The transition to a low-carbon economy can create new opportunities for employment and stimulate economic growth.
This was highlighted by Minister for Employment, Productivity and Industrial Relations, Agni Deo Singh while officiating at the Asia Pacific Applied Economics Association Inaugural International Conference at the Fiji National University.
Singh said investments in renewable energy, energy-efficient technologies, and sustainable agriculture not only reduces emissions but also generates jobs and boost productivity.
“It follows that if businesses are unable to measure, report and verify climate change – that is, if they ignore climate accounting, this will hurt businesses leading to job losses and decreased productivity.
“It is no secret that climate change is one of the main global challenges facing households and businesses, having a profound impact on employment and productivity prospects, which all are important ingredients for economic and social growth and progress,” said Singh.
“Governments, businesses, civil society, and development partners are recognizing the need for action and are taking significant steps to mitigate and adapt to the challenges posed by climate change.”
“We need to continue to be innovative in how we deal with climate change issues and this Fiji Institute of Chartered Accountants – Asia Pacific Applied Economics Association Conference (FICA – APAEA) takes a step in this direction.”
He further mentioned that at the forefront of the fight and survival from climate change is the accounting of its impact on financial and economic systems or ecosystems.
“Climate accounting cannot be ignored. It is not a trivial aspect of climate change. Climate accounting is part of the business and policy toolkit to measure and monitor progress toward reducing greenhouse gas emissions, achieving energy efficiency, and transitioning to cleaner and more sustainable practices.”
“The climate accounting tools will enable policymakers and businesses to identify and set targets, monitor performance, and be accountable for commitments regarding compliance to climate change.”
“However, climate accounting is not a technical exercise; as much as it is about numbers and data, it is also about consumers and their welfare. It is about their productivity and employment prospects,”
“I believe that climate accounting has the potential to predict the areas where policy action is most needed and where the potential for job creation and productivity gains are optimal.”
