In this week’s Sustainability/ESG Bulletin read about Ireland’s first National Climate Change Risk Assessment, new sustainability coaching platforms and funding opportunities, Northern Ireland’s Green Skills Action Plan, secondary EU legislation for Net Zero Industry Act, a global SME Sustainability Information Survey, Central Bank warnings of GDP losses from extreme weather events, as well as the usual resources, articles, podcasts and upcoming events.     Chartered Accountants Ireland Chartered Accountants Ireland and other businesses join call to action   Chartered Accountants Ireland took part in a call to action on Pearse Street this week, urging Dublin City Council and local stakeholders to make Pearse Street greener, more vibrant and more engaging for street users - and to take meaningful action on the climate and biodiversity crises. In support of the initiative, Lord Mayor of Dublin, Emma Blain, and Green Party leader Roderic O’Gorman TD were in attendance, underlining the importance of collaboration between civic leaders and local communities to reimagine urban space. Read more here.   ⭐Last chance to enter: Chartered Star! ⭐ There are only days left to enter for your chance to become the 2025 Chartered Star! Expand your network, embrace new opportunities, be inspired and be part of a global community of change makers.  The 2025 Chartered Star competition celebrates the amazing work done by the Chartered community in support of the UN SDGs, whether that’s volunteering in your personal life, driving change in your workplace or through leveraging your ACA qualification. Along with the title of Chartered Star, the winner will attend the One Young World in Munich this November. Apply before midnight, this Sunday 8 June.  IRELAND NEWS The Environmental Protection Agency (EPA) has published its greenhouse gas emissions projections for the period 2024-2055, which indicate that planned climate policies and measures, if fully implemented, could deliver only up to 23 percent emissions reduction by 2030 compared to 2018. This falls short of the reduction target of 51 percent set out in Ireland’s Climate Act. The transport, industry and the buildings (residential) sectors are projected to be the furthest from their sectoral emission ceilings in 2030. Commenting, Laura Burke, Director General, EPA said that the figures highlight “the economy-wide effort needed to decarbonise our society” and the need for focus to shift from policy aspiration to practical implementation.”    Ireland’s first National Climate Change Risk Assessment publishes The EPA has also published the first National Climate Change Risk Assessment which assesses where, when and how climate risks are likely to impact Ireland. The risk assessment is intended to support the development of Sectoral Adaptation Plans by key government departments, and will guide the development of Local Authority Climate Adaptation Plans, and inform other national-level adaptation responses, such as that by the Central Bank of Ireland. It identifies 115 risks spanning all sectors of Ireland’s economy, environment and society, including risks to financial systems, energy, transport and communications, water security, public health, food production and supply chains, and ecosystems. Four priority risks identified are Flooding, Extreme Wind, Coastal Erosion and Flooding and Heat, all of which will require additional action in the next five years.   Bank of Ireland launches Sustainable Business Coach online platform for SMEs Bank of Ireland has launched a new Sustainable Business Coach online platform, a free tool designed to support SME business customers with sustainability planning and identifying ESG priorities. Underpinned by a globally recognised framework based on the UN’s Sustainable Development Goals, the platform is designed as an ESG questionnaire, with businesses answering a series of multiple-choice questions and thee resulting assessment providing a summary of their current sustainability position with key action areas. Action areas include greenhouse gas (GHG) emissions, employee engagement, energy usage, procurement and water & waste management. The platform was launched following research conducted by Bank of Ireland which revealed that most SMEs are unclear on how to implement sustainable growth plans; over 70 percent were concerned about the impact ESG requirements could have on their own enterprises.   Open Call for expression of interest to deliver Series 2 of the Growth and Sustainability Loan Scheme The SBCI has launched an Open Call for Expression of Interest to identify and select finance providers to deliver Series 2 of the Growth and Sustainability Loan Scheme (GSLS), the long-term low-cost scheme to support eligible businesses when investing in their growth and resilience or climate action and environmental sustainability. Proposals submitted to SBCI must conform to the requirements of the Call. Finance providers interested in presenting a submission must read the Guidance Document first. The closing date for receipt of Expressions of Interest is 17 June 2025.   SEAI National Energy Research Funding Call - 2025 Call Open The Sustainable Energy Authority of Ireland (SEAI) has announced that applications are now open for the 2025 SEAI National Energy Research, Development & Demonstration (RD&D) Funding Programme. Up to €19 million is available in Government funding through the Department of Climate, Energy and the Environment and co-funders including, Met Éireann, Climate Change Advisory Council Ireland, and Department of Agriculture, Food and the Marine. The 2025 call is open for applications from all research disciplines, and from public and private sector organisations, either applying individually or as part of a consortium. The deadline for submissions is 12 noon (Irish Standard Time) 1 July, with awards notified in Q4 of 2025.   