In this week’s sustainability/ESG bulletin we bring you more news from our Sustainability Conference which takes place on 25 May. We also cover the National Social Enterprise Census, the role of capital markets in tackling food waste, and how one-fifth of new cars in Ireland are now electric, as well as the usual technical updates, resources and upcoming events.
News | Technical updates | Resources | Events
The Sustainability Conference
Sustainability-related demands on businesses are growing, with SMEs increasingly expected to meet the same ESG targets as larger organisations. Without the resources of larger competitors, SMEs find it is harder to manage sustainability-related risks, such as higher operating costs, reduced access to finance, potential reputational risks, and keeping pace with compliance requirements. But on the flipside, there are opportunities for businesses that start addressing the sustainability challenge, like cost savings, access to capital and finance, and a competitive edge in attracting clients, customers and staff.
The 2022 Sustainability Conference is designed to help business take these first steps, in an accessible and manageable way, with the expertise on offer to answer the questions you have. All details including how to register can be found over on our conference page.
Data and social enterprise
A National Social Enterprise Census designed to gather information about social enterprises in Ireland has been launched. Its aim is to inform policy and the rollout of future supports to the Social Enterprise Sector. Key data to be gathered will include the total number of social enterprises in Ireland, their regional spread, the primary sectors they are active in, their staffing levels and traded income.
Commenting at the launch last week, Minister for Rural and Community Development, Heather Humphreys, TD, stated “Historically, the lack of concrete data has impeded efforts regarding the provision of supports for, and raising awareness of, social enterprise. This is an opportunity to establish a reliable evidence base necessary for future policy development and delivery, which will benefit the sector.”
Role to play for capital markets in tackling food waste
A report published by Goodbody Stockbrokers has reportedly found that Irish homes waste about 55kg of food every year. The report’s author, Goodybody’s Analyst Jason Molins, however, reported that the venture capital market for technology that cuts waste or improves food traceability or kitchen/manufacturing efficiencies has a role to play by backing companies focused on tackling the food waste problem. Deal activity in this market almost doubled in 2021, and it is currently worth $61.9 billion worldwide, with expectations of the market reaching $85 billion (€81.5 billion) by 2026.
One-fifth of new cars in Ireland are now electric
Official statistics published by the Central Statistics Office (CSO) have shown that 21 percent of the 10,425 new cars licensed for the first time in Ireland in April 2022 were electric or plug-in hybrid electric vehicles (PHEV).
Commenting on the data, CSO Statistician Dr Nele van der Wielen said: “Today’s figures from the CSO show the continued growth in the number of electric and plug-in hybrid vehicles licensed in Ireland. The number of new electric cars licensed has more than doubled from 3,026 in the first four months of 2021 to 6,748 in 2022. At the same time the number of new diesel cars is decreasing.”
The Irish Government aims to have over 194,000 electric cars and vans on the roads by the middle of this decade and plans to invest over €100 million in a charging infrastructure to support these vehicles.
Sustainability awards for business
Finalists for all 10 categories of Business in the Community’s 2022 Responsible Business Awards in Northern Ireland have been announced. These annual Awards – organised by the business network 'Business in the Community' – recognise, reward and celebrate inspirational and impactful businesses in Northern Ireland that are taking practical action to address pressing social and environmental issues.
The shortlist has also been announced for the first PwC/Business Post Sustainable Business Awards which recognise the best performing Irish businesses across a range of ESG categories and promote sustainable practice, innovation and leadership.
Technical updates
From our colleagues in Professional Accountancy
- The European Financial Reporting Advisory Group (EFRAG) is holding a series of educational sessions jointly for the EFRAG Sustainability Reporting Board (SRB) and the EFRAG Sustainability Reporting TEG (SR TEG) on the draft ESRS Exposure Drafts (EDs) issued for public consultation on 29 April. Recordings of previous sessions and registration for upcoming sessions are available on EFRAG’s website.
- In its recent announcement, the International Sustainability Standards Board have outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures.
Resources
- Explore the rich variety of life in Ireland this May, as National Biodiversity Week runs from 13-22 May. Free events will be held every day, focusing on connecting people with nature, communicating the importance of biodiversity and motivating people to play their part in protecting it.
Events
- Chartered Accountants Ireland Sustainability Conference: The Chartered Accountants Ireland’s 2022 Sustainability Conference takes place in under two week’s time on 25 May 09:30-1.30, Zoom. Book 7 days in advance of this event to be guaranteed the discount rate.
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The ESG Summit 2022, which takes place on 31 May in Croke Park for business leaders, policy-makers and investors, will explore how ESG matters translate into meaningful business decision-making and what it will take for responsible and resilient businesses to succeed in the long run.
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The Reuters Responsible Business Europe 2022 conference will take place between 8–9 June at the Hilton London Tower Bridge, UK. The title of the event is “Delivering the just transition and sustaining commercial success with 80+ CEO and executive speakers.
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The ICC Belfast Sustainability Summit 2022 will take place on 9 June from 09:00 – 17:00. Industry experts will share insights on achieving net-zero carbon, sustainable tourism, waste and resource management, diversity and inclusion and more.
- Join this ICAEW webinar on 22 June for a deep dive into the International Sustainability Standards Board (ISSB) proposed standards on general sustainability-related disclosures and climate-related disclosures. Mardi McBrien, Managing Director, and Ravi Abeywardana, Technical Director of the IFRS Foundation will answer questions on the exposure drafts.
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