RegulationAccounting StandardsCalls for global standard on carbon reporting grow

Calls for global standard on carbon reporting grow

Accountancy institutes from around the world unite to put pressure on leaders for global carbon standard

The ICAEW, Carbon Disclosure Standards Board, ACCA and CIPFA have joined
forces with other institutes from around the world to urge political leaders to
produce a single carbon reporting standard.

The institutes have written an open letter to the attendees of the Copenhagen
global climate change summit, starting today, to produce a single set of
standards for climate change related disclosures.

Michael Izza, chief executive of the ICAEW said: “We believe that a single
reporting standard for climate change related disclosure related to financial
performance and mainstream financial reports is only the beginning of the
process that will promote the provision of more trusted, accurate and reliable
information to investors and stakeholders enabling them to make better decisions
and drive the scale of behavioural change necessary to achieve a low carbon
economy.”

The unified group believes the government target of reducing carbon by 80% by
2050 (on 1990 levels), cannot be met without a standardised approach to
reporting.

Richard Samans, managing director of the World Economic Forum, said: “The
development of a single set of universal standards on climate change related
disclosure will bring some welcome order to the communication challenges that
inevitably occur as the discipline of climate change reporting evolves.

“The active involvement of the accounting profession is essential to
achieving this standardisation,” he added.

Other signatories include:

American Institute of Certified Public Accountants

Canadian Institute of Chartered Accountants

Chartered Accountants Ireland

CPA Australia

Hong Kong Institute of Certified Public Accountants

Institute of Chartered Accountants in Australia

Institute of Chartered Accountants of Scotland

Japanese Institute of Certified Public Accountants

South African Institute of Chartered Accountants

The Prince’s Accounting for Sustainability Project

Further reading:

Cracks appear in carbon emissions accounting

Standards lobby heads for climate summit

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