DFCC Bank Introduces Green Fixed Deposits

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by KnowESG
KnowESG_DFCC Bank Introduces Green Fixed Deposits
Image courtesy of DFCC Bank

DFCC Bank, a pioneer of sustainable finance in Sri Lanka, has taken another significant step towards supporting environmental protection, climate adaptation and other sustainability initiatives.

Adding to its list of achievements and innovations towards this cause, DFCC Bank recently launched its groundbreaking Green Fixed Deposit.

Fuelling yet another revolution in Sri Lanka, DFCC Bank’s Green Fixed Deposits are specifically designed to support and promote environmentally sustainable initiatives. These deposits are aimed at directing funds towards projects and activities that positively impact the environment and contribute to sustainability.

The new DFCC Green Fixed Deposit was launched at a special ceremony held at the DFCC Bank Head Office.

Commenting on the launch, CEO – of DFCC Bank PLC, Thimal Perera, said, “We recognise the urgent need to address the threats to our planet’s sustainability and survival. Therefore, we are dedicated to contributing to social and environmental well-being through a range of sustainability initiatives.

"We are promoting energy efficiency and conservation, encouraging renewable energy sources, reducing greenhouse gas emissions, and minimising other pollutants and more through our financing activities and internal and external awareness campaigns. With DFCC Green Fixed Deposits, we are leading the way towards fostering a greener and more sustainable future, and we invite all Sri Lankans to join the green revolution while growing their savings and investments.”

With its low carbon footprint and yet vulnerable status, Sri Lanka has demonstrated remarkable determination to combat climate change. The country has set ambitious targets to increase its forest cover to 32% by 2030 and reduce greenhouse gas emissions by 14.5%.

Furthermore, Sri Lanka has established a goal of achieving 70% renewable energy in electricity generation by 2030. His Excellency President Ranil Wickremesinghe’s visionary plan to establish the Climate Change University in Sri Lanka in 2024 underscores the nation’s dedication to addressing climate-related challenges. Thus, the launch of DFCC Green Fixed Deposits aligns with this national drive towards a more sustainable future.

DFCC Bank has long been at the forefront of sustainability efforts in Sri Lanka, including being the first Bank to launch a formal sustainability strategy in 2020. Since 1988, the Bank has spearheaded the financing of renewable energy projects, playing a catalytic role in driving sustainable transformation across the country.

From solar PV assembly plants to hydro, wind, solar, biomass, and waste-to-energy power generation projects, DFCC Bank has always played a pioneering role and supported a diverse range of sustainable initiatives.

DFCC Bank’s dedication to sustainability recently also received global recognition, as it became the first Sri Lankan organisation accredited by the Green Climate Fund (GCF).

This prestigious accreditation empowers DFCC Bank to access GCF concessionary funding for projects of up to USD 250 million in value, enabling the financing of climate mitigation and adaptation projects across Sri Lanka. Thus, with the launch of DFCC Green Fixed Deposits, the Bank has taken another pioneering step towards realising the greener future that all Sri Lankans yearn for.

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Source: DFCC Bank

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