Nature loss poses mounting risks to global businesses and economies, which cannot be ignored. Business as usual is not an option, yet few companies and finance institutions are prepared. 

The Global Accounting Alliance (GAA) – an international coalition of 10 leading accountancy bodies, including ICAEW – recognises the key role that accounting professionals can play in equipping the businesses they advise and lead for this challenge.

In the run up to the 2022 UN Biodiversity Conference (COP15), the GAA made a series of commitments to support governments, regulators and the profession to protect, restore and move to more sustainable use of natural resources. Two years on and the GAA has published a report taking stock of the progress that has been made, showcasing examples from across the GAA’s global network. 

The report, Nature is Everyone’s Business: The GAA’s Progress and Pathway to 2030, also sets out actions that GAA members will take to help further accelerate collective progress, in line with the 2030 nature targets set out in the Global Biodiversity Framework (GBF).

ICAEW has taken a leading role in driving this initiative for the GAA, Chief Executive Alan Vallance says: “The timing of this report could not be more significant. As efforts to transition our economies on to a more sustainable footing, it’s vital that nature recovery is part of the transition – one that is net zero, nature positive and leaves no one behind. ICAEW remains proudly committed to equipping our members with the skills and knowledge to be part of the solution.”

Commitments for change

With nature loss now joining climate as a pressing issue for governments, businesses and the financial sector, the GAA is playing a leading role in mobilising the accounting profession to meet these challenges. In 2022, the GAA members committed to:

1. Working with governments to establish and align coherent policy frameworks that accelerate business action to reverse the process of nature loss. 
2. Building members’ knowledge, understanding and awareness of nature loss.
3. Providing members with the training, support and infrastructure to value and embed nature in decision-making and disclosure. 
4. Supporting the alignment of consistent global regulation and globally accepted disclosure frameworks that integrate nature, people and climate into corporate reporting

In the report, the GAA details activities that the 10 member bodies have undertaken in support of these commitments.

For example, ICAEW has engaged with government agencies, businesses and other stakeholders on the alignment of UK policy processes with nature recovery goals, including through its membership of the UK’s Transition Planning Taskforce (TPT) Nature Working Group (NWG). As part of this work, the NWG issued an advisory paper The Future for Nature in Transition Planning, outlining the case for integration of nature into transition planning frameworks and making recommendations to policymakers.

ICAEW has also continued to develop nature-related education and training materials to help finance professionals embed nature in their work and practices. These include its Sustainability Certificate offering practical knowledge and skills to integrate sustainability issues into risk management, decision-making and reporting. 

More recently, in 2024, ICAEW joined a consortium of 10 partners to launch A-Track, a four-year, European-Commission-funded €11m project that will consolidate and develop support for public and private decision-makers to help accelerate the integration of nature in business, finance and policy.

Looking to 2030

Alongside reflecting on what has already been achieved, the report also sets out key actions that the GAA will take to further accelerate progress to 2030.

These actions consider relevant wider trends affecting the profession – such as the growing market trend towards transparency, reporting and regulation on nature-related issues – and what these potentially mean for the GAA’s work moving forward.

The ambition is that the pathway to 2030 outlined in the report will help to galvanise further action by the profession, including by the GAA and its member bodies.

Priority areas include continuing to advocate for effective policy in the public interest, in line with the goals and targets in the GBF – for example, through supporting governments in mainstreaming nature into economic and fiscal policy, planning, accounting and reporting.

The GAA will also continue to engage standard-setting bodies and regulators to help establish the consistent, robust and globally accepted reporting baseline needed – for example, through advocating for and supporting the integration of nature into the ISSB’s global sustainability disclosure standards.

GAA member bodies will also continue to provide practical support, infrastructure and effective incentives to build the professional competencies and skills of members on nature, for example.

The release of the report comes at a critical time, coinciding with the Global Nature Positive Summit in Sydney, Australia, and just weeks before the upcoming COP16 meeting in Colombia, where the world’s governments will gather again to review progress against GBF goals and ramp up implementation efforts.

Toby Roxburgh, Nature and Biodiversity Manager at ICAEW and lead author of the report, says: “Nature loss is fast becoming a key consideration for professional accountants, alongside climate change. This report reminds us of what we need to do as professional bodies, so our members are equipped to help their own organisations and clients respond – for example, integrating nature into risk management, strategy, finance and reporting – and act as advocates for an economy-wide shift towards a more sustainable, resilient future”.

Next steps

In response to the growing expectation for accountants to factor nature-related considerations into their professional work and help resolve the nature crisis, the GAA will also be launching a ‘Starter Guide to Nature for Accountants.’

This guide will provide professional accountants with practical tools and guidance, helping them understand why nature matters to the profession and how to begin embedding nature into decision-making processes.

Vallance adds: “We are united with the other GAA member bodies in making further progress against our nature commitments. We have a professional responsibility to ensure that businesses operate in a way that supports both sustainable economic growth and the protection of our natural world."