This week’s sustainability/ESG bulletin covers the Irish Government’s ‘Reduce Your Use’ energy-efficiency campaign, the keynote speaker for our Sustainability Conference in May, Government surveys on remote working and the importance that nature and the outdoors, the EU Cities Mission, as well as the usual technical updates, resources and upcoming events.
ISSB Vice Chair to deliver Chartered Accountants Ireland Sustainability Conference keynote
Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), has been confirmed as keynote speaker for the 2022 Chartered Accountants Ireland Sustainability Conference, taking place on 25 May.
Sue Lloyd served as a member of the International Accounting Standards Board (IASB) from 2014 and as IASB Vice-Chair from 2016. She also served as Chair of the IFRS Interpretations Committee from 2017. In addition to her IASB responsibilities, she played a leading role in the establishment of the ISSB from 2020, including as a member of the Technical Readiness Working Group, which was created by the Trustees to give the ISSB a running start.
The 2022 Chartered Accountants Ireland Sustainability Conference builds on the success of the inaugural 2021 conference. It will address likely future trends and developments in sustainability that will impact all accounting, business and finance professionals today. Early bird registration available until May 17.
Reduce Your Use’ energy campaign launched
The Irish Government has launched a new nationwide public information campaign called 'Reduce Your Use' to encourage energy efficiency, as part of the Government's National Energy Security Framework to manage our energy supplies.
In addition to highlighting the range of Government financial supports available for households and businesses, the campaign will promote and encourage energy efficiency in print, radio and social media ads. After an initial 4-week phase, the campaign will be tailored for different seasons, activities and energy demands over the coming year. It will provide advice from the Sustainable Energy Authority of Ireland (SEAI), including practical and evidenced-based actions to save the most money and energy across four key areas: heating, appliances, travel and driving.
The campaign comes on the back of an international and European focus on energy efficiency (see below) and it supports advice in the latest IPCC report on climate change, which estimates that energy efficiency can lead to reductions in emissions of between 40 percent and 70 percent by 2050.
Ireland’s first Women in Finance Charter launches
This week saw the launch of Ireland’s first Women in Finance Charter, a collaboration between industry and Government under the Ireland for Finance strategy, the Government’s blueprint for the development of the international financial services sector.
Signatories of the Charter commit their organisations to improving the number of women in management and board level positions to achieve better gender balance and a more inclusive working environment. The senior management teams of signatory firms will be accountable for progressing the yearly targets.
A Steering Group has been established for ongoing governance of the Charter and an independent data partner, the Economic Social and Research Institute (ESRI) has been funded by industry to collect and report on data to ensure independent, credible analysis on an annual basis.
The Charter is open to all financial services firms operating in Ireland. More on the initiative, and why it is an important element for growing financial services firms, can be found here.
Citizen surveys on remote working and nature
Minister for Rural and Community Development Heather Humphreys TD is encouraging workers to take part in the annual 'National Remote Working in Ireland' survey, currently being carried out by researchers from the Whitaker Institute at NUI Galway and the Western Development Commission. The study will build on previous research by gathering data on employees' experiences and preferences for remote working and will assess how remote working is impacting their career choices. You can find the survey here and it takes approximately 8 minutes to complete.
Another survey, this time being run by the Central Statistics Office (CSO) is seeking information on the importance that nature and the outdoors has in the lives of Ireland’s citizens. The Survey, ‘Our Lives Outdoors’, launched on 22 April and explores the relationships that people have with the myriad of green and blue spaces in Ireland and how we use them.
Cork and Dublin selected for EU Cities Mission
Cities Cork and Dublin have been selected by the European Commission for its Climate-Neutral Smart Cities Mission, joining a network of 100 cities across Europe working to achieve a green and digital transformation. EU Missions are an innovation of the Horizon Europe research and innovation programme for the years 2021-2027. As part of the EU Cities Mission, Cork and Dublin will act as sites of learning and inspiration for other cities and towns to follow in the decades to come. They will act as experimentation and innovation hubs, implementing cutting-edge and creative solutions across energy, transport, waste, infrastructure and building categories to reduce their environmental footprints and make positive contributions to climate change.
EU urges consumers to reduce their energy use
The International Energy Agency and the European Commission have published a report outlining a range of simple steps that people can take to reduce their energy use and save money. The report is the result of a collaboration between the European Commission and the International Energy Agency to raise European citizens’ awareness of the benefits of energy savings and the importance of putting energy efficiency at the heart of planning and investments.
Entitled “Playing My Part: How to save money, reduce reliance on Russian energy, support Ukraine and help the planet”, the report aims to enlist citizens’ support to reduce reliance on Russian energy by adjusting their lifestyles. The plan calls on citizens to:
- drive less, by using public transport or working from home three days a week
- heat their homes less in winter
- turn the air conditioning down in summer
- drive more slowly with the car air conditioning turned down, which uses less fuel
- use the train instead of flying
- car-pool, or travel by public transport, by bike or on foot
It also calls on cities to promote car-free Sundays as some cities, like Bogotá in Colombia, already do.
The IEA reportedly calculated that if every citizen followed its recommendations, it could save 220 million barrels of oil every year, enough to fill 120 super tankers, and enough natural gas to heat nearly 20 million homes. The measures listed above would save a typical European household close to €500 a year.
Technical updates
- Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards.
- National Standards Authority of Ireland is Ireland’s official standards body under the auspices of DETE. It recently launched its new strategy for 2022-2026 – Innovating to Shape a Safer, Better, and Sustainable Future. The strategy is stated to give priority to Climate Action and Sustainability; to Digital Transformation; to Construction, with a particular focus on housing; and to Medical Technology. You can download the strategic plan here.
- Late last year the Central Bank gave notice of its intention to establish a Climate Risk and Sustainable Finance Forum. In recent days it has published a call for interest to the forum. You can read the press release here. The forum will be consultative and will meet twice a year, with the inaugural meeting taking place on 29 June 2022. It is looking for expressions of interest from the likes of financial sector representative bodies, financial sector participants (firms), experts on climate change. Selection criteria are set out in thecall for interest and you can complete the expression of interest form here.
Resources
- Identify how your company can support human rights aligned with the Ten Principles of the UN Global Compact by taking the online course of four 30-minute modules Business and Human Rights: How Companies Can Operationalize the UN Guiding Principles.
- On 28 April the International Sustainability Standards Board (ISSB) held a live webinaron its proposed standards on general sustainability-related disclosures and climate-related disclosures. Find out more from the IFRS website here.
- Speakers Terence O’Rourke and Nuala Murphy joined the Chartered Accountants Ireland’s Young Professionals to discuss the ‘S’ in ‘ESG’ (environment, social and governance). The event “S” Is for Social… But What Does That Mean? discussed what a business and an individual can do to action positive social change in your workplace and the wider community.
Events
- Governance: Making gender diversity, equality and inclusion happen, 5 May 2022, 11.00-12.00, Zoom,
Join Chartered Accountants Ireland on 5 May where Institute Head of Ethics and Governance Níall Fitzgerald will be joined by Pat O'Neill, Shauna Greely, Darina Barrett, John Hennessy, and Sandra Healy to discuss Making gender diversity, equity and inclusion happen.
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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