In this week’s Sustainability/ESG bulletin, read about the new Desposit Return Scheme, new funding available for sustainable disruptive technologies, the survey for signatories to the Women in Finance Charter, the report from the Platform on Sustainable Finance, ESG policies in credit unions, Renewable Energy and Net Zero in Northern Ireland, the ECB stepping up its climate work and the new EU law against greenwashing as well as technical roundups, resources, articles, and upcoming events.
IRELAND
Deposit Return Scheme launches in Ireland
The Deposit Return Scheme is now launched across Ireland, meaning that anyone buying a plastic bottle, or an aluminium or steel can with the Re-turn logo will pay a small refundable deposit, which can be returned in full when they bring it back to participating shops and supermarkets. Full details of how the scheme works is on this video (4 min).
Funding of €6.8 million announced for sustainable disruptive technology
Funding of €6.8 million has been announced for a project under Call 6 of the Disruptive Technologies Innovation Fund (DTIF) in Ireland. The €500 million fund was established under the National Development Plan (NDP) in 2018, and is managed by the Department of Enterprise, Trade and Employment with administrative support from Enterprise Ireland. This brings to €371 million the amount that has been awarded to projects across six DTIF Calls. All projects under Call 6 are expected to demonstrate a positive contribution to the sustainability targets in the Climate Action Plan.
Sustainable infrastructure investment manager fund closes
The leading listed private equity and sustainable infrastructure investment manager Foresight Group has announced the second close of the AIB Foresight SME Impact Fund. This Fund provides investments of €2-€5 million to companies across Ireland and Northern Ireland, and provides operational guidance, support on implementing sustainable best practices and creating high-quality, local jobs across Ireland. The Ireland Strategic Investment Fund (ISIF) made a commitment of €25 million to the Fund and has so far committed over €600 million as part of its €1 billion climate investment programme.
EPA publishes 2023 highlights
The Environmental Protection Agency (EPA) has published EPA Highlights 2023, showcasing its work in addressing environmental challenges across Ireland. Highlights include a recorded drop in Ireland’s greenhouse gas emissions in 2022, but a projected shortfall of 21 percent in overall emissions reduction by 2023. Upcoming events for 2024 noted in the publication include the Reporting of annual EU Emissions Trading System results in April, and September’s Circular Economy Conference.
Women in Finance Charter survey open
The ESRI, the data partner for Ireland’s Women in Finance Charter, has announced it is now collecting, analysing, and reporting on data from signatories to the Women in Finance Charter. Data from this survey will feed into the Women in Finance Chater 2024 report. Firms that signed the Charter committed to achieving greater gender balance across their organisations, setting targets appropriate to the company, and formulating an action plan to achieve these targets. The closing date for the survey is 2 February.
Sustainable finance report shows positive impact
A new report published by the Platform on Sustainable Finance, an advisory body to the European Commission, shows that the EU sustainable finance framework is being picked up by different market actors as an effective toolkit to navigate the transition to net zero, and has already had a positive impact on the ground. The Platform on Sustainable Finance will present the report “A Compendium of Market Practices” during a webinar on Tuesday 6 February, 13:00 – 14:20 (Brussels time).
Credit Unions and ESG policy
An amendment to the Credit Union Act 1997 (1997 Act) will see environmental social and governance (ESG) policy for the first time being included as a policy for the boards of credit unions in Ireland to approve, review and update. The new Act amends section 55 of the 1997 Act where the board has obligations to approve review and update plans policies and procedures at least every three years, instead of annually. The amending Act – the Credit Union (Amendment) Act 2023 (2023 Act) - was signed into law in December 2023 but has not yet been commenced.
NORTHERN IRELAND
Renewable Energy and Net Zero in Northern Ireland
A Northern Ireland Affairs Committee inquiry into Renewable Energy and Net Zero in Northern Ireland was held this month into barriers to renewable energy across the region. Recent figures have shown that Northern Ireland is not on track to meet this target, as renewable energy expansion has stalled in the last year. MPs were reportedly concerned that the sector will fail to meet its legally-binding target of 80 percent of energy consumption from renewable sources by 2030, and there were calls for reform to legislation and support for renewable energy development.
2024 Responsible Business Awards in Northern Ireland open for entries
Entries are now being accepted for the Responsible Business Awards in Northern Ireland 2024. The Awards showcase transformational stories of businesses taking real action to build thriving communities and innovate to tackle pressing social issues and to repair and rebuild our planet. The 2024 Awards are open for entries until 26 April.
