In this week’s Sustainability/ESG bulletin, read about developments in Ireland’s sustainability energy as work commences on the Celtic Interconnector and the Government publishes its new energy strategy. Also covered are emergency rate reliefs for flood-affected businesses in Northern Ireland, a landmark new EU regulation on methane and fossil fuel operations emissions, a Critical Raw Materials Act, and information on the EU’s fight against human trafficking, resources from IFAC and the usual roundup of newsletters, podcasts, articles and events.
Developments in sustainability energy in Ireland
The governments of Ireland and France have signed a Joint Declaration of Intent on ‘Energy Transition Cooperation’, providing a framework for the mutual willingness of both countries to accelerate the decarbonisation of energy systems. The governments also marked the commencement this week of construction work on the Celtic Interconnector, a high-voltage subsea power cable that will link the electricity grids of Ireland and France. It will include enough capacity to power 450,000 homes and will create a direct electricity link from Ireland to the EU. It will also form part of the Offshore Network Development Plan, intended to develop an integrated energy system for European energy markets.
The Government also published the Energy Security in Ireland to 2030, outlining its a strategy for a more secure, sustainable, and affordable energy system for Ireland. The strategy focuses on four key pillars: reduced and responsive demand; a renewables-led system; a more resilient system; and robust risk governance in the energy sector.
The report is part of an Energy Security Package, containing a range of supplementary analyses, consultations, and reviews, which have informed the recommendations and actions related to energy security. A follow-up to the Energy Security Package will be published in 2030, and every five years thereafter, with implementation monitored by the Government’s Energy Security Group.
DETE, Building Better Businesses, Dublin
The next event in the Department of Enterprise, Trade and Employment (DETE) ‘Building Better Business’ events will take place on Thursday, 7 December in Dublin. These events aim to help businesses navigate the green journey and boost business performance through digital transformation. The event will take place in the Convention Centre Dublin from 8.30am – 1.30pm. Register here.
Emergency rate reliefs – Northern Ireland
Emergency rate reliefs are being made available for businesses affected by recent flooding in Northern Ireland. The emergency rate relief measures include 100 percent relief for non-domestic rates on properties that have been flooded as well as support to help businesses temporarily relocate. Find out more.
Methane and raw materials: EU legislation
The European Parliament and Council have this week provisionally agreed on a landmark new EU Regulation to reduce energy sector methane emissions in Europe and in its global supply chains. Methane, a powerful greenhouse gas, is the second biggest contributor to climate change after carbon dioxide (CO2) and is also a potent air pollutant. The regulation will oblige the fossil gas, oil and coal industry to properly measure, monitor, report and verify their methane emissions according to the highest monitoring standards, and to take action to reduce them. Pending formal adoption, the new legislation will be published in the Official Journal of the Union and will enter into force.
Separately the European Commission has welcomed political agreement on the Critical Raw Materials Act. This sets out actions to ensure the EU’s access to a secure, diversified, affordable and sustainable supply of critical raw materials. The EU’s demand for base metals, battery materials, rare earths and more are set to increase exponentially as the EU divests from fossil fuels and turns to clean energy systems which necessitate more minerals.
Adaptation
Nature-based solutions, such as restoring wetlands in flood-prone areas or green infrastructure to reduce heat island effects in cities, need to be scaled up and expanded to help Europe better cope with the impacts of climate change. This is according to a recently published European Environment Agency (EEA) briefing which assesses the current state of such climate adaptation projects and how they can increase both society resilience and biodiversity.
Human trafficking: the EU’s fight against exploitation
The European Parliament has updated its information on how the EU is strengthening anti-trafficking rules to respond to changes in the way people are being exploited. Parliament agreed its position in October 2023, which forms the basis for negotiations with EU countries. MEPs are also working on rules aimed at keeping products made using forced labour out of the EU market. The draft regulation would put in place a framework to investigate the use of forced labour in companies’ supply chains.
Over $6 Billion needed to strengthen US climate resilience, report finds
The United States has released a substantial government report on climate change in the country, Fifth National Climate Assessment, in which it states that more than $6 billion is required to strengthen climate resilience across the country. The report, which was published following a comprehensive survey of climate impacts and risks around the US and runs to over 2,000 pages reportedly states that “How much more the world warms depends on the choices societies make today… “The future is in human hands.”
Resources
The International Federation of Accountants (IFAC) has released a Small Business Sustainability Checklist (the Checklist) that aims to help small- and medium-sized enterprises (SMEs) maximize the benefits of incorporating sustainability into their strategy and business operations. IFAC has also gathered together a page of resources from its conference with Accountancy Europe Preparing for High-Quality Sustainability Assurance Engagements, including recordings of presentations and discussion, slides, a list of key takeaways as well as plans for the future, and deep dive on ISSA 5000, views from key stakeholders, and other resources.
Newsletter
The London Business School has issued a new format newsletter as part of the Think at London Business School in which it looks at how important it is for businesses to strive for sustainability. The issue contains insights on COP28, technology solutions to ocean plastic pollution, private equity firms and ESG, and podcast and books.
Articles
- How businesses can start the journey of taking climate action (Business Post)
- Make your corporate gifts sustainable in 2023 (Accountancy Ireland)
- How to Fathom Climate Change’s Unfathomable Numbers (Bloomberg Green)
- EU agrees nature restoration deal that will have far-reaching impact for Ireland (Irish Times)
- Office recycling bins turn us into monsters (Financial Times)
- Audit firms risk losing out in race for ESG assurance (ICAEW Insights)
Upcoming events
🌟🌟IFSCOE, Climate Finance Week Ireland 2023
Week-long summit.
In person and virtual: Monday, 20 November – Friday, 24 November
includes:
Corporate Sustainability Reporting Directive (CSRD) and Its Implications For SMEs In Supply Chains (Webinar) Thursday, 23 November, 10-11
Dee Moran - Professional Accountancy Lead, Chartered Accountants Ireland
David Connolly - Senior Manager, EY Climate Change and Sustainability Services
Donna Wilson - Head of ESG Transformation, AIB
Virtual: 23 November, 10-11🌟🌟
Chartered Accountants Ireland: Elephant in the Room
To mark this year’s Movember, Thrive, along with the Leinster Society, invites you to the unveiling of our Elephant sculpture as part of the mental health initiative, Elephant in the Room.
In person: 29 November, 5pm, Chartered Accountant House – Reception Foyer
Sustainable Energy Authority of Ireland (SEAI) SME Business Briefing
A webinar to learn how your business can save money and energy this year.
Virtual: 30 November, 10-11am
Innovate UK's showcase for climate tech event in Northern Ireland
Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero.
In person: 6 December, Various Locations (See event listings)
DETE, Building Better Businesses, Dublin
During 2023, the Department of Enterprise, Trade and Employment (DETE) has run a series of free Building Better Business events across the country to help businesses navigate the green journey and boost business performance through digital transformation.
In person: 7 December, The Convention Centre Dublin, 8.30am – 1.30pm.
Network for Chartered Accountants working on ESG projects
Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities?
Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
- 3rd or 4th Wednesday of every month
- Next: 22 November 2023
- 14.00-15.00/30
- Teams
If you would like to attend please email sustainability@charteredaccountants.ie
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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