New ACCA Report Outlines Recommendations for Global Economic Success

With a Focus on the COP15 United Nations Climate Change Conference, the
Association of Chartered Certified Accountants (ACCA) Offers Key Economic
Insights for Governments, Policy Makers and Businesses

NEW YORK, Oct. 5 /PRNewswire/ -- According to a new position paper from the
Association of Chartered Certified Accountants (ACCA), the global body for
professional accountants, global economic instability could lead to a decline
in direct environmental investments and reduce the rigour of future climate
change legislation. The report includes recommendations for governments,
policy makers and businesses ahead of December's Conference of the Parties
(COP15) U.N. Climate Change Conference 2009 in Copenhagen, Denmark.

"The dual challenges of climate and the economy have led to a unique
opportunity to rebuild the global markets with systems sympathetic to climate
change," said Helen Brand, chief executive, ACCA. "The trillion dollar
bailouts of the banking sector prove that governments and businesses around
the world can work together quickly to avert disaster."

ACCA's report recommends that governments should respond to the economic
conditions by implementing measures that will encourage environmental
investments and a more sustainable approach from business.

"Businesses have a massive role to play here in how they communicate their
commitment to a low carbon economy," Brand said. "ACCA champions the extension
of corporate reporting to include the social and environmental aspects of a
business and has launched awards for sustainability reporting in Australia,
New Zealand, Hong Kong, Malaysia, Pakistan, Singapore, South Africa, Sri
Lanka, Canada and the U.S."

The eight recommendations include:

1. A new agreement must consist of a shared vision and contain a clear
regulatory framework that is valid, ideally until 2030 or 2050.
2. Business has a key role to play in tackling climate change; governments
and supranational bodies should take steps to support them by
developing
a portfolio of fiscal instruments designed to internalise
sustainability
impacts in international trade treaties and reviewing the incentives
provided by SME corporate taxation systems to increase the propensity
of
the SME sector to invest in cleaner technology.
3. The level of effort and commitment from developing countries will need
to
reflect their national circumstances, but they too will need to take
action with appropriate support from developed countries, to put
themselves on track to a low carbon economy. Also, for Kyoto's
successor
to succeed, both the US and China have to sign up to it.
4. 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.
5. A global carbon market must be completely measurable and verifiable,
with
clear requirements for monitoring and reporting as per the Bali
Roadmap,
including the production of regular emissions inventories by both
developed and developing countries. An effective compliance system must
be developed to enable transparent and verifiable comparison of the
climate change efforts of the different countries.
6. Governments should continue to urge organisations of all sizes to
produce
appropriately structured carbon reports. Supranational bodies should
recommend public carbon reporting, based on the GRI guidelines.
7. As part of their wider Corporate Social Responsibility (CSR) programme,
environmental regulators should work with international accounting
standard setters to develop a universally applicable climate change
reporting standard for organisations of all sizes.

8. Governments should review the incentives provided by SME corporate
taxation systems to increase the propensity of the SME sector to invest
in cleaner technology and should produce guidance to help SMEs measure
their key environmental and social impacts.

"ACCA is concerned that without a coordinated strategy to tackle the financial
crisis with sustainable efforts, the possibility still exists that stimulus
and recovery packages may lock us into the root causes of climate change,"
Brand said. "If we follow the model of the banking bailout, we can achieve a
sustainable, low-carbon, climate resilient future."

Taking place from December 7-18, 2009, COP15 is a major convening of 192
international governments to discuss international protocol on climate change.

For additional information on ACCA's report, please see:
http://www.accaglobal.com/pubs/about/public_affairs/unit/global_briefings/cop15_aug09.pdf

About ACCA
ACCA is the global body for professional accountants. We aim to offer
business-relevant, first-choice credentials to people around the world who
seek a rewarding career in accountancy, finance and management. Globally, we
support our 131,500 members and 362,000 students throughout their careers,
providing services through a network of 80 offices and centers around the
world, including the US office in New York City.

MEDIA CONTACT:
Andrew Worob
Ruder Finn Public Relations for ACCA
Tel: 212-715-1536/845-304-6521
Email: woroba@ruderfinn.com
Twitter: @Worob

SOURCE ACCA

Andrew Worob, Ruder Finn Public Relations for ACCA, +1-212-715-1536, or
+1-845-304-6521, woroba@ruderfinn.com, Twitter: @Worob