Following the European Commission’s approval of the Temporary Business Energy Support Scheme (TBESS), Revenue has opened the e-Registration facility in Revenue’s Online Service (ROS) via the ‘Mange Tax Registrations’ link. A facility for making claims under the TBESS will be available via the eRepayments system on ROS from 5 December and qualifying claims will be paid once Finance Act 2022 is enacted later in December. Eligible businesses who have successfully completed registration and made valid claims by the third week in December for the months of September, October and November will be paid before the end of the year. The scheme is open to businesses that: are tax compliant carry on a Case I trade or Case II profession (including certain charities and approved sporting bodies in relation to certain activities), and have experienced a significant increase of 50 percent or more in their natural gas and electricity average unit price in the relevant bill period as compared to a corresponding reference period in the previous 12 months. If a business is availing of the Debt Warehousing Scheme or a Phased Payment Arrangement, it will still be eligible for tax clearance provided it meets its obligations under those arrangements.  Potential applicants for the TBESS who may not already hold tax clearance are urged to apply on Revenue’s e-Tax Clearance system on ROS as soon as possible as they will not be able to register for the scheme in the absence of tax clearance. The TBESS will assist qualifying businesses with their electricity and/or natural gas costs from 1 September 2022 to 28 February 2023. To register for the TBESS a business will need to provide details of the trade or profession, and details of the business electricity and/or natural gas account, such as MPRN number and/or GPRN number. A business will also be required, where relevant, to give their percentage of eligible use for the electricity and/or natural gas account which can be attributed directly to the carrying on of the business. Apportionment between business and private use will be familiar to many businesses, particularly where a business is run from home, as this is done when calculating taxable profits for a tax return.   To prepare for the claim stage, a business will need all the electricity and natural gas bills for the reference period of 1 September 2021 to 28 February 2022 and its current energy bills to make a claim. We will keep members updated via Chartered Accountants Tax News.

  The two-week long international climate summit has at last concluded in Egypt, with the gavel going down on a final agreement  on Sunday, 20 November 2022. The ‘Sharm el-Sheikh Implementation Plan’ creates a loss and damage fund for countries vulnerable to the effects of climate change.  Seen as an important win for climate justice, the plan was described as a landmark moment in global climate politics, one that acknowledges that the world’s richer countries – and biggest carbon emitters – are responsible to the developing world for the harm caused by global warming. Speaking about the agreement,  Ireland’s Minister for Transport, the Environment, Climate and Communications, Eamon Ryan, TD, who led the loss and damage negotiations for the EU, admitted that while the outcome was not perfect, it was both historic and progressive: “This is not perfect. The EU would have liked it to have gone further and faster. However, what makes this a good deal is that it is an agreed deal. It is a signal of trust between the 198 parties to the UNFCCC that we are serious about climate change and that we are serious about protecting the most vulnerable countries and communities.” The wording in the agreement is that countries will “establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, in responding to loss and damage”. A transnational committee with representatives from over 24 countries will be established to decide which countries are vulnerable, where the money is to come from (i.e. which countries, and which sources - existing funding arrangements like debt relief or ‘innovative sources’ like taxes on fossil fuels). The committee, which have a co-chair from a developing country and a co-chair from a developed country, will report back at COP28, and the Santiago Network will provide technical assistance on how loss and damage can be addressed. “We have struggled for 30 years on this path and today, in Sharm El-Sheikh, this journey has achieved its first positive milestone,” said Pakistan Climate Minister Sherry Rehman. “The establishment of a fund is not about dispensing charity. It is clearly a down-payment on the longer investment in our joint futures.” Pakistan suffered monsoon flooding in 2022 that left more than 1,700 dead and caused at least $30 billion in losses. The disaster prompted Pakistan’s Prime Minister Shehbaz Sharif to warn world leaders at the UN General Assembly in September 2022 that “what happened in Pakistan will not stay in Pakistan,” a stark acknowledgement that climate change will not spare other countries the sort of disaster that left up to one third of his country underwater and millions of its citizens at risk from water-borne diseases. Although attempts at a row-back of commitments made at Glasgow at COP26 last year were resisted, a phase down of fossil fuels was not included in the agreement, much less a ‘phase out’, as had been called for. No new targets on emissions reduction targets were introduced in the agreement. Nor did the text include any references to IMF relief to fund carbon-reduction projects to help fund the $4 trillion required for investment in renewable energy annually until 2030, or the $5.6 trillion needed by developing countries to meet their climate goals, or any credible roadmap to double adaptation finance.  The latter would require changing the business models of multilateral development banks and international financial institutions, according to UN secretary general António Guterres. “They must accept more risk and systematically leverage private finance for developing countries at reasonable costs.” However, the agreement included the statement “[The world’s nations] call on the shareholders of multilateral development banks (MDBs) and international financial institutions to reform practices and priorities, align and scale up funding ... and encourage MDBs to define a new vision that [is] fit for the purpose of addressing the global climate emergency.” The agreement also created a two-tier carbon market, which has drawn criticism from campaigners who accuse it of creating a risk of greenwashing by countries wishing to purchase credits to fulfil net zero pledges but without making any substantial reductions to their own emissions. Further criticism centres around the fact that governments can designate as ‘confidential’ any information about carbon trades between countries. The agreement also made official that a decision on a new climate finance goal will be delayed until 2024. Rich countries have delayed delivering the $100 billion promised by 2020 to help developing countries reduce emissions and adapt to the effects of climate change.   