At COP28, four leading global bodies have called for concerted action to ensure sustainability reporting can help provide better information for those driving climate action across the business world.
They underlined the potential and importance of a global approach to sustainability reporting standards in enabling decision-making, as well to channel more equitable investment.
With the introduction of international sustainability standards from the ISSB – coming into effect in 2024 providing a widely supported reporting baseline – global bodies called for a focus on achieving adoption across the world through the development of skills, capacity and the sharing of knowledge.
Panellists at Sustainability disclosures driving climate action representing ACCA (the Association of Chartered Certified Accountants), the International Organization of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC) and the International Sustainability Standards Board (ISSB) highlighted the importance of this approach in meeting the demands of capital markets.
The event also heard of the importance of:
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.
At the event in the ICC Pavilion in the Blue Zone on Monday 4 December, Helen Brand, Chief Executive, ACCA, said ‘Consistent and comparable sustainability reporting will drive change and unlock new opportunities not only for businesses, but for the investor community and other stakeholders.
‘The accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, to help create a better, more sustainable world.’
The accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, to help create a better, more sustainable world.’
Since 2019, IFAC has been working diligently to advocate for international sustainability standards, including calling for the formation of the ISSB. Asmaa Resmouki, President of IFAC, said: ‘On behalf of my colleagues at IFAC, we are delighted to be able to leverage our significant convening power to bring together the most important stakeholders – including especially the global accountancy profession – to help drive demonstrable climate action.
‘We will continue our support of the development, adoption and implementation of the ISSB’s standards by professional accountants globally, and we welcome the role and responsibility that professional accountants have in this endeavour.’
Participation in COP28 is part of a broader effort from the global accountancy profession to engage with the United Nations. IFAC is an official observer organization to the United Nations Framework Convention on Climate Change (UNFCCC).
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About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.
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