Among the questions this Tomorrow's Company report asks is if companies are prepared for the scale of the energy revolution in prospect whether the system should be updated to take more account of emerging risks of runaway climate change as well as the widely accepted evidence of global warming - and if so, whether business should be proactive in driving reform? It also looks at what policy frameworks business should work with government to prioritise, so that business can play its full role in building tomorrow's green and clean economy and what the transition to the low-carbon world might cost.

Carsten Ingerslev, Head of Division, The Danish Government Centre for CSR Danish Commerce and Companies Agency, presentation at Tomorrow's Company launch event 'Beyond Accounting'.

Foreword to a soft launch of the project and a discussion paper authored by Graham Hubbard of Adelaide University on www.forceforgood.com and www.icaew.com  

The Black-Scholes model provides an important foundation for mathematicalmodels used for pricing options. Myron Scholes won a Nobel prize for this and related work. It has always been recognised that blindly following models exposes the user to unexpectedrisks since they are often at odds with reality. For some, such modelssymbolise the absurdity of much of modern financial structuring. Nicholas Taleb’s Black Swan theoryrefers to a large impact event beyond the realm of normal expectations, andhas come to represent an event, like the credit crunch, that conventional wisdom said could not happen.A White Swan is different.

Natural capital – our ecosystems, biodiversity, and natural resources – underpins economies, societies and individual wellbeing. The values of its myriad benefits are, however, often overlooked or poorly understood. They are rarely taken fully into accountthrough economic signals in markets, or in day to day decisions by business and citizens, nor indeed reflected adequately in the accounts of society. The steady loss of forests, soils, wetlands and coral reefs is closely tied to this economic invisibility. So too are the losses of species and of productive assets like fisheries, driven partly by ignoring values beyond the immediate and private. We are running down our natural capital stock without understanding the value of what we are losing. Missed opportunities to invest in this natural capital contribute to the biodiversity crisisthat is becoming more evident and more pressing by the day. The degradation of soils, air, water and biological resources can negatively impact on...