Countries agreed to develop a work programme on the global goal of adaptation set out in the Paris Agreement. This goal specified enhancing capacity, strengthening resilience and reducing vulnerability to climate change and ensuring an adequate adaptation response. However, there was concern felt at the low levels of finance available for adaptation. Round-Up of COP27 Achievements High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities: launched first report, Integrity Matters: Net Zero Commitments by Businesses, Financial Institutions, Cities and Regions: focusing on greenwashing and weak net-zero pledges; roadmap to bring integrity to net-zero commitments by industry, financial institutions, cities and regions and to support a global, equitable transition to a sustainable future.   CDP (formerly the Carbon Disclosure Project) the not-for-profit which runs the global environmental disclosure platform for corporations, will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform. This is a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards.   Executive Action Plan for the Early Warnings for All initiative: calls for initial new targeted investments of $3.1 billion between 2023 and 2027, equivalent to a cost of just 50 cents per person per year.   Climate TRACE Coalition: new independent inventory of greenhouse gas emissions, combining satellite data and AI to show the facility-level carbon and methane emissions of over 70,000 sites around the world, including companies in China, the United States and India.   The Breakthrough Agenda: a ‘master plan’ to accelerate the decarbonization of five major sectors – power, road transport, steel, hydrogen, and agriculture – through 25 new collaborative actions to be delivered by COP28.   Food and Agriculture for Sustainable Transformation initiative or FAST: to improve the quantity and quality of climate finance contributions to transform agriculture and food systems by 2030. This was the first COP to have a dedicated day for Agriculture, which contributes to a third of greenhouse emissions and should be a crucial part of the solution. The Sharm El-Sheikh Adaptation Agenda: outlines 30 Adaptation outcomes to enhance resilience for 4 billion people living in the most climate vulnerable communities by 2030.   Action on Water Adaptation and Resilience Initiative (AWARe): an initiative that will champion inclusive cooperation to address water-related challenges and solutions across climate change adaptation.   African Carbon Market Initiative (ACMI): aims to support the growth of Africa’s voluntary carbon markets and create jobs in Africa.   The Insurance Adaptation Acceleration Campaign: part of the Race to Resilience, this is a campaign to an effort to mobilise 3,000 insurance companies (equal to 50 percent of the market) by COP28 in 2023.   The Global Renewables Alliance: an alliance to help accelerate the uptake of renewables globally by industry bodies and associations representing key low-carbon technologies such as hydrogen, energy storage, wind and solar.   The First Movers Coalition (FMC) Cement & Concrete Commitment: a collection of global companies committing $12bn to decarbonize the heavy industry and long-distance transport sectors. What’s next? COP15 Part 2 will take place 7-19 December. At this COP – officially titled Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD) – the parties will review the achievement and delivery of the CBD’s Strategic Plan for Biodiversity 2011-2020. Articles of interest COP27 closes with deal on loss and damage: ‘A step towards justice’, says UN chief (UN News)   What was decided at Cop27 climate talks in Sharm el-Sheikh? (Climate Home News)   UN Adopts Historic Pact on Payments for Climate Damages (Bloomberg)   Cop27: Deal reached to set up fund for developing countries hit by climate crisis (Irish Times)   Cop27 scores on cutting carbon and aiding climate-vulnerable states (Irish Times)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  The two-week long international climate summit was due to end on Friday 18 2022, but will continue on Saturday November 19, to allow delegates extra time to negotiate on divisive aspects of the draft agreement – greenhouse gas emissions and loss and damage. The draft agreement calls on the World Bank and other multilateral development banks “to reform their practices and priorities”, align their spending with climate goals and “significantly increase climate ambition using the breadth of their policy and financial instruments for greater results”. It also calls for $4 trillion of annual investment in renewable energy by 2030, with an aggregate $5.6tn in additional funding to enable developing countries to meet their climate-related goals this decade. Speaking about the draft decision, Laurence Tubiana, chief executive officer of the European Climate Foundation, reportedly commented: “The moment is right. Climate impacts are beginning to be understood as a macroeconomic risk.” The draft text also describes a new finance goal for November 2024 to provide the $100 billion annual in climate-related assistance to vulnerable countries, acknowledging that “substantive progress” is still needed for this ambition to be realised. While most attention is on the intergovernmental negotiations on the draft agreement, other initiatives have been launched including four ‘solution-cantered’ initiatives for Africa: Friends of Greening National Investment Plans in Africa and Developing Countries initiative: aims at factoring in the impact of climate change when designing economic policies, quantifying mitigation and adaptation efforts, identifying the gaps and support needed, and proposing a set of essential guidelines, criteria, and policy advice, to expedite the implementation of the UNFCCC, Paris Agreement and the NDCs.   Low Carbon Transport for Urban Sustainability (LOTUS) initiative: aims to activate systemic change to improve and decarbonize the urban mobility landscape, and will focus on improving access to low carbon and resilient urban mobility solutions and strengthening the foundational enablers of change as the first-order priorities.   Sustainable Urban Resilience for the next Generation (SURGe) initiative: aims to reduce urban greenhouse gas emissions, adapt urban systems to climate change, and build urban system resilience. The initiative will track buildings and housing, urban water, urban mobility, urban waste and consumption, and urban energy.   Global Waste Initiative 50 by 2050: aims to holistically address all solid waste types and contribute to an ambitious target at the scale of the African continent with a view to treating and recycling at least 50 percent of the solid waste produced in Africa by 2050.   Article of interest Summit President Says Talks to Last Until Saturday (Bloomberg)   The key points from COP27 (The Financial Times)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.