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DFCC Bank Partners with National Innovation Agency to Support Adoption of Biogas Technology

The present energy crisis has made Sri Lankans keenly aware of the need for energy security. Many alternative energy sources are available, which can help ensure Sri Lanka never needs to face an energy crisis again. One of the most promising such sources is biogas, the combustible gases derived from biodegradable waste products, including agricultural waste, manure, municipal waste, plant material, sewage, green waste, food waste and other sources. Understanding the potential of this technology for sustainable energy generation, DFCC Bank, Sri Lanka’s pioneer in financing renewable energy, has joined hands with the recently established National Innovation Agency, which was enacted by the parliamentary Act No. 22 of 2019, to promote biogas technology, as the Agency’s financial services provider, and to create broader awareness about this sustainable alternative.

Discussing the benefits and strengths of the technology, Professor Ajith de Alwis, Chief Innovation Officer at the National Innovation Agency said, “Biogas has a triple benefit as waste becomes raw material, hence accomplishing recycling and sustainable disposal, while the output derived from that waste is transformed into a sustainable energy source and can also be used as an organic fertilizer. Therefore, this process stands unique as the only process that does not generate waste but instead uses waste as the input. In the agricultural sector, in particular, this technology is greatly beneficial. It is an incredibly efficient, convenient, and sustainable way of managing waste and then using that waste to generate energy for communities and commercial activity while also being a tenable organic fertilizer, helping to reduce the demand and need for artificial fertilizers. This can then be transposed to the household level and for various industries producing substantial amounts of organic and biodegradable waste. At the larger community and social level, it can help reduce energy costs and our carbon footprint while providing an effective and efficient method of waste disposal, often onsite or in the nearby vicinity. We hope to see this technology promoted further and popularized, which is why we have partnered with DFCC Bank.”

The SVP – Offshore Banking, Remittances and Business Development at DFCC Bank, Anton Arumugam said, “A pioneer in sustainability, sustainable development, and sustainable finance, DFCC Bank was the first bank in Sri Lanka to adopt a formal sustainability strategy and framework. As a result, it has emerged as a leader in promoting female entrepreneurship through its DFCC Aloka proposition, sustainable lifestyle habits such as cycling to work and many other initiatives, both within the bank as an organization and in the wider economy. DFCC Bank believes that a new era of responsible, equitable prosperity for all Sri Lankans is on the horizon and can be achieved through a greater focus on sustainability, collaboration, and ethical practices across the economy. Therefore, as a financier committed to promoting sustainable development and wealth creation in Sri Lanka, we believe that this is one of the high-potential technologies we need to invest in, promote and create awareness about as a nation. As a result, we are pleased to enter into this partnership with the National Innovation Agency, which is doing excellent work to develop and promote this technology under its Eco-innovation pillar. Finally, this also addresses the current cardinal issue in minimising foreign currency outflow.”

DFCC Bank Partners with National Innovation Agency to Support Adoption of Biogas Technology

From Left to Right – Senaka Jayasinghe, Assistant Vice President, Marketing & Sustainability – DFCC Bank PLC, Chandana Wanigasena, Assistant Vice President, MSME – DFCC Bank PLC, Anton Arumugam, Senior Vice President, Offshore Banking, Remittances & Business Development – DFCC Bank PLC, Prof. Ajith de Alwis, Chief Innovation Officer – NIA, Dr. Sachie Panawala, Innovation Officer – NIA , Navodi Wickramasinghe, Innovation Officer – NIA

About DFCC Bank

DFCC Bank is a full-service Commercial Bank with a legacy of 66 years that offers a range of commercial and development banking services. The Bank’s Sustainability Strategy 2020–2030 envisions it becoming one of the leading banks that will contribute toward greater resilience, including the creation of Resilient Businesses that contribute to sustainable economic growth by extending support to Green Financing and, Sustainable and Social Entrepreneurs. The Bank has won awards for being the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka, 2021 from the prestigious Global Brands Magazine, UK, and was awarded ‘Market leader in Cash Management 2021’ by Euromoney. DFCC Bank was ranked amongst Business Today’s Top 40 Corporates in Sri Lanka. DFCC Bank is rated [SL] A+ by ICRA Lanka Limited and A+ (lka) by Fitch Ratings Lanka Limited as a licensed specialized bank supervised by the Central Bank of Sri Lanka.