Sri Lanka’s non-banking sector shines at Global Sustainable Finance Awards 2013 in Germany
Monday, 5 August 2013 00:00
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Alliance Finance Company’s entry EzyTaxi (gas converted three-wheelers) earned the Merit Certificate in the ‘Best Innovation in Sustainable Financial Products and Services’ category at the recently-concluded Global Sustainable Finance Awards in Germany.
The awards presentation is part of the Global Sustainable Finance Conference 2013, which was held on 4 and 5 July 2013 in Karlsruhe, a renowned green Germany.
Organised by the European Organization for Sustainable Development (an initiative of the European Union) together with the Association of Development Financing institutions in Asia and the Pacific (ADFIAP) and endorsed by the United Nations environment program finance initiatives (UNEP FI), the Global Sustainable Finance Awards were held under the auspices of the World Federation of Development Financing Institutions.
The Global Sustainable Finance Awards honour organisations around the globe that actively promote and market products that are both environmentally friendly and embed sustainability in operations, with the goal of creating a low-carbon, sustainable economy.
The awards are nicknamed the Karlshruhe Sustainable Finance Awards in keeping with their role as the host city.
This conference provides a truly global and proactive forum for stakeholders to address the burning issues including climate change, fast depleting natural resources and growing energy crisis. This international and comprehensive annual gathering provides an opportunity to get insights into the financial and reputational risk factors arising from environmental changes and growing social discontentment.
The Global Sustainable Finance Awards were presented by the City of Karlsruhe to financial institutions and organisations that have distinguished themselves through outstanding contributions to the field of sustainable finance.
The awards consisted of three categories, namely: Best Innovation in Sustainable Financial Products & Services, Outstanding Sustainable Project Financing, and Outstanding Business Sustainability Achievement. AFC’s entry EzyTaxi (gas converted three-wheelers) earned the Merit Certificate in the ‘Best Innovation in Sustainable Financial Product and Services’ category.
Elaborating on the innovative scheme by Alliance Finance Company (AFC), its Deputy Chairman and Managing Director Romani De Silva said: “Creating low carbon, environmentally friendly transport solutions at an affordable cost is a challenging task anywhere in the world. In Sri Lanka, three wheelers are commonly used as taxis and are one of the major sources of CO2 emissions in the country. As a well-established Sri Lankan finance company, we have taken up this immense challenge of reducing the carbon foot print created by the three wheelers by converting them into Liquefied Petroleum Gas (LPG) powered vehicles in partnership with a European Company. The EzyTaxi scheme of Alliance Finance is now able to provide environmental-friendly three wheelers to individuals from low-income communities. This low carbon foot print vehicle has now got the potential to provide a good source of income for the unemployed and under-employed people of Sri Lanka.”
Always at the forefront of innovation, AFC’s solution provides a self-employment opportunity for low-income sectors, while actively contributing to reduce emissions. The landmark program reduces carbon emissions by approximately 30% as compared to conventional three-wheelers that run on petrol whilst also creating a daily saving of 20% in fuel costs for the driver.
“We are extremely proud to have received this global recognition and are encouraged to further reduce harmful emissions and also improve on environmentally-friendly products in our portfolio, as a commitment to being a Triple Bottom-Line company,” added De Silva.
