AFC sustainability efforts internationally recognised for 3rd time in a row

Alliance Finance Company PLC has been internationally recognised for the third consecutive time since 2018, for its genuine commitment and contributions towards sustainable value creation at the Karlsruhe Sustainable Finance Awards held in Germany, on 11 July.

The Certificate of Merit was awarded for the Outstanding Sustainability Achievement by successfully integrating Sustainability in the Corporate Strategy and Business Processes.

Deputy Chairman and MD Romani de Silva received the award from the Karlsruhe Lord Mayor Dr. Frank Mentrup and European Organisation for Sustainable Development CEO Arshad Rab.

Romani de Silva, dedicating the award to the entire AFC team thanked the committed Alliance team for displaying outstanding consistency of purpose for sustainability even during a difficult year.

In 2018 AFC received a merit award in the category of Sustainability Leader of the year, recognising the contribution of Romani de Silva’s visionary leadership in driving the sustainability mandate of the company and with genuine passion and commitment. 

In the same year AFC also had the privilege of being accepted into the Sustainability Standards and Certification Initiative (SSCI); a global sustainability standard that will be developed for banking and finance institutions promoted by the European Organisation for Sustainable Development (EOSD) and supported by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) as well as the Association of African Development Finance Institutions (AADFI). 

Becoming one of the three companies of the world that has been accepted, AFC will now serve as a member of this pioneering initiative and help draft the first global standard for Sustainable Financing. Selection to the prestigious initiative was done on evaluation of AFC’s business practices that have contributed towards sustainable value creation over the last several years. AFC is the only financial institution in the South Asian region to be accepted into the SSCI.

AFC sustainability mandate is aimed at generating environmental and social values that will contribute towards achieving national and global sustainability priorities. In 2017, AFC became the first financial institution in Sri Lanka’s Non-Bank Finance Institutions (NBFI) sector to commit to the UN’s Sustainable Development Goals and Paris Agreement on Climate Change by signing the Karlsruhe resolution on 13 July 2017. There have been many initiatives planned in line with these priorities to ensure maximum contribution. 

AFC ‘Thuru Mithuru’ in one of the main initiatives planned and successfully implemented by the company. The project launch was done with the participation of over 370,000 schoolchildren from 991 schools, on World Environment Day 2018, by planting over 176,000 trees across Sri Lanka in a single day to offset the carbon footprint of AFC motor vehicle customers. With the success achieved through the program, AFC has now set the bar high by launching its newest project ‘One Million Trees for Unity’, with the collaboration of the Tri Forces of Sri Lanka.

The project will be implemented with the logistical support and participation of Tri Forces – Sri Lanka Army, Sri Lanka Navy and Sri Lanka Air Forces, religious leaders, school children, and other interested parties, signifying tree as the ‘symbol’ of unity, equality, and harmony. We anticipate that the school children will be our messengers and change agents for the future, while the Tri Forces and our customers who will volunteer to support the initiative will ensure the successful implementation of the project, ultimately contributing towards the global battle against climate change.

AFC believes that it is vital to balance the sustainable value creation, by not only limiting it to the environment. Thus, AFC has undertaken many initiatives that promote both environmental and social wellbeing. Among them is the Biodiversity conservation and ecosystem restoration project launched by joining hands with Wilderness and Wildlife Conservation Trust (WWCT), founded by renowned ecologist and conservationist Anjali Watson and her husband, Dr. Andrew Kittle, to foster coexistence among people and leopards in Sri Lanka’s Central Highlands. 

Promoting social entrepreneurship is another such project of AFC, conducted by partnering with the Ath Pavura social entrepreneur platform. This is a renowned reality TV program designed to provide a common ground for the potential social entrepreneurs to meet investors who will provide equity and technical support to develop the social enterprises. AFC through its foundation has invested over 5.7 million rupees on several promising social entrepreneurs, whose businesses will generate benefits for the environment and society. 

The company has also integrated the sustainability philosophy in its core business processes, by incorporating it in the company corporate plan. Accordingly, the vision and mission of the company have been consolidated into one purpose statement and high impact goals were defined to support the sustainability mandate. Along with these efforts and many more to be commenced, the company is on a steady journey to become the first sustainability certified financial institution in the banking and finance sector in Sri Lanka, and live up to its purpose; ‘Make the world a better place through sustainable financing’.