Climate action and the accountancy profession: building a sustainable future (ACCA)

Business Opportunities
April 5, 2022

This is a Thought Leadership article on the role the accountancy profession has to play in climate action from PrimeGlobal's strategic partner, ACCA.

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The accountancy profession has a critical role to play in climate action, both to lead long-term value creation within sustainable economies, and to champion responsible practices in the public interest. Belatedly, but with increasing urgency, organisations are finally starting to grasp the scale of the climate emergency that our world is facing. The time to act is now. Organisations need to put accountancy and finance professionals at the heart of climate action strategy and implementation.

Next steps for accountancy and finance professionals

  1. Get executive level buy-in and for climate risks to be on board agenda.
  2. Play a lead role in supporting boards and executive leadership in net zero transition plans, including 2030 targets.
  3. Place climate risk, environmental, social and governance (ESG) and net zero at the heart of organisational strategy; expand strategic considerations beyond financial returns and competitive advantage.
  4. Take a holistic approach to decision making by integrating ESG, climate KPIs and risk considerations, and play a lead role in identifying and sourcing what constitutes ‘decision relevant’ data.
  5. Ensure that financial and non-financial reporting are connected and integrated within a clear narrative.
  6. Foster integrity and trust in sustainability-related information by leveraging robust, transparent, and trustworthy methods of assurance; and to minimise greenwashing.
  7. Expand understanding of ‘in-scope’ issues to get involved with, and increase awareness and education.

Call to action to governments

  1. Set intermittent targets for the end of each decade leading up to 2050.
  2. Help with practical guidance and support, particularly for SMEs, including via local and regional authorities.
  3. Create knowledge hubs for sharing best practice.
  4. Work together across borders to tackle a global issue.

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