The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The fund will be used by Enterprise Ireland and IDA Ireland to support client companies to reduce their industrial emissions between now and 2030 through the Environmental Aid scheme. The Minister also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. It identifies the key interventions necessary to decarbonise heat-use in manufacturing sectors, including the supports that are available to companies, forthcoming regulations, and the policies underpinning them. Commenting, Minister Burke said “I’m ringfencing €300m in funding to give these companies certainty that the government will support them in making these significant investment decisions so that Ireland can achieve our 2030 abatement target,” he said. Dara Calleary, junior minister for enterprise, said it was the job of every business, large and small, to decarbonise. “While it’s something we all have to do, it should also be seen as an opportunity for businesses to improve their competitiveness … Becoming more sustainable can help a business to attract and retain talented staff, as well as meeting the growing customer demand for greener products and services”. The vast majority of industrial emissions are generated by companies primarily in the food and beverage, cement, pharmaceutical, and chemicals sectors that are supported by Enterprise Ireland and IDA Ireland.

  In this week’s Sustainability/ESG bulletin, read about a new report into carbon budgets in Ireland, funding available under the Circular Economy Innovation Grant Scheme, and new Government resources on sustainability for business. Also covered is an update report on the White Paper on Enterprise Implementation Plan, the second National Adaptation Framework, news of the approved EU Nature Restoration Law and resources on the role of accountants in tackling the nature crisis, as well as the usual awards, jobs, articles, resources and events. Ireland news Recording available from AI & CSRD webinar What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar  this week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Carbon budgeting reported launched A research report, Carbon Budgets: Opportunities and Challenges for Irish Business, was launched this week by Minister Dara Calleary, Department of Enterprise, Trade and Employment, in Dublin’s Royal Irish Academy. Co-written by DCU Assistant Professor Dr Aideen O’Dochartaigh FCA, the report highlights the fundamental conflicts between Ireland’s industrial development and environmental goals. The report called for – among other things – coordinated efforts across entire value chains, substantial investment in new technologies, infrastructure and training, and forums to discuss growth, policy coherence and the future of key sectors, and to develop a shared socio-economic vision for a Net Zero Ireland. Funding under Circular Economy Innovation Grant Scheme (CEIGS) A call for applications for the 2024 funding round of the Circular Economy Innovation Grant Scheme (CEIGS) has been announced this week. The scheme aims to support innovation and circular economy projects by social enterprises, voluntary and community organisations and businesses with fewer than 50 employees. Total funding of €650,000 is available, with typical funding for projects anticipated to be in the range of €10,000 to €50,000. Details on the application process are available here and applications are open until 19 July. New Government resources on sustainability for business The Department of Enterprise, Trade and Employment has collated resources on sustainability for business: Sustainability is good for business. The pages define sustainability, provide links to a range of sustainability-focused consultancy options, training and grants, and case studies of companies successfully embedding sustainability practices in their businesses. Update to Enterprise White Paper plan The Department of Enterprise Trade and Employment (DETE) has published the Second Update Report on the White Paper on Enterprise Implementation Plan 2023-2024. The report details the work done in pursuit of priority DETE policy objectives such as integrating net zero and carbon commitments and placing digital transformation at the heart of enterprise policy. According to the report, 43 percent of the activities outlined in the first implementation plan have been delivered. Second National Adaption Framework publishes Ireland’s second National Adaptation Framework has published, setting out the potential implications of climate change for Ireland and outlining the national strategy for the development of adaptation measures. The Irish Fiscal Advisory Council estimates that costs associated with extreme weather events could be approximately €500 million a year (for example, to deal with cleaning up after flooding events). The framework will require government departments, infrastructure providers and local authorities to prepare a new cycle of adaptation plans for key sectors. Research shows consumers struggle to identify ‘greenwashing’ Consumers struggle to distinguish genuine and ‘greenwashed’ environmental claims in advertisements, according to the latest research from the ESRI. The EPA-funded study also reveals that consumers are less willing to purchase from brands they suspected of greenwashing, even if the environmental claim made by the brand was genuine. UK/Northern Ireland news The Institute’s Tax and Public Policy Team submitted a response the UK government’s “Consultation on the introduction of a UK carbon border adjustment mechanism” (“CBAM”). The response highlighted the urgent need for clarification in respect of the ongoing uncertainty as to how the EU CBAM will apply to Northern Ireland under the Windsor Framework, and specifically the application of the EU CBAM to imports from non-EU countries. The full response can be read in the Tax Representations section of our website   ICAEW has pulled together some helpful articles on sustainability for its members to guide SMEs on where to start, with a focus on what actions to take and sustainability reporting. Europe news EU environment ministers have