UN Global Compact, UNDP SL lead Science-Based Targets workshop for top corporates

United Nations Global Compact Network Sri Lanka in collaboration with the United Nations Development Programme (UNDP) Sri Lanka hosted a progressive preliminary workshop, on the Science-Based Targets initiative (SBTi) recently with the exclusive attendance of 48 participating companies from Network Sri Lanka. 
Senior representatives from UN Global Compact Network Sri Lanka’s participant companies, specializing in corporate sustainability and environmental engineering, attended the workshop. 
Dr. Buddika Hapuarachchi, Team Lead of the Climate and Environment Team at UNDP Sri Lanka, opened the session.
The private sector in Sri Lanka actively supports the country’s 2030 Agenda by helping achieve updated Nationally Determined Contributions (NDCs). 
Despite being a low carbon emitter, Sri Lanka will benefit from its decarbonisation efforts, particularly by reducing its dependence on imported fossil fuels. This shift strengthens energy security and sustainability while making local industries more resilient. SBTi offers a scientifically grounded pathway for decarbonisation.
The timing of the SBTi workshop aligns with the approaching UNFCCC Conference of Parties 29 (COP 29). As the EU has adopted two new sustainability directives requiring companies to strengthen their climate action, setting validated science-based targets will support companies to comply with these policies.
The Corporate Sustainability Reporting Directive (CSRD), the first directive, requires companies to disclose how they set greenhouse gas (GHG) emissions reduction targets and other climate-related targets to address significant climate impacts, risks, and opportunities. Companies can include targets for renewable energy deployment, energy efficiency, climate adaptation, and risk mitigation. 
The workshop asserted companies must develop these targets using either a sector-specific (sectoral decarbonisation) or cross-sector (contraction) methodology that aligns with emissions reduction pathways limiting global warming to 1.5°C. SBTi actively supports companies by providing sector-specific and cross-sector methodologies that comply with 1.5°C pathways. While CSRD does not yet require science-based targets, future regulations may mandate them. Companies can strengthen their resilience to evolving regulatory requirements by starting the target-setting process now.

The Corporate Sustainability Due Diligence Directive (CSDDD), the second directive, requires companies to create a climate transition plan. This plan must include science-based targets that cover scope 1, 2, and 3 emissions across their entire value chain and align with a 1.5°C pathway. Companies can establish this transition plan by developing science-based targets through SBTi.
The workshop achieved several key outcomes: encourage companies to commit to increasing public transparency through greenhouse gas emissions reduction disclosures, corporates received support to set SBTs, and organizations strengthened their decarbonisation efforts by engaging suppliers within their supply chains.
By embracing science-based targets, Sri Lankan companies could position themselves as regional leaders in the transition to a sustainable, low-carbon economy. This proactive stance not only aligns with the global agenda but also strengthens national resilience against energy insecurities and environmental risks.