Acting Prime Minister Viliame Gavoka during the Fiji Institute of Chartered Accountants and the Asia-Pacific Applied Economics Association’s first ever international conference on climate accounting in Suva yesterday.

Businesses need to understand their own carbon emissions, adapt plans, and track progress to identify opportunities to reduce their carbon footprint.

This has been highlighted by Acting Prime Minister Viliame Gavoka during the Fiji Institute of Chartered Accountants and the Asia-Pacific Applied Economics Association’s first ever international conference on climate accounting in Suva yesterday.

Gavoka says for business survival, job prospects, and consumer welfare, we need to be able to measure the effects of climate change and have properly established reporting standards.

“I’m especially glad to see that the focus of climate change moves to more specific policy issues that directly impact the most vulnerable, small and medium enterprises and consumer welfare.”

Gavoka says he is interested in climate accounting because of its role in fostering a sustainable and resilient tourism industry, which ultimately impacts every other sector of the economy.

APAEA president Professor Paresh Narayan says the Asia-Pacific region is at the forefront of climate challenges, and economic perspectives are integral to finding sustainable solutions.

According to Narayan, the two bodies are at the forefront of the crucial conversation about the profound impacts of climate change that necessitate a comprehensive understanding of its financial implications.