Rear view of business man standing between the changing environment. Concept of climate change.

CPA Canada announced a funding partnership with the federal government to equip Canadian business leaders with the knowledge and tools to recognize and anticipate the emerging financial impacts of climate change (Photo by leolintang/Shutterstock)

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New funding agreement will create programs to help companies address financial impacts of climate change

CPA Canada and NRCan will invest $725,000 each for training, research and guidance over two years

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CPA Canada announced a funding partnership with the federal government to equip Canadian business leaders with the knowledge and tools to recognize and anticipate the emerging financial impacts of climate change and to help their organizations better respond to the increasing demand for enhanced climate-related disclosure.

The two-year agreement with Natural Resources Canada (NRCan) will see each party invest $725,000 for training, research and guidance. CPA Canada will focus on two projects in particular:

Climate Change Training

This will involve three programs to build professional capacity within the private sector. Target audiences include boards of directors, executives and CPAs working in business and professional services.

Disclosure and Decision-Making – Research and Best Practice Guidance

CPA Canada will conduct research and outreach with companies and investors to develop best practice guidance for implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

“Climate change has wide-ranging business, economic and social impacts,” says Joy Thomas, president and CEO, CPA Canada. “Driving awareness about the risks and opportunities associated with climate change is a strategic priority for CPA Canada. These initiatives will build upon our legacy of leadership and training in this area and will help promote transparent financial reporting, sound business practices and sustainable economic growth.” 

CPA Canada continues to grow its portfolio of climate change resources, understanding that this is an issue that raises a range of financial and operational challenges for businesses. A previous initiative with NRCan focused on the roles for professional accountants in climate change adaptation, as the analytical and strategic expertise of CPAs are crucial attributes that can positively contribute to this discussion.

Climate change is also one of many issues being considered for its potential impact on the accounting profession itself as we continue planning for the future with the CPA Canada Foresight: Reimagining the Profession project, which invites members to join in a digital discussion.

FOR MORE

Check out CPA Canada’s overview of the TCFD recommendations to learn more about its importance as well as our study of climate-related disclosures by Canadian public companies. For board members, the 20 questions briefing can help in overseeing organizational risk management, business strategy and performance.