Well, it really is a great pleasure to be here this afternoon, and thanks for giving me another reason to come back to Islamabad. It is always a pleasure to be here and a real honor to be part of this wonderful occasion, as I was in the inaugural session in 2017. So, esteemed guests, delegates, it really is great to be able to share a few words with you on crafting a sustainable climate future. A theme we think is so well chosen, and it's especially well chosen for this audience in this location at this time, for three big reasons. One, Pakistan does face unique dangers from climate change. Two, the prospects for the future are gloomy unless and until we turn the tide on climate disaster. And three, from a sunnier point of view, everyone in this room has the power to do something about it. First of all, no one here really needs any reminders about the reality of climate crisis in Pakistan. I know that there was an especially cruel emergency in 2022 when a third of the country disappeared under flood waters. Even in an age when such tragedies are unfortunately daily features of news bulletins the world over, the scenes were shocking, and the UN Secretary General Antonio Guterres described it as a monsoon on steroids. Now, it's a cruel trick of geography and history that Pakistan suffers so sorely from the deadly consequences of climate change while itself producing less than 1% of the world's temperature-raising greenhouse gases. And to my second point, which is that climate change remains the greatest threat to a sustainable future. Overwhelmingly, it's the biggest risk any business with any ambition to thrive or even survive through to the middle of this century and beyond faces. Again, a room full of Pakistani leaders doesn't need a full seminar on this issue, but the World Bank does estimate that extreme climate-related events and environmental degradation could reduce Pakistan's GDP by 18 to 20% by 2050. But to my third point, and it's a more optimistic point, that we do have it in our power to act decisively and positively to these perils. We have it in our power to protect our businesses, our communities, and the future of our families. When we talk about environmental threats, about how we avoid despair and look forward with hope, there's a phrase we use frequently at ACCA, and it's this: No one can do everything, but everyone can do something. For ACCA and for ACCA members, this means advocating for new ways of doing business that measure success differently. It means changing the way we keep score, changing how we judge success, changing how we define value so that the impacts on people and planet matter just as much as profit and loss. This includes how we report results. The first ever recognizable, independently audited financial report in the history of modern business was published in 1903. It recorded the results of the mighty US Steel Corporation, and it included little more than a summary of costs, sales, and profit. It was designed to reassure investors that the company was providing healthy cash return for their capital. It provided a limited template which, in essence, every business copied for the next century and more. But it really is no longer adequate. It doesn't meet the needs of our time. And it's why ACCA was an early champion and remains a very strong supporter of the integrated reporting movement, where organizations hold themselves accountable across a range of metrics that extend far beyond the financial to include environmental impacts, records on diversity, equity, inclusion, social contribution, and governance. But as we discuss these issues, as we contemplate wholesale change which alters the face of business for generations to come, we do this as practical people. We're realists, not dreamers. All of us owe a responsibility as leaders to so many people who rely on us to get the big decisions right, to do what is best for our organizations, for our employees, for our fellow citizens, for our business partners, and our shareholders. But there is no conflict between concern for climate and commercial consideration. And this is a point that I made in an event for business leaders in Karachi just a few days ago: that it is important for us to recognize that sustainability and climate safety is a business question just as much as it is a moral or ethical one. Although, of course, it's all three of those combined. In a world of climate uncertainty, as well as growing economic unfairness, supply chain disruptions, and growing scarcity of essential resources and services such as water, food, and health care, changing how we do business isn't just an option. It's not a nice-to-have. Respecting and promoting a healthy environment is an essential quality for every business in a time when citizens, regulators, and governments everywhere increasingly demand stricter standards on sustainability. So it's deeply pragmatic. And this brings me to an important point about the ways in which business leaders and professional accountants can step up and make their best contribution, because it comes down to an issue that essentially shapes all business decisions. It's about risk. It's about how businesses protect their reputations as responsible corporate citizens so that people will continue to invest in them, trade with them, work for them. And that brings me to the specific areas which go to the heart of our theme today. They are global sustainability reporting standards and, closely linked to those, sustainability investment. The success or failure of internationally agreed actions on how we measure results, including environmental impacts, couldn't be more important than now. It will decide whether businesses, even our economic models, thrive or die in the years to come. At ACCA, a key part of our work in this arena is about supporting disclosure standards set by the ISSB, the International Sustainability Standards Board. These are crucial because we know that the only road to a sustainable future runs through globally accepted standards that are transparent, trusted, and supported everywhere. It's the only mechanism we have to ensure that investors and governments, regulators, and consumers can find accurate, reliable, relevant information they need when deciding who to support and who to trade with. The biggest threat to a sustainable future is lack of information, misinformation, and greenwashing. International standards should drive out bad actors with verified and authoritative facts and data. ACCA has supported the move towards worldwide standards on sustainability reporting for many years, and this is a major element in our advocacy work and our partnerships with governments around the world. And I'm thrilled that its idea has found its time in Pakistan and that the Securities and Exchange Commission has announced a staged adoption of ISSB standards. The only way we achieve real progress is if everyone—public, governments, investors—can gain that clear sight of how businesses and organizations are performing against metrics which are easy to understand and universal. It's the only way the best performers can earn their reward in the marketplace, and how poorer performers can receive what we might call a timely corrective. It also provides reassurance for investors that their capital is supporting truly viable businesses which really do display credible long-term and sincere commitment to the values of sustainable business. I'd like to close with a few words on ACCA's most recent activities on the climate agenda, especially the calls to action contained in our report, Weathering the Storm: Building Resilience Against Climate Disruptions, which is based on consultation with leaders all around the world, of course, including here in Pakistan. It sounded an alarm that only 20% of businesses and organizations are prepared for climate-related disasters. It warned that the survival of businesses rests on their willingness and ability to assess climate risks and act on them. It also describes how CFOs and finance teams are key players in bringing that resilience and foresight, as the professionals who possess the necessary intuition, training, and 360-degree view of an organization's activity. Finally, it's enormously encouraging that this issue has emerged as a priority for national policymakers in Pakistan and key regulators, notably the Securities and Exchange Commission of Pakistan and State Bank of Pakistan. And I know the government has introduced the country's first carbon market policy, which has been described as a significant step forward towards Green Pakistan. That policy was launched at COP29 in Baku with the goal of achieving climate targets and promoting green investment, and these initiatives place Pakistan in the leadership of regional and global efforts to shape a truly sustainable business future. And of course, ACCA's members are very proud to be part of that vital cause. So I'll end by pledging ACCA's continuing support in helping Pakistan business transition to that net zero future. We're eager to play our part alongside all of you in taking actionable steps in climate-conscious decision making. It is time for bold leadership, for cooperation, and accountability, as we work together to craft a sustainable climate future. Thank you.
