Global Report Reveals Alarming Lack of Emissions Plans Among Businesses

As COP 28 Kicks Off, ACCA, IFAC, and PwC Unveil Urgent Need for Climate Transition Strategies

As world leaders convene for COP 28, a joint report by ACCA, IFAC, and PwC sheds light on a concerning trend: 46% of global organizations lack a plan for reducing carbon emissions, with 70% showing no intent to develop one. In India, 20% lack an emissions plan, and 25% of those have no plans to create one, posing a significant challenge to a successful transition to a low-carbon business.

The report emphasizes the pivotal role of CFOs and finance teams in accelerating progress towards emissions reduction. By integrating climate transition priorities into business planning and resource allocation, CFOs can drive sustainability reporting internally and externally. However, the study urges finance teams to enhance skills and expertise to better contribute to the climate transition.

Helen Brand, CEO of ACCA, calls for global action, stating, “This report is a call to action for professional accountants everywhere to play their part in helping their organizations reduce carbon emissions and support the climate transition.”

Sundeep Jakhar, Head of Public Affairs – India, ACCA, underscores the influential role finance can play in emissions planning, emphasizing the need for accountancy and finance professionals to enhance their skillsets with sustainability-related capabilities.

IFAC President Asmaa Resmouki stresses the essential expertise of accounting professionals in combating climate change, emphasizing the importance of improving corporate disclosures on emissions targets and transition plans.

PwC’s David Russell highlights a critical gap in businesses lacking a clear roadmap for meeting emissions targets. He emphasizes the imperative for finance leaders, particularly CFOs, to not only drive change towards sustainability but also build trust in reporting progress towards sustainability goals.

As COP 28 unfolds, the report serves as a call to action for the global finance community to actively contribute to reducing carbon emissions and fostering a sustainable future.