ACCA unveils five-point climate plan for accountants on Earth Day

ACCA is celebrating Earth Day 2024 with a new five-point plan for accountants that will help in solving issues such as climate change, social inequality, and a widespread lack of trust.

According to ACCA, it is not just down to governments and large organisations to solve the biggest problems facing our planet today. 

It stated that as individuals, each of us also has an “important role to play,” and to help make an impact. The five-point plan includes.

• Drive the sustainability agenda: A survey by ACCA, IFAC and PwC, published in November 2023, found that almost half of senior professional accountants globally (46%) admit that their organisation has yet to produce a plan for reducing its carbon emissions.Additionally, nearly 70% of those without an emissions plan say their organisation has no intention of developing one. ACCA said how you drive the sustainability agenda within your own organisation is likely to depend on the nature of the organisation, as well as your own role within it. Nevertheless, you should have many opportunities to enhance the sustainability performance of your organisation during your daily work. For example, using connected sustainability and financial information you could build a ‘value case’ for investment that supports your colleagues to develop sustainable products and services.
• Understand the benefits of AI adoption: The ways in which AI can be used to positive societal effect include increasing the accuracy of cancer diagnoses, identifying patterns and links between crimes, and improving the efficiency of energy systems. There are also a host of powerful business use cases for AI, from automating basic customer service transactions to monitoring risk and boosting cyber resilience.
• Promote the importance of good ethics: The 2024 Edelman Trust Barometer found that just 60% of people trust businesses to make sure that innovations are safe, understood and accessible, with that percentage falling to 54% for NGOs and 50% for governments. So, it is “more important than ever” that accountants provide authentic and reliable financial and non-financial information that organisations can rely on.
• Advance an inclusive workspace culture: Accountants can help to advance an inclusive workplace culture within their organisation by recruiting from a diverse talent pool, in every sense – including age, ethnicity, gender, neurodiversity, sexual orientation and socio-economic background. In addition to recruitment, it’s also important to factor DE&I into promotion and retention strategies and to think about how accountants practise inclusivity in their day-to-day interactions – for example, by ensuring that everyone in the team has an opportunity to speak in a meeting and actively welcoming new ideas.
• Develop a continuous workspace mindset: In light of today’s rapid rate of change, it is essential to develop a continuous learning mindset – a mindset where you are always ready to learn new things and prepared to adapt to changing circumstances. As well as gaining additional credentials and qualifications, you can nurture this mindset by seeking out mentors and new professional experiences. Also, think about your ideal career trajectory, which skills will take you to where you need to go, and how you can develop those skills.

ACCA introduced the new five-point plan following its new research, ‘Accounting for a Better World’, which highlights seven core priorities for the profession as it heads into the future.

These priorities include building resilient economies, driving sustainable business models, strengthening ethics and trust, and developing the talent of tomorrow.

Nasir Ahmad FCCA, CIMB group chairman and ACCA council member, said: “If all accountants learn what they are capable of doing and apply it to creating sustainable businesses and economies, then they can make a real difference. If they use their ethics, responsibility, and knowledge, they can save the world.”