These initiatives and cooperation between the different standard-setting bodies and frameworks are encouraging and demonstrate that sustainability has become a mainstream issue. While it may take some time to fully realize the ultimate vision of global sustainability standards, stakeholders (investors, customers and governments) are demanding organisations step up their sustainability systems thinking and business reporting now.
Organisations cannot wait, they must begin to develop a more holistic understanding of risks and opportunities that includes anticipating and mitigating the impact of climate risk, and reporting on those risks and impacts. The accounting profession cannot wait either. With our unique skill set for measuring, reporting and providing assurance on meaningful information, we have a vital role to play in pushing forward on this path towards a global comprehensive reporting system.
