The Association of Chartered Certified Accountants (ACCA) conducted a global study Climate Action and the Accountancy Profession: Building a Sustainable Future among 3,000 representatives of the public and private sectors, large and small organizations. Only 15% said that their organizations have set targets to achieve net zero greenhouse gas emissions by 2050. 38% said that the companies they work for are ready to invest much more in addressing climate change over the next three to five years.
The gap between the good intentions of organizations and the need for swift actions to combat climate change is a key finding of the study.
ACCA report findings:
- 23% of companies integrate climate KPIs (key performance indicators) in their business strategy and/or risk framework;
- 29% believe that climate change considerations play a significant role in financial decisions- making in their organization;
- 48% mentioned physical climate impacts, such as changing weather patterns, extreme heat or flooding;
- 52% believe climate change regulation – in the form of carbon pricing or new reporting requirements – will impact their company over the next five years;
- 73% consider it important that their future career involves taking actions on climate change;
- 75% are in favor of finance teams supporting their organizations to tackle climate change.
Barriers to overcome: climate action is not viewed by companies as the responsibility of the finance team (54%), lack of commercial incentive around climate action (36%), lack of support from leadership (32%), poor data to work with (28%) and lack of professional skills in this area (23%).