In this week’s Sustainability/ESG Bulletin, read about the speech by Central Bank of Ireland’s Governor Gabriel Makhlouf highlighting the need to ensure climate action remains a priority for the financial sector. Also covered are the new measures to enhance road transport’s safety and environmental impact, EFRAG’s draft simplified European Sustainability Reporting Standards and its new ESRS Knowledge Hub, developments in sustainability reporting and due diligence legislation, and the World Economic Forum’s report finding that growth in green investments has not wavered, as well as the latest articles, resources, jobs and upcoming events. IRELAND “A real economy transition” The Central Bank of Ireland’s Governor Gabriel Makhlouf has delivered a speech at the Climate Risk and Sustainable Finance Forum this week where he highlighted the need to ensure climate action remains a priority for the financial sector, and emphasised the Central Bank’s focus on climate risk and sustainable finance. Explaining the need for a focus on tangible outcomes that support the transition and adaptation, Governor Makhlour encouraged the Forum to continue to promote a collaborative approach to how the financial sector supports the transition and adaptation: “We must recognise that the journey to net-zero is, at its core, a real economy transition. The financial sector’s task is not just to manage the risks on its balance sheets, but to provide the incentives and the funding to ensure that households and businesses make the low-emission choices required to secure our collective future. My call to you is that we commit to staying the course together.” New measures to enhanced road transport impact The Minister of State with responsibility for International and Road Transport, Logistics, Rail and Ports, Seán Canney, TD has welcomed EU Council agreement on two major legislative initiatives: the Weights and Dimensions Directive and the Roadworthiness Package. The revised Weights and Dimensions Directive, among other things, promotes the use of zero-emission trucks by allowing them to exceed standard weight limits, supporting the decarbonisation of transport across the European Union. The Roadworthiness Package consists of two legislative proposals to enhance road safety and environmental protection. Following approval by the Council, the presidency can start negotiations with the European Parliament to reach a final agreement. EUROPE EFRAG issues draft simplified European Sustainability Reporting Standards and launches ESRS Knowledge Hub The European Financial Reporting Advisory Group (EFRAG) has published the draft simplified European Sustainability Reporting Standards (ESRS), along with its technical advice to the European Commission. In its press release, EFRAG have highlighted many of the simplifications implemented which it hopes will help reporting companies integrate sustainability reporting into their business. Read more from our Professional Accounting team. “An alarming dismantling of good policymaking”  The EU parliament and member states have reached a provisional deal to update EU rules on sustainability reporting and due diligence requirements for companies. Social and environmental reporting will only be required for EU companies employing on average over 1,000 employees and with a net annual turnover of over €450 million. The net turnover threshold has also been increased for non-EU companies to €450 million generated in the EU for sustainability reporting. Only large EU corporations with more than 5,000 employees and a net annual turnover of over €1.5 billion will need to carry out due diligence to minimise their negative impact on people and the planet, and will no longer need to prepare a transition plan to make their business model compatible with the Paris Agreement. They will remain liable at national rather than EU level for non-compliance and could face fines of up to 3 percent of the company’s net worldwide turnover, reduced from 5 percent as previously stated.  The rules will also be delayed by a year, coming into force from July 2029. Some commentators are likely to welcome the row back: several companies had reportedly consistently lobbied against the regulation, due to be phased in from 2027, which would have required in-scope companies to ensure that their supply chains do not harm the environment or human rights.  Others commentators, like Richard Gardiner, interim head of EU Policy at ShareAction, reportedly described it as “an alarming dismantling of good policymaking” after intense pressure: “These losses matter. They do not make Europe more competitive. Instead, they weaken Europe’s unique competitive edge.” The announcement comes less than a week after Parliament and Council negotiators reached a provisional political agreement on a one-year postponement of the EU Deforestation Regulation for all businesses. Provisional agreement on EU Climate Law amendment Negotiators from Parliament and Council have reached a provisional political agreement on an amendment to the EU Climate Law, setting a new, intermediate and binding 2040 EU climate target of reducing net greenhouse gas (GHG) emissions by 90 percent compared to 1990 levels. Also agreed on Tuesday was the introduction of ‘new flexibilities’ in how the 2040-target can be met. The EU Climate Law makes the goal of climate neutrality by 2050 a legally binding obligation for all EU member states, establishing a legally binding target for the EU to reduce net GHG emissions by at least 55 percent by 2030, compared to 1990 levels. The European Parliament will now vote on the informal agreement and Council will also have to endorse it. It will enter into force 20 days after it has been published in the EU Official Journal. December issue of Accountancy Europe’s Sustainability Update Accountancy Europe’s December Sustainability Update published this week, with the following highlights: EFRAG provides technical advice with draft Amended ESRS to Commission ENVI-ECON Committees reject motion for resolution to object EU Taxonomy ‘Omnibus’ DA European Parliament supports further delay and simplifications of Deforestation-Free Products Regulation Ombudswoman finds Omnibus I a case of maladministration European Commission simplifies rules for sustainable financial products IAASB provides examples on how to apply ISSA 5000. WORLD The World Economic Forum has published a report finding that, overall growth in green investments has not wavered, despite recent headlines suggesting the climate transition is stalling. The report, published in collaboration with Boston Consulting Group, is titled Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy Worth over $5 trillion per year, and identifies the green economy as the world’s most dynamic growth sector after technology. It suggests that green revenues are growing twice as fast as conventional revenues on average, and companies operating in these markets are typically gaining access to cheaper capital and often enjoy premium valuations on capital markets. ARTICLES Five steps to more inclusive communication (ICAEW) Focus on gender balance is paying off for Irish companies, says B4BB (Irish Examiner) ICYMI Sustainability in Practice: Setting up for Success (ICAEW) EU strikes deal to further weaken corporate sustainability laws (RTÉ) RESOURCES ICAEW has published a primer for finance teams unlock long‑term business value while working with nature. Embedding nature into business: A primer for finance teams links nature‑related information to an organisation’s activities, processes and tools, so allows teams to make nature‑related risks and opportunities visible, manageable and integrated into every decision the organisation makes. It was developed by ICAEW as an output of A‑Track, a four‑year, €11 million project that aims to accelerate transformative action for nature by business, financial institutions and government. Future work by ICAEW in the A‑Track project will build on this foundation, developing additional targeted resources, case studies and training opportunities to support finance and accounting professionals in their daily work. EVENTS Pentland Centre for Sustainability in Business - Lancaster University,  SMEs - Learning about Nature and Biodiversity This is the first in a series of three free webinars from the Pentland Centre for Sustainability in Business aimed at SMEs curious about nature and biodiversity links to business activity. This session provides a natural science introduction to ecosystems and explains how these aspects impact business operations, with examples from different sectors. Virtual, Thursday 15 January 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Dublin Chamber, The Sustainability Academy: Green Public Procurement Training Join us on Wednesday the 4th of February for Half-day virtual workshop on Green Public Procurement as part of Sustainable Academy, sponsored by AIB. All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Virtual,  Wed 4th Feb 2026 | 9am - 12.30pm. Pentland Centre for Sustainability in Business - Lancaster University, Starting Your Journey with Tools and Frameworks Second in the series, this webinar explores tools and frameworks that support decision-making for nature and biodiversity, including the Natural Capital Protocol and TNFD. Learn how these approaches help businesses identify relevant priorities and communicate outcomes effectively. Virtual, Thursday 12 February 2026, 8:00am – 9: 00am | 4.00pm – 5.00pm ICAEW, Putting nature on the balance sheet — Troubleshooting session Troubleshooting session to tackle common challenges on how to embed nature into the activities and processes of the finance function. Virtual, Wednesday, 18 February, 2026, 4 - 5pm CET Pentland Centre for Sustainability in Business - Lancaster University, What Does ‘Good’ Look Like in Corporate Reporting? The final session in the Pentland Centre’s free webinar series for SMEs explores what effective reporting on nature and biodiversity looks like. Drawing on global examples, this webinar highlights best practices and practical approaches for integrating nature and biodiversity into corporate reporting. Virtual, Thursday 12 March 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Big changes are coming for Ireland’s infrastructure. This week, the Government published its Accelerating Infrastructure Report and Action Plan – a comprehensive blueprint to tackle delays and bottlenecks that have slowed down critical infrastructure projects for years. The report sets out 30 specific actions designed to speed up delivery and make the system more effective.  It is the outcome of months of work by experts on the Accelerating Infrastructure Taskforce identifying barriers to infrastructure delivery.  Why this report matters Ireland’s Revised National Development Plan commits €102billion in capital investment to 2030. But as we discussed at our recent Chartered roundtable event, investment alone isn’t enough. Projects have been stuck in planning, legal challenges, and layers of regulation. This report aims to change that, with reforms grouped under four pillars: Legal Reform, Regulatory Reform and Simplification, Co-ordination and Delivery Reform, and Public Acceptance along with 30 specific action points. It states that "Joined-up thinking is at the heart of this approach: housing, climate, energy, and competitiveness are interconnected, and this Action Plan ensures that infrastructure delivery supports all of these priorities."  We have reviewed the four pillars and pulled out the key points that you can read below.  Pillar 1: Legal reform   Legal reform is about breaking the judicial gridlock that has stalled vital projects. Judicial reviews have been a major source of delay, often tying up developments for years. The plan introduces reforms to narrow who can bring challenges, require viability checks before cases proceed, and allow emergency powers for critical infrastructure projects. These changes aim to strike a balance between protecting legal rights and ensuring essential projects can move forward without unnecessary obstruction.  