This week included World Oceans Day, and our sustainability/ESG bulletin has updates on Ireland and Northern Ireland’s climate and sustainability development initiatives, and as well as the latest news from the EU. Also covered are the usual technical updates, resources and upcoming events.
News | Technical updates | Of Interest | Events
Overview of Ireland’s electric vehicle initiatives
Ireland’s Parliamentary Budget Office (PBO) has released a publication providing an overview of Ireland’s electric vehicle incentives. Publication 12 of 2022 – An Overview of Ireland's Electric Vehicle Incentives and a Comparison with International Peers compares these incentives to those available internationally, and also provides information on the second-hand market for EVs in Ireland.
Northern Ireland greenhouse gas statistics 1990-2020 released
A statistical bulletin on greenhouse gas emissions for Northern Ireland for the period between 1990 and 2020 has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA). Northern Ireland accounted for 5.2 percent of UK greenhouse gas emissions in 2020. Between the ‘base year’ of 1990 and 2020, the reduction in emissions in Northern Ireland was 23.9 percent, compared to 52.6 percent in England, 51.0 percent in Scotland and 40.0 percent in Wales. In 2020, agriculture was the largest emitting sector in the region, responsible for 26.6 percent of emissions. Transport contributed 16.2 percent to overall emissions, while the residential, energy supply and business sectors contributed 13.7 percent, 13.6 percent and 13.4 percent, respectively.
UK government receives green finance awards
The UK government has received two awards from the Climate Bonds Initiative, an organisation dedicated to mobilising global finance to tackle climate change. The awards are for the Largest Green Sovereign Bond and for the Sovereign Green Market Pioneer and were given in recognition of the UK government’s approach to financing green projects.
Europe Updates
Gender balance on boards
Political agreement was reached this week between the European Parliament and the Council on the Directive on improving the gender balance among non-executive directors of listed companies proposed by the Commission in 2012. The Directive sets a target for EU companies listed on the EU stock exchanges to accelerate the reach of better gender balance, and sets a share of 40 percent of the underrepresented sex among non-executive directors and 33 percent among all directors. These companies must ensure that board appointments procedures are clear and transparent, and that applicants are assessed objectively based on their individual merits, irrespective of gender. Read more here.
Climate legislation
Key pieces of the EU's climate legislation failed to pass the European Parliament Wednesday. You can read more here.
Fit for 55
EU Transport Ministers have adopted their position on three significant pieces of transport legislation designed to reduce greenhouse gas emissions in the transport sector in the coming decade, covering among others, electric vehicle charging, new technical standards and mandatory targets for EU airlines’ use of sustainable aviation fuels, and new binding targets for GHG reductions in shipping. Welcoming the agreement reached, Minister for Transport Eamon Ryan,T.D., stated "It is imperative that the EU puts ambitious targets in place if we are to meet our collective goals for the climate. Action is urgently needed, not only for road transport but also to realise genuine emission reductions in aviation and shipping." Click here for more about Fit for 55.
EU needs to show urgent leadership on SDGs
MEPs across a number of European Committees have adopted a joint report calling for urgent EU leadership on the UN Sustainable Development Goals, and for the EU to make the implementation of the SDGs – inside and outside Europe – a key priority across EU policies. To facilitate this, MEPs have asked the European Commission to:
- nominate a Special Envoy for the SDGs
- adopt a new high-level EU 2030 Agenda implementation strategy, and
- introduce comprehensive SDG expenditure tracking.
You can find out more about the UN SDGs at the Chartered Accountants Ireland Sustainability Hub.
New International Sustainability Standards Board members
The IFRS Foundation Trustees have announced the appointment of Richard Barker, Verity Chegar, Bing Leng and Ndidi Nnoli-Edozien as inaugural members of the International Sustainability Standards Board (ISSB). Appointments to bring the ISSB to quorum (eight members) will be announced shortly, with the aim of completing the inaugural appointments to the Board during the third quarter of 2022, and the first public board meeting will be held at the ISSB’s offices in Frankfurt the week commencing 18 July.
Technical updates
From our colleagues in Professional Accountancy
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The Minister for Public Expenditure and Reform, Michael McGrath, TD, spoke recently at the Irish Tax Institute Annual Dinner. Climate action was among the topics discussed, with Minister McGrath commenting that Ireland is committed to doing its part to address the climate crisis through the Climate Action Plan. The Minister referenced the update in the planning code with the passing of the Maritime Area Planning Act 2021 to harness offshore wind and that the Government has committed to carbon pricing through the carbon tax which will be key to moving away from fossil fuels. You can read his speech here.
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Enterprise Ireland this week held its second offshore wind forum. It is an event which provided Irish companies the opportunity to hear from and meet with international developers in the sector. It also formally launched the Gael Offshore Network at the event to bring together and grow expertise in Offshore Wind in Ireland. You can read more about the event and network here.
Of interest
- A Bill has been introduced in Ireland to make provision for the installation of solar panels on school and community buildings without the need for planning permission, and for this purpose to amend S.I. No. 600 of 2001. (Link)
- The Guardian: They once worked for big oil’s enablers. Now they refuse to be complicit (Link) The Guardian spoke with three people who reveal their experiences closing the door on fossil fuel projects, and share advice for others who may consider following in their footsteps.
- Sunday Times: City firms fail on diversity two years after Black Lives Matter pledges (Link) Research from The Sunday Times suggests that big City employers have made slow progress in making good on their pledges to support racial equality and improve ethnic diversity within their own workforces.
- City AM: ‘Significant barriers’ for female progression in fintech, report warns (Link) A new report from EY an the fintech industry body innovate finance found said there was still significant work to be done to drive gender parity in fintech, with female founders still lagging on areas including access to equity and debt fundraising.
- EU Deal on common charger: reducing hassle for consumers and curbing e-waste (Link) By autumn 2024, USB Type-C will become the common charging port for all mobile phones, tablets and cameras in the EU, Parliament and Council negotiators agreed today.
Events
- A wide range of grants and supports are available to businesses looking to make sustainability-related changes to their businesses. How can you navigate them, and choose the best on for your business? Find out during this online interview on 14 June with Gordon Naughton, FCA and Chief Executive Officer at Tactive Commercial Advice. Send us your questions in advance by email or ask them on the day, Tuesday 14 June, 12.15pm. Register here.
- 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.
You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.