Fixing Climate Change: Accounting Disclosure Remedies

Abstract

Many scholars attributed industrialization and rapid urbanization to economic development; however, they failed to consider the price of the said development that could be attributed to the negative impact on the environment via carbon emission. Emissions are documented to have devastating effect on climate condition. The carbon emission could also be a result of corporate entities’ role on industrialization and urbanization where their actions are seen as the contributing factor to global warming, hence, climate change. Thus, the issue of Kyoto Protocol arose to curtail carbon emission. While not all the countries agreed to the Kyoto agreement on reducing carbon emissions among others, enforcing sustainability reporting among firms across the globe could have a positive impact toward saving the earth. This piece explores areas in which sustainability reporting could be expanded beyond corporate environmental reporting to other necessary disclosures that will curve recklessness in the course of pursuing economic goal.