Pillar 2: Regulatory reform and simplification  Regulatory Reform and Simplification is the pillar that focuses on reforming planning, licensing, consenting, and regulatory processes for critical infrastructure to make them proportionate, efficient, and balanced. Its goal is to cut unnecessary regulatory burdens, reducing time and costs while fostering innovation in delivery.  In parallel with examining the structures of the regulatory sector, the plan commits to a “major legislative reform exercise”, reviewing the legislative base that applies to the development of critical infrastructure in Ireland.  Critically, several of the actions in this pillar are focused on EU legislation, referencing the principle of proportionality as enshrined in European law and applied through a three-part test involving suitability, necessity, and balance. The government intends “that these principles cascade through the European Directives into the national legislation and associated regulatory frameworks.” This is a positive development, providing the opportunity for Ireland to rationalise and simplify existing legislative structures where necessary.   In addition, an early warning system for EU directives being transposed into Irish law will also be established, to flag any potential knock-on impacts on the delivery of infrastructure, so they can be dealt with early.  If implemented effectively, these measures could significantly reduce timelines and give businesses greater certainty.  Pillar 3: Co-ordination and delivery reform  This pillar focuses on breaking down silos and improving coordination - ensuring problems are solved speedily and responsibilities are clear. The report sets out that a new Joint Utilities and Transport Clearing House will be set up. It will centrally coordinate the state’s utilities to resolve blockages quickly, implement a statutory duty for departments and local authorities to cooperate, and introduce clear accountability measures.  The plan aims to tackle the culture of risk aversion within the public sector, including the civil service and state agencies. It proposes introducing risk appetite statements to give senior decision-makers greater confidence and protection when advancing critical infrastructure projects.  Pillar 4: Public acceptance  Infrastructure delivery is not only a technical challenge – it is a societal one. Public acceptance is fundamental to timely progress, and the report stresses the importance of clear communication, transparent evidence, and early engagement to build trust and reduce resistance. Public acceptance of the need for electrical, water and transport infrastructure development is essential for the building of a sustainable, decarbonised and successful economy.  While there is broad recognition of the need for infrastructure, opposition often emerges when local impacts are perceived, leading to delays, legal challenges, and difficulties in securing land access. To address this, the report outlines four specific actions including a duty on State Bodies to make land available for critical infrastructure, enhanced national communication campaigns to explain the benefits of infrastructure and, the establishment of a Benefits Realisation Framework for infrastructure projects.   What’s next?  The actions are split into 138 sub-actions, and the Institute is pleased to see that the sub-actions are primarily for delivery in 2026 and are particularly weighted towards completion in the first two quarters of 2026. This prioritisation reflects urgency, which is extremely welcome. The actions have set deadlines for implementation, and the report identifies the departments and agencies charged with implementation. The relevant Ministers and secretaries general of the various departments have been made ultimately responsive for ensuring the actions are completed.   The message is clear: change is coming to make infrastructure delivery faster, more predictable, and more accountable – good news for business and Ireland’s growth ambitions.  Want to know more? Linked below are some interesting reads in the media this week on the Accelerating Infrastructure Action Plan. Some items may require a subscription to read in full.  Business Post, 3 December 2025: Everything you need to know about the government’s new infrastructure plan Business Post, 3 December 2025: ‘A starting point, not a conclusion’ - business leaders on the infrastructure plan Business Post, 4 December 2025: 5 ways Ireland can learn from expensive mistake on infrastructure Business Post, 3 December 2025: Stripe and Meta chiefs among 25 to sign letter urging government action on infrastructure Irish Times, 4 December 2025: We can’t keep objecting to wind farms 10km out to sea if we want Ireland to progress Irish Times, 4 December 2025: People who object to infrastructure projects could be offered damages under new plan Irish Times, 4 December 2025: Infrastructure or bust? Nothing more important for Coalition than making this work RTÉ.ie, 3 December 2025: Government plan to speed up delivery of housing and infrastructure

  In this week’s Sustainability/ESG Bulletin, read about the reduction in Ireland’s GHG emissions, along with warnings from the Irish Fiscal Advisory Council that now is the time to prepare to address climate change. Also covered is the UK’s public consultation on new Electric Vehicle Excise Duty, Northern Ireland’s renewable electricity use, a report showing how climate reporting strengthens public bodies’ risk management, and the UK FCA proposals to ensure transparency, reliability and comparability of ESG ratings, as well as the latest articles, resources, jobs and upcoming events.   