. “Our multifaceted initiatives in this sphere are already bearing fruit, showing that we are contributing to a richer, more meaningful existence for our environment while creating livelihoods. These awards are a fitting recognition of the results we are achieving as we continue this journey.”
The IDB Gold for ‘Low carbon and/or climate-resilient production’ recognizes, among others, Commercial Bank’s installation of solar power systems at 85 branch locations, generating 239,080 kWh of electricity per month and the achievement of a decrease of 16,404 Gigajoules in electricity consumption from 2017 to 2022. The Bank’s numerous green initiatives focus on preventive, regenerative and restorative programmes aligned with UN sustainable Development Goals 7, 12 and 13, which aim to achieve “Affordable and Clean Energy” and “Responsible Consumption and Production,” and “Climate Action” respectively. By implementing best practices, the Bank strives to transform its ecosystem into a green powerhouse, ensuring that every green alternative adopted is either preventive or regenerative/restorative, thus promoting environmental sustainability.
The Gold Award for ‘Green Digital and information technologies’ acknowledges Commercial Bank’s success in leveraging technology for both environmental sustainability and inclusive economic growth, positioning it as a leader in the evolving landscape of digital finance. The Bank achieved 206% and 80% growth in digital transactions in 2022 and 2023 respectively, with nearly a million online registrations in those two years.
In the sphere of Green Financing, Commercial Bank’s Green Lending portfolio had grown to represent more than 2% of its loan book by the end of 2023, with 55% of the portfolio financing renewable energy projects and 16% supporting climate-smart agriculture.
Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. Commercial Bank operates a strategically-located network of branches and 966 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
Photo caption:
Representatives of the Commercial Bank management team with the three awards received at the IDB Green Industry Awards 2024.
