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Picture this scenario: A real estate developer wins a bid to convert a large swath of forested land into a housing project. On the surface, this seems like a win-win. The housing shortage gets addressed, jobs are created, and the economy gets a boost. But beneath this apparent victory lies a cost: the chirping birds, the rustling leaves, and the communities intertwined with this land’s history are at risk of vanishing. These environmental and social costs often go unnoticed. As accountants, we can put a spotlight on these hidden costs through the practice of green accounting.

The year 2024 has arrived, and perhaps most of us already have new year’s resolutions. Yet with all our desires to become better people, is becoming sustainable a part of it?

We often hear these reassuring words when we go through the end of a journey. However, you can also attribute these words to the concept of Circular Economy. These words are also somehow similar to what Antonine de Lavoiser, the great chemist and mathematician in the 18th century, noted in his experiments, “Nothing is lost, nothing is created, everything is transformed” – it suggests that nothing is lost thus should undergo a transformation to be continually repurposed and reintegrated into the economy.

Environmental, Social, and Governance (ESG) principles have emerged as a transformative force in the business world since it was introduced several years ago, pushing companies to consider broader impacts beyond financial returns. It aims to create a sustainable and equitable future by addressing environmental issues, social responsibilities, and governance practices.

Are you familiar or at least aware of the Philippine Action Plan for Sustainable Consumption and Production (PAP4SCP)? Taking off from our first article on Extended Producer Responsibility (EPR) Act of 2022 (the EPR Act) last week, let us deep dive into the EPR Act and see how it aligns with PAP4SCP.

“I have the duty to hope.” These are the words of Ms. Nanette Medved-Po, founder of Plastic Credit Exchange (PCX), when asked what keeps her inspired and enlightened to continue the fight against plastic pollution during her interview with the veteran CNN broadcast journalist, Mr. Rico Hizon.

On top of a myriad of factors that can disrupt business operations, including a changing business environment and economic uncertainties that stir global financial markets, businesses are now increasingly concerned about how they can help address environmental issues, and for good reason. The effects of climate change are more apparent, with a study released by the UN’s World Meteorological Organization (WMO) showing that in 2021, greenhouse gases, the primary cause of climate change because they trap heat within the atmosphere, spiked to hit new record levels. They warn that these levels will continue to rise through 2022.

These days, it is an accepted fact that the burden of reversing the climate crisis lies largely on the shoulders of governments and corporations. After all, research shows that less than 100 companies are responsible, whether directly or indirectly, for majority of carbon emissions throughout history. Thus, companies have been under scrutiny to ramp up their sustainability initiatives. The recent Grant Thornton International Business Report (IBR) even saw that 42% of the surveyed Philippine mid-market firms are ready and likely to invest in sustainability reporting and initiatives.