TORONTO, Sept. 18, 2018 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) today announced a funding agreement of $1.45 million over two years with Natural Resources Canada (NRCan) to help Canadian business leaders recognize and anticipate the emerging financial impacts of climate change and to help their organizations better respond to the increasing demand for enhanced climate-related disclosure.
"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:
- Climate Change Training: Three training programs to build capacity within the private sector. Target audiences include Boards of Directors, Executives, and CPAs working in business and professional services.
- Climate Change Disclosure & Decision-Making – Research & Best Practice Guidance: Research & outreach with companies and investors to develop best practice guidance for implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
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.
About CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) is one of the largest national accounting organizations in the world, representing more than 210,000 members. Domestically, CPA Canada works cooperatively with the provincial and territorial CPA bodies who are charged with regulating the profession. Globally, it works together with the International Federation of Accountants and the Global Accounting Alliance to build a stronger accounting profession worldwide. CPA Canada, created through the unification of three legacy accounting designations, is a respected voice in the business, government, education and non-profit sectors and champions sustainable economic growth and social development. The unified organization is celebrating five years of serving the profession, advocating for the public interest and supporting the setting of accounting, auditing and assurance standards. CPA Canada develops leading-edge thought leadership, research, guidance and educational programs to ensure its members are equipped to drive success and shape the future. cpacanada.ca
SOURCE CPA Canada
For further information: please contact: Alida Flannery, Issues & Stakeholder Communications Manager, Chartered Professional Accountants of Canada, Tel. : 416-204-3951, Cell: 647-285-5218, Email: [email protected]; Vanessa Adams, Press Secretary, Office of the Minister of Natural Resources, Tel. : 343-292-6811, Email: [email protected]