Supporting the global profession
This research from ACCA, IFAC and PwC underlines organisations’ urgent need for strategies and transition plans to combat climate change, remain successful and meet stakeholder expectations
Based on a survey of 1,000 senior finance professionals around the world, this research reveals that almost half of respondents (46%) have yet to produce a plan for reducing their carbon emissions.
Alarmingly, nearly 70% of those respondents without an emissions plan say they currently have no intention of developing one. This is a significant problem given that successful transition planning to a low carbon business starts with the development of a robust emissions plan.
The report also says that involving CFOs and finance teams in the emissions reduction planning is likely to accelerate progress. They should embrace this because, although they may not always be the ‘owner’ of the sustainability agenda, CFOs can embed climate transition priorities into business planning and resource allocation, and enable high-quality sustainability reporting internally and externally.
The research recommends that finance teams need to develop the right skills and expertise in this area. For CFOs themselves, balancing the short-term operational priorities of the finance team whilst simultaneously upskilling and equipping the team to support the wider organisation’s net zero initiatives longer term must now be a critical imperative.
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Supporting the global profession
"This report is a call to action for professional accountants everywhere to play their part in helping their organisations to reduce their carbon emissions and support the climate transition."
Helen Brand, chief executive, ACCA
"The expertise of accounting and finance professionals in combatting climate change is absolutely essential if we are to make the progress the planet so desperately needs."
Asmaa Resmouki, president of IFAC
"It's imperative for finance leaders not just to drive the change towards sustainability but also to build trust in the reporting of progress towards sustainability goals. CFOs can play a pivotal role in integrating environmental considerations into strategy, planning and reporting - ensuring that businesses not only contribute positively to the climate agenda but also adapt and thrive in a rapidly changing economic landscape."
David Russell, finance transformation leader, PwC