This is the question Prince Charles pondered when we met with him yesterday to discuss sustainability together with representatives of the accounting bodies of the UK. I certainly hadn't been at a meeting table on a moving train before, and pitied the stewards pouring coffee!

Marking the launch of the Accounting for Sustainability Wales Forum – the meeting was scheduled in order to share objectives with the Prince, whilst he was travelling between Cardiff and Bristol on the Royal Train – promoting sustainability across the UK.

The forum, the first such collaboration between the accounting bodies in Wales, will provide a national platform in to educate and inform around sustainability issues.

Prince Charles, whose initiative Accounting for Sustainability has been running now for several years and recently has formed the basis of the International Integrated Reporting Committee, has long been known for championing the environment and social issues.

The regional A4S network in Wales is the first to try and bring together  government, private and public sector and aims in particular to reach out to SMEs.  The size of Wales, the strong connections between the public and private sector, and the commitment of the Welsh Assembly Government to a sustainable Wales through its scheme One Wales:One Planet will mean that this first country-level network of A4S has a strong starting point.

It's hoped that similar networks will be established within the UK and globally, in order to enhance sharing of knowledge, expertise and tools geared to integrate financial, environmental, social and governance information into business planning, evaluation and reporting.  

During yesterday's discussions, the concepts of prosperity without growth were raised by the Prince, who is keen to further engage economists as well as marketing professionals into discussions. The ultimate challenge is of moving towards a whole new paradigm and related business models will be increasingly discussed in the coming years.

The shift is in motion and it’s no longer business as usual... endless growth with limited resources is a nonsense that few of us wish to acknowledge.

As the ongoing CIMA lecture series Tomorrow's Value explores, how we place value on returns other than the economic, whilst still operating profitably, will increasingly become business critical.

So instead of conspicuous consumption, how will today’s conditioned consumer feel “cool” with less?  Will you?

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If you wish to engage with A4S network in Wales and attend the events please contact Suzanne Allen.

See Earthscan should you wish to buy the A4S first publication, Practical Insights. CIMA members can receive a discount of 20% by quoting CIMA in the voucher code box when placing an order.