Why firms should care about 'green accounting'

By John Mark Respeto

With the increasing visibility and consequences of global warming, the costs related to environmental hazards are growing for companies worldwide. This impact extends across all aspects and operations of an organization, including its accounting practices. As more businesses embrace ESG standards and transition to green accounting, it's important to understand the concept and identify its implications on the accounting profession.

Green accounting means the tracking and evaluation of a company's attempts to protect the environment, reduce its carbon footprint, manage environmental risks, and invest in environmentally responsible ventures. Approaching operations from this perspective can create a stronger and more resilient brand, as well as become a point of differentiation for environmentally minded customers and investors.

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