Climate Transition Plan benefits from IFC’s technical assistance
Conclusion of Phase I marks significant achievement in CDB’s journey towards setting the foundations for net zero
Initiative translates CDB’s net zero journey to a science-based approach
Rashika Hennayake 22 July Colombo LNW: Achieving a major milestone in its goal towards achieving net zero, Citizens Development Business Finance PLC (CDB) of Sri Lanka concluded Phase I of its Climate Transition Plan. With technical assistance received from the International Finance Corporation (IFC) and support from the European Union under their ‘Accelerating Climate Smart and Inclusive Infrastructure in South Asia (ACSIIS)’ program, this foundational phase of the Climate Transition Plan is a robust framework that quantifies and manages operational and portfolio emissions.
Deputy CEO of CDB Damith Tennakoon recalls that in April 2024, CDB inked a technical assistance agreement with the International Finance Corporation (IFC) to enhance the Company’s plans for sustainable growth that benefits everyone. “The collaboration planned in three phases, supports us in conducting an emissions baseline analysis towards a net zero strategy, expand our product portfolio to finance sustainable solutions to extreme weather events, and develop a carbon credit aggregation business model aligned with climate commitments.”
He explains that CDB now has a clear actionable framework to manage key levers, including the green asset ratio needed to reduce the GHG intensity, even as CDB’s portfolio grows. “We sincerely appreciate the IFC team for helping us in this journey and taking us forward with greater clarity and confidence in our net zero journey. With the successful conclusion of Phase I, the groundwork has been laid for the next stage of our transformative journey, reinforcing our commitment to sustainability, innovation and national climate objectives.”
This initiative is a key component of CDB’s Sustainability Agenda under the Net Zero pillar, reinforcing its commitment to reducing its carbon footprint and achieving net zero emissions. In alignment with Sri Lanka’s national climate goals, CDB is working towards eliminating emissions across business operations. The comprehensive Climate Transition Plan provides a strategic roadmap grounded in country-driven priorities in Sri Lanka as well as global standards, ensuring that sustainability efforts are both measurable and impactful.
Phase I was supported through a series of in-depth virtual and in-person workshops conducted by IFC, significantly strengthening CDB’s internal technical capabilities. This phase, which encompasses a carbon baseline analysis and the development of a net zero strategy, saw the methodology and the data captured reviewed to estimate the direct and indirect emissions by assets.