IRELAND Accelerating Infrastructure Report and Action Plan publishes The Government has this week published its Accelerating Infrastructure Report and Action Plan to address delays and bottlenecks that have slowed down critical infrastructure projects in recent years. The outcome of months of work by experts on the Accelerating Infrastructure Taskforce, the report sets out 30 specific actions designed to speed up delivery of critical infrastructure projects and make the system overall more efficient. Emphasising the importance of ‘joined-up’ thinking, the report stresses the interconnectedness of housing, climate, energy, and competitiveness with infrastructure delivery as the key to addressing the current shortcomings in all of these areas. Decarbonisation is identified as key to delivering the Government’s strategic priorities: “A resilient, decarbonised and internationally competitive electricity system is essential for the delivery of the Government’s key strategic priorities, including housing development, economic competitiveness, investment, growth and climate action.” Find further reaction to the report by the Chartered Accountants Ireland team here. Ireland’s greenhouse gas emissions down 2.0 percent from 2023 Ireland’s greenhouse gas emissions in 2024 were down 2.0 percent from 2023 and 5.4 percent from the 1990-1994 average figure. This is according to figures released from the Central Statistics Office (CSO) this week, in a statistical release titled Environmental Indicators Ireland 2025 - Global Context and Climate. The release also shows that Ireland had the second highest emissions of greenhouse gases per capita (behind Luxembourg) in the EU-27 in 2023, and that the average annual temperature in Ireland was 10.45o Celsius in 2024, the third warmest year since data became available in 1961. Environmental Indicators Ireland was first published in 2012. This release is the first of two for 2025, and covers Global Context, Greenhouse Gases and Climate Change, Water and Land Use. The second release, which will publish in the coming months, will look at the thematic areas of the Environmental Economy, Air, Energy, Transport, Waste and Biodiversity. Irish Fiscal Advisory Council warns that now is the time to prepare The Irish Fiscal Advisory Council has warned in its latest Fiscal Assessment Report that now is the time to prepare for future budgetary pressures while the economy is strong. The Report, which referred to research carried out by Eddie Casey and Killian Carroll (2023) What climate change means for Ireland’s public finances, which warns that climate change will have a significant impact on Ireland’s public finances, involving higher spending and resulting in some revenue streams falling and needing to be replaced. The pressure of addressing climate change, along with the pressure of supporting an ageing population, could amount to 6 percent of national income by 2050 (€20 billion in today’s terms). NORTHERN IRELAND/UK Public consultation on new Electric Vehicle Excise Duty The UK Government has opened a public consultation on the Electric Vehicle Excise Duty (eVED), announced by the Government in Budget 2025. The eVED is a new mileage charge for electric and plug-in hybrid cars, which will take effect from April 2028. The deadline for responses is Wednesday 18 March 2026 and you can find details including how to response here: Consultation on the Introduction of Electric Vehicle Excise Duty (eVED). Northern Ireland renewable electricity use A total of 44.2 percent of total metered electricity consumed for the year ending September 2025 was generated from metered renewable sources located in Northern Ireland. The ‘Electricity Consumption and Renewable Generation in Northern Ireland: Year ending September 2025’, which published this week, details the percentage of electricity consumption in Northern Ireland generated from renewable sources, and includes information on the type of renewable generation. Of all renewable electricity generated within Northern Ireland over the 12-month period October 2024 to September 2025, 82.2 percent was generated from wind. This compares to 81.9 percent for the previous 12-month period (year ending September 2024). Climate reporting strengthens public bodies’ grasp of risk, report finds A report from the UK’s National Audit Office (NAO) suggests that the requirement to file annual climate reports has strengthened public bodies’ grasp of relevant risk factors, leading to a range of further improvements. The report, titled Implementation of climate-related reporting in central government annual reports, evaluates the effects of new obligations upon central government bodies to report in line with the framework devised by the Taskforce on Climate-related Financial Disclosures (TCFD). The UK was among the first nations globally to introduce an internationally recognised framework of climate-related disclosure into annual reporting in central government. The NAO reportedly found examples of emerging good practice, particularly where there was integration between different government professions – such as finance, sustainability, risk and policy – and clear senior ownership of the risks and disclosures. This suggests that TCFD-aligned reporting has potential to deliver significant and valuable benefits to public bodies: “Respondents said that using TCFD to prepare their disclosures has boosted senior engagement with climate issues. In the process, it has helped leaders to improve their understanding of related risks, strengthen financial management and identify potential cost efficiencies.” FCA publishes proposals to ensure transparency, reliability and comparability of ESG ratings The UK’s Financial Conduct Authority (FCA) has published proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable. ESG ratings inform investment decisions, risk management and regulatory reporting, and global spending on ESG data (including ratings) is projected to reach $2.2 billion in 2025. The proposal follows the decision by the UK Government to bring ESG ratings within the FCA’s remit which was supported by 95 percent of those who responded to its consultation. The aim of introducing clear, proportionate rules for transparency and governance is to help to build the market’s trust in ESG ratings and address concerns through proportionate oversight benefits business and reinforce the UK’s reputation as a global sustainable finance hub, supporting innovation and continued growth. Feedback on the proposals is invited until 31 March 2026. WORLD Greenhushing and climate communications Research conducted by the BBC, and reported upon by FTI Consulting, has found that companies may not be as reluctant to share information on climate commitments as commonly thought. The phenomenon of companies not wishing to talk about their science-aligned climate targets was described by South Pole, the Switzerland-based climate consultancy which originally coined the term ‘greenhushing’ in 2022.  