Carbon emissions have been a matter of global concern, and calls for concerted efforts to mitigate the menace are increasing by the day.
The latest to make such a call is Makers and Partners (MAP), a chartered accountancy firm which has underscored the need for stakeholders, particularly businesses to work towards reducing their carbon emissions for sustainable growth and climate risk mitigation.
Partner at MAP, Wildred Neneh Addico, noted that Green House Gasses (GHG) emissions and their impact on climate have become a pressing global concern, prompting nations to adopt sustainable practices and innovative solutions to mitigate climate risks such as the warming of the earth and its associated consequences like severe draught, rising of sea water levels and destructive flooding.
He mentioned that implementing Environmental, Social and Governance (ESG) practices would ensure that individuals, organisations and communities carry out their operations being mindful of the negative impact of their activities on the environment.
ESG is a set of standards that checks how the operations of companies impact the environment, how the employees are treated, and how the companies uphold corporate governance.
Mr Addico was speaking at a professional networking event for Institute of Chartered Accountant, Ghana (ICAG) Chartered Professional Diploma Program, an initiative that aims at deepening the knowledge and competencies of members in specialized areas.
The 5-week intensive training programme touched on courses including; IT Audit; ESG, Advance Business Analytics, IFRS, and IPSAS. Mr Addico, a participant of the ESG training program, stated that MAP is building capacity as a firm to provide consultancy services in ESG and Carbon Trading.
“We have signed a Memorandum of Understanding (MoU) with Ecoveda Climate LLP, an Environmental Management System and Carbon Developers and Trading company based in India, to help MAP build capacity to take up large projects and consultancy in ESG and Carbon Trading in Ghana and Africa”.
He said among its objectives was also to support businesses in engaging their key stakeholders, including investors, customers, employees, communities, and regulators, on ESG matters.
He said MAP is poised to assist businesses to develop their ESG strategy, integrate same into their operations, report and make appropriate disclosures which meets international standards like Global Reporting Initiatives (GRI), UN Global Compact (UNGC) Principles and Carbon Disclosure Project (CDP) to identify, assess, and manage their ESG related risks that could impact their reputation, financial performance, and operating license.
Mr Addico touched on ESG reporting and disclosures, saying, “there are standards that guide companies to be mindful of the environment as they undertake their operations.
He further explained that the Ghana Stock Exchange have issued ESG guidelines for listed companies to comply with, as such, once these companies embark on the journey to comply, they need to report and make disclosure, and this where MAP is building capacity to assist with ESG and Carbon practices and reporting to meet evolving regulatory requirements and investor expectations.
A partner at Resource Alliance, Akua Amoah-Boateng, also noted that the ICAG Professional Diploma program on ESG highlighted how all stakeholders could support in making the environment a healthy place, not just the environment but how companies can work to support members of the organisation.
She said much effort was needed to be able to meet the requirements, saying “there are a number of risks we would like to mitigate, and we need to incorporate these actions in our day-to-day lives”.