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The chief executives of 10 of the world’s leading accountancy institutes have joined forces to support a new call to action in response to the nature crisis, ahead of the upcoming UN Convention on Biological Diversity (CBD) COP 15.
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Global accounting bodies urge profession-wide commitment to reverse nature crisis
03 March 2022
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10 minute read
Working together as part of the Global Accounting Alliance (GAA), the CEOs are signing the call to action “Nature is Everyone’s Business” to signal the important role the profession plays in this crisis.
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The member bodies of the GAA, collectively represent over 1.4 million accountants and finance professionals in over 180 countries. The call to action involves advocating and supporting the protection and restoration of nature through finance activities and investment decisions made by the business community.
It ties in closely with the expectations of investors and other stakeholders for businesses to focus on environmental, social and governance issues – expectations that will only become stronger in the longer term.
“Accounting for nature and biodiversity is vital if we are to leave a sustainable planet and primary industries for the next generation,” Ainslie van Onselen, CEO, Chartered Accountants Australia and New Zealand said.
“Just as accountants are playing a role in addressing climate change, so too can they help focus business attention on preserving healthy ecosystems.”
The joint statement calls upon professional accountants to act now to reverse the process of nature loss by helping the organisations they work for or with to protect, restore and promote the sustainability of natural resources.
The statement summarises six key actions for professional accountants, including understanding how their organisations and clients impact and rely on nature. Professional accountants can also provide sound advice and services that contribute to an organisation’s positive effect on nature.
“We recognize that our planet is being impacted by a three-fold crisis of a climate emergency, dramatic nature loss and rising social inequality. Addressing these challenges will require integrated thinking as companies reallocate resources, reorient production and reimagine their business models,” the GAA CEOs said in a united statement.
“We all depend on nature, but it is the poorest in the world who are disproportionately affected by its loss and impacted by climate change. Protecting nature must be a key consideration as we collectively move forward.”
At the upcoming UN Convention on Biological Diversity COP15 in April/May 2022, the global accounting bodies said the world has the opportunity to adopt a transformative international agreement on nature, and both businesses and governments must be included.
“There is growing demand for sustainability and conservation,” Jim Knafo, CEO, Global Accounting Alliance said.
“We are at a pivotal moment and the global accounting profession must be part of the solution going forward because nature is everyone’s business.”
As part of their joint statement, the GAA CEOs are committing to working with governments to establish and align coherent policy frameworks that accelerate business action to reverse the process of nature loss; build the profession’s knowledge, understanding and awareness of nature loss; and provide professional accountants with training, support and infrastructure to value and embed nature in decision-making and disclosure.
The CEOs are also supporting the alignment of consistent global regulation and globally accepted disclosure frameworks that integrate nature, people and climate into corporate reporting.
The 10 accounting bodies that have signed the statement are the Chartered Accountants Australia and New Zealand (CA ANZ), Association of International Certified Professional Accountants representing AICPA & CIMA, Chartered Accountants Ireland (CAI), Chartered Professional Accountants of Canada (CPA Canada), Hong Kong Institute of Certified Public Accountants (HKICPA), Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW), The Japanese Institute of Certified Public Accountants (JICPA) and South African Institute of Chartered Accountants (SAICA).
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