ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said it had received a second party opinion from Sustainable Fitch, validating a framework that will allow the lender to sell green bonds in the future.
The bank said Sustainable Fitch had given an opinion of ‘Good’ for its green bond framework, based on alignment to with the International Capital Market Association’s Green Bond Principles 2021, Social Bond Principles 2023 and the Sustainability Bond Guidelines 2021.
Commercial Bank’s sustainable bond framework was developed with technical assistance from Global Green Growth Institute (GGGI), an international inter-governmental organization.
“Our focus on sustainability now encompasses virtually every operational aspect, and the issuance of a Sustainable Bond will mark the next milestone in the Bank’s journey towards sustainability,” Managing Director and Chief Executive Sanath Manatunge said in statement.
“We are pleased to be equipped with an internationally-validated bond framework for this purpose and are grateful to GGGI and Sustainable Fitch for their assistance and contribution to our sustainability roadmap.”
The framework allows funding for renewable energy; green buildings; clean transportation; climate change adaptation pollution prevention and control, waste water management sustainable land use and water.
Eligible social projects include affordable basic infrastructure, access to essential services, assistance for housing needs, employment generation and unemployment alleviation, and food security and sustainable food systems
Social projects are targeted at low- to moderate-income individuals and families. (Colombo/July19/2024)
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