The Eco-accountants Are Coming
Fashion is in a bind. The mission? The industry has to save its part of the planet. But where to start: The oceans? The air? The flora? The fauna? And what is actually in need of saving and what needs saving first — and how does one go about it and what steps toward sustainability actually help? And how does one make a buck while they do it? Sustainability as a term speaks both to business that operates in a way the doesn’t destroy natural resources and to one gigantic measurement problem. In finance, companies operate under generally accepted accounting principles and although publicly held companies do their best to point to other measures of profitability and growth, the rigid GAAP framework at least lets everyone talk about money matters with the same vocabulary. The same is not true in sustainability. That’s starting to change with green bean counters starting to build a new field: Natural capital accounting. Eco-consultant Pei Yun Teng, A.T. Kearney’s global director of social impact, said it is still a very new area, but one that’s important for the sustainability movement and companies looking to lessen their eco footprints. But things get complex — and fast. “How do we even value hidden social [and] environmental costs?”Follow WWD on Twitter or become a fan on Facebook.
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