Commonwealth investment hub for sustainable business debuts in Sri Lanka

Tuesday, 19 November 2013 00:01 - - {{hitsCtrl.values.hits}}

By Darshana Abayasingha The Sri Lankan hub of the Commonwealth Environmental Investment Platform (CEIP) was launched in Colombo last evening, enabling local businesses and entrepreneurs to develop new business opportunities through sustainable development. The Sri Lankan hub, with peers in England, Wales, Canada, Ghana, Nigeria, South Africa and Seychelles, is managed locally by Motha Capital Investments, and was launched by Minister of Industry and Commerce Rishad Bathiudeen. Participation in the CEIP enables its regional hubs to share in global environmental expertise and opportunities for trade and investment in the fast growing and vital sector of sustainable business.

Accordingly, Sri Lankan businesses will now have the opportunity to present their sustainable business strategies to the Sri Lankan hub, and draw funding and information resource through a network of international donors and knowledge bases spread throughout the Commonwealth. CEIP is currently focusing mainly on waste management, energy efficient buildings and transportation, and invited the Government and private sector to draw upon its knowledge and resource base on sustainable city planning and development, which in turn would generate savings. CEIP Chairman Michael Sippitt told the forum that Sri Lanka has emerged as a progressive and outward looking country and he was confident that the local business sector would further the steps they have already taken on the environmental front. Speaking exclusively to the Daily FT, Sippit remarked that there is growing momentum in the Commonwealth about the impacts of climate change and ensuring sustainable business, and that the pressure would mount, whereby it would become far too expensive to not be sustainable. “I think the large companies have become more aware and have understood this, it’s becoming normal, but the small and medium businesses don’t have those resources, and that is where we could step in, study their plan and subject to criteria, support their effort,” he said. The CEIP hopes to build hubs in many Commonwealth member nations to create a truly global community, vital for businesses in their early stages seeking venture capital or investment support. Sippit also called on governments to provide the necessary long term regulatory frameworks to encourage sustainable investments, for it is ultimately “up to enterprise to progressively make the planet sustainable”. At the launch event Minister Bathiudeen presented certificates to CEIP Sri Lanka hub’s first two customers, the Carbon Consulting Company and Energy Solve International. Speaking to the Daily FT, Carbon Consulting’s Chief Operating Officer Sanith De S. Wijerathne, described the CEIP as a great opportunity to gain new investments, knowledge and resource in one place. “These markets have advanced corporates who seriously consider sustainability. At this time Sri Lankan companies are more concerned with paying lip service to the concept to tick off the proverbial boxes on their annual reports. Therefore, this platform will showcase our project to clients who are serious about investing in our environment.”