The Role of CFOs in Sustainability: Insights from the ICFOA Barometer

As the global landscape shifts toward sustainability and ESG (Environmental, Social, and Governance) principles, the role of CFOs has never been more critical. To understand how finance professionals are navigating these changes, the International CFO Alliance (ICFOA) launched its Global CFO Barometer, a survey that explores the evolving responsibilities of CFOs and finance teams in driving sustainable business practices.

Here’s what you need to know about the survey, the ICFOA’s mission, and how South African CFOs can shape this conversation.

About the ICFOA and Its Mission

The International CFO Alliance (ICFOA) is a global network of finance leaders united by a shared goal: to elevate the role of CFOs in solving some of the world’s most pressing challenges, from economic growth to sustainability. The ICFOA provides a platform for CFOs to collaborate, exchange ideas, and develop strategies that integrate financial expertise with sustainability goals.

As a founding member of the ICFOA, the Chartered Institute for Business Accountants (CIBA) represents South African finance professionals on this international stage. CIBA’s involvement ensures that the unique challenges and opportunities in South Africa are part of the global dialogue, reinforcing the critical role CFOs play in shaping sustainable and resilient economies.

The Purpose of the CFO Barometer

The CFO Barometer is a global survey aimed at gathering insights from finance professionals about their evolving roles, particularly in the context of sustainability. It highlights how CFOs are adapting to:

• • Integrating ESG principles into financial strategies.
  • Navigating barriers like financial constraints, regulatory challenges, and cultural resistance.
  • Using technology and data to improve ESG reporting and decision-making.

By participating, CFOs contribute to a global report that identifies best practices, common challenges, and innovative solutions. The findings will help finance leaders worldwide align their strategies with emerging trends, ensuring they stay ahead in a rapidly changing environment.

What the Survey Covers

The CFO Barometer explores several key areas:

1. The Role of Finance in Sustainability

CFOs are increasingly involved in driving sustainability initiatives. The survey examines:

• • How finance teams manage ESG risks and opportunities.
  • The integration of sustainability into budgeting, forecasting, and investment decisions.
  • The collaboration between finance and sustainability teams within organizations.

2. Challenges and Opportunities

While sustainability is a priority, CFOs face hurdles such as:

• • High initial costs for sustainable projects.
  • Limited tools for ESG data collection and analysis.
  • Pressure to balance short-term financial results with long-term sustainability goals.

3. Future Focus Areas

The survey highlights future priorities for CFOs, including:

• • Strengthening team skills in ESG integration.
  • Adopting technologies for more efficient ESG reporting.
  • Developing innovative financial models that align with sustainability goals.

Why This Matters for South African CFOs

South Africa faces unique challenges, from economic inequality to reliance on carbon-intensive industries. As the world moves toward greener practices, South African CFOs have the opportunity to lead the way by balancing sustainability goals with the country’s economic realities.

By participating in the CFO Barometer, South African finance leaders can:

• • Share their unique perspectives on overcoming regional challenges.
  • Learn from global best practices and innovative approaches.
  • Contribute to shaping policies and strategies that reflect South Africa’s needs.

How CIBA Supports CFOs

As the voice of finance professionals in South Africa, CIBA provides resources and platforms to help CFOs thrive in this evolving landscape. Through its partnership with the ICFOA, CIBA ensures its members have access to:

• • Cutting-edge research and global insights.
  • Opportunities to collaborate with international peers.
  • Training and tools to integrate ESG into financial processes.

CIBA’s involvement in the CFO Barometer is part of its broader mission to empower finance professionals to drive positive change in their organizations and communities.

How to Get Involved

Participating in the CFO Barometer takes just 10–15 minutes, but its impact will be long-lasting. By sharing your experiences and insights, you’ll help create a clearer picture of the role finance professionals play in achieving sustainable growth.