NORTHERN IRELAND/UK Northern Ireland’s Green Skills Action Plan launches Northern Ireland Economy Minister Dr Caoimhe Archibald has launched a Green Skills Action Plan, developed in conjunction with an industry-led expert working group. The Action Plan provides a framework to guide government, employers, educationalists and individuals on what is required to deliver the skills and green jobs for the future. Commenting, Gordon Parkes, Executive Director People and Culture for NIE Networks and Chair of the Green Skills Delivery Group, said that the plan “presents a once in a generation opportunity to create an integrated green skills system that works effectively for individuals, business and the economy.”   How to support SMEs to cut carbon and costs The UK’s Federation of Small Businesses has published a policy report  New Growth - how to support small businesses to cut carbon and costs on the road to net zero. The report, which was supported by Zurich UK, highlights the pivotal role small businesses play in driving the transition to a sustainable economy and emphasises the need for tailored support to help SMEs decarbonize, especially those eager to embrace sustainability, but facing challenges such as limited knowledge, financial constraints, and regulatory complexity. Together, FSB and Zurich call for collaborative efforts to unlock the green economy’s potential and ensure small businesses are equipped to lead the charge toward net zero.   EUROPE European Commission launches secondary legislation for Net Zero Industry Act The European Commission has issued four new pieces of secondary legislation and a communication relating to the Net-Zero Industry Act (NZIA) which it states will help the EU's industry to become more resilient and competitive and will reduce its carbon footprint. The rules clarify which manufacturing projects can benefit from specific provisions in the Act, such as on permitting, strategic project status and on non-price criteria. They will help scale up the manufacturing of net-zero technologies that reduce greenhouse gas emissions and leverage the competitive advantage of the EU's clean tech industry.   EU Parliament supports proposals to simplify EU carbon leakage instrument The EU Parliament has endorsed the Commission’s proposal to simplify the EU carbon border adjustment mechanism (CBAM). The proposed changes are part of simplification efforts to reduce the administrative burden for SMEs and occasional importers. The proposal would exempt the vast majority (90 percent) of importers − mainly small and medium-sized enterprises and individuals − who import only small quantities of CBAM goods. The CBAM environmental objectives remain achievable, as 99 percent of total CO2 emissions from imports of iron, steel, aluminium, cement and fertilisers would still be covered by the rules. Parliament is now ready to start negotiations with Council on the final shape of the legislation.   European Commission endorses assessment of Ireland’s €115.5 million payment request The European Commission endorsed a positive preliminary assessment of Ireland's second payment request for €115.5 million under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU. The payment request supports six reforms and five investments that will benefit citizens and businesses in Ireland, focusing on enterprise emissions reduction, sustainable transport, carbon taxation, digitalisation in schools, businesses, and public administration, as well as ICT skills, healthcare, pensions, and housing. Flagship measures in this payment request include an investment to support the electrification of Cork rail, and an investment to support industry decarbonisation. The Commission has sent its preliminary assessment to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion, on receipt of which - and the adoption of a payment decision by the Commission - the payment to Ireland can take place.   Businesses call on EU to set 90 percent 2040 emissions-reduction target Over 150 businesses and investors have signed a joint letter calling on the EU to set a greenhouse gas emissions reduction target of at least 90 percent by 2040. The letter, which was coordinated by the Cambridge Institute for Sustainability Leadership’s Corporate Leaders Group Europe, states that “Businesses are ready to play a key role in translating climate targets into concrete action with the support of enabling measures and policies” . The science-based target reflects the urgency and benefits of near-term action, one that will bring economic opportunities and competitiveness benefits while increasing energy security for citizens and businesses, and improving the EU’s resilience to shocks. The signatories further argue that the target - and climate more broadly – should be considered as a central element of the EU’s overall strategy to achieve these objectives, thereby allowing the EU to lead the global race of development of sustainable industrial ecosystems and industries.    