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A.R.B.J Rajapaksha
A.R.B.J Rajapaksha
Apr 28 2026
66The Commercial Bank of Ceylon has been named the Asia Pacific regional winner of the Circular Economy Commitment award at the sixth annual Sustainable Finance Awards presented by Global Finance, securing a significant third-party endorsement of the Bank’s commitment to sustainable and responsible banking.
The award recognises leadership in advancing financing initiatives that promote the reuse and regeneration of materials and resources, thereby supporting production models that are environmentally sustainable and climate-resilient. Among the other regional recipients of the Circular Economy Commitment award this year are Scotiabank for North America and VUB for Central and Eastern Europe.
Mr Kapila Hettihamu, Chief Risk Officer at Commercial Bank accepts the award on behalf of the Bank.
Mr Kapila Hettihamu, Chief Risk Officer at Commercial Bank, accepted the award on behalf of the Bank at the presentation ceremony held recently at Landing 42 in London.
Global Finance announced the winners of its Sustainable Finance Awards programme for 2025, honouring global, regional and local leadership in funding initiatives designed to mitigate the negative impacts of climate change and contribute to a more sustainable future. Winners were selected by the editors of Global Finance based on formal submissions and independent research, with evaluation criteria encompassing governance policies, strategic goals and measurable achievements in environmental and social sustainability financing during the period January to December 2025.
Winners have been chosen in areas such as overall sustainability financing, excellence in bond issues, community support, resource management, transparency and reporting, infrastructure, and emerging-markets sustainability funding, the magazine said.
Commercial Bank’s Green Financing Strategy provides the governance foundation for directing financial resources towards low-carbon, climate-resilient and environmentally beneficial projects. The strategy is aligned with the CBSL Green Finance Taxonomy, The UN Sustainable Development Goals and Sri Lanka’s Nationally Determined Contributions. It guides the identification, assessment and monitoring of projects that generate measurable climate impact, including renewable energy, energy efficiency, climate-smart agriculture, sustainable transport, waste management and green buildings.
Commercial Bank utilises the Climate Assessment for Financial Institutions (CAFI) tool, developed by the International Finance Corporation (IFC), to systematically evaluate and quantify the climate impact of its green financing facilities. Through this tool, the Bank assesses eligible green projects by estimating the reduction in greenhouse gas emissions generated through such investments.
The Bank is in the process of developing a Climate Transition Plan with technical support from the International Finance Corporation, setting a clear pathway to aligning its operations with Sri Lanka’s national Net Zero target by 2050, following the Bank’s sectoral decarbonisation pathways.
Complementing these measures, the Bank’s Environmental and Social Risk Management System ensures that all lending decisions incorporate environmental and social risk considerations in line with IFC Performance Standards. Every credit proposal is screened against a negative activity list and categorised according to risk level, embedding sustainability considerations at the earliest stage of credit evaluation.
Commercial Bank’s comprehensive Sustainability Framework integrates environmental, social and governance principles across all operations, positioning sustainability as a core strategic priority rather than a peripheral function.
Global Finance’s Sustainable Finance Awards will be formally presented at the magazine’s Investment Bank and Sustainable Finance Awards Ceremony on 21st April at Landing 42 in London. Backed by a 39-year history of editorial integrity, the publication’s awards programmes are widely regarded as a credible benchmark of excellence within the global financial industry.
Commercial Bank is the first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn. and was also the first bank in the country to be listed among the Top 1000 Banks of the World. Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country’s SME sector. Ranked No. 1 in the Business Today Top 40, Commercial Bank is recognised as the most respected and most-awarded Bank in Sri Lanka. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of 272 strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance PLC. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
