Welcome to our first weekly Sustainability/ESG Bulletin! In this update we bring you news from the ESRI on how 10 minutes' climate science can increase your support for climate action; how the new draft Investment Strategy for Northern Ireland prioritises decarbonisation; and more. We celebrate Climate Champion Rodney Irwin FCA, and showcase resources such as a handbook on business and human rights and a new boardgame on how to integrate climate-related risks into business decision-making processes. Finally, we list our upcoming events, including the first in our new 'Ask the Expert' Series.
- In the news
- Technical updates
- Resources
- The week's Climate Champion - Rodney Irwin
- Coming up - Events
In the news
ESRI study reveals impact of just 10-minutes’ climate science
A study by the ESRI has revealed that just 10 minutes of learning about climate change science increases public support for action on climate change. This support extends to policies such as increasing in carbon tax. The study also found that climate change ranks as the third most important issue facing people in Ireland, after housing and healthcare.
You can improve your own knowledge of climate change (although we make no promises about your feelings towards carbon tax!) with our own free 10-minute Climate Essentials for Accountants course.
3,300 businesses used SEAI Energy Academy in 2021
The Sustainable Energy Authority of Ireland (SEAI) has recorded that in 2021 3,300 business users utilised its Energy Academy, and the public sector is now 29 percent more energy efficient. In a record year, 2021 saw €196 million of Government investment in Ireland’s sustainable energy transition. However, the Authority is building itself up for what it describes as the ‘unprecedented’ national challenge of making our national contribution to meet the global aim of limiting warming to 1.5 degrees. Find out more about SEAI’s supports for business here.
13,400 more Electric Vehicles (EVs) on the road in 2021
The SEAI has noted that 13,400 more EVs are now in use in Ireland, meaning that there is still much ground to cover between Ireland’s current position and its ambition in EV ownership. Ireland has committed to a target of 180,000 EVs on our roads by 2025 and 936,000 by 2030. To achieve this ambitious target, several recommendations have been made by the EV Policy Pathway Working Group in its September 2021 report. These include the retention of existing EV supports – grants for EV purchase and home charging – until at least the end of 2022. EVs will to retain current levels of VRT relief and positive motor tax treatment until at least the end of 2022. The working group consists of seven Government Departments along with the SEAI.
Watch this space for Chartered Accountants Ireland’s ‘Ask the Expert’ series on sustainability essentials, where we will be answering your questions on EVs.
Decarbonisation prioritized in new draft Investment Strategy for Northern Ireland
The Northern Ireland Executive is seeking views on its new draft Investment Strategy for Northern Ireland (ISNI) for the prioritisation of government investment in Northern Ireland through to 2050. Unlike previous ISNIs, the new strategy will set key objectives for infrastructure investment in the region for the next thirty years. The draft strategy sets out the framework under five themes: decarbonising the economy and society; strengthening essential services; enhancing communities and places; building a strong, connected and competitive region; and maximising the benefits from new technology and innovation.
You can find out more about the strategy and consultation process here.
Northern Ireland raises prices on carrier bags
The Northern Ireland Department of Agriculture Environment and Rural Affairs has announced that it will increase the Carrier Bag Levy to 25p. From 1 April 2022, carrier bag levy will increase to 25p for all bags priced at £5 or less. The main aim of the levy is to protect the environment by greatly cutting the number of carrier bags used, as reusing carrier bags saves natural resources and cuts the need for landfill. Ireland introduced its plastic bag levy in 2002 to reduce the use of disposable plastic bags by influencing consumer behaviour. The levy is remitted into the Environment Fund. It had an immediate effect when introduced in 2002 on consumer behaviour with a decrease in plastic bag usage from an estimated 328 bags per capita to an estimated 14 bags per capita in 2014. The current levy stands at at 22 cent per bag.
UK’s SME Climate Hub launches Financial Support Guide
The UK’s SME Climate Hub has launched an online and interactive guide for small to medium businesses that lays out existing financial support to reduce emissions and how to access this support. It is available to any business once it makes the ‘SME Climate Commitment’. This is a pledge to start taking action immediately toward three core aims: halving emissions before 2030; achieving net zero emissions before 2050 and disclosing progress every year.
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Technical Updates
- IAASA has published an information note entitled “Reporting Climate Change”.
- The Project Task Force on European Sustainability Reporting Standards (PTF-ESRS) of the European Financial Reporting Advisory Group (EFRAG) has released working papers on the first draft standards on sustainability reporting.
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Resources
Reminder – Climate Toolkit 4 Business
The Irish Government’s Climate Toolkit 4 Business is free for businesses looking to get started in taking climate action. This online resource allows SMEs to input simple information, such as energy bills, to get an estimate of their carbon footprint and a personalised action plan to reduce it. Watch this short video for more.
Businesses and Human Rights
Darina Eades, Business in the Community Ireland’s Senior Adviser on Corporate Sustainability has written an article on why business action is needed to mitigate modern slavery. The article covers what your company can do to minimise the risks and what is expected from your business and how the new BITCI Guidance Tool can help your business. More can be found on the Irish Government’s National Plan on Business and Human Rights on the website of the Department of Foreign Affairs.
Podcast – How do you define ‘net zero’?
This week’s recommended podcast is from ESG Insider: A podcast from S&P Global, and is on defining net zero: How to turn pledges into concrete action.
A climate disclosure board game
The Climate Disclosure Standards Board (CDSB) and creative consultancy Radley Yeldar have together developed a Climate Risk Card Game and they want you to play it. In the game 4-10 players work together to identify and address climate-related risks that might impact their company and to build climate resilience.
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This week’s Climate Champion
Chartered Accountants Ireland created the 1,000 Chartered Accountants campaign alongside our sister institutes ICAS and ICAEW to celebrate Chartered Accountants driving action on the climate crisis. Members are acting either by raising awareness of climate change through their work, or bringing their skills to managing, measuring and reporting on climate issues. You can read more about the campaign here.
Our Climate Champion this week is Rodney Irwin, FCA and the Chief Operating Officer at the World Business Council for Sustainable Development (WBCSD). You can read about Rodney’s ground-breaking programme of work in the WBCSD to drive global, pan-industry change to accounting, audit and risk practices for environment, social and governance (ESG) reporting measurement and valuation in his profile on our Climate Champions page.
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Coming up - Events
- Friday, Feb 4, 10.00–11.15 Practice News
In addition to the discussion on the challenges and opportunities that lie ahead for both those going into practice in 2022, and for the more established practitioner, Institute Sustainability Specialist Susan Rossney will discuss how sustainability is likely to impact all Institute member firms and their clients, no matter their size or location.
- Wednesday, Feb 9, 1pm-1.20 ‘Ask the Expert’ Interview - Climate
Chartered Accountants Ireland’s first ‘Ask the Expert’ series of sustainability interviews will kick off with an interview with climate expert, Brian O’Kennedy from Climate Disclosure Project (CDP) Network Ireland. Brian will be answering all your questions on what accountants need to know about climate, such as 'what are scope 3 emissions?', 'what are offsets?' and 'how to I reduce my carbon footprint?'
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You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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