Pan Asia Bank wins ‘Global Climate Partnership Award’
Sri Lanka’s fastest-growing bank, Pan Asia Bank, was rewarded with the prestigious ‘Global Climate Partnership Award’ which recognises outstanding performance and impact across three categories Pan Asia Bank officials accepted the accolade at an award ceremony held in Tbilisi on 13 June.
Launched in 2018, the Global Climate Partnership Award recognizes outstanding efforts to develop an energy-efficient and/or renewable energy lending portfolio in a series of categories. The evaluation criteria aim to measure a financial institution’s efforts to deliver incremental improvements in this area and to scale up an institution’s green lending portfolio.
The award evaluates entries in three categories:
- Capacities and Skills to Implement Green Lending Institutional Capacities,
- Infrastructure, Strategies and Processes
- Project and Green Lending Product Range.
For the 2019 Global Climate Partnership Award, nine GCPF partner banks from eight countries presented entries.
The winner: PABC!
Pan Asia Banking Corporation’s (PABC) award entry included details of its Hybrid Leasing, Solar Loans, Drip Irrigation loans, Mini hydro projects, Green debt securitisation and ‘The future is Green Sri Lanka’ event, which promoted green lending.
«Green lending is a sector of immense importance that supports the growth in Sri Lanka in a socially responsible manner.”
Nimal Tillekeratne Director/CEO of PABC
Commenting on the accolade, Nimal Tillekeratne, Director/CEO of PABC, said: “We are proud to be the first bank in Sri Lanka to be recognised by the Global Climate Partnership Awards on an international platform, which invites partnering financial institutions to showcase how they have incrementally advanced their green lending efforts.”
“To be selected from amongst strong contenders for the award reaffirms our sustainability strategy which is directed towards green financing solutions whilst simultaneously making efforts both large and small to lower greenhouse gas emissions and to green our footprint,” he went on to add.
An expert jury
The award jury of five members can draw on extensive field experience in the successful implementation of green lending as well as in structuring and developing green lending markets. The jury’s expertise substantiates the rigorous award process. The jury members guarantee a transparent process and the sound evaluation of all applications.
“Pan Asia Bank has successfully pioneered green lending in Sri Lanka and creating public awareness for the topic.”
Luke Franson, Head of Green Lending, GCPF
Speaking on behalf of the jury, Luke Franson, Head of Green Lending at GCPF, explained: “When evaluating the entries, we ensured to view them from distinct angles: One judge evaluated the efforts with regard to the fund’s strategic objective; an investor judged the submissions from the perspective of shareholder expectations; and a jury member who had been a green lending officer in a previous position, brought insights on practical challenges that institutions encounter when promoting green lending.”
A green lending pioneer
Working in close cooperation with the Global Climate Partnership Fund since 2013, Pan Asia Bank was an early pioneer of introducing green lending in Sri Lanka and remains firmly committed to green financing and sustainability, both within and outside the bank’s operations.
“Green lending supports growth in a socially responsible manner.”
Naleen Edirisinghe, Pan Asia Bank Branch Credit DGM
“Green lending is a sector of immense importance that supports the growth in Sri Lanka in a socially responsible manner. Our efforts on development of processes and policies such as Social and Environmental Management Systems (SEMS) policy, appointment of green champions and investments made in our people by providing training on green lending with the support of GCPF technical assistance facility were also reasons for this coveted award,” explained Naleen Edirisinghe, Pan Asia Bank Branch Credit DGM.
Creating sustainable economic benefits
Pan Asia Bank is confident that this funding will create a perfect opportunity to generate long term sustainable economic benefits to uplift the living standards of people by creating cost-efficient energy solutions for businesses and employment, while also preserving the environment by promoting renewable energy.
In addition to contributing towards limiting global warming, these initiatives will also result in creating strategic economic benefits to the country as development of renewable energy sources reduce Sri Lanka’s dependency on imported oil.