EU on track to meet 2030 emissions goal thanks to strong progress on renewables A European Commission assessment of member states’ updated National Climate and Energy Plans (NECPs) reportedly said the EU is “well on track” to reduce emissions by 54 percent by 2030, just one percent shy of its legally binding 55 percent target. Civil society groups, however, point to shortcomings in the NCPDs, saying that many lack the necessary ambition and policies to deliver the emissions reductions required, particularly in the field of energy efficiency. Ireland is among a coalition of NGOs from countries including France, Germany, Italy, Sweden, Bulgaria, Cyprus, and Malta which is reportedly calling on the European Commission to launch legal action against their governments for the shortcomings in their climate plans, which they consider to be not just policy failures but breaches of EU law.   WORLD Central Banks warn of GDP losses from extreme weather events The group of Central Banks and Supervisors that comprise the Network for Greening the Financial System (NGFS) has warned that extreme weather events could cause severe regional GDP losses, with effects on the global economy, and that delaying efforts to transition to a low-carbon economy could generate a global net economic loss. The warning was issued as NGFS unveiled its new short-term scenarios tool to assess the impact of climate shocks and policy shifts in the near term, adding to its established long-term models. The scenarios, released on 7 May, are the first publicly available tool offering a dedicated framework to analyse the potential near-term impacts of climate policies and climate change on financial stability and economic resilience.   Institutional investors leading the way in ESG Private capital managers have emerged as some of the strongest advocates of ESG, according to latest biennial ESG study carried out by BNP Paribas. The study sought the views of 420 institutional investors, including asset owners, asset managers and private capital firms, across 29 countries. The findings show that institutional investors remain committed to sustainable investing, with growing recognition of holistic approaches and links between climate, biodiversity and social impact being approach is key to their investment strategies.   International Standard on Sustainability Assurance (UK) 5000 The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. Read more from Chartered Accountants Ireland.   IFAC and Edinburgh Group Global SME Sustainability Information Survey IFAC & Edinburgh Group Global are inviting you to complete a short survey (10-15 minute) of small- and medium-sized entities (SMEs) about sustainability information. Your response will contribute to global insights that help us to better understand the extent to which sustainability-related information is being prepared by SMEs, used by SMEs in internal decision-making, or provided to supply chains, lenders, or other stakeholders. With the data we gather, we’ll be able to better support SMEs with best practices and advocate for appropriate SME sustainability-related reporting and assurance rules and regulations. This will advance the accountancy profession’s pursuit of high-quality disclosure and assurance of sustainability-related information. The survey is open until June 30, 2025 and please see this short video for more information.   Resources   Business Briefing on Anti-Greenwashing Regulation & Mitigation Risk This playback of a special online business briefing from Ibec on complying with anti-greenwashing regulation and mitigating risk with subject matter experts from A&L Goodbody covers different types of greenwashing, the existing legislative and regulatory framework for green claims, and incoming legislation on the topic.   Open call for participants in ‘The Business of Nature Positive’ at Trinity Business School A call is now open for businesses to engage with Trinity Business School’s new module The Business of Nature Positive. Run by Dr Catherine Farrell, Assistant Professor of Business & Nature at Trinity College Dublin and BFBI Business Programme Lead with Business for Biodiversity Ireland, the module is its second year, following successful engagement by students with businesses from a broad range of sectors in Ireland. Participating is an opportunity for businesses to learn more about sustainability reporting. Chartered Accountants Ireland participated in the programme in 2025.   Articles Irish businesses still see benefit in sustainability initiatives, survey says (Irish Times) TNFD guide affirms nature as a director’s duty (ICEAW Insights) How your business interfaces with nature - Data and language of the double materiality assessment (Business for Biodiversity Ireland) New Leaving Cert course aims to encourage climate activism (RTÉ News) Bank Watchdogs Flag Near-Term Risks of Delaying Climate Efforts (Bloomberg) Sustainability-focused funds surpass €6 trillion (Law Society Gazette) The business case for a 90% 2040 emissions reduction target (Sustainable Views – Subscription) Class is the missing link in employers’ diversity drives (The Financial Times - Subscription) European Union warned not to row back on 2040 climate goals (The Irish Independent)   Podcast Outrage + Optimism: The End of Oil: Inside the Hidden Decline of Fossil Fuels | Earth Day Special (54 mins)   Events   Chartered Accountants Ireland, Why Nature Matters to Accountants Join Rosie Duncombe FCA, Dr Catherine Farrell, and Institute team members Dee Moran and Susan Rossney as they discuss nature in decision-making to build business resilience and competitive advantage. This free webinar will also cover the Global Accounting Alliance’s starter guide, Why nature matters to accountants. Virtual, Zoom, Tuesday 17 June, 12:00pm–12:45pm   Dublin Chamber, Business Energy Upgrades: Drivers, Funding & other Tools for SMEs Reducing energy use and energy-related costs makes perfect sense: it saves money, protects against energy costs volatility and enhances businesses' reputations. It also improves building occupants' comfort and helps everyone in the fight against climate change. Join us at this event to discover the range of funding supports and practical resources available to help businesses implement energy upgrades. As part of the event there will be a suite of resources launched including Energy Upgrade: Decision Making Toolkit, Case Studies for different building typologies, Technical Advice Report Guide for SMEs, and a Financial Handbook. In person, Venue: Dublin Chamber, 7 Clare Street, Dublin 2, Wednesday 18 June 2025, Time: 9.30am – 11.00am.   