HSBC and the International Union for Conservation of Nature (IUCN) are embarking on a joint project to help transition Sri Lanka’s garment sector into a low carbon industry. The garment sector is Sri Lanka’s largest export industry, accounting for nearly 40%. The strategy will be developed in partnership with the Joint Apparel Association Forum of Sri Lanka (JAAFSL), National Cleaner Production Centre (NCPC) and the Board of Investment (BOI) based on research conducted by IUCN. “The apparel industry is a critical income earner for Sri Lanka, and supporting its transition into greener development is imperative for the growth and long term stability of the industry,” says Mark Prothero, CEO of HSBC Sri Lanka and Maldives. “With this project, HSBC is moving beyond transactional corporate social responsibility to more a knowledge-based contribution that benefits the communities, the environment and the country at large. We believe that knowledge-based intervention is the best way to ensure that change is impactful and sustainable in the long run.” HSBC says sustainable financing in the apparel and garment sector has the potential to contribute to several UN SDGs, namely, SDG6: Ensure availability and sustainable management of water and sanitation for all; SDG9: Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation; SDG11: Making cities and human settlements inclusive, safe, resilient and sustainable; and SDG13: Take urgent action to combat climate change and its impacts. Dr Ananda Mallawatantri, country representative, IUCN Sri Lanka explains that during the strategy development process, the three partners will work together to generate and validate information. “Consultations envisaged during the strategy development will include regulatory agencies, apparel industry senior managers and technical level staff, environment auditors who are familiar with the industry operations and processes. We will also review the international knowledge bases on the subjects involved.”
