Biodiversity Sri Lanka (BSL), in collaboration with ACTED and other partners, hosted an exclusive seminar aimed at equipping financial institutions with the knowledge and tools to promote circular economy in Sri Lanka. Organised under the Project PLASTICS (Promoting Long Term Approaches for a Sustainable, Transformative and Inclusive Circular Economy in Sri Lanka), funded by the European Union under the SWITCH-Asia programme, this event brought together 75 representatives from financial institutions to explore the critical role of green finance in fostering sustainable economic practices.

Professor Mohan Munasinghe, Nobel Laureate and former Vice-Chair of the UN Intergovernmental Panel on Climate Change (UN-IPCC), delivered the keynote address, underscoring the transformative potential of climate finance in driving the transition to a circular economy. He stressed the importance of financial institutions adopting innovative practices that align with sustainability goals and mitigate environmental risks.

The seminar featured tailored advisory sessions and insightful presentations, including a discussion led by Dr. Randika Jayasinghe, a leading researcher in sustainable development, on integrating Extended Producer Responsibility (EPR) into green finance frameworks. BSL highlighted the role of banks in fostering circular economic principles, while and Stenum Asia presented practical examples of Circular Economy and Resource Efficient and Cleaner Production (RECP) in business risk management.

Participants actively engaged in interactive panel discussions and explored real-world case studies showcasing circular business models, addressing both challenges and opportunities in the sector, such as Ample Clothing. The event concluded with a discussion on actionable pathways for developing financial products to support green investments.

Background

The PLASTICS Project, funded by the European Union under the SWITCH-Asia programme, is a four-year initiative aimed at fostering sustainable plastic waste management and promoting circular economic practices in Sri Lanka. Led by ACTED in partnership with BSL, ISB, STENUM Asia, and TERI, the project seeks to empower SMEs, entrepreneurs, and financial institutions to contribute to a sustainable and inclusive economy.

This seminar marks a significant step towards mainstreaming green finance in Sri Lanka, demonstrating the transformative potential of financial institutions in achieving sustainability goals.