approved the EU Nature Restoration Law, which is designed to protect and restore Europe’s ecosystems and biodiversity. The law will reportedly affect almost 9 percent of Irish land. Further to the launch in January of Ireland’s fourth National Biodiversity Action Plan, the Government has begun drawing up a national nature restoration plan, due to be adopted by 2026. Completion of the Plan will be aligned with the opening of the Government’s €3.15bn Climate and Nature Fund in 2026. Accountancy Europe has published its June Sustainability update. Highlights include Accountancy Europe’s response to EFRAG’s public consultation on the voluntary (VSME) and listed SME (LSME) draft standards; final approval of CSDDD; recommendations from ESMA on greenwashing; FCA guidance on Anti-Greenwashing rule; guidance from EFRAG to ESRS; and news and resources from the standard setters. A new European Environment Agency (EEA) briefing has found that plastics production and consumption patterns across Europe remain unsustainable and need to be made more circular. The briefing also highlights the introduction of a new monitoring tool where people, policy makers and others can check progress on plastics circularity in Europe. World news The International Federation of Accountants (IFAC), CPA Canada and the Institute for Sustainable Finance have published a resource for professional accountants and others on the state of voluntary carbon markets (VCMs), Understanding Voluntary Carbon Markets: Key considerations for professional accountants and purchasers on the carbon credit life cycle.   Accounting 4 Sustainability (A4S) has launched a new blog on the important role of the accountant in tackling the nature crisis.  It clarifies the business case for saving nature as well as providing guidance and key resources for members. The Accounting Bodies Network (ABN) is a collaboration between Accounting for Sustainability (A4S) and professional bodies across the globe, including Chartered Accountants Ireland. Did you know? Plastic Free July, the global movement that helps millions of people be part of the solution to plastic pollution, has updated its website with resources, including this poster of 31 days of ideas. Awards Sustainability categories in Published Accountants Awards Entries are now open for the Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, and include two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities Entries are welcome from all types of reporting bodies for annual reports in respect of financial years ended on or before 31 March 2024. Entries close on Friday 12 July 2024. SEAI Energy Awards 2024 The SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 28 June. Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Fine out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here.   Articles Substantial progress has been made through the adoption of environmental and social governance principles (Irish Times)   Nature restoration law will affect almost 9% of Irish land (Irish Times)   How we applied AI to combat modern slavery (ICAEW)   The world's fossil fuel industries should be banned from advertising to help save the world from climate change, the head of the United Nations said on Wednesday (BBC News) Technical Roundup (From our colleagues in Professional Accountancy) IAASA have published a Feedback Paper on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland The International Sustainability Standards Board (ISSB) has issued its June 2024 Update. This includes a summary of their recent meeting on 12 June in Frankfurt. The ISSB has also issued its June 2024 Podcast. The European Financial Reporting Advisory Group (EFRAG) has finalised the first three Implementation Guidance documents to assist preparers and other relevant stakeholders in applying the European Sustainability Reporting Standards. The Implementation Guidance documents cover Materiality Assessment, Value Chain, and Detailed ERS Datapoints The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR. EFRAG and the Taskforce on Nature-related Financial Disclosures (TNFD) have jointly published a mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and the TNFD's recommended disclosures and metrics. This was prepared to assist companies in understanding the commonalities between the ESRS and the TNFD and the mapping details the disclosures and core metrics recommended by the TNFD and required under the ESRS.  This assessment highlights that all 14 TNFD recommended disclosures are reflected in the ESRS.   Upcoming events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 26 June, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Chartered Accountants Ireland welcomes this week’s announcement of a series of new measures to support early learning and childcare in the 2024/25 financial year in Northern Ireland. While the announcement marks an important step forward in supporting working parents as well as childcare providers themselves, the focus must now move toward developing a longer term strategy around securing more sustainable, affordable childcare in the region. The measures announced as part of this week’s package include: £7.1 million to expand and stabilise existing early years and childcare provision (programmes such as Sure Start, Pathway, Toybox and others including those focused on supporting children with special educational needs and disabilities). £2 million to address sustainability challenges and deliver a targeted business support scheme for childcare providers to assist those in financial difficulty and in areas where the demand for childcare exceeds supply. £5 million to begin the transition process for standardising the pre-school education programme to 22.5 hours for all children. This is expected to make an additional 2,200 full-time places available from September 2025. £9 million for a Northern Ireland Childcare Subsidy Scheme, with payments being made from September 2024. £2.5 million for a major data collection exercise to help with evaluation of these measures and inform the longer-term strategy.   A link to the official Ministerial Statement on the measures can be found here.

