Australian accounting bodies join net-zero emissions target

Launched on Wednesday through a Prince of Wales Accounting for Sustainability initiative, CPA Australia and Chartered Accountants Australia and New Zealand (CA ANZ) have pledged to achieve net-zero greenhouse gas emissions within their respective organisations and to provide sound advice to governments to transition to a net-zero emissions economy.

CPA Australia chief executive Andrew Hunter said that the accounting profession plays a vital and “privileged” position in the global economy.

“As trusted advisers, we’re privy to deep business insights about sustainability risks and opportunities,” Mr Hunter said.

“This knowledge creates an obligation to use our skills to protect our environmental heritage. CPA Australia is a global organisation in a global profession and we’re proud to be part of the global response to climate change.”

CA ANZ chief executive Ainslie van Onselen added that the COVID-19 pandemic is proof that businesses and global economies can still be significantly impacted by non-financial risks.

“Climate change is a non-financial risk that is no longer an issue on the horizon, it’s here and now,” Ms van Onselen said.

“CA ANZ is committed to equipping members to meet these new challenges. As customers and investors increasingly consider sustainability in their decision-making, the accounting profession is well placed to support a just transition.”

The move comes less than a month out from the UN Climate Change Conference (COP26) taking place in Glasgow. On Tuesday, fund manager Australian Ethical called on Prime Minister Scott Morrison to attend with a net-zero pledge.

“It’s time to end our national embarrassment when it comes to climate action and support for the fossil fuel industry,” Australian Ethical CEO and managing director John McMurdo said.

“Scott Morrison must attend COP26 in person. He must make the net-zero pledge for Australia. And he must also reveal his so-called ‘plan’ for reaching net zero, which he has alluded to so often in the media.”

Mr Morrison is yet to confirm if he will attend the conference set to commence from 31 October.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.