ECONOMYNEXT – There is an urgent need for capacity building in the commercialization of green bonds, a Colombo Stock Exchange official has said.
“As we explore the commercialization of green bonds, we have identified a significant interest among companies. Yet many lack clarity on the execution pathway,” Punyamali Saparamadu, Senior Vice President – Commercial, Colombo Stock Exchange said.
“This highlights the urgent need for capacity building in the area. It is increasingly clear that companies with strong ESG frameworks not only bolster their reputation, but also effectively mitigate risks and lower their cost of capital in the long run.”
Saparamadu was speaking at a workshop conducted by the CSE and the United Nations Development Programme (UNDP) in Sri Lanka, as part of the Sustainable Finance Week for the Private Sector in Colombo.
The Ceylon Chamber of Commerce (CCC), United Nations Global Compact Network Sri Lanka (CNSL), and the UN Economic and Social Commission for Asia and the Pacific (UNESCAP), collaborated in the event which was designed to address the need to integrate sustainability into the strategic framework of businesses in Sri Lanka.
The event covered sustainable financing options such as green bonds, corporate bond issuance, and sustainability disclosures.
“This workshop is about reimagining our economies where economic prosperity aligns seamlessly with sustainability,” Azusa Kubota, Resident Representative of UNDP in Sri Lanka said, emphasizing the transformative power of sustainable finance.
“As the business environment evolves under the influence of climate change, resource limitations, and shifting societal values, integrating sustainability into business strategy is no longer optional—it is imperative.”
The event highlighted the importance of embedding sustainability into everyday operations, which will enable Sri Lankan companies to attract ethical consumers, enhance their brand image, stay compliant with evolving regulations, and access sustainable investment opportunities.
The event featured discussions designed to enhance the capacity of the private sector in understanding and implementing sustainable practices.
Participants were given practical advice on integrating sustainability into business models and investment portfolios.
“Sustainability is not a buzzword—it’s a business imperative. We find ourselves at a critical juncture in our economy, where an infusion of funds is urgently needed. Currently, we have only achieved 15% of the SDGs, leaving us with 85% still to accomplish. With just 6 or 7 years remaining, the urgency to act has never been greater,” Rathika de Silva, Executive Director, United Nations Global Compact Network Sri Lanka said.
“Sri Lanka has immense potential for sustainable growth and development. The private sector as the engine of economic growth holds the key to unlocking this potential,” Sanjaya Ariywansa, Chief Economist speaking on behalf of the Ceylon Chamber of Commerce said.
“We must empower businesses to measure and manage their environmental and social impact while simultaneously accessing the growing pool of sustainable finance.”
Commercial Bank and DFCC Bank have announced green bond issues. (Colombo/Sep6/2024)