A critical marker of Ireland’s future economic success will be supporting our SME sector by reducing the cost and complexity of doing business. This is according to the Consultative Committee of Accountancy Bodies- Ireland (CCAB-I), the umbrella group which represents some 40,000 professional accountants, as it published its Pre-Budget 2025 submission today. The paper entitled ‘Supporting and Sustaining our SME sector’ highlights the constraints experienced by SMEs as a result of increasing labour costs and also states that a lack of supply of housing and childcare places, in addition to high personal tax rates, are making it increasingly difficult for people to live and work affordably in Ireland.     The submission identifies four key areas for budgetary focus:   Support SMEs by exempting minimum wage workers from employers’ PRSI and simplifying tax legislation  Increase the number of childcare places available and offer working parents a €1,000 tax credit to return to the workforce Introduce a 30% intermediate rate of income tax to retain and attract workers and help people live affordably  Continue to stimulate and support the completion of new houses.  Commenting, Director of Public Affairs, Cróna Clohisey said  “The lead into Budget 2025 comes at a time of increased financial pressure for businesses operating in Ireland as well as clear deficits in infrastructure. Small businesses, which includes many family businesses, are being constrained by rising costs and, for many, labour costs now make up a considerable proportion of business expenditure. That is why we are asking the government to exempt minimum wage workers from Employers’ PRSI, this would save businesses labour costs of between 8.8 and 11.05%.”  The CCAB-I also believes that Ireland’s tax code has become increasingly complex in recent years and is calling for simplification of the tax rules to support businesses, enable them to grow and also ensure that Ireland remains competitive on an international stage.     Ms Clohisey continues  “For SMEs, the message we are receiving is that simplifying the tax code both legislatively and administratively, must be a priority. 70% of people working in the business economy in Ireland are employed by SMEs. The Government must move tax policy in a direction which supports the indigenous Irish economy by encouraging innovation and supporting entrepreneurs and reducing the cost and complexity of doing business.”  Childcare  In terms of childcare, the submission includes measures to improve the supply of childcare places for pre-school children. To address the impact of working parents leaving the workforce following the birth of their children on the labour supply, the CCAB-I is calling for the introduction of a €1,000 tax credit for working parents to encourage them to return to the workforce.  Ms Clohisey continues  “We know from research among our members that some working parents are unable to participate fully in the economy due to difficulties in obtaining and affording a place in a childcare setting. As a result, almost half of those surveyed have reduced their working hours to meet childcare responsibilities. We are asking that the government plans for adequate capacity in the sector by analysing local needs and ensuring adequate funding for the sector. For parents, the cost of childcare or lack of availability should not act as a disincentive to return to work. We are proposing as a starting point a €1,000 annual tax credit for working parents who return to or remain in the workforce until the child reaches primary school going age." Reforming the income tax system Ireland’s 40% tax rate is high in comparison to other competitor countries and the CCAB-I believes that introducing a third rate of income tax of 30% would make the system more equitable. It would also enhance Ireland’s attractiveness as a place to work, particularly among younger workers.   Ms Clohisey continues “Workers in Ireland pay income tax at a rate of 40% once they earn €42,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe where incidentally having more than two tax rates is extremely common.   “Speaking on behalf of a mobile profession where most are in the early stages of their careers and are planning their futures, introducing an intermediate 30% rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. The government needs to take immediate action to address the inequities that clearly exist within the system.”  Housing  In terms of housing, the submission also proposes: Extending the Help-to-Buy Scheme by two years to 31 December 2027 Abolish vacant homes tax Increase the rent-a-room relief from €14,000 to €20,000 and removing the cliff-edge Abolishing the non-resident landlord withholding tax system. ENDS  Issued by Chartered Accountants Ireland on behalf of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I). Read the submission in full here.  