Recent research by Harvard, has also found that only 13 percent of surveyed companies scaled back their sustainability efforts or public messaging, findings echoed by PwC in its 2025 Decarbonisation Report  which noted that the number of companies overall making climate commitments continued to grow showing a strong commitment to sustainability as a source of business value. “Companies may be talking less about their climate pledges, but many are focused on addressing rising energy demands, protecting value at risk, responding to evolving customer expectations, and designing their operations to secure long-term growth and resilience”.   ARTICLES ‘If we wait it will be too late’: Why 500 scientists are backing this urgent climate declaration (Euronews) PCAF Launches Updated Emissions Measurement and Reporting Standard for Financials (ESG Today) Global accounting body consults on new model for assessing bank risks (Reuters) If COP won't deliver, others will (Climate Action for Associations - CAFA) The wins of COP that nobody noticed (Financial Times) Banks should see climate resilience as a business opportunity (Sustainable Views – Subscription needed) In everyone’s interest: How the ECB can support the energy transition with green interest rates (WWF)       Events   Equality Commission for Northern Ireland, Event to Help Employers Apply Reasonable Adjustments This in-person event will help employers create inclusive workplaces for people with disabilities by demonstrating how reasonable adjustments can and should be applied. Hear from employers A&O Shearman and Belfast City Council on effective approaches, and learn about support services and programmes from disability sector representatives and government departments. Girdwood Community Hub, Belfast, Thursday 11 December 2025, 9:30am – 1:00pm | Cost: Free Pentland Centre for Sustainability in Business - Lancaster University,  SMEs - Learning about Nature and Biodiversity This is the first in a series of three free webinars from the Pentland Centre for Sustainability in Business aimed at SMEs curious about nature and biodiversity links to business activity. This session provides a natural science introduction to ecosystems and explains how these aspects impact business operations, with examples from different sectors. Virtual, Thursday 15 January 2026, 8:00am – 9:00am | 4.00pm – 5.00pm Dublin Chamber, The Sustainability Academy: Green Public Procurement Training Join us on Wednesday the 4th of February for Half-day virtual workshop on Green Public Procurement as part of Sustainable Academy, sponsored by AIB. All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Virtual,  Wed 4th Feb 2026 | 9am - 12.30pm. Pentland Centre for Sustainability in Business - Lancaster University, Starting Your Journey with Tools and Frameworks Second in the series, this webinar explores tools and frameworks that support decision-making for nature and biodiversity, including the Natural Capital Protocol and TNFD. Learn how these approaches help businesses identify relevant priorities and communicate outcomes effectively. Virtual, Thursday 12 February 2026, 8:00am – 9: 00am | 4.00pm – 5.00pm Pentland Centre for Sustainability in Business - Lancaster University, What Does ‘Good’ Look Like in Corporate Reporting? The final session in the Pentland Centre’s free webinar series for SMEs explores what effective reporting on nature and biodiversity looks like. Drawing on global examples, this webinar highlights best practices and practical approaches for integrating nature and biodiversity into corporate reporting. Virtual, Thursday 12 March 2026, 8:00am – 9:00am | 4.00pm – 5.00pm   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Commenting on the Government’s Accelerating Infrastructure Report and Action Plan, Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said  “It is evident that today’s report is the result of engagement with external expertise by the Taskforce, combined with the sectoral experience on the Taskforce itself. This represents an encouraging change in approach to the infrastructure challenge, with a strong focus on a culture of accountability and delivery.  “Infrastructure deficits need to be addressed holistically and strategically if Ireland is to achieve its growth ambitions. These 30 well-considered, high impact actions are encouraging from our perspective as a professional body representing 40,000 businesspeople across the economy. It is also encouraging to see such a commitment to reduce regulatory barriers in Ireland, and the acknowledgment that this will be done against a background of EU simplification. We look forward to seeing implementation under the four pillars in 2026.”  

