The Chartered Professional Accountants of Canada (CPA Canada) has agreed to a funding agreement of $1.4m over two years with the Natural Resources Canada (NRCan).

This agreement aims to help Canadian business leaders recognise and anticipate the emerging impacts of climate change and to help their organisations respond effectively to the increased demand for enhanced climate-related disclosure.

CPA Canada’s president and CEO Joy Thomas said: “Climate change has a wide-ranging business, economic and social impacts. Driving awareness about the risks and opportunities associated with climate change is a strategic priority for CPA Canada.

“These initiatives will build upon leadership and training in this area and will help promote transparent financial reporting, sound business practises and sustainable economic growth.”

The Climate Change Adaptation Program by CPA Canada and NRCan will see both bodies invest $725,000 each for training, research and guidance.

CPA Canada will undergo two projects primarily focussed on: ‘climate change training’ and ‘climate change disclosure & decision making – research & best practise guidance’.

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Climate change training is based around three training programmes which will build capacity within the private sector, targeting audiences such as boards of directors, executives and CPA’s working in business and professional services.

Climate change disclosure & decision making – research & best practise guidance entails providing research and outreach with companies and investors to develop best practise guidance for the implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

The purpose of the training is to build capacity and subject matter expertise in this area, ultimately this enables accountants and business leaders to proactively respond to climate change risks and capital.

NRCan’s minister Amarjeet Sohi said: “Taking meaningful action to address climate change is a global responsibility. Our government is proud to support CPA Canada in their efforts to equip Canadian business leaders and organisation with the knowledge and skills they need to better account for and report on climate related risks, and take steps to adapt climate change.”

By Mishelle Thurai