On the 8th of February 2017, EU and global stakeholders discussed the vital next steps to further embed natural capital and social considerations in business decision making during ACCA’s President Debate in Brussels.
The aim of this edition, called “Accounting for Public Goods: the Social and Natural Capital Imperatives” was to bring together policymakers, investors, land managers, businesses, natural capital specialists and accountancy professionals to discuss how accounting can help integrate the values and services of nature into economic decision making, and how can it support businesses to make more sustainable choices.
As ACCA and CECCAR have had a longstanding cooperation in professional development and the improvement of accounting practices and values the President of the Romanian accounting body, Professor Robert Aurelian Șova, PhD, was also present at this high profile event.
The debate confirmed that the world is facing sustainability issues on a global scale. Biodiversity loss and ecosystem collapse is ranked as a highly likely risk with high impact in the 2017 World Economic Forum’s Global Risks Report. Natural capital accounting should help better manage these risks.
The keynote speech was given by Phil Hogan, EU Commissioner Agriculture and Rural Development who said: “It is always very nice to talk about public goods, but it is worth asking what exactly this means? How can we measure their value and how can we all contribute to their provisions? ACCA has addressed these essential questions in his paper on Accounting for Natural Capital and the accountancy profession: applying traditional skills to new thinking and practice. I am convinced that accountancy can contribute to attaching a value to Natural Capital.”
Other speakers at ACCA’s President’s debate included: Corrado Pirzio-Biroli, CEO of the RISE Foundation, Eva Mayerhofer, Lead Environment and Biodiversity Specialist, European Investment Bank, Michel Bande, Senior Executive Vice-President, Solvay, Humberto Delgado Rosa, Director, Natural Capital, DG ENVI, European Commission.
Summing up the leading idea of this event, Brian McEnery, ACCA President, noted: “Part of the answer to addressing our natural capital crisis lies with the accountants. Not only can members of our profession help to develop solutions, but perhaps it is time for us to embed their concrete application and to assume the responsibility of accounting for business’ use of natural capital.”
The second President’s Debate of 2017 will be held in Dublin in June 2017.