This week the Institute received formal correspondence from the Department of Social Protection (DSP) regarding My Future Fund. The letter, which members may have seen reported in media yesterday, emphasises that it is an offence to hinder employees from participating in My Future Fund. It clarifies that, despite recent reports, there has been no legal change requiring employers to enrol staff in occupational pension schemes to avoid automatic enrolment. The DSP has outlined that they understand that in some instances, employees are being compelled to join schemes with minimal employer contributions - often just 1% of salary – which falls short of the contributions required by My Future Fund. Such arrangements may deprive employees of meaningful pension benefits and could constitute an offence under Section 128 of the Auto Enrolment Retirement Savings System Act 2024 (AE Act). Any cases where employees are illegally obliged to join another pension scheme, preventing them from accessing My Future Fund will be fully investigated by DSP. Members are encouraged to familiarise themselves with these developments and ensure clients are fully informed. Background on Auto Enrolment/My Future Fund From 1 January 2026, the Automatic Enrolment Retirement Savings System – branded as My Future Fund - will come into effect. This initiative, legislated under the AE Act, is designed to provide employees who currently lack pension coverage with a secure and quality-assured way to save for retirement. Eligible employees - those aged over 23 and under 66, earning more than €5,000 in any 13-week period, and not already enrolled in a payroll-based pension scheme - will be automatically enrolled. The scheme will be operated and regulated by the newly established National Automatic Enrolment Retirement Savings Authority (NAERSA). Clarifications and compliance issues raised by the DSP The Department outlined that it has come to their attention that contribution levels under My Future Fund will be significantly higher than those currently reported in some occupational schemes, where employer contributions may be as low as 1% of salary. According to the correspondence, such low contribution rates are considerably below the initial and future contribution levels set for My Future Fund. The Department advises that any approach which results in employees being enrolled in schemes with substantially lower benefits could raise compliance concerns under the AE Act. The Department confirms that there has been no legislative change requiring employers to enrol staff in occupational schemes to circumvent automatic enrolment. However, it has become aware of cases where employees are being compelled to join such schemes, even where membership is not required under their contracts of employment. This practice, combined with very low employer contributions, could prevent employees from accessing My Future Fund and may constitute an offence under Section 128 of the AE Act. The letter also highlights compliance obligations. Employers enrolling staff in occupational schemes must meet disclosure requirements under the Pensions Act, ensuring employees receive full and accurate information about the terms and benefits of any scheme they join. Furthermore, sharing employee details with pension administrators without explicit consent may breach data protection law, exposing employers to legal and reputational risks. Finally, the Department notes that NAERSA, in consultation with the Pensions Authority, is considering developing standards to determine whether an occupational scheme qualifies as an exempt scheme under the AE Act. These standards will aim to include minimum contribution rates and conditions to ensure that any exempt pension schemes offers benefits at least as favourable as those provided under My Future Fund. Members should monitor these developments closely, as they will directly impact employer obligations and the advice professionals provide to clients. 

In this week’s Sustainability/ESG Bulletin, read about the report warning how extreme weather events will test Ireland’s economic and financial resilience and the Department of Finance’s report into potential long-term impacts of global megatrends, like climate change, on Ireland’s economy and public finances. Also covered is the announcement by the EIB of new support to develop Ireland’s district heating systems, the agreement by EU Member States on emissions targets, the proposed changes to carbon accounting, and the landmark European Court of Human Rights ruling setting a precedent for climate accountability, as well as the usual articles, jobs and upcoming events.   IRELAND Report into climate adaptation finance identifies shortfalls in Ireland’s resilience A new joint report by the Climate Change Advisory Council and the Central Bank of Ireland has warned that the deployment of climate adaptation finance is below what is required to address the escalating risks posed by climate change. Without action, the impact of extreme weather events will test Ireland’s economic and financial resilience. The report, Funding Climate Adaptation in Ireland, emphasises the importance of credible transition plans to build resilience in the financial sector and contribute to a resilient economy. Actionable solutions include transition planning that incorporates adaptation, and the development of scalable, investable project models, and a register of successful adaptation projects to build momentum and share solutions. Report publishes on long-term fiscal and economic assessment of Ireland’s needs The Minister for Finance, Paschal Donohoe TD, has published Future Forty: A Fiscal and Economic Outlook to 2065 examining the long-term impacts of global megatrends and other structural shifts and their potential impact on Ireland’s economy and public finances in the years ahead. In total, over 2,000 scenarios have been modelled, which collectively point to a continued growth in living standards, but with slowing growth over the long-term, and a steady decline of our fiscal position. Among the key economic and fiscal drivers identified as contributing to this is the long-term costs of decarbonisation and climate mitigation along with demographic shifts and slowing productivity, and a slowdown in corporation tax receipts. The next decade is highlighted as a window of critical opportunity to boost economic growth potential, address the structural challenges and avail of the opportunities that may lie ahead. Ireland responds to EU’s proposed 2040 climate target Ireland’s Minister for Climate, Energy and the Environment, Darragh O’Brien has welcomed the EU’s agreement on a proposed 2040 climate target and updated Nationally Determined Contribution (NDC) (see below), praising in particular its recognition of “the particular characteristics of our agriculture sector” and