{"id":47381,"date":"2019-12-30T10:57:57","date_gmt":"2019-12-30T10:57:57","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=47381"},"modified":"2019-12-30T10:57:57","modified_gmt":"2019-12-30T10:57:57","slug":"business-has-to-change-its-accounting-for-the-climate-crisis-and-mark-carney-needs-to-go-further-than-hes-suggesting-is-necessary","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2019\/12\/30\/business-has-to-change-its-accounting-for-the-climate-crisis-and-mark-carney-needs-to-go-further-than-hes-suggesting-is-necessary\/","title":{"rendered":"Business has to change its accounting for the climate crisis and Mark Carney needs to go further than he&#8217;s suggesting is necessary"},"content":{"rendered":"<p>I'm working on <a href=\"https:\/\/www.djoef-forlag.dk\/openaccess\/samf\/samfdocs\/2019\/2019_4\/Samf_11_4_2019.pdf\" target=\"_blank\" rel=\"noopener\">sustainable cost accounting<\/a> in 2020. Or sustainable cost reporting as it might be renamed, as I realise that means it becomes SCORE. And asking what your SCORE is can be quite useful in an accounting context.<\/p>\n<p>It will not be all I am doing, by a long way. But it will be important because the climate crisis is, and so far the response from business is inadequate. Mark Carney says so this morning, and he would be right even if his Task Force on Climate-related Financial Disclosures recommendations were adopted, because my reading suggests that they are based on some pretty poor greenhouse gas disclosure standards.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cA question for every company, every financial institution, every asset manager, pension fund or insurer: what\u2019s your plan?&quot;<\/p>\n<p>The outgoing head of the Bank of England Mark Carney says companies are not moving fast enough on tackling climate change <a href=\"https:\/\/twitter.com\/hashtag\/r4Today?src=hash&amp;ref_src=twsrc%5Etfw\">#r4Today<\/a> <a href=\"https:\/\/t.co\/EbkcfGTU8N\">https:\/\/t.co\/EbkcfGTU8N<\/a> <a href=\"https:\/\/t.co\/rGIFuU5KLC\">pic.twitter.com\/rGIFuU5KLC<\/a><\/p>\n<p>&mdash; BBC Radio 4 Today (@BBCr4today) <a href=\"https:\/\/twitter.com\/BBCr4today\/status\/1211565401886404608?ref_src=twsrc%5Etfw\">December 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>There is a mass to do then. But Carney is right on some things: as <a href=\"https:\/\/www.ft.com\/content\/f67833ba-2ad7-11ea-bc77-65e4aa615551\" target=\"_blank\" rel=\"noopener\">the FT notes<\/a>\u00a0about his interview:<\/p>\n<blockquote><p>Companies could see many of their assets become worthless if they do not act swiftly enough on climate change, the outgoing head of the Bank of England has said.<\/p><\/blockquote>\n<p>And:<\/p>\n<blockquote><p>The financial sector \u201cis not moving fast enough\u201d to curb investment in fossil fuels, central bank governor Mark Carney said on BBC Radio 4\u2019s Today programme.<\/p><\/blockquote>\n<p>Adding:<\/p>\n<blockquote><p>\u201cWhat we can\u2019t have is a financial sector that ignores the problem and all of a sudden it has to deal with it,\u201d he said. The value of some of the companies\u2019 assets could plummet if they did not act more quickly.<\/p><\/blockquote>\n<p>I believe sustainable cost accounting is a tool to tackle that issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m working on sustainable cost accounting in 2020. Or sustainable cost reporting as it might be renamed, as I realise that means it becomes SCORE.<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2019\/12\/30\/business-has-to-change-its-accounting-for-the-climate-crisis-and-mark-carney-needs-to-go-further-than-hes-suggesting-is-necessary\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,26,176,108,74,178],"tags":[],"class_list":["post-47381","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-accounting","category-corporate-accountability-network","category-environment","category-green-new-deal","category-sustainable-cost-accounting"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/47381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=47381"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/47381\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=47381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=47381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=47381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}