Transforming into a green economy: Here are some thoughts regarding the open digital infrastructure that must be established for data to flow seamlessly, much like water in a shower. Please let me know what your thoughts are. Here we go!
Redefining the Sustainability Data Ecosystem for the Future:
The global statutory discourse around sustainability is intensifying, with an increased focus on the vital role of data in driving sustainable practices and informed investment decision-making. However, a significant gap exists in the attention given to the open data infrastructure, which is crucial for supporting the evolving digital sustainability statutory reporting requirements worldwide.
My first contribution to thIMA's new discussion forum is to highlight this critical aspect, emphasizing the need for digital interoperability in data collection, exchange, validation, and consumption.
Investigating the Root of the Problem:
Despite substantial investments by some companies to integrate data, the fundamental issues related to sustainability and carbon-related statutory reporting persist. The fragmented regulatory environment, characterized by multiple standards and diverse data models, remains a significant barrier.
This isn't just about businesses. The UN Global Stocktake, instrumental to the Paris Agreement, assesses the global efforts towards the agreement's goals. This vital process necessitates auditable and easily accessible climate-related data.
Addressing these issues is crucial for stakeholders to navigate the reporting landscape effectively.
Conclusion
Transforming into a green economy requires a globally agreed-upon foundation of reliable, timely, and discoverable data. This transformation necessitates a digital plumbing infrastructure underpinned by open digital standards.
To delve deeper into the challenges and opportunities presented by this transformation, I recommend reading the IMA paper titled "A Digital Transformation Brief: Business Reporting in the Fourth Industrial Revolution."
Link: https://www.imanet.org/research-publications/white-paper/a-digital-transformation-brief-business-reporting-in-the-fourth-industrial-revolution
I also invite you to engage in a thoughtful discussion on the role of Management Accountants in this new green swan environment, exploring ways to navigate and contribute to this crucial transition in this new IMA forum.
Thanks for your attention!
#ESGReporting#Governance/Controls#Talent/Community#Academia#Connect#Leadership------------------------------
Liv Watson
Director/Manager
Charlotte NC
United States
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