the importance of energy affordability and social cohesion. The announcement follows the publication of reports by Environmental Protection Agency (EPA) that Ireland is significantly off  track to meet its legally binding 2030 emissions reduction goals, with agriculture accounting for over 37.8 percent of Ireland’s total greenhouse gas emissions — the largest share of any sector. Other reports point to continued degradation of Ireland’s water quality caused by excess nutrients from agriculture, urban wastewater and other human activities. Separately, Taoiseach Michael Martin attended the two-day World Leaders Climate Action Summit in Belém, Brazil, which brings together heads of state and government, ministers, and leaders of international organizations to discuss pressing climate change challenges and commitments. Commenting, Taoiseach Martin said that there needs to be more leaders "ready to tell it as it is" and that Ireland is adapting by investing in flood relief schemes and coastal defences, early-warning systems and sustainable agriculture and industrial practices. Over the coming weeks Chartered Accountants Ireland will provide coverage of the climate summit, and potential impacts to business on its Sustainability Centre. European Investment Bank (EIB) announces new supports for Ireland’s district heating The European Investment Bank (EIB) has announced new technical and financial advisory support to help Ireland develop district heating systems. Heating accounts for more than one-third of Ireland’s energy-related emissions, with more than 80 percent of households still relying on fossil fuels. District heating—common across Nordic and central European countries—offers a proven way to decarbonise heating by using renewable, waste, and low-carbon heat sources. It also provides more stable, predictable costs and the opportunity to shield connected households from market volatility.  Ireland’s networks currently supply less than 1 percent of national heat demand, highlighting a major opportunity for growth. The Department of Climate, Energy and the Environment has opened an Expression of Interest (EoI) through the SEAI website, for interested parties to be considered for the fund. EUROPE Member States agree on emissions targets Member States of the European Union have agreed on new EU Nationally Determined Contribution (NDC) under the Paris Agreement ahead of the UN Climate Change Conference (COP30). This annual global climate change conference begins in Belém, Brazil, on 10 November. The new EU NDC, which will now be submitted to the United Nations Framework Convention on Climate Change (UNFCCC), is to reduce net GHG emissions by 66.25 –72.5 % below 1990 levels by 2035, and by 90 percent by 2040. The agreement followed protracted talks among environment ministers in Brussels and included flexibility about how that target could be met, such as the ability to buy carbon “credits” to allow EU countries to finance climate action elsewhere and count that financing towards up to 5 percent of their own reduction targets. This has drawn criticism as allowing for carbon credits means the actual impact on reductions in emissions could be lower than what is needed to arrest climate change. The 2040 climate target can become law following approval by MEPs in the European Parliament. European Union ‘largely on track’ to achieve 2030 targets A report published by the European Environment Agency has found that the European Union remains largely on track to achieve its 2030 targets to reduce net greenhouse gas emissions. Trends and projections in Europe 2025 estimates that total net greenhouse gas emissions in the EU fell by a further 2.5 percent in 2024. It further found that EU Member States are expected to collectively achieve a net emissions reduction of 54 percent by 2030 compared with 1990 levels, which is just under the 55 percent reduction target. The report also notes that while several developments will require focused attention in the coming years, the foundation for progress is in place: recent years have seen a rapid acceleration in emission reductions and the emergence of numerous technological and policy solutions. However, it also underscores the scale of the remaining challenge — in particular, the need to strengthen more resilient carbon sinks, accelerate transport decarbonisation and ensure delivery at national level. Separately the latest European Environment Agency (EEA) review of national climate adaptation actions highlights that while European countries have made substantial progress in planning for climate adaptation and with adopting policies, implementation and evaluation need to be significantly strengthened to ensure actions effectively address the escalating climate risks Europe faces. WORLD COP30 “Return on Action” Campaign The We Mean Business Coalition, the World Business Council for Sustainable Development, and partners are inviting companies to participate in the COP30 “Return on Action” campaign. The initiative showcases how corporate climate action is delivering tangible benefits — from green jobs and energy security to cost savings and sustainable growth. The aim is to “send a clear signal to Heads of State, environment ministers, fellow corporate leaders and concerned citizens, that business remains committed to deliver on the promise of the Paris Agreement” .Their goal is to take over the online conversation for 24 hours during the COP30 negotiations, thereby generating media coverage, and “send an unmissable message to policy makers and the public about the unstoppable momentum of corporate climate leadership.” Businesses are encouraged to submit case studies demonstrating impact, which will be reshared globally on 12 November during COP30 to highlight collective momentum and reinforce commitment to the Paris Agreement. For more information or to get involved, contact cop@wmbcoalition.org  or access the Q&A here. Proposed changes to carbon accounting The Greenhouse Gas Protocol, the leading international standard for measuring and managing