Alliance Finance Company PLC (AFC), Sri Lanka's oldest finance company, has been at the forefront of environmental and social responsibility for over 68 years. Committed to integrating sustainability into its operations, AFC operates under the principles of the triple bottom line, balancing economic success with environmental sustainability and social impact. In 2013, AFC made a significant pledge to offset the carbon footprint of its motor vehicle leasing customers, marking a pivotal moment in its journey to become Sri Lanka’s leading triple-bottom-line financial institution.
AFC's flagship environmental project, "Thuru Mithuru," exemplifies its dedication to conservation. Since its inception, the company has planted over 720,000 trees across Sri Lanka, aligning with global reforestation goals, including the Bonn Challenge, which aims to restore 350 million hectares of degraded land by 2030. Further demonstrating its leadership, AFC launched the "One Million Trees for Unity" initiative in 2019, with an ambitious goal of planting one million trees by 2026.
In a landmark event on World Environment Day in 2018, AFC involved 371,000 children from 991 schools across 25 districts in planting 176,518 trees. This initiative not only contributes to CO2 absorption—estimated at 3,843 metric tons annually—but also fosters environmental awareness among the younger generation. Notably, a mass tree-planting exercise at Kotahena Madya Maha Vidyalaya in Colombo saw the enthusiastic participation of over 100 students.
Collaboration with various stakeholders enhances AFC’s environmental initiatives. Partnerships with local communities, government bodies, and environmental organizations have proven vital. A significant collaboration with Thuru Viyana, a social enterprise, ensures a sustainable supply of plants for reforestation efforts. Additionally, AFC has teamed up with Lions Club International and the Road Development Authority (RDA) in the "Green Expressway" program, successfully planting over 154,600 trees along the Southern and Kaduwela Expressways. These efforts are projected to absorb over 510,180 metric tons of CO2 by the second year.
In 2023, AFC launched the "AFC Hapannu Forest," a 60-acre reforestation project in the Kandy District dedicated to environmental conservation and education. Starting with just 100 trees, the project has expanded to over 4,000 plants across 20 acres. AFC plans to plant an additional 5,400 trees to complete the project by 2025, transforming the forest into an educational resource to teach children about forest ecosystems and the importance of environmental protection.
Beyond tree planting, AFC has pledged to plant a tree for every child account holder, with a focus on enhancing natural habitats and water sources in areas such as the Victoria-Randenigala reservoir catchment. This initiative not only supports sustainable development but also emphasizes water conservation and biodiversity preservation.
AFC’s commitment to environmental leadership extends to industry-wide initiatives. In 2023, the Finance Houses Association of Sri Lanka (FHA), alongside AFC, planted 250,000 trees nationwide, with AFC contributing 141,629 trees. The company also supported the planting of 10,000 trees with Catholic Youth in Galle to celebrate the 150th anniversary of the Queen of the Holy Rosary Cathedral.
Alliance Finance Company PLC sets a high standard for corporate responsibility through extensive tree-planting programs, strategic partnerships, and pioneering projects like the AFC Hapannu Forest. AFC's sustained commitment to environmental stewardship addresses pressing environmental challenges and inspires a movement toward a greener, more sustainable future. By showcasing how financial institutions can successfully integrate sustainability into their core operations, AFC is a model for responsible corporate citizenship and demonstrates how businesses can drive meaningful environmental and social change.
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