In this week’s bulletin we bring you news about the Temporary Business Energy Support Scheme, the public consultation on the National Risk Assessment 2023, and a report showing the efficiencies of aligned renewable energy targets for Ireland and Northern Ireland. Also covered is the launch of an investor coalition at the Biodiversity COP in Montreal and the reaching of an agreement on the EU’s Carbon Border Adjustment Mechanism (CBAM), as well as articles, resources and events.
TBESS - Using the Climate Toolkit 4 Business
Chartered Accountants Ireland acknowledges that Revenue has clarified its guidance regarding completion of a carbon footprint exercise by applicants to the Temporary Business Energy Subsidy Scheme (TBESS) regarding the requirement for applicants to either complete a carbon footprint exercise using the Government’s Climate Toolkit for Business, or demonstrate that they are taking steps to reduce energy use and environmental impact. However, the Institute recommends that business use this toolkit as an opportunity to manage their costs and their carbon emissions. Read more
Public consultation – National Risk Assessment 2023
The Irish Government has launched a public consultation on the National Risk Assessment outlining proposed risks facing Ireland in the short, medium, and long term. Stakeholders are asked to assess whether the draft risks identified accurately represent the major risks facing the country, or if any should be added or removed. The risks are categorised under the headings economic, geopolitical, social, environmental and technological. The public consultation will be open until Friday 17 February 2023.
Report shows efficiencies in aligned renewable energy targets for Ireland and Northern Ireland
New research from the ESRI shows that aligned renewable energy targets for Ireland and Northern Ireland support a more efficient electricity dispatch system and lower costs around the island. The report - All-island coordination of energy infrastructure and renewable energy supports – found that the North-South interconnector, a 400kV transmission line which will run between the two jurisdictions, will facilitate greater energy transmission between the two jurisdictions, reducing the requirement to invest in storage. The interconnector would also reduce the number of network upgrades needed.
Investor coalition launched at ‘Biodiversity COP’
At the ‘Biodiversity COP’ this week a group of institutional investors announced the formation of a new global engagement initiative to mobilise investors to drive urgent action on the nature-related risks and dependencies in the companies they own. Nature Action 100 will identify the private sector actions that need to be undertaken to protect and restore nature and will seek to catalyse these actions via investor-company engagements. The ‘Biodiversity COP’ is the United Nations Convention on Biological Diversity (‘COP 15’); it is taking place from 7-19 December in Montreal, Canada. Governments from around the world have come together to agree on a new set of goals to guide global action through 2030 to halt and reverse nature loss.
Agreement reached on EU’s Carbon Border Adjustment Mechanism (CBAM)
Political agreement has been reached between the EU Parliament and Council on the Carbon Border Adjustment Mechanism (CBAM), the tool created by the EU to put a fair price on the carbon emitted during the production of carbon-intensive goods entering the EU. The CBAM aims to prevent ‘carbon leakage’, which occurs when companies based in the EU move carbon-intensive production abroad to countries with less stringent climate policies, or when EU products get replaced by more carbon-intensive imports. The goal is to make the carbon price of imports equivalent to the carbon price of domestic production, thereby ensuring that the EU’s climate objectives are not undermined. On clarification of final technical details of the mechanism and finalisation of the text, the European Parliament and the Council will have to formally adopt the new Regulation before it can enter into force.
Report publishes into climate change adaptation in Europe
Advancing towards climate resilience in Europe, a European Environment Agency (EEA) report published this week, shows that EU Member States recognise the importance of adapting to impacts of climate change. (Adaptation refers to how we adapt our society and economy in response to climate change, by changing our processes, practices, and structures to reduce damage or benefit from opportunities.) The report, which assesses the state of national adaptation actions in 2021, show that many of the measures reported by Member States involve increasing capacity. It also shows that while adaptation is being increasingly financed, several issues remain, including how to measure adaptation finance. Only a few Member States have dedicated national adaptation funds for financing the implementation of national adaptation plans.
Articles
- Sustainability: driving investment in Ireland - Stephen Prendiville looks at how sustainability efforts to date are contributing to Ireland’s attractiveness to investors (Accountancy Ireland)
- Your gender pay gap reporting checklist (Accountancy Ireland)
- Ireland’s biggest companies are increasingly prioritising environmental, social and governance (ESG) issues, recognising it as a key performance indicator, a new study has indicated (Irish Times)
- New wind farm plan aims to transform Shannon estuary and create 50,000 jobs - It is expected that offshore wind farms in the region could meet Ireland’s entire electricity demand (Business Post)
- Cop15 Q&A: Why this biodiversity summit should matter to everyone (Irish Times)
Jobs
Events
The Leinster Society kicks of the new year with a free Expert Series webinar on 11 January, from 12.30pm - 1.30pm on energy saving for your household. A representative from the Sustainable Energy Authority of Ireland (SEAI) will give advice and tips, and answer your questions on how to make your household more energy efficient and sustainable. Register here
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.