"Climate change has wide-ranging business, economic and social impacts," says Joy Thomas, president and CEO, CPA Canada. "Driving awareness about the risks and opportunities associated with climate change is a strategic priority for CPA Canada. These initiatives will build upon our legacy of leadership and training in this area and will help promote transparent financial reporting, sound business practices and sustainable economic growth."
"Taking meaningful action to address climate change is a global responsibility," said the Honourable Amarjeet Sohi, Minister of Natural Resources Canada. "Our Government is proud to support CPA Canada in their efforts to equip Canadian business leaders and organizations with the knowledge and skills they need to better account for and report on climate-related risks, and take steps to adapt to climate change."
CPA Canada and NRCan's Climate Change Adaptation Program will invest $725,000 each for training, research and guidance. The two projects being undertaken by CPA Canada will focus on:
CPA Canada's training programs will address the need for increased understanding of the linkage between climate change issues and implications for the private sector. Building capacity and subject matter expertise in this area will enable accountants and business leaders to proactively respond to climate change risks and capitalize on new opportunities.
These two new projects will enhance the portfolio of actionable guidance already developed by CPA Canada to help organizations and CPAs at all levels improve their understanding of the effects of climate change and the implications for strategy, risk and performance. This guidance includes climate change adaptation case studies and briefings, State of Play on Climate-related Disclosures and 20 Questions for boards to ask about climate change.
CPA Canada supports the TCFD recommendations because they can lead to more consistent climate-related financial risk disclosures, greater company resilience, informed decisions by investors, and better evaluation of risks and exposures by lenders, insurers and underwriters.
In 2017, CPA Canada was named Sustainability Champion of the Year by two U.K. publications, The Accountant and International Accounting Bulletin, for its concerted efforts to help organizations integrate environmental and social issues into strategic planning and financial decision-making.