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The Profession

News in brief: CPA Canada invites feedback on new sustainable finance report

Latest guide publishes with plan for valuation and climate change; Canada tops Innovation Investment index; and other news from the accounting profession

Businesspeople discussing document at conference tableReaching a net zero economy will take a multi-stakeholder approach requiring all Canadians and economic sectors to act (Getty Images/Maskot)


To help Canada chart its path toward a net zero economy, CPA Canada is encouraging key players and stakeholders to provide feedback on its latest publication, Consultation Report on the Canadian Energy Sector’s Transition to Net Zero. 

The report is a compilation of insights from key players in the nation’s oil and gas sector collected during virtual panels, interviews and roundtables hosted by CPA Canada and the Canadian Chapter of the Accounting for Sustainability (A4S) CFO Leadership Network. Canada has an opportunity to be a leader in the global low-carbon transition by fostering innovation, de-carbonizing its energy sector and exporting innovative decarbonizing solutions for the global transition to net-zero. This approach will take a multi-stakeholder collaboration and engagement to meet the goals of the Paris Agreement and require all Canadians and economic sectors to act.   

Those interested can participate by emailing feedback to [email protected] by April 23, 2021, with the subject line: “The Canadian Energy Sector.” The insights collated will be included in the final report, which will address the gaps identified in moving from the current to the desired narrative along with actionable recommendations. 


CPA Canada, in partnership with The Prince of Wales’s Accounting for Sustainability Project (A4S), has developed a first-of-its-kind five-step framework that enables investment and valuation communities to apply climate change risks and opportunities consistently to their valuations and decision-making. 

Led by the Ontario Teachers’ Pension Plan, The A4S Essential Guide to Valuations and Climate Change is complemented with four case studies and an Excel-based workbook and offers practical advice on performing a valuation analysis and documenting the assessment. Contributing members to this guide include Ontario Teachers’ Pension Plan, New Zealand Superannuation Fund, OMERS, Brookfield Asset Management, Caisse de Dépôt et Placement du Québec, Chartered Business Valuators Institute and CPA Canada.

“Until now, the general approach to considering climate change in valuations has been primarily qualitative in nature,” says Charles-Antoine St-Jean, president and CEO, CPA Canada. “The Essential Guide to Valuations and Climate Change, on the other hand, enables valuators to quantify the impact of climate change on business valuations, providing a more robust, accurate and holistic indication of the true impact of climate change risks and opportunities.”


Canada has taken first place out of 18 countries on the Innovation Investment Index, in a report by which scores the world’s most powerful economies.

Earning 45.5 out of 60 points, Canada registered as the nation with the most support to keep business thriving, backed by government spending. The ranking is based on the amount of money put aside for business grants, the number of startups and total businesses in the country.

In Canada, 52.6 per cent of businesses are startups and the government offered 413 new business grants, which helped the country take the top spot. The United States came in second place with a score of 44. The United Kingdom took third place with a score of 39.5. 


CPA Canada hosted a free online event in March for international members on emerging expectations that businesses face around climate-related risks and opportunities. 

In total, more than 170 CPAs from 11 countries, participated in the event.

The session “Exploring the Environmental, Social and Governance (ESG) Disclosure Landscape and Reporting” discussed how investors look for greater clarity on how climate change is being handled within a business. 

“Professional accountants can assist in identifying the most relevant issues and their potential impact on performance and prospects from an ESG perspective,” said Tashia Batstone, senior vice-president, external relations and business development, CPA Canada.

The webinar was led by Emily G. Dick-Forde, FCPA, FCMA and advisory council member with CPA Canada’s Trinidad and Tobago Chapter, who holds a PhD in Accounting (Corporate Social and Environmental Reporting). During the talk, she detailed ESG disclosure and spoke to the United Nations Sustainable Development Goals and green financing.


From April 14-16, XBRL International is hosting a free virtual conference, Data Amplified Virtual, for regulators, standard setters, accountants and financial professionals to learn about new technologies and processes that are impacting how business information is reported and used.

The three-day conference will host five plenary sessions and 15 breakout sessions. Hear from leaders in digital reporting and finance, such as Alain Deckers from the European Commission; Wes Bricker, vice-chair, U.S. and Mexico Assurance at PricewaterhouseCoopers; Stephan Wolf, CEO of Global Legal Entity Identifier Foundation and other experts on data, reporting and standards. 

A full agenda can be found online, along with registration information.