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Actions to promote sustainable development

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Actions to promote sustainable development

By: Rodrigo Garcia Ocampo
Partner director
Email: rg[email protected]

For more than two decades, there has been constant talk about sustainable development in the country, given the devastating effects that climate change has on humanity.

Those who have timidly tried to venture into the field of sustainable development may conclude that, unfortunately, environmental management in our area is still very scarce and complex, given that the exploitation of natural resources brings with it wealth, which is what companies need to stay prosperous. .

However, from the business point of view, some of them, after having become aware of what green means for life on our planet, have implemented some well-defined environmental processes designed according to the needs of each one of them. them and adequate to government requirements, since it is the State in defense of life, directly in charge of ensuring continuous improvement in regards to sustainable development.

Under this postulate, on December 30, 2022, the President sanctioned Law 2173 through which the so-called “life areas” are created, which are areas defined and designated by the municipalities for restoration programs through of tree planting.

The life areas will preferably be located at the sources of water, water roundabouts, wetlands, areas of the National System of Protected Areas, the Andrés y Providencia and Santa Catalina Archipelago Biosphere Reserve, the OMEC (Decision 14/8 of 2018 of the Convention on Biological Diversity) and other areas that comprise the main ecological structure of the municipalities.

The areas in charge of the Mayor’s Offices with the guidance of the Regional Autonomous Corporations, Sustainable Development Corporations, the environmental authorities of large urban centers, public environmental establishments and National Natural Parks, as appropriate to the jurisdiction, which must allocate a percentage of the territory to promote the planting, management, maintenance and monitoring of tree species, by citizens and companies, who, for their work, will be recognized by the authorities, within the framework of actions to promote sustainable development in the country.

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Certifications and benefits for planting trees

(a) For citizens

Municipal or district authorities will issue certifications to citizens who effectively contribute to planting specimens in the national territory in order to offset the carbon footprint. Said certifications will be valid for one year and give the right to the following benefits:

– 10% discounts on tuition fees for the first semester at a public university.

– If you are a student at a public university and you are a creditor of the certification, you will be able to access a 5% discount on costs for a single time.

– Discounts of 10% in costs of apostille or legalization of documents, in the issuance of a copy of the birth certificate, in the certificate of real estate tradition

– 5% discount on public services at the citizen’s choice for one time.

(b) For companies

Article 6 of Law 2173 of 2022 establishes the obligation that all medium and large companies duly registered in Colombia must develop a tree planting program in the areas established by the municipalities for this purpose.

The micro and small companies, voluntarily will be able to receive the program of areas of life established in the jurisdiction of their domicile.

The companies are obliged to assume at their cost the planting of the trees required by the program, the cost of which is additional for those companies that, as a general rule, require environmental costs for the development of their activity.

In the case of companies affected by the pandemic, the law provides for a transition period for them to assume the costs generated by the life areas program.

On the other hand, companies that are inactive, in the process of liquidation or in the rescue phase, must certify such situation before the competent authority so as not to be passive subjects of the program.

The obligated companies must comply with this law annually, starting from the year following the promulgation of the law, that is, the first year in which the law enters into force will be 2024; Meanwhile, the Planning Secretaries or whoever acts as such in the municipalities and districts will establish an optional calendar for companies to celebrate planting days with the participation of the community and institutions, promoting environmental awareness.

Article 16, instructs the Great Decoration of the Tree as an award for those who through their exemplary actions preserve, maintain and monitor the trees planted in the Life Areas. Said award will be delivered at the Municipal, Departmental and National levels and will recognize public entities, citizens and companies.

The Law passes for the year 2024 to be part of those regulations that companies, according to their size, must comply with, for which it is expected that the municipal or district authorities will establish in 2023 the areas to intervene by business sector

to achieve its purpose, so the standard will become another element to be evaluated in corporate Compliance in the development of the audit as an essential part of the productive activities of promoting environmental protection together with the other standards of character, equally mandatory, to which they are committed in accordance with their production, commercial or service activity.

IFRS do not refer explicitly to issues related to climate change, however there are requirements and guidelines related to the effects of climate change, as explained by Nick Anderson, member of the International Accounting Standards Board (IASB for its acronym in English) in an article called “IFRS standards and disclosures related to climate change”.

It is relevant for Companies to consider issues related to climate change when the effect of these issues are material to the financial statements taken as a whole. Information is material if its omission, error or lack of clarity could influence decisions that primary users of the financial statements would have made based on the financial information.

It is noteworthy that the European Union requires large companies to issue a report on sustainability by 2025, so Colombia is no stranger to this scenario since some of these large corporations have a presence in our country.

SFAI Global, a partner of UN Global Compact, offers services built under localized needs according to the size and magnitude of our clients in Sustainability, Assurance and Fiscal Audit, Legal and Tax Advice, Corporate Finance, Human Capital, Business Risks, BPO Accounting and Administrative and other services adjusted to international protocols. Let us know your needs at www.sfai.co/contactenos or through WhatsApp +57 318 37 14 596.

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