UN Sustainable Development Solutions Network (SDSN), Sustainable Development Report (SDR) 2025 launch The UN SDSN will launch its report which this year has a unique focus on reforming the Global Financial Architecture (GFA) and scaling up global financing flows to support the SDGs through 2030 and beyond. The launch event will present key findings from the SDR 2025, including the updated SDG Index and Dashboards, and will feature insights from high-level leaders and experts on transforming the GFA to better serve sustainable development. Virtual, Tuesday, 24 June, 2024, 8:00 AM to 9:45 AM EST.     SEAI, Introduction to Energy Management Training for SMEs The SEAI is running an Introduction to Energy Management Training for SMEs workshop aimed at the owners, senior managers and facilities managers of small and medium enterprises who have recently started out on their energy saving journey. This is a free 2-hour online workshop which supports SMEs in creating an Energy Action Plan. Virtual, Thursday 12 june 14.00-16.00.   Business Post, Sustainability in the Built Environment - Scaling the Decarbonisation of our Built Environment One-day summit bringing together leading researchers, practitioners and policymakers to explore innovative strategies for reducing the carbon footprint of our built environment. Featuring strategies and solutions for scaling up building decarbonisation, our agenda will explore innovation, policy, technology, best practices and the challenges and opportunities ahead to drive meaningful progress. In person, 17 June 2025, Croke Park.   Enterprise Northern Ireland, Funding for Growth: Transitioning Your Business to Net Zero The third session in a three-part in-person series for Micro and Small Businesses, which also includes events on Accessing Debt Finance and Grant & Equity Finance, this session will cover the importance of net-zero in future-proofing your business, support available to help finance your transition to net-zero, and how small businesses are leading the charge to net-zero In person, Thursday 26 June 2025, 9:30am to 1:30pm, Venue: Craigavon Industrial Development Organisation, Portadown, Cost: Free   Grant Thornton: CSRD – Where are we and what comes next? Our expert panel will explore the implications of these changes on the Corporate Sustainability Reporting Directive (CSRD), how companies are adapting, and the evolving political landscape influencing ongoing negotiations. In person, Grant Thornton, 13-18 City Quay, Thursday, 3 July, 9:30 - 11:30am   Dublin Chamber, International Roundtable on Circular Economy with ECOPath The ECOPath Project supports SMEs in adopting Circular Economy practices to strengthen and implement their ESG performance. It equips SME staff with the knowledge and skills needed to reduce their company’s environmental impact through circular approaches. Join EcoPath Project and SMEs from Sweden, Germany, Spain, and Croatia to discuss these approaches, and the curriculum developed so far and have your say. The curriculum will look at: Applicable regulatory frameworks in relation to ESG and SMEs; Identify key principles of the ESG framework; Distinguish between the environmental, social and governance dimension of sustainable reporting; Compare the most common sustainability frameworks (incl. CE, ESRS, CSRD, SDG, CSR, ESG, GRI) Virtual, Webinar, Wednesday 9 July, 10.00-11.30.   SEAI, Decarbonising Transport Conference and Exhibition SEAI will hold their third annual Decarbonising Transport Conference and Exhibition on the 9th of September at Johnstown Estate, Enfield, County Meath.  If you work in, or are interested in transport, come along to find out the latest happening in this space and how leaders in the sector are tackling the challenge. Keep an eye on SEAI’s communication platforms as our speakers are introduced over the coming months In person, Tuesday, 9 September, 2025     Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Green Pearse Street group of nearly 20 businesses calling for thoughtful planning 10 days after traffic changes present new opportunities for major thoroughfare     Thursday 5 June 2025 – A local group, Green Pearse Street, comprising nearly 20 businesses, is calling on Dublin City Council and local stakeholders to make Pearse Street greener, more vibrant and more engaging for street users - and to take meaningful action on the climate and biodiversity crises. The call comes on World Environment Day, just ten days after new traffic management changes were introduced on the street, allowing only public transport, taxis and cyclists to turn left onto Pearse Street from Westland Row. In support of the initiative, Lord Mayor of Dublin, Emma Blain, and Green Party leader Roderic