LOLC Finance receives ISO 14064:1 Greenhouse Gas verification certification

Wednesday, 4 October 2023 00:15 - - {{hitsCtrl.values.hits}}

LOLC Finance Chief Operating Officer Montini Warnakula, together with LOLC Finance Head of Finance Buddhika Weerathunga, accepting the ISO certification from Ministry of Environment Cabinet Secretary Dr. Anil Jasinghe

Marking a key milestone in its steadfast commitment towards achieving carbon neutrality in 2030, LOLC Finance PLC was awarded ISO 14064:1, Greenhouse Gas (GHG) verification certification for quantification and reporting, by the Sri Lanka Climate Fund that operates under the Ministry of Environment.

The Greenhouse Gas verification statement, conducted in accordance with ISO 14064-1:2018 standards, provides a “reasonable level of assurance” that LOLC Finance PLC’s GHG emissions for the year 2023 meet rigorous criteria. This assessment covers the company’s extensive network, including its head office and 204 branches. The comprehensive GHG inventory, which includes all three scopes (scope 1, 2, and 3) as defined by ISO 14064-1:2018, revealed that LOLC Finance PLC emitted a total of 7,734 tonnes of CO2 equivalent during the period from 1 April 2022 to 31 March 2023. This total includes 4,450 tonnes of CO2 equivalent in direct GHG emissions and 3,284 tonnes of CO2 equivalent in other indirect GHG emissions.

LOLC Finance PLC Manager of Sustainability Sithumini Wijeratne expressed her enthusiasm on this milestone, stating, “We have been measuring and reporting our GHG emissions and this recognition validates our efforts. The company has proactively undertaken initiatives to enhance its natural capital, including energy conservation at branch levels, the adoption of renewable energy sources, adherence to green building principles, and the introduction of Solar Loans. LOLC Finance PLC’s commitment to combating GHG emissions aligns with its extensive reforestation projects conducted on a significant scale. We are laying the foundation to become a leading carbon-conscious company in the financial services industry, with every step of the way.”

The reporting of organisational level GHG emissions based on data accordance with ISO 14064-1-2018 and United Nations Intergovernmental Panel on Climate Change’s (IPCC) Fifth Assessment Report (AR5) considered to be more comprehensive as it includes not only direct GHG emissions but also a wide range of indirect GHG emissions, which are not within the control of the organisation. Going forward, LOLC Finance PLC will undergo annual GHG emissions verification to benchmark its performance and implement cohesive strategies to reduce its carbon footprint. The company has developed a ‘carbon management plan’ as part of its efforts aligned with achieving ISO 14064 standards—a global initiative aimed at combatting climate change by reducing GHG emissions.

LOLC Finance Chief Operating Officer Montini Warnakula, together with LOLC Finance PLC Head of Finance Buddhika Weerathunga, accepted the certification from Ministry of Environment of Sri Lanka Cabinet Secretary Dr. Anil Jasinghe, on 20 September at Sri Lanka Climate Fund, Ministry of Environment, ‘Sobadam Piyasa’, Battaramulla. This certification reflects LOLC Finance PLC’s dedication to transparency and sustainability, as the company continues to lead by example in the financial sector’s global efforts to address climate change.