The CFO and the finance function are often ideally placed to take the lead on sustainability accounting because they are numbers-oriented, know the ins and outs of the business, understand how to meet reporting and external requirements, and manage relationships with banks and investors.

By taking an active role in sustainability, they will help organisations adopt more sustainable business practices and advance the sustainability agenda. With some upskilling in sustainability reporting, they will be ready to increase the weight and importance of sustainability information and link it to the P&L in terms of risks and opportunities, cost reduction (carbon emissions, waste management, electricity consumption, etc.), long-term value creation, etc.

There are different roles within the finance function. Depending on the size of your organisation, the roles below may be performed by a limited number of people:

Business analysis / management controlling will use their expertise to measure, analyse and report on the organisation's sustainability performance, helping to ensure that sustainability data is accurate and reliable. As business partners, they provide operational departments with the data and insights to make informed decisions, help monitor risks and capitalise on opportunities.

Accounting is well equipped to integrate sustainability data into financial reporting for accountability purposes. They have a good understanding of business intelligence tools and software migration.

Internal audit relies on in-depth knowledge of business processes and regulatory requirements. They will help identify the economic, social and environmental impacts of the company's activities and assess business risks. They will ensure that processes comply with governance and regulatory requirements, are efficient, known and regularly applied correctly, and that the resulting data is reliable. In smaller organisations, this role may be performed by any function that is not directly involved in collecting or processing the data. Create a checklist of what evidence you will look for to demonstrate that agreed tasks and commitments are being carried out.

Risk management helps organisations identify and manage sustainability-related risks, such as reputational, regulatory and physical risks, by providing advice on how to minimise these risks and prepare for potential challenges.

Professional development and sustainability literacy: In order to provide ongoing and effective support, it is important for finance to stay abreast of sustainability-related issues and trends by participating in continuing education and training opportunities. They also play a key role in promoting sustainability literacy within their organisations and beyond, helping to build a broader understanding of the importance of sustainable business practices.