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For most organisations, this represents a big step up the sustainability reporting maturity curve. Credible disclosure will require massive investment in systems and capabilities. It will also call for new levels of cross-organisational cooperation, new thinking and new approaches.
For sustainability teams used to ad hoc reporting, the scrutiny on measurement, systems and processes will be a painful shock. For finance teams used to black and white numbers, the difficulty in calculating the quantum of climate impacts or determining their materiality will be exasperating. For both, the scale and pace of change will be hair raising.
The work will be challenging, but also enormously important. Deepening the connections between non-financial and financial information should lead to more nuanced and sophisticated financial reporting. In this sense, the historical changes about to be made to business and accounting may be the most important of our lifetimes.