  In this week’s Sustainability/ESG bulletin, read about a public consultation on strategic risks facing Ireland, as well as a report into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. Also covered is ISIF’s commitment of €278 million to climate investments, the £150k grant support now available in Northern Ireland for energy efficient equipment, and the usual policy updates from Europe, articles, resources and upcoming events.    IRELAND Public consultation on strategic risks facing Ireland The Government has launched a public consultation on the "National Risk Assessment 2024 – Overview of Strategic Risks”, covering strategic risks facing Ireland over the short, medium and long term. The finalised list will span five categories: geopolitical, economic, societal, environmental, and technological risk and include areas like the future direction of the EU, inflation, infrastructure deficits, housing and demographic change.  Deadline for submissions is Friday, 17 May 2024. New low-cost Home Energy Upgrade Loan Scheme The Government has launched a new low-cost Home Energy Upgrade Loan Scheme that aims to support homeowners to invest in energy efficiency. The €500 million Scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group. Under the scheme homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run. The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.   ISIF commits €278 million to climate investments The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced three new climate investments targeting offshore wind energy, renewable energy developers, and start-ups in energy transition. The new investments bring total ISIF commitments to climate investments to €636 million since 2021, representing 63.6 percent per cent of ISIF’s stated aim of investing €1 billion in Climate in the period 2021 to 2026. IFSCOE published The Net Zero Study 2023 The International Sustainable Finance Centre of Excellence (ISFCOE), supported by Skillnet Ireland, has published a gap analysis into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. The report – ‘Net Zero Study 2023’ – identifies the imperative for an agile, collaborative, and forward-thinking approach to ensure a successful transition, ultimately positioning the Irish Financial Services sector as a stalwart player in the global sustainability arena. Key findings are grouped under: Regulatory and Compliance Challenges, Data and Reporting Challenges, Reputational Challenges, Skill Development and Organisational Culture Challenges, Economic Challenges, Risks, and Opportunities and Digital Transformation. European Commission calls on Ireland to correctly transpose EU legislation on industrial emissions The European Commission has sent a reasoned opinion to Ireland for failure to address shortcomings in the transposition of the Industrial Emissions Directive, which lays down rules designed to prevent and reduce harmful industrial emissions into air, water, and land, and prevent the generation of waste. Although a letter of formal notice was sent to Ireland in February 2022, Ireland's legislation still does not correctly transpose certain requirements and definitions. Ireland now has two months to respond and take the necessary measures, or the Commission may decide to refer the case to the Court of Justice of the European Union. NORTHERN IRELAND & UK Northern Ireland grant support for energy efficient equipment Up to £150k has been made available through Invest Northern Ireland's Energy Efficiency Capital Grant (EECG) to help businesses buy and install energy efficient equipment, reduce energy costs and build resilience through efficiency. The rate of support covers the total eligible project costs and is based on company size. Examples of projects that will be considered for the grant include heating and cooling equipment, motors and drives, compressed air, lighting and onsite renewable generation. The call for applications will open at midday on Monday, 29 April 2024. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE 2023 European State of the Climate Report confirms alarming trend of climate change impacts The annual European State of the Climate Report, published jointly on Earth Day 2024 by the EU Copernicus Climate Change Service and the UN World Meteorological Organisation (WMO), showcases the continued alarming trend of rising temperatures and climate change impacts across Europe. Based on scientific data and analysis, the report also highlights the impacts of climate change across Europe and our societies in 2023, in particular the economic losses due to floods and the health impacts of heat stress.  Europe is the fastest warming continent, with temperatures rising at around twice the global average rate, as underlined by the European Climate Risk Assessment. Due diligence, air pollution, packaging and Energy Charter – policy updates from Europe The European Parliament has approved new rules obliging firms to mitigate their negative impact on human rights and the environment. The new Corporate Sustainability Due Diligence Directive, agreed on with the Council, will require firms and their upstream and downstream partners to prevent, end or mitigate their adverse impact on human rights and the environment. Such impact will include slavery, child labour, labour exploitation, biodiversity loss, pollution or destruction of natural heritage. The Directive now needs to be formally endorsed by the Council, signed and published in the EU Official Journal. It will enter into force 20 days later and member states will have two years to transpose the new rules into their national laws.   