Energy Management and Decarbonisation: The Need, The Way Forward and the Role of CMAs

Abstract

There is increasing realization of the harmful and sustainable ways in which industrialization has panned out and caused global warming. With global efforts aimed at arresting the global warming at 1.5°C and achieving net-zero, implementing energy management measures to achieve energy efficiency and transitioning to cleaner sources of energy is the mandate for governments and businesses alike. While these measures demand huge investments in terms of money and manpower, the cost of action is still small compared to the cost of inaction. Cost and Management Accountants (CMAs) play a pivotal role in making net-zero a reality in their various capacities as in-house experts, internal auditors, cost auditors, consultants, ESG assurance and assessment providers, among others. The Institute of Cost Accountants of India has constituted the Sustainability Standards Board (SSB)to guide the efforts of the nation in moving towards a sustainable future. The SSB, through its various measures,educates and enlightens the stakeholders with an aim to make them champions of the sustainability movement.