Firms in Singapore need to produce plans for reducing their carbon emissions, according to a report from ACCA, IFAC and PwC.
The report—based on a survey of 1,000 senior finance professionals around the world—reveals that 19% of respondents in Singapore have yet to produce plans for reducing their carbon emissions.
In addition, 45% of those respondents without an emissions plan say they currently have no intention of developing one, survey results indicated.Â
This compares with global figures of 46% of respondents who have yet to prepare an emissions plan and 70% of those say they currently have no intention of developing one, PwC said.
Throughout the Asia Pacific region these response rates are similar: 47% of respondents have yet to produce an emissions reduction plan, and 69% of those say they currently have no intention of developing one, the firm added.
To accelerate progress, the three organisations urged companies to involve CFOs and finance teams in in emissions reduction planning.
What can CFOs and finance teams do?
CFOs and their teams should embrace this because, although they may not always be the ‘owner’ of the sustainability agenda, CFOs can embed climate transition priorities into business planning and resource allocation, and enable high-quality sustainability reporting internally and externally, the report said.
The report also recommends that finance teams need to develop the right skills and expertise to continue increasing their contribution to a climate transition.
For CFOs, balancing the short-term operational priorities of the finance team while simultaneously upskilling and equipping the team to support the wider organisation’s net zero initiatives longer term must now be a critical imperative, the three organisations advised.Â
