Bank of Ceylon Leads the Way in Sustainable Banking with Major Solar Energy Initiative
Bank of Ceylon is at the forefront of the movement towards a sustainable future with its ambitious renewable energy project, setting its sights on achieving carbon neutrality by 2028. This initiative underscores BOC’s commitment to the United Nations’ Sustainable Development Goals (SDGs), specifically the goal of ‘Affordable and Clean Energy’.
BOC’s strategy to integrate sustainability into its core operations is evident in its dedication to achieving carbon neutrality within the next four years. This commitment aligns with global sustainability objectives and reinforces the bank’s role as a responsible corporate citizen. Central to this strategy is the transformation of its extensive network of 655 branches to utilize renewable energy.
To date, BOC has successfully converted 73 of its branches to solar energy, with an additional 30 projects currently underway. The journey began in 2015 with a pilot solar project at the Tissamaharama branch, where a 10KW capacity was installed. Currently, BOC’s connected solar capacity stands at 3.1 MW, with ongoing projects expected to add another 1.4 MW. Notably, BOC’s Ceybank Holiday Rest in Anuradhapura alone generates 150 KW of solar power. Most of the solar energy generated is consumed by the branch network, with any surplus fed to the national grid.
BOC’s approach to sustainability is also reflected in its lending practices, which prioritize green technologies and renewable energy projects. The bank’s partnerships with several organizations have facilitated access to affordable financing for solar systems, promoting the adoption of clean energy technologies.
The solar conversion project is a cornerstone of BOC’s broader vision for sustainability. The bank’s efforts include a green building initiative that has earned numerous platinum, gold, and silver awards in recent years. These accolades, conferred by the Green Building Council of Sri Lanka (GBCSL) and the Urban Development Authority (UDA), highlight the bank’s commitment to reducing its carbon footprint and promoting sustainable practices.
The green building certification process evaluates criteria such as site selection, energy efficiency, indoor air quality, and water management. BOC’s initiatives in these areas include rebuilding on existing land, optimizing energy systems, using low-toxicity materials, and implementing efficient water management practices.
In December, for the second consecutive year, BOC won the 'Green Business Leadership Award 2023' and the 'Green Commitment Excellence of the Year Award 2023.' Additionally, BOC’s City Office in Colombo 01 received the Silver Award for green efficiency. Efforts are on track to ensure that the majority of the bank’s branches will be powered by solar energy by 2028, producing a grid-connected solar capacity of 4.5 MW. In recognition of these efforts, BOC is on the path to achieving ISO 50001 certification for Self-Energy Efficient Practices, cementing its status as a leader in green banking and sustainable development.
As it moves forward, BOC is dedicated to not only directly serving its customers but also taking care of the environment through sustainable banking practices.