Client Case Study

Sustainable Development

Enabling Climate Change Adaptation

 

Client Profile

The Network for Business Sustainability (NBS) Canada is committed to advancing sustainable business practice. It achieves its mission through fostering collaboration and co-creating knowledge through research and practice. 

Context
NBS began managing a new strategic initiative sponsored by Chartered Professional Accountants Canada  and Natural Resources Canada. Entitled “Enabling Chartered Professional Accountants to Adapt to a Changing Climate and Emerging Operating Environment”, this initiative aimed to strengthen the capacity of accountants and increase the resilience of Canadian businesses and economy to a changing climate.

 

 

 

Opportunity

The research objective was to understand how accountants from organizations in
Canada are assisting with climate change adaptation, and explore the related risks and
opportunities.

Accountants have a key role to play in helping organizations adapt to climate change. They have the competencies to use financial and non-financial tools to quantify impacts on assets and
liabilities from future events, analyze different scenarios, propose a budgeting process, and
communicate an organizations’ efforts. Moreover, they bridge the internal perspective
(managerial accounting function) with the external perspective (corporate reporting function)
thereby making them a central piece of engaging and communicating the efforts of climate
adaptation to investors.

 

Our solution

Our team first collected data around the role of accountants in climate change adaptation and managing related risks and opportunities. Subsequently, we interviewed key stakeholders,

Our team produced a series of reports which presented in-depth case studies on the Co-operators Group Ltd. (operating in the insurance sector with more than $35 billion in assets under administration), Frontiers North Adventures (operating in the tourism sector), and the City of Montreal (municipality). The case studies provided valuable insights on the business impact of climate change, existing adaptation strategies, and the current and future roles of accountants in enabling climate change adaptation,