RegulationAccounting StandardsAccountants should own climate initiatives, claims report

Accountants should own climate initiatives, claims report

CIMA releases "Accounting for Climate Change' 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

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