In this week’s sustainability/ESG bulletin, read about the climate and environmental aspects of Ireland’s Budget 2023, a new grant for Irish businesses to switch to renewable energy, a proposed EC ban on products made with forced labour, biodiversity and the EU’s calls for Ireland to halt peat cutting, and the UK Government’s independent review of its Net Zero Strategy, as well as articles and upcoming events.
Budget 2023 - climate and environmental impact
Budget 2023 was announced on 27 September, with Minster for Finance, Pashcal Donohoe T.D., describing climate change as the one of the key challenges of our times. Read about the climate and environmental impacts of Budget 2023 here.
Energy Update
A Temporary Business Energy Support Scheme has been announced in Budget 2023 to assist businesses with their energy cost over the winter months. The Scheme will be open to businesses that carry on a Case I trade, are tax compliant and have experienced a significant increase (more than 50 percent) in their natural gas and electricity costs. Read more from our Tax Team here.
New grant for businesses to switch to renewable energy
Businesses looking to switch to renewable energy and reduce their energy bills can now apply to the Sustainable Energy Authority of Ireland (SEAI) for a grant for solar photovoltaic (pv) modules. The Non-Domestic Microgen Scheme (NDMS) provides financial assistance of up to €2,400 to help businesses and other sectors to install solar PV panels to generate electricity on site.
BEIS commissions independent review of Net Zero
The Business, Energy and Industrial Strategy (BEIS) Secretary of State has commissioned an independent review of the UK Government’s approach to delivering its net zero target. Reporting by the end of 2022, the review will ensure that delivering the net zero target does not place ‘undue burdens’ on businesses or consumers.
EU, Ireland and biodiversity
The EU Commission is calling on Ireland to take action to halt the continued cutting of peat in Special Areas of Conservation (SACs), designated to conserve raised bogs and blanket bogs under the Habitats Directive (Directive 1992/43/EEC). Their protection and restoration assist Ireland in meeting its climate change goals not only in keeping the peat in the ground, but also by avoiding the very high carbon and other air pollution emissions which are caused when peat is burnt as a fuel. Ireland has two months to respond and take necessary measures or the Commission may decide to refer Ireland to the Court of Justice of the European Union.
Director General of the Environmental Protection Agency (EPA) Laura Burke reportedly described peatland restoration was a win-win for Ireland due to the many unique species on peatlands that can be protected. Ms Burke made the comments at the first meeting of Ireland’s Citizens' Assembly on Biodiversity Loss, which took place between 24 and 25 September in Dublin. The citizen’s assembly is the first such anywhere in the world focusing specifically on biodiversity loss. It is made up of 99 randomly selected Irish citizens who participate in the assembly's six-month programme of work.
You can find out more on accountants and biodiversity in the Chartered Accountants Ireland Sustainability Hub.
EC proposes banning products made with forced labour
The European Commission has proposed to ban products made with forced labour on the EU market. The regulation is proposed to apply the ban to all products, including their components, all economic operators, economic sectors, stages of production or steps of value chains. Commenting, Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said: “This proposal will make a real difference in tackling modern-day slavery, which affects millions of people around the globe.”
You can read more about how accountants can join the fight against modern slavery on the Chartered Accountants Ireland Sustainability Hub.
Articles
How to stop expensive heat leaking out your walls, windows and roof (Irish Times)
Total funding for nature and biodiversity increased to more than €90m (Irish Times)
Budget 2023 and Climate (Irish Independent)
EU countries to back energy windfall levies, lock horns over gas price cap (RTE)
Upcoming events
Practical online workshop to help businesses understand and measure their carbon footprint (Carbon Footprinting – The Essentials) 5 October, 09.30-12.00pm.
European Business & Nature Summit, 18-19 Oct
The Business Case for Social and Circular (Register) 18 October, 12.00-1.00: free, interactive webinar, experts Claire Downey, Chris MM Gordon and Kate van der Merwe discussing the social and circular economies, and how these alternative economic models are sources of innovation for mainstream business.
Ireland Climate Finance Week, 17-21 Oct
Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)
Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST)
You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.