The European Parliament has also given its final green light to revised rules on preventing and combating human trafficking and protecting its victims. Products made with forced labour are also to be banned from EU single market.   The EU Parliament has adopted a provisional political agreement with EU countries on new measures to improve air quality in the EU so it is no longer harmful to human health, natural ecosystems and biodiversity. The revised law aims to reduce air pollution in the EU for a clean and healthy environment for citizens, and to achieve the EU’s zero air pollution vision by 2050.   The EU Parliament has adopted new measures to make packaging more sustainable and reduce packaging waste in the EU. The regulation aims to tackle constantly growing waste, harmonise internal market rules and boost the circular economy. Separately, Parliament also adopted the directive on the so-called “right to repair” for consumers, clarifying the obligations for manufacturers to repair goods and encourage consumers to extend a product’s lifecycle through repair.   MEPs have consented to the EU withdrawing from the Energy Charter Treaty, which was established in 1994 to govern trade and investment in the energy sector. The Commission proposed a coordinated withdrawal by the EU and its member states, as it considers the Treaty to be no longer compatible with the EU’s climate goals under the European Green Deal and the Paris Agreement, predominantly due to concerns over continued fossil fuel investments. Sustainability Update from Accountancy Europe (From our friends in Accountancy Europe – sign up and subscribe) The April edition of the Accountancy Europe Sustainability Update has been published, with the following and more: EC calls upon CEAOB to develop guidelines on limited assurance EP approved sector-specific sustainability reporting standards delay EP adopts its position on Green Claims Directive ESMA seeks input on technical regulatory standards for external reviewers ISSB decides its priorities for next two years GLOBAL Monday 22 April was Earth Day. The event began in 1970 in the United States and is now marked around the world. The theme this year was ‘Planet v Plastics’ and it aimed to raise awareness of the harms of plastic pollution for human and planetary health. Find out more about Earth Day in this explainer from the: What is Earth Day, when is it and what has it achieved? Talks continued this week in Canada under the auspices of the UN Environment Programme, to develop a legally binding ‘Plastics Treaty’ by the end of 2024. Final negotiations on the treaty will take place it South Korea in December. The talks follow the historic resolution made in 2022 by 175 countries to end plastic pollution and develop a plastics treaty. According to CDP (formerly the Carbon Disclosure Project), the majority of companies are overlooking plastic-related risks, and mandatory disclosure on plastics is necessary. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here.  Articles Earth Day 2024 - Planet vs. Plastics (Chartered Accountants Ireland) Buyers of older homes may pay thousands more per year in mortgage repayments (Irish Times) Climate Change’s ‘Physical Risks’ Are Catching Up With Banks (Bloomberg) Deforestation in Brazil's Amazon down 40% in Q1, minister says (Reuters) Climate targets oversight group backtracks after staff revolt - Science Based Targets initiative says its guidance on carbon offsets has not changed pending draft rules in July (Financial Times) ACCA unveils five-point climate plan for accountants on Earth Day (Accountancy Today) With a landmark Global Plastics Treaty on the horizon, the time for corporate disclosure – and action – is now (Edie) A global plastics treaty is being negotiated in Ottawa this week – here’s the latest (The Conversation)   Upcoming Events  Chronos Sustainability/ UCD Michael Smurfit Graduate Business School , JCI (Junior Chamber International), Careers in Sustainable Finance Speakers will include NTMA's Emma Jane Joyce, SustainabilityWork's Laura Heuston and Chronos Sustainability's Dr Rory Sullivan In person: 29 April, UCD Smurfit School, 6.30-7.30pm   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), 30 April Chambers Ireland, Green Public Procurement - Half-day virtual workshop All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Green Public Procurement (GPP) is a process where public authorities seek to source goods, services or works with a reduced environmental impact. The Government’s GPP Strategy and Action Plan for 2024-2027 has been published here. For some contracts with immediate effect, and from 2025 all tenders over €50,000 must include sustainable end environment technical specifications and contract specific award criteria. Virtual (Zoom), €99 for Dublin Chamber members and €330 for non-members, Wednesday 8 May, 9.00 – 13:00   Change by Degrees, CSRD is a Team Sport Webinar to give insights into the Corporate Sustainability Reporting Directive (CSRD) and discover how to equip your team for the future of sustainability regulation. Discover how your business can excel in sustainability practices and turn compliance into a competitive advantage. Virtual (LinkedIn Live), 10 May, 10.00 – 10.30am   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September.   