O’Gorman TD were in attendance, underlining the importance of collaboration between civic leaders and local communities to reimagine urban space. To demonstrate how a section of Pearse Street can be transformed into a more social and eco-friendly space, the group showcased potential areas for urban planting and seating, bringing greenery onto the pavement in front of Trinity’s Biomedical Sciences Institute. This simple intervention illustrates how public areas can become more welcoming while supporting biodiversity. Members of the group also highlighted spaces - including basements and railed-off areas in front of buildings - where Dublin City Council and private businesses could introduce planting to foster microhabitats and attract pollinators. Green Pearse Street is calling on the Council to take further action to prioritise urban seating and greening - measures that would benefit not only the local environment, but also the economy and community wellbeing.   Lord Mayor of Dublin, Emma Blain said: “Dublin City is more than a network of roads, it’s a living, breathing community. It is crucial that our streets be accessible to cyclists, pedestrians, and public transport as well as to cars and other road users. Clean air and space for nature are equally vital. Together, we can create a healthier, more vibrant city where nature and community flourish, inspiring everyone to live and move in harmony”. Susan Rossney, Sustainability Advocacy Manager with Chartered Accountants Ireland said: “Businesses are integral to the wellbeing of our society, economy and environment, but nature and biodiversity are equally vital for the survival of businesses. 55% of the world’s GDP – equivalent to an estimated US$58 trillion – is dependent on nature and biodiversity.” “At a time when climate and biodiversity action is threatened, the public and private sectors need to work harder than ever to protect it. Getting started can be daunting, but groups like Green Pearse Street can share practical tips on how to set up and maintain green teams, what plants are good for pollinating insects and even how to connect with Dublin Simon to donate bottles and cans under the Deposit Return scheme.” Commenting, Dr Miriam Fitzpatrick, lecturer and researcher in architecture and urban design, said: “If Dubliners dream of a safer, greener, more civic city life, the street is where that dream begins. Green Pearse Street is hoping to lead the way. Pearse Street reflects the broader condition of Dublin’s city centre, shaped more by traffic flow than care for health or hospitality. Progress has come from local efforts, with many local businesses introducing planting. However, individual gestures are not enough. Four lanes of traffic, inadequate lighting, barriers to access, actively hostile edges and a lack of places to sit continue to define the street.” “Streets and parks are low-intensity battlegrounds. Without leadership, residents and businesses must guide themselves. This is not a celebration; it is a call to action. Pearse Street could be a vital link from the thriving docklands to the city’s historic heart; it deserves to be more liveable and green.” ENDS About Green Pearse Street Green Pearse Street is a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green. It's aims are to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, reduce traffic to support walking and cycling, and create a more social space for people.   Members of Green Pearse Street include Allies and Morrison, Chartered Accountants Ireland, Cloud Picker Coffee, Dublin Chamber, Grant Thornton, Henry J Lyons, Hibernia, Honey Truffle, IPUT Real Estate, Jobcare, McCanns, O'Neills Victorian Pub and Townhouse, Pearse Street Management, PLM Group, St Andrews Resource Centre, The Lombard Pub & Townhouse Accommodation, The Podcast Studios, Travel Lodge, Trinity College Dublin, and William Fry.   Working in two parallel streams, the Green Pearse Street group includes action at individual organisation level, and on the collective level to create street-wide change for businesses, local communities, tourists, and other street users. In the longer-term, the group will campaign for the optimisation of this significant streetscape to make greater provision for Dubliners and visitors to the city to stop and enjoy the surroundings, helping urban areas like Pearse Street achieve a 30% biodiversity net gain by 2030.   Coordinated work by businesses along the street has already commenced. Measures include planters at ground and roof/balcony level to provide food for pollinating insects; the construction of living walls/green roofs; the installation of bird boxes/feeders to provide space for nesting and foraging; and a programme of local community engagement.  UCD Masters students in an urban design module have carried out two consecutive studies on the quality of street life and street edges. Their analysis points to challenges and changes that can make the street a more welcoming place to be.   Key facts In 2023, Green Pearse Street surveyed over 750 users of Pearse Street to generate insights into their perceptions of visiting, as well as living and working on Pearse Street. 96% of those approached on the street identified a need for change (of some variety, ranging from small to larger scale). Only 6% rated the current street layout as very good or excellent, with 24% rating it as poor. Popular recommendations on changes to the street include addition of more greenery (91%) more social spaces (benches and tables) (77%), and a safe cycle lane (64%).       

