Rethinking Climate Finance in the Accounting Profession: A Critical Review of the Kenyan Landscape and Related Reports
The pressure to track and report on climate finance in government and business operations has received a lot of attention in relation to mitigation and adaptation matters. Kenya has been an active player in international efforts of climate change since 1994 with enactment of the United Nations Frame...
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Main Authors: | , |
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Format: | Article |
Language: | English |
Published: |
Daystar University
2024
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Online Access: | https://repository.daystar.ac.ke/handle/123456789/4548 |
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Summary: | The pressure to track and report on climate finance in government and business operations has
received a lot of attention in relation to mitigation and adaptation matters. Kenya has been an active
player in international efforts of climate change since 1994 with enactment of the United Nations
Framework Convention on Climate Change, and ratification of the Kyoto protocol in 2005. Of
interest is the Paris Agreement ratification in 2018 and submission of nationally determined
contribution in 2021. Although Kenya has a robust institutional framework on climate finance, the
Institute of Certified Public Accountants of Kenya has not issued guidelines on how to track and
report climate finance. The purpose of the paper was to critically review the Kenyan climate finance
report in relation to the accounting profession. The paper was guided by Liberal Archipelago Theory
which considers climate finance from multiple perspectives, including sociology and cultural
diversity. An exploratory qualitative approach was applied from Kenyan climate finance landscape
report subjecting it document analysis. The findings showed an accounting paradox of model used
in tracking the sources, sectors and activities related to climate finance. Challenges of double
counting and lack of explicit guidelines by accounting profession. In conclusion, climate finance is a
global concern that cannot be legitimized without certain commitments, and beliefs shared among
the multiple overlapping authorities. The paper recommends accounting profession to be in the
center of climate finance and need for regulation. |
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