The dual challenges of climate and economy have led to a unique opportunity to re-build the global markets with systems sympathetic to climate change.

Governments should hence respond to the economic conditions by implementing measures that will encourage environmental investments and a more sustainable approach from business. The trillion dollar bailout of the banking sector clearly proves that governments and businesses around the world can work together quickly to avert disaster…

The new agreement must consist of a shared vision and contain a clear regulatory framework that is valid, ideally until 2030 or 2050. In a position paper entitled the UN Climate Change Conference 2009 (COP 15), ACCA (the Association of Chartered Certified Accountants) – the global accountancy body which has championed sustainability issues in business since 1990 – offers eight recommendations for governments, policy makers and business ahead of the COP15 meeting in December 2009. It namely includes that environmental regulators should work with international accounting standard setters to develop a universally applicable climate change reporting standard for organisations of all sizes. (

According to Roger Acton, ACCA’s Director-Europe, businesses have a massive role to play here in how they communicate their commitment to a low carbon economy. In addition, the European Union Emission Trading Scheme (ETS) must only be linked with systems that are robust, in order to avoid undermining the integrity of the scheme and a global carbon market must be completely measurable and verifiable, with clear requirements for monitoring and reporting as per the Bali Roadmap.

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