Costs have increased for almost 80% of small Irish businesses in the past six months, with staff costs the biggest financial challenge faced by SMEs, according to the inaugural SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance. The survey, which will be repeated every six months, will measure and track the experiences, confidence and sentiment of a range of SMEs, including small accounting practices, doing business in Ireland today.   Staff costs the biggest financial challenge  3 in 4 (77%) respondents say that business costs have increased in the past six months, with staff costs the biggest financial challenge facing 2 in 5 (37%). Small practices were particularly challenged by staff costs (cost of salaries and other benefits and compensations), with half citing it as their single biggest financial issue.  Operational costs (24%) and regulatory compliance costs (14%) were the other biggest financial challenges facing SMEs, ahead of working capital management and access to funding. 57% identified regulatory compliance as the area in which they most need government support (rising to 75% amongst small practice respondents).  Eoin Christian, CEO, GRID Finance said    "These findings align with our own research conducted earlier this year – rising costs, particularly staff-related expenses are creating significant pressure on Irish SMEs. While these challenges are real, they also represent an opportunity for SMEs to take stock, streamline operations and invest in smart, sustainable growth strategies. At GRID Finance, we continue to advise our clients to be proactive by forecasting future cash flow needs, exploring flexible funding options and staying ahead of regulatory requirements like auto-enrolment.      “We feel that it's vital that both Government and financial providers evolve in tandem with the changing landscape. With the right supports and partners, Irish SMEs can not only weather this period of cost pressure, but emerge from it stronger, more resilient and better prepared for the future” Auto-enrolment, due to come into effect in January 2026 met with a muted response. Only 2 in 5 (40%) of respondents feel that they have been adequately informed of the steps needed to implement it in time for its planned launch.  Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  “The Government’s announcement that it will defer the launch of auto enrolment to January 2026 is welcome, particularly in view of the feeling of unpreparedness many businesses expressed in this survey.  Many remain very unclear as to what is expected of them in advance of the new system launching. Over the next six months, it is imperative that Government embarks on a concerted communications and awareness campaign to bridge this information deficit and equip businesses with the support and guidance they need to make auto enrolment the success it needs to be.”  Attitudes to & use of Government supports The survey revealed a significant gap between demand for, and uptake of government supports called for by SMEs: Tax relief or incentives – 40% called for these, but only 16% of total survey respondents report availing of them  Access to grants or loans - 31% called for these, but only 30% of total survey respondents report availing of them  Meeting energy costs – 28% called for these, but only 14% of total survey respondents report availing of them.  Attitudes to the effectiveness of the supports are mixed, which may go some way to accounting for the gap between demand and uptake:  5% feel supports for reducing regulatory and compliance burdens are effective.  22% rate access to grants or loans as effective. 23% believe supports for training and upskilling are effective.  Commenting Cróna Clohisey said “There is an evident mismatch between the need for supports and the uptake of those on offer. In the case of tax reliefs and access to grants or loans for example, this may be attributable to a perceived lack of accessibility, particularly for time and resource-constrained SMEs who simply find the application process too cumbersome. While the breath of current Government supports in these areas is positive, further steps need to be taken to ensure that business reliefs such as these are not overly difficult to claim if their effectiveness is to be meaningfully felt by small businesses.”    Mixed profitability and projections for coming year  Almost 3 in 10 (28%) report their business profitability has increased in the past six months, while a similar number (26%) report it has decreased. Small practice respondents reported greater stability, with 56% saying profitability remained the same, and only 15% saying it has decreased. For small business respondents, 30% reported decreased profitability in the past six months.     Despite the various economic headwinds facing the economy, there was a degree of optimism amongst respondents about their prospects for the coming year. 27% of respondents forecasted their business to be either somewhat or significantly better off by this time next year.  Overall, sentiment was more negative than positive however, with 36% saying they will be worse off.  Less optimism in the face of global headwinds   This negative sentiment was also evident when it comes to the broader economic environment, with a majority (74%) feeling less optimistic about the wider economy’s prospects compared to six months ago. Compounding this are ongoing tensions and uncertainty in global trade which have already impacted Irish business sentiment. 62% of respondents report that their business operations have been impacted by global trade tensions and tariffs and only 14% say they are prepared for a further escalation of such tensions.  The SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance can be read in full here.   ENDS About the SME Business Sentiment Survey  The SME Business Sentiment Survey is conducted by Chartered Accountants Ireland and GRID Finance, the Institute’s Official Independent Lender Partner. The inaugural survey was conducted by Coyne Research between 4 and 21 April 2025 and will be repeated every six months. Approximately 300 members were surveyed from organisations employing fewer than 250 people.  

