Around five years ago, David began taking conscious steps to move into a career in sustainability and undertook a master’s degree at the Cambridge Institute for Sustainability Leadership.
“This led me to return to my first degree dissertation topic in soil science, with my masters’ research in a UK market for soil carbon. That in turn led me to set up CO2eco, a seed funded startup,” David told us.
Established in 2021, CO2eco is aiming to launch a long-term fixed volume, fixed price contract for carbon to fund scalable nature-based solutions. Currently, project-based carbon removal schemes are cumbersome and expensive. David says, “what is needed is replicable, investment-grade financial contracts that deliver low-cost marginal transactions that will facilitate corporations and asset managers seeking to finance the huge volumes of carbon removal required to achieve global net zero.”
David noted the importance of the accounting profession in being a catalyst for change, and the mindset shift needed to drive action. He said, “We need to think about climate as an investment opportunity, not a cost. The climate and nature crises require a fundamental transition in economic and personal behaviours. That touches every market sector and profession but particularly the finance profession.”
“Chartered accountants can be at the forefront of changing the way that businesses, investors, and individuals think and act regarding the climate and nature crises. We need to start informing people that this is good business, this is a good investment. We need to start thinking long term, way beyond the next reporting round, to look at the longer-term risks that companies and nations are facing. At an immediate and practical level, our profession must lead on developing carbon accounting standards equivalent to financial reporting standards, to underpin authoritative compliance and market development. We must throw our energy behind ISSB, TCFD and sector-based initiatives to regularise carbon accounting.”