Accountants should own climate initiatives, claims report

CIMA has called on accountants from around the world to take ownership of climate change initiatives as they will ultimately be held accountable for achieving reduction targets.

The institute warned that without commitment from finance professional to mitigate climate change, organisation risk damaging their competitive edge through running up higher costs.

The CIMA report 'Accounting for Climate Change' stresses accountants are " critical" to ensuring sustainability strategies are properly embedded in businesses.

Charles Tilly, chief executive at CIMA, said: "Organisations around the world must ensure their finance professionals are at the heart of climate change initiatives if they are to be successful."

The results showed one in five respondents felt environmental issues are not on their organisations agenda with just over half saying their organisation do not see environmental issues as a strategic priority.

The report surveyed 900 accountants and corporate social responsibility professionals from around the world.

CIMA's research found significant cost savings were made in companies which teamed up its finance and CSR departments.

At the Copenhagen Climate Change Summit taking place this week various institutes and professional bodies are calling for a universal standard on accounting for carbon.

The institute signed a letter by Accounting for Sustainability, a Prince of Wales initiative, calling for a single set of universally accepted standards for measuring, reporting on and monitoring greenhouse gases around the world.

Further reading:

Cracks appear in carbon emissions accounting

Calls for global standard on carbon reporting grow