Ukraine explores how finance teams take on the green challenge

How the finance function should lead on ESG reporting was explored in Ukraine at a key meeting attended by government, business and academics. The event was co-ordinated by a leading global accountancy body and an organisation representing UK financial and professional services.

The Kyiv event is part of the activities of the City-Ukraine Hub project, funded by the UK Government's Foreign, Commonwealth & Development Office (FCDO) and supported by the PwC Academy.

Opening the session, Nina Delany, Head of Recovery, Energy and Growth at British Embassy, said: 'At the core of this initiative is the work to develop the institutions and the people that will drive a dynamic, modern economy in Ukraine.'

Addressing the work to introduce sustainability reporting, Olga Liubchynska, Ministry of Finance of Ukraine said: 'The reporting must be implemented in Ukraine by 2030. We are also emphasizing the need for training initiatives to raise awareness of the importance of sustainability reporting and adherence to the European Green Deal.

The City-Ukraine Hub initiative is dedicated to strengthening economic and financial partnerships between Ukraine and the UK, in line with the UK-Ukraine 100-year partnership agreement, to unlock new opportunities for investment, capital markets and financial sector development between the two countries.

Oleg Kantsurov, Executive Director of the Quality Assurance Inspectorate of the Public Oversight Body for Audit Activities, said: 'Despite the recent liberalization of European legislation on the preparation and assurance of sustainability reporting, the overall trend toward a 'green economy' remains unchanged, and amendments to national legislation to address this matter will continue to be a Euro-integration obligation.'

As delivery partner to the project, ACCA and The City UK gathered government, finance and education experts and academics for a practical training experience.

Reflecting on the state of ESG in Ukraine, Anna Parokinna, FCCA, Partner at PwC, Head of Sustainability Services, said: 'Alignment with EU legislation, access to European markets and compliance with international financial institutions' requirements are key drivers encouraging Ukrainian businesses to adopt ESG standards. As part of this transformation, companies are rethinking their production, procurement, risk management, reporting, and other core business processes.'

Looking back on the value of the conference, Agnieszka Jarosz, Head of ACCA Northern and Eastern Europe, ACCA said: 'The partnership of those attending is essential for continuing the progress of the economy in Ukraine and is essential for a robust and credible financial environment. The meeting enabled the exchange of experience around ESG and the building of partnerships. Together we aim to strengthen the profession and develop talent.'

Nicola Watkinson, Managing Director of The City UK, told the conference: 'Your role as educators is critical in preparing the next generation of accountants and financial professionals to meet the requirements for sustainability reporting. What gets measured gets done and in this critical area of sustainability the skills you learn today will enable you to prepare the next generation of leaders for the challenges they will face around addressing climate change, governance and social impact.'

Summing up the value of the day Victoria Volotovska, Business Relationship Manager, ACCA, said: 'ESG reporting is no longer a distant requirement - it is a real and urgent priority. Events like this bring together exactly the right voices from government, business and education, and demonstrate that the drive to build a modern, resilient economy does not pause.'