In order to assist readers, we have highlighted some key information resources to help you understand the impact of last week’s tariffs. There have been comments from all across the Accountancy profession, including some helpful publications providing tips for businesses as they adapt to the new global trading conditions. We also bring you the official White House publications which have accompanied the announcement of the tariffs. This includes the Fact Sheet which sets out the administration’s basis for claiming that the tariffs are a necessary tool to combat the myriad trade deficits the US operates with its global trading partners. Press releases from Government and the EU Statement by President von der Leyen on the announcement of universal tariffs by the US Statement by Taoiseach Micheál Martin on US decision to impose tariffs Statement from the Tánaiste on US announcements on tariffs House of Commons on what US tariffs on EU goods could mean for Northern Ireland Commentary from Accountancy profession KPMG - US tariffs - Understanding the implications for Ireland and the EU Grant Thornton - The implications of tariffs and trade wars PwC - US reciprocal tariffs EY – What are the implications of US President Trump’s reciprocal tariffs on global trade Deloitte - Tackling shifting tariffs: Timely tips for business leaders BDO – Tariffs & Trade in 2025: Practical Steps for Exporters and Importers Insights from Tax Research Tax Foundation - Trump Tariffs: The Economic Impact of the Trump Trade War Chartered Accountants Ireland reaction to US administration’s new tariffs Parliamentary Budget Office Trade between Ireland and the US April 2025 Official White House material Official White House Executive Order Official White House Article – “Tariffs Work – and President Trump’s First Term Proves It” Official White House Fact Sheet declaring National Emergency US International Trade Administration Official Website 2025 National Trade Estimate Report on Foreign Trade Barriers

US President Donald Trump last week announced 20 percent tariffs on all imports from the EU stating the imposition of the ‘reciprocal’ tariffs was required to address tariff and non-tariff barriers imposed by US trading partners. The Institute’s Director of Members and Advocacy, Cróna Clohisey has called the move a “regressive step” and is urging the Irish Government to work with the EU Commission to engage with the US administration in constructive dialogue. The Taoiseach, Micheál Martin released a statement noting his deep regret at the decision to impose 20 percent tariffs on imports from across the EU saying that Ireland would consider with EU partners on how best to proceed. The Taoiseach commented that the Irish economy is resilient, and that it is starting from a strong position. He is confident that we will weather the ensuing upheaval to global trade. The President of the European Commission, Ursula von der Leyen also released a statement noting the deeply regrettable choice which will massively impact the global economy. In setting out the many ways the tariffs will negatively impact citizens, she expressed a sincere openness to negotiating with the US.

