Wednesday Dec 25, 2024
Wednesday Dec 25, 2024
Wednesday, 6 November 2024 00:00 - - {{hitsCtrl.values.hits}}
The United Nations Global Compact is the world’s largest corporate sustainability initiative, with more than 20,000 participant companies globally. The 10 principles of the UN Global Compact in the areas of human rights, labour, environment, and anti-corruption in alignment with the Sustainable Development Goals (SDGs) embed sustainability into business operations and their value chains.
Amidst a volatile business landscape, the UN Global Compact Network Sri Lanka is empowering companies to set and achieve ambitious sustainability goals that drive long-term value creation. Through its innovative global accelerator programs and localised ‘working groups’, the organisation provides a robust framework for businesses to learn from experts, define purposeful targets, align sustainability strategies, share experiences, and work towards common goals through collective problem-solving.
The accelerators are multi-month corporate capacity development programs conceptualised and developed by the UN Global Compact together with global experts and delivered to participant companies worldwide by local and regional specialists in key focus areas.
Network Sri Lanka Executive Director Rathika de Silva said: “These accelerators are developed to guide businesses to set ambitious targets for high performance and are successfully run across many country networks.” Advising businesses to join and reap benefits, he says, “Allocating the right people and the right resources is key to gaining maximum benefit, efficiency, and effectiveness.”
Currently, four accelerator programs are offered to participant companies of Network Sri Lanka: Business and Human Rights Accelerator, Climate Ambition Accelerator, Target Gender Equality Accelerator, and the SDG Innovation Accelerator. The accelerators are exclusively for UN Global Compact participant companies.
Sign-up for the third round of the Business and Human Rights (BHR) Accelerator is now open, with a deadline of December 2024. This important initiative offers companies a unique opportunity to advance their human rights practices through a comprehensive six-month journey. Expert-led sessions, peer-to-peer learning, and tailored guidance help participants enhance their human rights due diligence processes. The programme will also address the Corporate Sustainability Reporting Directive (CSRD), a crucial development in corporate responsibility. By including CSRD in the curriculum, the accelerator demonstrates a commitment to keeping participants informed about the latest global standards and reporting requirements.
The Climate Ambition Accelerator supports companies in aligning their business strategies with the Paris Agreement’s goal of limiting global warming to 1.5°C. Through a six-month program, participants are guided in setting science-based emissions reduction targets and charting a path towards net-zero emissions.
Today, over 35 Sri Lankan companies have actively participated in this accelerator, demonstrating a growing commitment to climate action.
Inviting more companies, United Nations Global Compact Climate Ambition Accelerator Lead Lucas Ribeiro says: “The transition to a net-zero economy will happen whether you like it or not... be part of the early movers in this transformation.”
The Target Gender Equality accelerator is currently being administered for the fifth year. This nine-month program is designed to support companies engaging with the UN Global Compact in establishing and achieving ambitious corporate targets for women in the workplace and equal pay for equal value of work.
Addressing business sustainability needs at a local level, Network Sri Lanka facilitates ‘working groups’, which serve as dynamic platforms for peer-learning, cooperation, and collective progress. The working groups focus on the pillars of business and human rights, climate emergency, gender and diversity, water and ocean stewardship, and sustainable supply chain. The agendas for each working group for 2024 were announced at Network Sri Lanka’s Compass 2024 event at the beginning of the year.
UN Global Compact Network Sri Lanka Chairman Dilhan Fernando explains the importance of collaboration, saying: “The team has produced extraordinary results through the working groups, helping our colleagues to understand how we can navigate supply chain challenges to build resilience. And as UN Global Compact, we have the benefit of learning from around the world.”
Dr. Ravi Fernando adds: “Every company involved in the Global Compact, among the 80 companies, should have a team in each of our working groups. Every one of those working groups is directly or indirectly relevant to your business. Each of you should take the challenge of leading, guiding, and inspiring sustainability in your company... let me encourage all of you in 2024 to be a key champion for sustainability in your organisation.”
Network Sri Lanka’s Business and Human Rights Working Group currently includes 21 participant companies. The agenda for 2024 covers topics such as living wage, human rights due diligence, business integrity and anti-corruption, and digital rights and privacy. Commenting on the agenda on behalf of the working group, MAS Holdings Head of Social Sustainability Amanthi Perera states: “We are working on human rights in the workplace, due diligence legislation, decent work practices in supply chains, and leveraging the theory of change.”
The Climate Emergency Task Force (CETF) Working Group, which currently engages 37 companies, aims to address the urgent need for science-led leadership in combating the climate crisis.
Network Sri Lanka Program Associate Treshan Galappaththy representing members of the group, notes: “We encourage participant companies to have an energy transition plan by 2030. We also hope to support the Government target of 70% renewable energy by 2030.”
Recognising the value of diverse perspectives, the Gender and Diversity Working Group explores ways to foster a more inclusive and equitable workplace. With the participation of 24 companies, the group plans to address in 2024 issues such as female representation in STEM roles, equal pay for equal work, and unconscious gender bias in the workplace. Elaborating on the work of the Gender and Diversity Working Group, DIMO Manager of Sustainability Mega Ganeshan echoes: “Diversity management is important because it values what every employee brings to the table, giving perspectives on better management, better branding, and leading to a better workplace.”
The Water and Ocean Stewardship Working Group aims to drive collective action on water conservation and ocean protection. Emphasising the critical importance of water resources and the increasing threat to earth’s freshwater and ocean resources, this group, with 20 participating companies, aims to integrate water and ocean stewardship through partnerships and awareness creation, showcasing best practices and leveraging digital tools for knowledge dissemination. The proposed goals for 2024 revolve around strategic partnerships, AI-driven predictions, conservation of water resources, and modern agricultural methods. Touching on collective action, Kelani Valley Plantations PLC General Manager of HR and Corporate Sustainability and Head of Working Group Anuruddha Gamage, states: “There is a huge area of possibilities for all the key business leaders and collaborators in the corporate world to join hands and achieve the shared goals.”
The Sustainable Supply Chain Working Group highlights the importance of addressing sustainability within the supply chain. The agenda for 2024 includes developing a sustainable supply code of conduct, supply chain monitoring, beyond compliance to value creation, traceability, introduction to technological platforms, and navigating a complex regulatory and reporting landscape. “Sustainability, or being sustainable, is not an ‘if’ anymore, it’s ‘when’,” advises John Keells Holdings PLC Head of Sustainability, Enterprise Risk Management and Group Initiative Anosha Koralage speaking as the head of the Working Group, which consists of 22 companies to date.
Through the dual-pronged approach of accelerators and working groups, Network Sri Lanka equips businesses with the tools, guidance, and support necessary to translate their sustainable ambitions into tangible, impactful outcomes. Participants gain access to a wealth of resources, curated knowledge, and a community of like-minded organisations, empowering them to navigate the volatile business landscape while continuously driving positive change.
