Chartered Professional Accountants of Canada backs COP28 deal

A professional organization representing 210,000 members has come out in support of the COP28 climate deal reached in Dubai.In a press release, the Toronto-based Chartered Professional Accountants of Canada applauded the agreement reached by 200 nations in attendance. The organization’s only wish was that the UN goals were backed up with more concrete plans.“The historic deal struck at the COP28 climate conference includes a commitment from nearly 200 countries to begin reducing consumption of fossil fuels – but notably lacks a clear sense of measurable actions to get there,” wrote CPA Canada.“COP28 President Sultan Al Jaber celebrated the agreement but cautioned that the world must take the steps necessary to turn the agreement into tangible action —and this is why the role of global sustainability standards is more vital than ever.”The text of the COP28 agreement calls for a “transition away” from planet-warming fossil fuels, tripling renewable energy development and doubling energy efficiency.Environment Minister Steven Guilbeault pledged Canadian participation in a new cap-and-trade system by 2026, as the government committed to a rollback of allowable emissions.In total, 100,446 delegates attended the Middle Eastern event, including 3,074 doing so virtually, while the other 97,372 delegates travelled from around the world to argue for lower emissions.CPA Canada was among the organizations in attendance for what it called "constructive dialogue about how global sustainability standards could help form the basis for actionable, measurable, comparable and immediate action — driven by the global business community."CPA Canada president and CEO Pamela Steer was among those who flew more than 11,000 km to attend. “We believe that the global business community can play a meaningful role in actioning commitments made at COP28,” said Steer.“We are encouraged by the constructive conversations we had with other business leaders in attendance at COP about how sustainable finance and global sustainability standards can advance progress and change.”According to the release, CPA Canada is a capacity-building partner with the International Sustainability Standards Board (ISSB) supporting the widespread use and adoption of its standards framework. The premise of the ISSB is to enable the global business community to disclose comparable material information on exposure to sustainability and climate-related risks and opportunities.“Progress is being made in countries around the world, including Canada, toward making widespread adoption of these game-changing standards a reality,” the CPA explained.In a previous release on November 22, James Richardson, CPA Canada’s principal in charge of government relations, said accountants must join the effort.“With the focus turning to measuring progress and holding countries and industries accountable, the value of the accounting profession will play a crucial role.”CPA Canada's chief economist also complained about lackluster worldwide efforts prior to the event.“We’re not doing enough,” says David-Alexandre Brassard.“We’re on track for a global temperature rise of 2.6°C by 2100, which does not align with the Paris Agreement. It highlights the importance of action.”