Professional Matters
EYE ON THE FUTURE
New initiative focuses on climate change’s
challenges and opportunities BY JACLYN LAW
ARE YOU READY TO ADD “climate change adaptation” to your list of services? As organizations around the world grapple with the growing challenges of climate change — catastrophic weather, supply chain disruptions and shortages of resources — CPA Canada recognizes the profession has a valuable role to play. Whether managing risk, identifying and seizing opportunities or looking for ways to improve a company’s resilience, accountants are uniquely positioned to make a business case for taking action. That’s the idea behind a new strategic
initiative, sponsored by CPA Canada and Natural Resources Canada (NRCan) and managed by the Network for Business Sustainability (NBS). Historically, climate change issues have largely been managed by sustainability or environ-
and professional development opportunities. The first case study was launched in
April, and there will be a steady flow of resources released until December 2015.
Accountants a natural fit CPA Canada’s partnership with NRCan began in early 2014. “For NRCan, it’s a natural extension of work it is doing to address adaptation,” says Maya Fischhoff, knowledge manager at NBS and one of the initiative’s project managers. She says NRCan recognizes the value that accountants bring. It has worked with other professions and saw a need for financial and accounting expertise. Based at the Ivey Business School
at Western University in London, Ont., NBS is a nonprofit organization that bridges the worlds of academia and
right for companies to do, whether or not there are economic payoffs. In contrast, adaptation treats climate change as a business issue, focusing on risk management.
The business case for sustainability Enabling Canadian Chartered Professional Accountants to Adapt to a Changing Climate and Emerging Operating Environment began with stakeholder consultation and an extensive review of academic research and practice-oriented materials from Canada and other countries. The project
Business issues related to climate change are expected to grow as weather extremes become more frequent and intense
ment professionals. But companies also need help to prepare for the burgeoning financial, operational, regulatory and legal challenges. The new initiative, called Enabling
Canadian Chartered Professional Accountants to Adapt to a Changing Climate and Emerging Operating Environment, aims to equip accountants with the right resources. The project will deliver case studies, guidelines for existing competencies
12 | CPA MAGAZINE | JUNE/JULY 2015
business. It produces authoritative resources on sustainability issues to shape management practice and research. “This project, which brings financial
professionals into the adaptation arena, is groundbreaking,” says Fischhoff. In the past, companies have focused on mitigating climate change, mainly by cutting their energy usage or switching to renewable energy. Mitigation is oſten framed as something that’s morally
found a dearth of information about accountants and climate change adaptation. It also found that relatively few Canadian organizations are preparing for climate change. Other barriers to adaptation include
skepticism about climate change science, a lack of data to analyze the costs and benefits of adaptation measures and a lack of long-term planning. “Adaptation is a business issue.
Andrzej Wojcicki/SPL/Getty
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