As a carbon-trading economy gathers steam in the United States, the accounting industry is expected to profit handsomely, according to a New York Times article.
With companies having to tally their emissions, offsets and tax-related issues, accountants will step in to provide guidance, oversight and third-party auditing. Additional services in carbon footprint accounting, emissions disclosure services and abatement strategy consulting will add to the bonanza.
In particular, the so-called Big Four of accounting — Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers — are expected to reap a windfall, because of their existing exposure to carbon accounting in the European market.
The article notes that those four companies are currently moving key personnel from European and other worldwide offices to New York City, to help set up new offices to take advantage of business changes that might come along with U.S. climate legislation.
Recently, 16 global accounting body members have signed on to the Prince of Wales’ Accounting for Sustainability Forum, affirming the forum’s five guiding principles, which are to: influence and inform, lead by example, drive thought leadership, collaborate through the Forum, and incorporate accounting for sustainability within training and professional education.