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 22 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  In this week’s Sustainability/ESG bulletin, read about the €8.8 billion gross output by Ireland’s Environment Goods and Services Sector, and a report on gender disparities in the labour market across the island of Ireland. Also covered is the new climate change reporting duties for specified public bodies in Northern Ireland, updates on the EU gas and electricity markets, new resources – including a new carbon software guide from Chartered Accountants Worldwide  – and the usual articles and upcoming events.  IRELAND Congratulations to SustainabilityWorks! The Institute is delighted to congratulate SustainabilityWorks on winning the ESG Consultancy Awards at the Business and Finance ESG Awards yesterday.   SustainabilityWorks was co-founded by FCA Laura Heuston, aims to help Ireland unlock the financial, economic and social opportunities that come from sustainability. Chartered Accountants Ireland was nominated for an award in the category of ESG Company Awards (SME). Adoption of a sustainability assurance standard in Ireland Chartered Accountants Ireland has responded to the consultation by IAASA on the adoption of a sustainability assurance standard in Ireland.  Read more from our Professional Accounting team. Ireland’s Environment Goods and Services Sector’s gross output worth €8.8 billion The Central Statistics Office (CSO) has today released statistics for the Environment Goods and Services Sector (EGSS) for 2021. Figures for the sector, sometimes called ‘eco-industries’, show that the gross output of the EGSS was €8.8 billion in 2021, 1.1 percent of national accounts output. The gross value added (GVA) was €3.9 billion and full-time equivalent employment in the sector was 40,300. Report finds gender disparities in labour market across island of Ireland A new study published by the Economic & Social Research Institute (ESRI) has highlighted persistent gender disparities in labour market participation and working conditions in Ireland and Northern Ireland. The report assesses barriers to employment and highlights significant differences in low pay, working from home, and hours of work between women and men in the two jurisdictions. Levels of labour market participation are lower for both women and men in Northern Ireland compared to Ireland, with female labour force participation at 76 percent in Ireland and 72 percent in Northern Ireland. According to the report, differences in education attainment account for much of the differences across jurisdictions. NORTHERN IRELAND & UK UK Export Academy’s sustainability month The UK Export Academy is running a ‘sustainability month’ with a series of webinars in May covering key topics around becoming a sustainable business. Webinars are on topics including understanding key legislation, getting to grips with EU packaging rules and exploring how to use digital trade documentation. Find out more and register here. New climate change reporting duties for specified public bodies The Department of Agriculture, Environment and Rural Affairs (DAERA) Minister Andrew Muir has announced new regulations introducing climate change reporting duties on specified public bodies in line with duties under the Climate Change Act (Northern Ireland) 2022. The regulations will come into operation in early May 2024, 21 days after they are laid in the Assembly, but the first reports will not be due to be submitted until October 2025. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE European Commission commits funding to OECD’s carbon mitigation program  (From our colleagues on the Tax Team) The European Commission has signed an agreement with the OECD to provide financial support to the OECD’s Inclusive Forum on Carbon Mitigation Approaches (IFCMA). The IFCMA is a project which aims to optimise global emissions reduction efforts by better data and information sharing, evidence-based mutual learning, and inclusive multilateral discussions. The IFCMA was launched in February 2023 and has welcomed 58 members, including some from outside the OECD.  