Dubai, UAE: ACCA is at COP29 Azerbaijan with key partners working to emphasise the importance of the adoption of sustainability reporting standards.
In a series of meetings and panel discussions, ACCA (the Association of Chartered Certified Accountants) is raising awareness of how adoption of sustainability disclosures is driving investment in sustainable businesses and the net zero transition, and the urgent need for this to speed up and become universal.
It is also highlighting the pressing need for more professional skills capacity in sustainability. The skillset of the accountancy profession is broadening to embrace sustainable business, finance and reporting, and ACCA is working to spread these skills as widely as possible.
At the same time ACCA is ensuring that delegates to the UN Climate Conference are aware of the vital role that small and medium sized businesses (SMEs) have in ensuring that business moves to Net Zero.
Vikas Aggarwal, Regional Head of Public Affairs for Europe, Eurasia, Middle East and the Americas, ACCA, said: ‘It’s crucial that SMEs – the backbone of supply chains and economies across the world – aren’t forgotten in the journey to Net Zero. But they face huge challenges, including accessing sustainable finance and a lack of the professional skills needed to adopt sustainable business models.’
ACCA has led the accountancy profession in taking action on climate change including sharing best practice; creating knowledge hubs; working with partners across the globe; building world-leading education and learning opportunities and providing guidance and toolkits on sustainability reporting. For instance in September it launched a new Professional Diploma in Sustainability.
“In the GCC region, SMEs account for approximately 90% of total businesses and contribute significantly to GDP in countries like the UAE and Saudi Arabia. This highlights the critical role these businesses play in economic development and their potential to drive sustainability,” Kush Ahuja, Head of Eurasia and Middle East at ACCA comments. “At ACCA, we recognise that equipping these businesses with sustainability skills is not just beneficial, it’s essential for long-term resilience and economic growth. Through initiatives like our Professional Diploma in Sustainability, we’re empowering professionals to drive change and support the region’s ambitious sustainability goals.”
At COP16 – the UN Biodiversity Conference which took place earlier in November – ACCA launched Empowering business: navigating nature-related reporting, calling on accountants to get to grips with the concepts, principles, challenges and opportunities of nature-related reporting.
As COP29 opened, ACCA published Weathering the storm: building resilience against climate disruptions which outlined how unprepared businesses are for climate-related disasters and as the conference draws to a close ACCA is set to release Sustainability guide to preparation: telling a connected story.
Vikas Aggarwal, said: ‘Financial professionals are in no doubt that huge investment is needed in clean energy and sustainable business. Part of ACCA’s role is to explain and amplify that message to business and government.
‘That is why we were so pleased to be part of the discussion at COP29 Azerbaijan set up by the Global Capacity Building Coalition of which ACCA is a supporter member. Over the week it has been highlighted how resilience will be key, as explored in our new report, Weathering the storm. A focus on skills development is crucial; we’ll continue to work urgently to play our part because the critical need is to take action.’
About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our ambition is to lead the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.
Find out more at: www.accaglobal.com
