We recently hosted a discussion group with Daniel Gocher, Director of Climate & Environment at ACCR and Lindsay Soutar, REenergise Campaign Director of Greenpeace Australia.
‘I get that climate change is a problem. What do I do as a CFO or Board Director in my business?’ “How CFO’s can lead their businesses to take advantage of economic opportunities.”
Below are some of the key takeaways that were discussed.
- Electricity accounts for 33% of emissions in Australia
- 75% of electricity in Australia comes from fossil fuels
- 2030 is the deadline for developed countries to exit coal
- 69% of Australians want companies to set goals for 100% renewables.
- Many Australian corporates are committing to 100% for renewables in the near future which will help our pathway to net zero emissions by 2050. There are growing expectations by banks and other stakeholders in this area.
- There is a trend for listed companies to have short-term incentive elements tied to reducing emissions. The way to do this is to have key performance indicators included in the KPI scorecard and tied to remuneration. Boards can drive this. 10% plus will start to be significant.
- There is a growing trend for graduates joining the workforce who don’t want to work with companies where sustainability isn’t aligned to their values. The expectation is that this is going to increase substantially.
- The Task Force for Climate related Financial Disclosures recommend corporations make disclosures on the following:
- Governance
- Strategy
- Risk Management
- Metrics and Targets
- What can CFO’s do to reduce emissions commit to renewables? Become a champion in the business and find others who will support you. Start the conversation. Have set targets. Align Capex. Map a pathway. It’s an opportunity, not a cost.
- The Business Renewable Centre is a great resource for companies looking for help on renewables and emissions reductions.
- Refer also to the “Hero to Zero” report recently released by Greenpeace
At Moir Group, our core belief is that a satisfying job leads to a fulfilling life. Our series of expert-led events throughout the year, are all designed to help you to navigate the jobs market in these challenging times. Find out more on our Learning and Events hub.
If you have any accounting or finance recruitment needs in your team, or you’re looking for a role yourself, we would be delighted to assist. We cover all roles, permanent and temporary, from Assistant Accountant to CFO.