John O'Loughlin examines the global trade crisis sparked by Trump’s “Liberation Day” tariffs and their sweeping impact on EU exports and businesses US President Donald Trump’s “Liberation Day” announcement marked a significant and historic escalation of the US approach to international trade and tariffs. Exports from the European Union (EU) to the US are now in scope of Trump’s tariffs and some businesses will be significantly impacted by this latest round of measures. Immediate changes and impact  On Wednesday 2 April, the Trump Administration announced wide-ranging “reciprocal” tariff measures. President Trump invoked his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the “national emergency” posed by the large and persistent trade deficit. These measures, imposed on all global trading nations, apply a blanket additional tariff rate on all products imported into the US. As expected, the measures were applied on a country-by-country basis with the following key markets impacted by the following additional tariffs: European Union: 20% United Kingdom: 10% China: 34% Japan: 24% Switzerland: 31% Brazil: 10% Australia: 10% India: 26% South Korea: 25% In addition to the above, a further 60 or so countries will have reciprocal tariffs applied at half the rate they charge the US, according to the Trump administration. These measures are due to be implemented on 9 April. Further to these specific tariffs, all other countries not listed will be subject to a baseline rate of 10 percent, which will be imposed from 5 April and will be in addition to the standard rate of duty (most-favoured nation rate).  The Executive Order imposing the “reciprocal” tariff rates have specifically excluded certain product categories which will not be subject to these new measures. These products include: Steel and aluminium articles already subject to additional tariff measures;  Auto and auto parts already subject to tariff measures implemented on 3 April; Copper; Pharmaceuticals; Semiconductors; Lumber articles; and Energy and certain other minerals that are not available in the United States.  Regarding imports from Mexico and Canada, those that meet the US-Mexico-Canada Free Trade Agreement (USMCA) rules will not be subject to additional tariffs. However, goods that do not meet the rules under the USMCA will continue to be subject to the 25 percent tariffs imposed on 4 March. Trump’s tariffs have created a trade crisis on a global scale affecting companies across all sectors. These tariffs will remain in effect until he determines that the threat posed by the trade deficit— and underlying nonreciprocal treatment—is satisfied, resolved or mitigated. Other tariff measures As announced on Wednesday 26 March, 25 percent tariffs on imports of foreign-made cars came into effect on 3 April. The tariffs will impact cars from all countries with a value-based exception for the US value of cars covered by the USMCA. Additionally, on Monday 25 March, Trump also announced the possibility of a 25 percent additional tariff on countries purchasing oil or gas from Venezuela, with an implementation date of 2 April. As of yet, no tariffs under this measure have been imposed. Further to previous Executive Orders regarding tariffs on imports of Chinese goods, President Trump has signed an Executive Order removing the de minimis treatment for goods of Chinese and Hong Kong origin, effective from 2 May. This order imposes duties on goods valued at or under $800 which would otherwise have qualified for an import duty exemption. USTR Foreign Trade Barriers Report On 31 March, the United States Trade Representative (USTR) published its 2025 National Trade Estimate Report on Foreign Trade Barriers – a wide-ranging report highlighting foreign barriers to US exports, US foreign direct investment and US electronic commerce. Ireland is specifically noted within the report, but references are limited to commentary regarding alcohol labelling and reimbursements related to pharmaceutical products. European retaliatory measures On 12 March, the European Commission announced countermeasures in response to the US tariffs on steel and aluminium products, which it deems "unjustified".  Following a period of consultation, the EU has postponed the implementation of these measures until 15 April. These tariffs range from 10 percent to 75 percent with the majority of products falling within the 25 percent category. Additionally, the EU is set to announce further countermeasures on a wider range of goods. EU reaction On Tuesday 1 April, comments by European Commission President Ursula von der Leyen indicated that the EU is prepared to retaliate against the US, if necessary, in response to Trump's tariff hikes. “Europe has not started this confrontation, we do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it,” von der Leyen said. She further emphasised the significance of the US-EU trading relationship, noting that their trade volume is $1.5 trillion and that one million American jobs rely on this trade. Von der Leyen reiterated that Europe is open to negotiations, stating, "We will approach these negotiations from a position of strength. Europe holds many cards, from trade to technology to the size of our market. However, this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table.” Actions for businesses In anticipation of these tariffs, companies have placed significant focus on analysing their own data and scenario planning for the impact of tariffs. With Trump’s announcement, businesses should shift their focus to tariff mitigation strategies and options, including customs origin, valuation and tariff classification. Duty relief programs should also be considered. It is expected that the EU will push ahead with its retaliatory measures and other countries may look to introduce similar measures. Trump’s executive orders also contain modification authority allowing him to increase the tariff if trading partners retaliate, or reduce the tariffs if trading partners take significant steps to remedy non-reciprocal trade arrangements and align with the US on economic and national security matters. John O'Loughlin, Partner, Global Trade and Customs, PwC Ireland