RegulationAccounting StandardsPrince Charles urges profession to protect the environment

Prince Charles urges profession to protect the environment

The Prince of Wales calls for accountants to avoid a carbon crunch

HRH the Prince of Wales told today’s Accounting for Sustainability forum that
accountants must help find ways to quantify the cost of carbon, and that the
environment must not be sidelined during the economic downturn, as an
environmental disaster cannot be reversed.

Prince Charles explained that although the turmoil in the financial markets
had not been felt since the 1929 crash, the environment unlike financial
capital, could not be
replaced.

‘Environmental systems are more complex and less understood than the global

financial systems. By the time the problem is understood and addressed it will

be too late’ he said.

He asked accountants to take the lead and stressed that the quantifying of
carbon for businesses could not take place without their help.

He said: ‘It is the responsibility of accountants to provide the right tools
to businesses so that the right decision can be made’.

‘Accountants are good at analysing data, quantifying that data and using that
information’ adding that it is also the responsibility of accountants in regards
to the environment to show the best financial approach and shouldn’t disregard
this responsibility in the economic downturn.

The sustainability initiative was set up by Prince Charles in 2004 to help
companies quantify environmental costs in their financial reporting.

The event was attended by various members of the main market. The speech was
followed by a forum in which companies such as HSBC, BT, BP and all six
institutes including the ICAEW and CIMA, talked through ways that the companies
could develop the framework set out in the accounting for sustainability
programme, as well as the pros and cons of the original principle.

In regards to the economic climate, Prince Charles said that the credit
crunch and sustainaibility go ‘hand in hand’ and that in future bankers and
those in the financial services industry will need to understand the
sustainability repercussions of their lending.

He ended his statement by saying: ‘New solutions often can and do present
themselves in times of economic crisis’.

Further reading:

Prince
Charles’ green report out tomorrow

Related Articles

AAT approved as apprentice assessment organisation

Accounting Standards AAT approved as apprentice assessment organisation

9m Accountancy Age editorial
PwC CEE strikes partnership with LSBF

Accounting Firms PwC CEE strikes partnership with LSBF

9m Accountancy Age editorial
Treasury Select Committee report released on Making Tax Digital

Accounting Standards Treasury Select Committee report released on Making Tax Digital

9m Stephanie Wix, Writer
New Year Honours of 2017

Accounting Standards New Year Honours of 2017

10m Stephanie Wix, Writer
Accountants need to prepare for 50 public sector forces, outlines ACCA report

Accounting Firms Accountants need to prepare for 50 public sector forces, outlines ACCA report

10m Stephanie Wix, Writer
ACCA launches Education Global Forum

Accounting Standards ACCA launches Education Global Forum

9m Stephanie Wix, Writer
Settlement reached between Margaret May and CIMA

Accounting Standards Settlement reached between Margaret May and CIMA

9m Stephanie Wix, Writer
ACCA and Morison KSi sign global MOU

Accounting Standards ACCA and Morison KSi sign global MOU

9m Stephanie Wix, Writer