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 resili-ence 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 Resili-ence 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 transi-tion. 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 align-ment 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 weath-er events and rising sea levels pose significant threats to long-term economic growth, infra-structure, and prosperity. Additionally, Caribbean nations rank among the world’s most en-ergy-insecure, with many heavily dependent on imported fossil fuels.
Transitioning to a low-carbon, climate-resilient future will require an estimated $5–7 bil-lion in upfront investment. Without adequate support and investment, the region risks be-ing 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, offer-ing case studies and recommendations for embedding climate considerations into business, accounting, and reporting practices. It encourages collaboration among accountants, gov-ernments, 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 tran-sition,” 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.
Source: www.ifac.org