New report from
IFAC and ICAC highlights the accounting profession’s role in unlocking climate finance
and supporting the region’s energy transition
NEW YORK - In partnership with the
Institute of Chartered Accountants of the Caribbean (ICAC), the International
Financial Reporting Standards (IFAC) released a timely report emphasizing the
critical role of the accountancy profession in accelerating climate resilience
and energy transformation across the Caribbean.
Launched at ICAC’s 42nd Annual Caribbean
Conference of Accountants, Navigating the Energy Transition in the Caribbean: The
Accountancy Profession Enabling Climate Resilience outlines how professional accountants can
help address the urgent climate challenges facing the region by advancing
decarburization efforts and enabling access to climate-aligned investment.
“The accountancy profession plays an essential
role in the Caribbean with climate transition. The profession brings its
expertise and skills with governance, strategic planning, and risk assessments
to allow better decisions to be made,” said IFAC Chief Executive Officer Lee
White. “As part of the change at IFAC and how it operates, I am very focused on
alignment of activities by IFAC and regional bodies of our global profession,
and I am pleased to partner with ICAC on this report.”
Climate Challenges Demand Professional Action
The Caribbean is on the front lines of climate
change. Increasingly frequent extreme weather events and rising sea levels pose
significant threats to long-term economic growth, infrastructure, and
prosperity. Additionally, Caribbean nations rank among the world’s most
energy-insecure, with many heavily dependent on imported fossil fuels.
Transitioning to a low-carbon,
climate-resilient future will require an estimated $5–7 billion in upfront
investment. Without adequate support and investment, the region risks being
locked into high energy costs and missing out on the long-term benefits of
clean energy and resilient infrastructure.
A Roadmap for Collective Impact
The report serves as both a call to action and
a practical roadmap for the profession, offering case studies and
recommendations for embedding climate considerations into business, accounting,
and reporting practices. It encourages collaboration among accountants,
governments, financial institutions, and development partners to align regional
priorities with global climate goals.
“By strengthening, connecting and uniting the
accountancy profession in the Caribbean, we enable our 12 member organizations
and affiliates across the region to promote regional integration, knowledge
sharing and peer learning to strengthen progress on the climate transition,”
said ICAC Chief Executive Officer David Simpson. "This report highlights
the key areas in which the accountancy profession and professional accountants
in the region can influence transformation to achieve a climate and energy
transition for the Caribbean.”
Access the report: Navigating the Energy Transition in the Caribbean: The
Accountancy Profession Enabling Climate Resilience.
www.ifac.org