Horizon Europe funding increase The Commission has adopted an amendment to the 2023-24 Work Programme of Horizon Europe, the EU's research and innovation programme. The amendment mobilises previously unallocated Horizon Europe funding to increase the 2024 budget by nearly €1.4 billion to a total of €7.3 billion. It also includes an investment of nearly €650 million in the EU Missions aiming to contribute to solving some of the challenges facing Europe, for example, making more than 100 cities climate neutral. Reforms to the EU gas and electricity markets  MEPs have approved reforms for a more sustainable and resilient EU gas market, adopting plans to facilitate the uptake of renewable and low-carbon gases, including hydrogen. Along with a new directive will help decarbonise the gas sector to tackle climate change, MEPs also secured measures to protect vulnerable consumers and to ensure transparency, and to enable EU countries to restrict imports from Russia and Belarus. These measures will now have to be formally adopted by Council before publication on the Official Journal. Separately the EU Parliament has adopted reforms of the EU electricity market to protect consumers against volatile prices and, among other things, prohibit suppliers from cutting the electricity supply of vulnerable customers, including during disputes between suppliers and customers. After Parliament’s approval, Council also needs to formally adopt the legislation to become law. GLOBAL Climate case to set benchmark for future litigation In a decision that will set a benchmark for future climate litigation, the European Court of Human Rights (ECHR) last week ruled that insufficient action to tackle climate change was a violation of human rights. In delivering Grand Chamber rulings in three climate change cases, the ECHR ruled that inadequate action by Switzerland to reduce carbon emissions breached the rights to respect for family and private life of some of its most vulnerable citizens. That case was brought by a group of 2,000 Swiss women, mostly in their 70s. Separately, India’s Supreme Court has reportedly expanded the “right to life” to include “protection against adverse effects of climate change”, adding that “climate change threatens ‘constitutional guarantees of equality and health’, impacting factors such as air pollution, disease, and food security”. The decision has been described as a “call to action”, adding that the significance of the ruling “cannot be overstated. Similar cases related to governments’ liability to protect citizens from climate change are being deliberated this year by the International Court of Justice, the International Tribunal for the Law of the Sea and the Inter-American Court of Human Rights. New resources Chartered Accountants Worldwide has published a list of frequently asked questions (FAQs) that businesses often encounter when navigating the complexities of calculating their company’s carbon footprint. This is accompanied by a helpful selection of global software providers that may offer suitable solutions to businesses grappling with an ever-increasing demand from regulators, customers, and suppliers for organisations to measure and report their carbon footprint.  Find out more on the Chartered Accountants Worldwide website’s sustainability centre. The International Federation of Accountants (IFAC) has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Equipping Professional Accountants for Sustainability: What's New and What Hasn't Changed speaks to the vital role that accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here. Technical Round-Up (From our colleagues in Professional Accounting) In the first episode of its new podcast series entitled “the ISSB Implementation Insights podcast” the IFRS Foundation discuss the recent Transition Implementation Group meeting on IFRS S1 and IFRS S2. EFRAG is preparing guidance to help companies disclose their transition plans in line with the ESRS standards and are seeking assistance from European companies to provide input on a variety of practices and challenges in relation to this. Interested entities can apply by 23 April 2024. The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have announced their collaboration to support the corporate reporting needs of market participants globally. In doing so they have announced some plans for further joint publications. Articles ‘Two years to save the world’: UN climate chief calls for faster action and more finance (EuroNews) The role of tax in CSRD double materiality assessments: Tax must be considered as part of the Corporate Sustainability Reporting Directive’s double materiality assessment (Accountancy Ireland – Briefly) There’s no net-zero without SMEs – but they need more support (SME Climate Hub/Edie) KPMG: Majority of U.S. CEOs Expect Significant Returns from Sustainability Investments Within 3-5 Years (ESG Today) [Mary] Robinson calls for implementation of climate policies (RTÉ News) Fossil fuel lobbyists spending $4bn a year to undermine climate justice movement, Mary Robinson warns (Irish Independent) Upcoming Events  ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. In person, 23 April, 08:15 - 12:00, Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, 24 April, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A CAW Network USA: Beyond Accounting – Sustainability in Transactions Understand the issues of sustainability, including environmental, social and economic impacts of the transition to a net-zero economy, the challenges facing most organizations, the interrelationship between mergers and acquisitions and divestment, and how to identify appropriate sustainability related considerations during investment and divestment workflows. Virtual: 23 APRIL – 7pm – 8.30pm EASTERN / 24 APRIL – 11am NEW ZEALAND / 9am SYDNEY ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 cet Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 24 April, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.