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spans, in order to filter
out the information that is
material to investors, and
that is evidence-based and of
sufficient quality to dismiss
claims of greenwashing.
However, being equipped with the right education and
skills shall help the profession address the impacts of what a) Sustainability Reporting: India and the Middle
companies report, empowering them with the knowledge East can collaborate on improving sustainability
and expertise needed. It all starts with education. reporting standards and frameworks to provide
KEY AREAS TO EXPLORE consistent, comparable, and reliable data
b) Green Financing: India and the Middle East can
Amidst the aforementioned ongoing development, it collaborate on green financing initiatives to promote
is imperative for us, as accountants, to develop skills, sustainable projects and practices, including solar
which should include but not be limited to the following:
and wind energy, to reduce their carbon footprint
a) Understanding that sustainability reporting is and promote sustainable practices
broader than financial accounting, especially in
the appreciation of the related risks c) Carbon Credits: Setting up unified platforms to
exchange and explore the universe of carbon credits
b) Professional accountants understand the flow
of information and data related to financial d) Education and Training: Finance professionals need
reporting. What may be new to practitioners to be educated and trained on sustainability issues
is understanding energy flows and emission and how to integrate them into their work. This will
sources. Some of the metrics, KPIs, measurement help them make informed decisions that take into
techniques, or estimation approaches involved in account sustainability risks and opportunities
sustainability reporting are also likely to be new to TO SUM IT UP
accountants, particularly in relation to measures Finance professionals need to embrace this change
of physical outputs - such as pollution, waste and ensure that their work is transparent in terms
and emissions-, and forward-looking statements, of sustainability reporting, and integration of ESG
such as on strategic resilience, and a much higher factors into decision-making processes, and should
number of estimations and judgments. educate themselves on sustainability issues.
c) Develop new approaches to working with experts AI can help improve the accuracy and efficiency of
from other field sustainability reporting and analysis. Collaboration
d) ESG Investing, Accounting and Auditing international players, such as India and the Middle
East can promote sustainable practices and projects,
e) Carbon Pricing and Accounting: Carbon pricing
is a mechanism that puts a price on carbon including renewable energy and green financing.
emissions. It is gaining traction as a way to All said and done, now is the time, the accountants
incentivize companies to reduce their carbon need to look within and think beyond the profits
footprint. and enforce greener bottom lines. This will help us,
as finance professionals, to navigate the challenges
f) AI Integration: AI is being integrated into and seize the opportunities of the transition to a
sustainability reporting and analysis to improve sustainable profession and a sustainable economy.
the accuracy and efficiency of data gathering
and analysis. Those, who question the necessity of sustainability
HARNESSING THE POTENTIAL OF COLLABORATION skill sets for us as Chartered Accountants, should
BETWEEN INTERNATIONAL PLAYERS consider that “It is better to be a warrior in a garden,
than a gardener in a war.”
Professionals in the region should emphasize
exploring collaborative opportunities in the field of: Rest the choice is ours, as Sustainability is not only a
moral imperative, it’s also a financial one.

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