Monday, October 2, 2023

DFCC Bank Becomes First Sri Lankan Entity Accredited by the Green Climate Fund (GCF), Unlocking Climate Finance Opportunities

DFCC Bank, the Bank for Everyone, is proud to announce its accreditation by the Green Climate Fund (GCF), making it the first Sri Lankan entity to achieve this significant milestone. This accreditation empowers DFCC Bank to access concessionary funding for projects with a value of up to USD 250 million from the GCF, enabling the financing of climate mitigation and adaptation projects across Sri Lanka. Having undergone the rigorous process to secure GCF accreditation, DFCC Bank has joined the ranks of 118 respected institutions worldwide that are at the forefront of combating climate change and building a sustainable future. With DFCC Bank now joining this esteemed group, it 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.

Discussing this significant milestone that puts Sri Lanka on the map, J. Durairatnam, Chairman at DFCC Bank said, “We are honored 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.

DFCC Bank’s GCF accreditation enables it to use various blended financing options to fund 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’s Accreditation Approved at the 36th– GCF Board Meeting held from the 10th -13th July 2023 in Songdo Incheon, South Korea.

DFCC Bank’s Sustainability Strategy, developed 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. By 2030, DFCC Bank aims to emerge as a carbon-neutral bank and the leading institution for green finance in Sri Lanka. The Bank’s sustainability initiatives encompass environmental objectives and sustainable work lifestyles, fostering resilience at personal, organisational, and national levels.

DFCC Bank has been a trailblazer in financing renewable energy projects and catalysing sustainable transformation in Sri Lanka. Since the 1990s, the Bank has supported numerous initiatives, including funding Sri Lanka’s first-ever grid-scale small hydro, wind, solar and waste-to-energy projects. Additionally, DFCC Bank played a pivotal role when it implemented two World Bank and Global Environment Facility-funded renewable projects on behalf of the Government of Sri Lanka, which were universally hailed for their transformational impact on the renewable energy landscape in Sri Lanka.

DFCC Bank’s GCF accreditation signifies an important stride towards creating a sustainable future for Sri Lanka. Having secured access to GCF funding, DFCC Bank stands ready to lead the charge in combating climate change, strengthening resilience and positively impacting communities and the environment.

About DFCC Bank

DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the bank aims to become a leading institution that contributes towards greater resilience through the creation of resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka in 2021 by Global Brands Magazine UK, and ‘Market leader in Cash Management 2021’ by Euromoney. Additionally, DFCC Bank is ranked among Business Today’s Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka.

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