Accounting institutes including the Chartered Institute of Management Accountants (CIMA) and Institute of Chartered Accountants in England and Wales (ICAEW) have united with the Prince's Accounting for Sustainability Project and the Climate Disclosure Standards Board in an attempt to make a global carbon standard.
In total 12 accounting bodies joined together to write a letter to political leaders that were going to be at the United Nations Climate Change Conference
(COP15).
The purpose of the letter was to make the political leaders aware of the institutes' beliefs that a single carbon standard would allow an 80 per cent reduction in greenhouse gas emissions by 2050.
Richard Samans, managing director, World Economic Forum, said that a single set of universal standards on climate change will bring some "welcome order to the communications challenges that inevitably occur as a discipline of climate change reporting".
Chief executive at CIMA Charles Tilley agrees that the political leaders at the summit need to agree on a "clear set of targets".
Members of the United Nations Framework Convention on Climate Change will be discussing matters relating to climate change at the COP15 summit in Copenhagen, which will run between December 7th and December 18th.
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