EUROPE
EU Sustainable Investment Summit
Speakers from across the world gathered in Brussels on 24 January to take part in EU Sustainable Investment Summit, the European Commission’s flagship annual event on sustainable investment. The summit discusses the delivery of the green transition in the European Union and beyond. This is the fourth such summit, which began in 2021 following the launch of the European Green Deal – which sets the objective for Europe to become the first climate-neutral continent by 2050 – and the European Green Deal Investment Plan, which aims to unlock the investments and finance needed to achieve this goal.
ECB steps up climate focus
The European Central Bank (ECB) has decided to expand its work on climate change, identifying three focus areas that will guide its activities in 2024 and 2025: implications of green transition, physical impact of climate change, and nature-related risks for the economy and financial system. The work planned for these focus areas will complement the ECB’s current climate-related actions in its ongoing tasks, including monetary policy and banking supervision. A comprehensive overview of the planned work programme for 2024 and 2025 is available in the Annex and more information can be found on the ECB’s website.
New EU law against greenwashing
MEPs have adopted a new law banning greenwashing and misleading product information. Under the new Greenwashing Directive, generic environmental claims (such as “environmentally friendly”, “natural”, “biodegradable”, “climate neutral” or “eco”) and other misleading product information will be banned, and only sustainability labels based on approved certification schemes or established by public authorities will be allowed. It will ban claims that a product has a “neutral, reduced or positive impact on the environment because of emissions offsetting schemes”, and it will make producers and consumers focus more on the durability of goods.
The Directive is meant to work together with the Green Claims Directive, currently being discussed at committee stage in Parliament, and which will be more specific and elaborate the conditions for using environmental claims in greater detail. The Greenwashing Directive now needs to receive final approval from the Council and be published in the Official Journal after which Member States will have 24 months to transpose it into national law.
Technical Roundup
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EFRAG has launched a public consultation on the sustainability reporting standards for listed SMEs and for non-listed SMEs who wish to voluntarily report on their sustainability activities. This consultation will remain open until 21 May 2024.
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The International Ethics Standards Board for Accountants (IESBA) has launched two exposure drafts on ethical considerations in sustainability reporting and assurance. The Exposure Drafts cover International Ethics Standards for Sustainability Assurance as well as Using the Work of an Expert. Comments are requested by 30 April.
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The International Sustainability Standards Board (ISSB) has released its January 2024 podcast. Emmanuel Faber and Sue Lloyd (Chair and Vice-Chair of the Committee) discuss recent developments and their priority areas for the upcoming year.
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The International Federation of Accountants (IFAC’s) recent episode of “The Fast Future with IFAC” includes excerpts from a presentation to IFAC's SMP Advisory Group on topics related to sustainability.
Resources
Accounting 4 Sustainability (A4S) Academy opens
The A4S Academy is now open for applications. The 18-month online learning and implementation programme is for senior finance leaders to embed sustainability. It equips finance teams with the skills needed for their businesses to succeed in the face of environmental and social risks and opportunities.
Energy audit
The Sustainable Energy Authority of Ireland (SEAI) is promoting a voucher of €2000 for eligible businesses to seek a professional energy audit. The eligibility criteria, along with a more comprehensive overview of the scheme, are available on the SEAI website.
Opportunities and approaches for Sustainable Public Procurement
A new resource on Sustainable Public Procurement is available online for practitioners and policy makers. The guide describes opportunities and approaches for Sustainable Public Procurement and is intended to be of use to procurement practitioners and budget-holders in the public sector, as well as to policy developers interested in how public procurement can be used strategically to address key sustainability policy objectives.
Micro-qualifications for sustainability training
Green Further Education and Training micro-qualifications are now available to employees who want to contribute to sustainability in the workplace. Created by industry for industry, the programmes provide short, stackable accredited qualifications tailored to fit employees’ schedules at little or no cost to employers. Programmes are delivered nationwide by the Education and Training Board network under the Skills to Advance initiative and are funded by SOLAS.
Articles
Upcoming Events
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Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships
Webinar on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements. Wednesday, Zoom, 7 February 2024 12:00 – 12.45
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Accountancy Europe Supporting SMEs with sustainability information
Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition
21 February, 17:00 - 19:00 Brussels time
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A4S Sustainability In Action Webinar: Management Information
An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes.
27 February, 08:00
Network for Chartered Accountants working on ESG projects
Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities?
Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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