In mid-January 2022, the Centre for a Smart Future – under its ‘Natural Capital Forum’ initiative – collaborated with the Climate Disclosure Standards Board in the UK and the Colombo Stock Exchange to bring new accounting and analytical tools to Sri Lankan corporates. With practice facilitation and outreach by CSF to the CDSB, Sri Lankan listed and unlisted companies were able to learn about new accounting, reporting and disclosure standards relating to climate risks, for the first time in the country. The Colombo Stock Exchange(CSE) organized the training programme, which saw participation of nearly 200 participants. The programme was supported by the UN Sustainable Stock Exchanges Initiative(SSE) and Climate Disclosure Standard Board(CDSB), and the toolkit originally supported by International Finance Corporation(IFC). During the two-day session, participants got an overview of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and how it led to the climate risk reporting frameworks that are now being widely adopted globally. Sri Lankan corporates learnt about TCFD disclosure and got an understanding of the importance of climate-related disclosure. The training consisted of 2 modules, and was CDP certified which was enabled individuals with professional body membership to use the training as part of continuing professional development requirements. The first module on day 1 provided an overview of what climate-related reporting is and why it is important. It also provided participants with the global and regional context and focus on the initial steps on how to address the TCFD recommendations. The second module provided an in-depth programme where participants peer-reviewed each other’s TCFD reports and wider good practice. This activity is one of many collaborations and partnerships that CSF hopes to bring to Sri Lanka, to help bridge the gap between the economics, finance and business fraternity, with the environmental science, climate change expertise, and conservation community, under the ‘Natural Capital Forum’ initiative.
Update: The CDSB UK has now merged with the IFRS Foundation.