In this week’s sustainability/ESG bulletin we bring you news of the launch of Ireland’s 2nd National Strategy on Education for Sustainable Development, Chapter Zero Ireland, the fourth Low Carbon Pledge Report, the UK Investing in Women Code, SMEs and sustainability, and the usual technical updates, resources and upcoming events.
News | Technical updates | Did you know | Articles of Interest | Events
Ireland’s Second National Strategy on Education for Sustainable Development launches
The 2nd National Strategy on Education for Sustainable Development for Ireland was launched this week by Minister for Education Norma Foley TD, Minister for Further and Higher Education, Research, Innovation and Science Simon Harris TD, and Minister for Children, Equality, Disability, Integration and Youth, Roderic O’Gorman TD.
Education for Sustainable Development – or ‘ESD’ – promotes and supports the development of the skills, knowledge and attitudes needed by everyone to take action for a sustainable future and planet. ESD is both a target in itself under the United National Sustainable Development Goals (Goal 4, Target 4.7) and also widely acknowledged as a key enabler for the achievement of all 17 Sustainable Development Goals (SDGs). ESD to 2030 covers early learning and care to third level education and research and beyond, and it is accompanied by an Implementation Plan 2022 – 2026 with an interim review planned for the second half of 2026.
Launch of Chapter Zero Ireland
Ireland’s Minister for Finance, Paschal Donohoe TD, launched Chapter Zero Ireland this week. The Minister was joined by Karina A. Litvack, Chairman of the Governing Board of the Climate Governance Initiative and a panel of prominent independent non-executive directors (INEDs) representing various sectors to provide insight on the climate conversations happening in the boardroom today.
Chapter Zero Ireland is the Irish Chapter of the Climate Governance Initiative, developed in collaboration with the World Economic Forum. It aims to build a community of non-executive directors and equip them to lead discussions on the impacts of climate change. Find out more here.
Launch of Fourth Low Carbon Pledge Report
Recently published was the fourth Low Carbon Pledge report, measuring the progress of Ireland’s collective journey towards setting science-based targets by 2024. The report was developed by Business in the Community Ireland (BITCI) in partnership with PwC. Click here for a copy of the report, as well as insights on the Low Carbon Pledge movement and an overview of the climate policy landscape. You will also find best practice case studies featuring Bank of Ireland, Cairn Homes, Dublin Bus, Keelings and Vodafone.
UK’s Investing in Women Code – “diversity is good for business”
A new report published by the UK government points to the strength of investment in the UK’s women entrepreneurs by lenders and investors who signed up to the Investing in Women Code. This is an initiative recommended in 2019 by a government-commissioned independent review of female entrepreneurship – the Rose Review – into how best to boost female entrepreneurship. Commenting, British Business Bank CEO Catherine Lewis La Torre said “There are structural factors at play that hold women back when they are looking for finance. However, we also know that diversity is good for business and that’s why, as the UK’s economic development bank, the British Business Bank aims to break down barriers by improving access to finance for all entrepreneurs.”
UK SMEs and sustainability
A survey carried out by finance firm Aldermore has reportedly revealed that more SMEs in the UK are investing in environmental sustainability than before. Over 50 percent of respondents said that their company invested in environmental sustainability over the past financial year, compared to 20 percent the previous year. Initiatives included making improvements to workplace recycling and reductions in travel-related emissions. Most respondents also confirmed their willingness to maintain or increase these investments in the future – particularly in recycling, low-carbon transport and sustainable materials and packaging – despite the rising cost of living.
The UK government has made available guidance for SMEs on measuring and reporting emissions. There is also an online hub enabling businesses to access practical information on how to approach the net-zero transition. The SME Climate Hub has also launched a framework for measuring, reporting and reducing environmental impacts.
You can find resources for SMEs and sustainability from Chartered Accountants Ireland here.
UK government pivots funding from cars to chargers
The UK government has announced that it is withdrawing its £1,500 grant for plug-in cars to refocus £300 million in grant funding towards the main barriers to the EV transition, including public charging and supporting the purchase of other road vehicles where the switch to electric requires further development. Find out more, including details about existing applications for the grant, here.
EU adopts nature-restoration proposals
The European Commission has adopted proposals to restore damaged ecosystems, bring nature back across Europe and reduce the use and risk of chemical pesticides by 50 percent by 2030. The legislative proposals aim, among other things, to help ensure the resilience and security of food supply in the EU and across the world. The proposals contain explicit targets aiming to repair the 80 percent of European habitats that are in poor condition, and to bring back nature to all ecosystems, from forest and agricultural land to marine, freshwater and urban ecosystems.
Technical updates
From our colleagues in Professional Accountancy
The EU Corporate Sustainability Reporting Directive
New social and environmental reporting rules for large companies were agreed last week by the European Council and European Parliament. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. This aims to end greenwashing and lay the groundwork for sustainability reporting standards at global level.
Sustainability will become a new pillar of businesses’ performance, moving away from focus on short-term profits and the CSRD EU set to become front-runner in setting global sustainability reporting standards. Find out more here.
Did you know?
Montreal will host the UN Biodiversity Conference (‘COP15’) from 5 to 17 December. This summit convenes governments from around the world to agree to a new set of goals for nature over the next decade. The decision to relocate the summit from Kunming in China follows concerns over further delays due to the country’s Covid-19 policy. Some virtual events will still take place in China from 11-15 October.
More than third of Bank of Ireland mortgages in 2021 were green (Irish Times)
Corporate Net-Zero Goals Don’t Add Up to a Net-Zero Planet (Bloomberg)
UK’s audit watchdog says it ‘strongly supports’ global ESG reporting standards (City AM)
Businesses must do more to help consumers live sustainably – survey (The Irish Times)
Young people twice as concerned about climate change as global recession (The Irish Times)
ICEAW: Climate for business: What you need to do to get started | 12 July 2022 | 08:00 - 12:45 | Chartered Accountants' Hall, London
Straight from the experts, get the latest and greatest tips on preparing your business to face the challenges and risks of the climate crisis. Hear from Climate Champions, Decarbonize Ltd, Britvic and many more, alongside the peer networking opportunity offered to you in a free live event, to strengthen your organisation’s approach to sustainability
You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.