greenhouse gas emissions from companies and governments, has launched a public consultation for updates to its guidance on Scope 2 emissions, i.e. emissions from purchased electricity, steam, heat, and cooling. The proposed revisions aim to improve accuracy while keeping reporting clear, consistent, and manageable for organisations of all sizes and reflecting the world’s rapidly changing energy landscape. Proposals involve stricter requirements for both location- and market-based reporting, with final revisions expected in 2027. The 60-day public consultation period began on October 20, 2025 and will run until December 19, 2025. Landmark ruling sets precedent for climate accountability The European Court of Human Rights has reportedly set a precedent for climate accountability in a landmark ruling on the case of Greenpeace Nordic and Others v. Norway. The Court held that when making a decision in the context of the environment and climate change, the State had to carry out an adequate, timely and comprehensive environmental impact assessment in good faith, and based on the best available science. The case began in 2016 with Greenpeace Nordic, Nature and Youth, and six activists challenging Norway’s decision to open parts of the Barents Sea to oil exploration, arguing that the licences violated their rights under the European Convention on Human Rights. The impact of setting science-based targets on businesses The SBTi has released a new report demonstrating that science-based targets deliver competitive advantage—not just climate impact. In The Impact of Setting Science-Based Targets on Businesses report, a survey of 171 companies, a literature review of 22 studies, and three case studies indicate that companies benefit from a wide range of positive effects as a result of setting science-based targets. This ranges from improved investor relations to better financing terms, enhanced strategic cohesion, more alignment with suppliers, and resilience across multiple areas of risk, in addition to higher climate ambition and a faster pace of decarbonisation. Articles Turning Uncertainty into Action: Why Every Business Needs a Climate Transition Plan (IBEC) DEI isn’t dead, it’s just reincarnating (Financial Times) Climate and affordability are at the heart of Zohran Mamdani’s mayoral bid (Sustainable Views – Subscription needed) Critical minerals shortage threatens EU energy transition (Accountancy Ireland - Briefly)   Jobs Financial Services - Climate Change and Sustainability Services - Senior Consultant (EY)   Events Business for Biodiversity Ireland, Supporting Action for Business & Biodiversity BFBI, in partnership with Waterford City & County Council Climate Action Team, will host a free webinar to help Irish businesses understand their relationship with nature and develop a strong Nature Strategy. The session will explore how biodiversity adds value and resilience to organisations. Online, 11 November 2025, 11:00am–12:00pm Irish Green Building Council, IGBC Lunch & Learn: Promoting Business Benefits of Sustainable Strategies for SMEs This one-hour webinar, hosted in collaboration with Bank of Ireland, explores how SMEs can unlock business value through sustainability—covering cost savings, brand enhancement, and access to financial supports, with expert insights and practical tools including the Sustainability Business Coach Virtual, Wednesday 12 November 2025, 1:00pm – 2:00pm Ibec Networks Autumn Seminar Series, Session 4: The culture of sustainability innovation The final webinar in a four-part series Autumn Seminar Series ‘The culture equation’ looks at what supports are available to assist on a journey to becoming a more sustainable business. In the supporting case study from O'Brien's Fine Foods the webinar will discuss what drives a sustainability focused culture in an organisation. Virtual, Thursday 13 November, 11.00-11.50am Sustainable Energy Authority of Ireland (SEAI), SEAI Webinar: Supporting SMEs on the Path to Sustainability This webinar will explore how small and medium-sized enterprises can adopt sustainable practices, reduce energy costs, and access available supports. The session will include expert guidance and practical tools tailored to SME needs. Virtual, Thursday 14 November 2025, 11:00am – 12:00pm  iQuest / Business Post Live, ESG Summit Autumn 2025 This ESG Summit will explore how sustainability is becoming central to business strategy. With a focus on regulatory shifts, climate transition planning, ESG data governance, and nature-positive outcomes, the event brings together business leaders, policymakers, and sustainability professionals to share insights and practical strategies. In-person, 20 November 2025, 8:45am–5:00pm, Croke Park, Dublin  Business in the Community Ireland, Launch of Ireland’s First Climate Transition Plan Scorecard BITCI, in partnership with DCU Institute for Climate and Society, will launch Ireland’s first Climate Transition Plan Scorecard. The Scorecard assesses corporate climate plans across nine key areas and is part of BITCI’s Accelerate campaign. In-person, 20 November 2025, 3:00pm–4:00pm (wine reception until 5:00pm),  Sky Suite, Radisson Blu, Golden Lane, Dublin 8 IBEC, Preparing for Severe Weather Events Severe weather conditions can cause major disruption to roads, bus or train infrastructure and therefore, the operation of your business. In this webinar, Dr. Michael Gillen, Head of OSH Policy will review the key points to consider, practical steps and control measures you can put in place. Virtual, 26 November 11:00 - 11:45 Chartered Accountants Ireland, Network for Chartered Accountants working in ESG This informal network offers Chartered Accountants working in ESG/Sustainability a space to connect, share insights, and discuss challenges and opportunities in the field. Members working on ESG-related projects are encouraged to join and contribute to the conversation. Online, 19 November 2025, 2:00pm–3:00pm, Email sustainability@charteredaccountants.ie to join   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.