Mainland China’s pledge to accelerate the shift towards a low-carbon economy is seeing Wuhan, a city previously reliant on heavy industry, moving towards sustainability-focused sectors from construction to transportation.
At the forefront of this sustainability drive is Yang Beiyi, an employee of a local enterprise who is part of a talent exchange to the local district government department in Wuhan. There, she supports the local government’s sustainability programme, helping drive China’s national goals of peaking carbon emissions before 2030 and becoming carbon neutral by 2060.
‘Regions and cities have different industrial profiles; they are at different points in their green journeys’
This ambition has its challenges, with many hurdles to cross. ‘As the green industry is in its nascent stage, robust market mechanisms are yet to be fully established,’ she says.
One particular challenge is the need to gather data while comprehensive reporting standards and financial tools are still being developed. ‘It is hard to figure out a uniform standard that applies nationwide in China,’ she says. ‘There is no one-size-fits-all approach to all local conditions and timelines. Regions and cities have different industrial profiles; they are at different points in their green journeys.’
Pilot programme
A key focus for Beiyi is the implementation of a national climate investment and finance pilot programme, which aims to guide and promote investment and finance towards climate-friendly projects. Beiyi assists with tasks including strategic plan development, policy-making, innovative case research and promotion. The programme also establishes a climate projects library and creates a platform that connects financial institutions with climate-friendly projects more easily. In addition to capital support, the platform offers environmental, social and governance (ESG) services such as carbon accounting and disclosures.
But this will not be plain sailing, Beiyi warns. ‘Financial institutions have launched many innovative green products and services, but some local enterprises have yet to realise the importance of transitioning or know how best to do so,’ she says.
Over the past decade, China’s government has introduced carbon finance programmes, guidelines and case studies, which have helped to inform organisations. ‘In the process, we have seen more companies recognising the importance and beginning to take action,’ she says. ‘But awareness and capabilities still need wider reinforcement across all sectors.’ For instance, many large companies are forming a team for carbon asset management and offering training on carbon emission reduction, carbon asset management and green transition.
Global experience
Beiyi holds a master’s degree in professional accounting from Hong Kong Polytechnic University and has worked in financial services across Europe, North America and Asia. Her global exposure and diverse work experience, including working in a Big Four firm, have helped broaden her insights into diverse markets, green policies and best practices.
‘Businesses need accountants to help formulate ESG development plans’
This is, says Beiyi, an exciting time for accountants as China pivots to a low-carbon economy. As countries around the world strengthen their sustainability disclosure standards, demand is growing for specialists who can support organisations in measuring, reporting and improving their performance, and who can integrate ESG factors into core financial and strategic decision-making, she notes.
By closely engaging with companies’ management teams, accountants are well positioned to offer professional guidance to firms on ESG reporting standards, accounting methodologies and carbon accounting practices.
‘Compared to other occupations, accountants have expertise in gathering and analysing financial data, mapping out a company’s future development and producing corporate reports. Businesses need accountants to help formulate ESG development plans and this trend is opening up opportunities across industries,’ she says.
Holistic understanding
Beiyi credits ACCA with providing her with the skills required to navigate through the challenges of her current role. ‘Studying for ACCA armed me with a holistic understanding of business and taught me how to solve business problems for long-term value creation,’ she says, noting that the Strategic Business Leader and Strategic Business Reporting exams, in particular, strengthened her ability to make strategic business reporting decisions.
Her ACCA background has also enhanced her analytical skills and ability to learn, especially as she requires to continually upskill in order to understand areas such as carbon emissions reduction and climate change.
‘Earning the ACCA qualification has helped me shine among other candidates’
‘ACCA events bring together experts from across the finance and accounting industries, providing excellent opportunities to expand my professional network,’ she says. Beiyi also finds ACCA’s insight reports tremendously useful, highlighting emerging trends such as green finance.
‘Earning the ACCA qualification has helped me shine among other candidates and secure this opportunity to work in the government office,’ she concludes. ‘I’m proud to play a role in this government taskforce, assisting with strategy development and execution, and supporting the district’s long-term sustainability development.’
