DFCC Bank officials with Anil Jasinghe, Secretary of the Ministry of Environment.
Picture by Wimal Karunatillake
DFCC Bank has received accreditation to the Green Climate Fund (GCF) and could access a maximum USD 250 million concessionary funding per project with no limitations of the number of projects subjected to them getting approved.
With DFCC’s accreditation approved at the 36th GCF Board meeting held recently in Songdo Incheon South Korea the Bank could finance climate mitigation and adaptation projects across Sri Lanka. Following the rigorous process to secure GCF accreditation, DFCC Bank has joined the ranks of 118 institutions worldwide that are at the forefront of combating climate change and building a sustainable future and reinforces the bank’s reputation as a leading player in sustainable finance.
The GCF, established in 2010 by 194 countries under the United Nations Framework Convention on Climate Change (UNFCCC), is dedicated to supporting developing nations in their efforts to address the challenges of climate change. The fund focuses on mitigating greenhouse gas emissions and enhancing climate resilience while prioritising the needs of countries most vulnerable to climate change impacts. The 118 institutions to have achieved GCF accreditation represent a diverse range of international, regional, and national entities committed to driving climate action.
J. Durairatnam, Chairman DFCC Bank said, “We are honoured to become the first Sri Lankan entity to be accredited by the Green Climate Fund. This achievement is a testament to DFCC Bank’s commitment to sustainability, guided by our sustainability strategy and vision of creating a resilient world for everyone. We are excited to leverage this accreditation to mobilise climate finance and spearhead impactful projects that address the urgent climate challenges facing Sri Lanka.”
“Sri Lanka is facing rising temperatures and extreme weather events attributable to climate change. As the world’s largest climate fund dedicated to helping developing countries take climate action, GCF is pleased to welcome DFCC Bank as a Direct Access Entity, the first in Sri Lanka. We look forward to a fruitful and long-term partnership to ensure a low emission and climate resilient future for people across the nation” said by Henry Gonzalez, Executive Director a.i. Green Climate Fund.
DCFF Bank’s GCF accreditation enables it to use various blended financing options to found individual climate adaptation and mitigation projects and foster resilient businesses. The Bank will collaborate closely with the Ministry of Environment and other ministries, private investors, national and international financial institutions, development agencies and other relevant stakeholders to fulfil Sri Lanka’s climate-related commitments and the goals outlined in the Nationally Determined Contributions (NDCs) and the National Adaptation Plan.
DFCC Bank’s Sustainability Strategy, development and implemented in 2020, is underpinning its GCF accreditation. This strategy sets forth the Bank’s sustainability goals for the next decade, aligning with its overarching purpose of contributing to a resilient Sri Lanka.
Fizel Jabir
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