Lagos — The Association of Chartered Certified Accountants, (ACCA) has called on policymakers, regulators and finance professionals to help Small and Medium Entrepreneurs in adopting sustainable business practices saying that their huge environmental impact is currently being overlooked.
ACCA in its new policy paper on global forum for small businesses 'Embedding Sustainability in SMEs' called on a number of groups to take action to help smaller businesses to enable them to become more efficient and environmentally friendly.
Chairman of ACCA's Global Forum for SMEs, Mark Gold said: "All too often, small business is overlooked when it comes to environmental and sustainability issues. But in terms of economic activity, employment and waste, small businesses make a huge impact and it is critical that they and those who advise and regulate them, recognise this and begin to take steps to tackle waste, promote efficiency and ensure that sustainability is at the forefront of their thinking."
According to ACCA in the report, SMEs have been marginalised in the debate about sustainable business practices and have been slow to adopt environment-related improvements.
The body noted that this is not good enough as SMEs represent over 90 per cent of global businesses and accounting, on average for 50 per cent of gross domestic product and 63 per cent of employment with a significant impact on industrial pollution.
ACCA in the paper explained that measures and approaches will need to be adopted, if these efforts are to gain any significant momentum with policymakers taking into account not only the differences between large companies and SMEs, but also the differences between micro, small and medium-sized enterprises.