Commenting on the launch of HM Treasury’s Green Finance Strategy to increase investment in sustainable projects and infrastructure, ensure the UK remains an international leader in decarbonisation, and meets its 2050 net zero carbon emissions target, ICAEW Chief Executive, Michael Izza said: “The climate emergency represents the greatest risk of modern times. The Green Finance Strategy has our full support and highlights the fundamental role that finance professionals can play in leading our way out of this crisis and securing a greener future for us all.

“Businesses are already feeling the effects of climate change with extreme weather patterns, for example, having resulted in the downgrading of credit ratings and even bankruptcy for some companies. We can no longer bury our heads in the sand. Businesses must adapt to meet the climate crisis by driving towards net zero carbon and developing new industries and products.

“ICAEW is leading action on climate-related issues across the accountancy profession by raising awareness amongst our members, as well as developing ways to measure and report on value creation beyond the financials.

“We recently launched a joint initiative with Deloitte to help businesses learn more about the effects of climate change and are closely involved in Chapter Zero: The Directors’ Climate Forum to increase boardroom understanding of the risks and opportunities presented by climate change. We look forward to working with the UK government, other regulators and business to further advance progress in this important area.”