【文章內(nèi)容簡介】 atethe pace of learning and change if we are to have a chance of a future we might want. Buttodayamp。39。s financial system does not actively reward longterm thinking, as we have been hearing,nor does it recognize the dependency of our economic success on the health and stability ofour munities and of the natural environment, all too often regarded as an irrelevantdistraction.
　　Now, I suspect it is only too obvious that I am not any sort of financial or business expert, butit occurred to me some 15 years ago that many of the traditional tools and techniques forfinance and accounting amp。ndash。 particularly for sustainability amp。ndash。 that word which is much used amp。ndash。 wereno longer fit for purpose. And this leads to suboptimal decisionmaking by panies,governments and investors. That is why, after an initial conversation with the thenComptroller and AuditorGeneral of the National Audit Office, I set up my Accounting forSustainability Project over ten years ago, with its CFO and Accounting Bodies LeadershipNetworks, and why, Ladies and Gentlemen, through the Cambridge Institute for SustainabilityLeadership, I launched ClimateWise for the insurance sector, the Banking EnvironmentInitiative and the Investment Leaders Group amp。ndash。 all designed to work with the research, financeand accounting munity to support a fundamental shift towards business models thatdrive a sustainable economy.
　　I know that for many finance professionals, “。sustainability”。 is a term that immediately suggeststhe kinds of measures that frustrate robust decisionmaking and the maximization of too often, sustainability is seen as a “。nicetohave”。, with no requirement for a seat at theboardroom table. This really is I would have thought, a very shortsighted and outdated view!More and more leading businesses are recognizing that addressing environmental and socialissues systematically is not only necessary, but delivers improved mercial returns. Thebottom line is that sustainable business equals good business. Many of the panies that myinitiatives work with amp。ndash。 for instance, organizations such as Unilever, Adidas, Royal DSM and theCrown Estate amp。ndash。 are proving this everyday with projects that deliver strong mercial andsustainability returns, and with innovative tools and techniques used for decisionmaking,from capital expenditure appraisals to managing risk. And investors who are integratingenvironmental, social and governance issues into their decisionmaking are starting to seesimilar results. Indeed, a literature review missioned by Cambridgeamp。39。s Investment LeadersGroup found a number of studies that deliver robust, causal evidence in favour of the case forresponsible investment. It found that environmental and social factors appear to add value notjust through lower firmlevel risk, but also through lower cost of capital.
　　For wha