In our first Sustainability/ESG bulletin of 2023 we bring you sustainability/ESG predictions for 2023 as well as news of Ireland’s 2023 Climate Action Plan, a major overhaul of the EU’s carbon market, and the agreement reached at the Biodiversity COP. Also covered is a new network for Chartered Accountants working in ESG/Sustainability, and articles, jobs and events.
Sustainability in 2023 – ‘Just smart business’
2023 is likely to see increased focus on sustainability reporting for businesses, with the transposition into Irish law of the Corporate Sustainability Reporting Directive (CSRD), and ongoing updates from the International Sustainability Standard Board (ISSB), the EU Taxonomy and the Sustainable Finance Disclosure Regulation (SFDR).
Also expected is an increased focus on biodiversity and business, an increase in the need for businesses to adapt to the impact of rising temperatures, more circularity and conscious use of resources, a greater awareness of greenwashing (and ‘green wishing’ and ‘green hushing’), and increased investment in renewables.
Overall the ongoing integration of ESG into ‘business-as-usual’ is likely to continue. John Friedman, Managing Director of ESG at Grant Thornton, reportedly called for sustainability to be described as simply “business”, because “no matter what you call it, it is just smart business to understand and manage those things that are levers for attracting more customers and investments [and] engaging your workforce, which all drive profitability.”
For more predictions on sustainability/ESG in 2023, here is what Reuters, the Economist and MSCI are saying.
The Climate Action Plan 2023
The Irish Government has published its Climate Action Plan 2023 which aims to deliver new jobs and a thriving, green economy for current and future generations. Other benefits include warmer homes, cheaper electricity, better transport, vibrant and resilient communities, biodiversity-rich landscapes and improved health. Read more here.
EU overhauls its carbon market
Provisional agreement has been reached by the European Parliament and Council on the EU Emissions Trading System (ETS), the Carbon Border Adjustment Mechanism (CBAM) and a new Social Climate Fund. These are important legislative proposals of the ‘Fit for 55’ package that will further reduce emissions and address their social impacts: Read more here.
Agreement reached at ‘Biodiversity COP’
A landmark agreement was reached at the ‘Biodiversity COP’, the United Nations Convention on Biological Diversity (‘COP 15’) which took place from 7-19 December in Montreal, Canada. Governments from around the world came together to agree on a new set of goals to guide global action through 2030 to halt and reverse nature loss. Find out more in our article Biodiversity - a look at the numbers.
Consultations
- The Irish Government has launched a public consultation, open until Friday 17 February 2023, on the National Risk Assessment. This outlines proposed risks facing Ireland in the short, medium, and long term, categorised under the headings economic, geopolitical, social, environmental and technological.
- The Irish Government is seeking expressions of interest for participants – either individuals or groups – for the 2023 SDG Champions Programme, run by the Department of Environment, Climate and Communications. The goal of the programme is to raise public awareness of the UN Sustainable Development Goals. Deadline for receipt of submissions is Friday 20 January at 5pm.
- A meeting of the National Stakeholder Forum on the key principle of Agenda 2030 for Sustainable Development of ‘Leaving No One Behind’ will take place on Tuesday 17 January online and in the Aviva Stadium, Dublin from 10.30am – 4.30pm. Register here.
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 Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
- 3rd Wednesday of every month, beginning with 25 January 2023
- 14.00-15.00/30
- Chartered Accountant House/Teams
If you would to join us please email the Institute’s Sustainability Officer susan.rossney@charteredaccountants.ie or sustainability@charteredaccountants.ie
Articles
- Hiring rates decline but focus on 'green talent' - report (Irish Times)
- EU strikes deal to overhaul carbon market and cut Europe's emissions (Irish Independent)
- Climate action plan: Clear but painful path set out to cut Ireland’s emissions (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