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New ICAEW film urges private sector to play leading role in climate action

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New ICAEW film urges private sector to play leading role in climate action

Climate change is a defining issue of our time and has a growing impact on the African continent

LAGOS, Nigeria, October 12, 2021 / APO Group / –

ICAEW (Institute of Chartered Accountants of England and Wales) (www.ICAEW.com) hosted a special screening of their new climate action film “Our Planet: Our Company” in Nigeria. The film, based on the Netflix narrated by David Attenborough series “Our Planet”, encourages private companies to play a leading role in the fight against environmental collapse.

Moderated by ICAEW Contact Member for Nigeria, Sanyade Okoli and opened by ICAEW Council Member for Africa, Ede Dafinone, the session explored what the global business community can do to help to face the global environmental crisis.

Following the screening of the film, ICAEW members also got information from ICAEW sustainability director Richard Spencer. He highlighted the risks of climate change for businesses across the African continent, and how businesses can minimize the impact they have on the planet. According to the African Center for Climate Policy, GDP in Africa is expected to suffer significantly due to the increase in global temperature.

Spencer stressed that the climate emergency is the greatest risk of modern times and urged accounting professionals to act now too and play their part in saving the planet. He challenged business leaders to fully recognize the essential link between nature and business prosperity and the leading role the private sector must play in tackling the threat of climate change.

Speakers underscored the importance of including sustainability reports in financial statements and said corporate reports should cover key sustainability issues for businesses. Information included in sustainability reports should also be prepared to the same high standards as financial performance questions and reports. They agreed that these reports should be an integral part of a company’s performance and accountability in today’s world.

Michael Armstrong, ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “Many countries have established laws and formal government structures to address their serious environmental problems. , but few have yet succeeded in alleviating these problems. Chartered Accountants in Africa must work together to guide governments and policy makers to regulate businesses by putting in place standards that encourage progress towards a sustainable world. If these standards are in place and made mandatory to follow, companies will be forced to apply them and change their approach. “

Ede Dafinone, ICAEW Africa Council member added: “Climate change is a defining issue of our time and has a growing impact on the African continent. It contributes to food insecurity, population displacement and stress on our water resources, which will increase threats to socio-economic development in Africa. Acting now will be essential to realizing the vision of just and sustainable prosperity of the United Nations Sustainable Development Goals. There has to be real change, and that starts with assessing what we’re already doing – the only viable future is where companies innovate to demand less of our world. For this reason, it is important that companies begin to view sustainability as a business imperative. “

ICAEW sustainability experts have called on companies to reassess how they affect the environment both negatively and positively, and to ensure that they implement policies to educate their staff on how the company contributes socially and ecologically. They agreed that the transition to zero carbon is the best way for companies to contribute to climate change and sustainability efforts around the world.

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