Abstract
In reading the papers in this edition of IJAP, these closing reflections outline the case for transformation in accounting, economics, and finance education. Indeed, as subsets of business education, there is strong evidence that all three disciplines (and their respective professional practices) have significant and specific roles to play in climate action, restoring nature and tackling inequality in the coming decades. Whilst big business suffered a crisis of legitimacy in the wake of the global financial crisis, its remarkably positive response and that of its educators to the 2030 Agenda for Sustainable Development has helped to restore credibility.
When we think of traditional sustainability roles, we think of environmental scientists working on climate issues or engineers designing renewable energy systems. Yet, business education has always had a role in mainstreaming innovations in society. In this respect, the emergence of sustainability as a megatrend is no different. The primary innovation response of the business community has been the advent of sustainability reporting, once voluntary, now mandatory. Within their professional jurisdiction, accountants possess the skillset for assimilating financial information into objective and assured reports for decision-making. If they can learn the nature of sustainability information and upskill in the area of analytics and AI, then there is every likelihood that they will become the de facto custodians of sustainability reporting and assurance. Likewise, economics and sustainability have been historically mutually independent disciplines and never the twain shall meet. We believe that their integration will be necessary for successful societal transformation needed to achieve the Sustainable Development Goals (SDGs). Finance professionals, with their abilities to price risk, are already acutely aware of how environmental, social and governance (ESG) issues become financially material to their businesses. Yet, as a core function of finance is in directing capital in pursuit of specific policy objectives, the estimated $4.2 trillion funding gap to achieve the SDGs can only be abridged through significant expansion in impact investing, and divesting from activities that cause negative externalities. This investing and divesting, loosely known as sustainable finance, requires new regulation and education for compliance.
So, all three disciplines of study will need consideration in respect of how their curricula must adapt the novel requirements of their professions posed by a compelling sustainability policy agenda. It is probably no coincidence that key papers in this special edition address these issues.
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Recommended Citation
Malone, Fiona and MacMahon, Cormac Hugh
(2023)
"Special Issue - Reflection,"
Irish Journal of Academic Practice:
Vol. 11:
Iss.
2, Article 13.
doi:https://doi.org/10.21427/ftgy-d975
Available at:
https://arrow.tudublin.ie/ijap/vol11/iss2/13
DOI
https://doi.org/10.21427/ftgy-d975