News

  In this week’s Sustainability/ESG Bulletin read how Chartered Accountants Ireland has endorsed the Accounting Bodies Network revised principles to reflect a new era of professional responsibility. Also covered is the search for the next Chartered Star, ISIF’s €1bn four-year climate action investment programme, Bank of Ireland’s oversubscribed green bond, sustainability in the €30m Shared Island Enterprise Scheme, the Bank of England’s series of proposals regarding climate-related risks, news from Europe, the launch of the Global Capacity Building Coalition (GCBC) Accelerator programme, as well as the usual articles, jobs, podcast resources and upcoming events.     Chartered Accountants Ireland Sustainability is reshaping business – and the accounting profession As a member of the A4S Accounting Bodies Network (ABN), Chartered Accountants Ireland has endorsed revised principles to reflect a new era of professional responsibility.  Through this renewed commitment to core sustainability principles, we will continue building on our work to ensure our members and students are equipped to meet the demands of the evolving finance profession – through education, advocacy, innovation and redefined notions of value. This is not about adding sustainability to existing work – it’s about transforming the profession to meet the needs of a sustainable global economy.    ⭐The search for the next Chartered Star is now on! ⭐ The 2025 Chartered Star competition has opened to members and students. The Chartered Star 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. As well as the prestigious ‘ Chartered Star’ title and joining an incredible community, the winner will get the once in a lifetime chance to attend the One Young World Summit in Munich this November (3 – 6 Nov), representing Chartered Accountants Ireland and Chartered Accountants Worldwide.     Ireland news ISIF launches €1bn four-year climate action investment programme The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has launched a new €1bn four-year climate action investment programme, with three separate investment commitments totalling more than €160 million. Having exceeded its original €1 billion climate investment ambition two years ahead of schedule, this new programme was announced last month and will bring total climate commitments to €2 billion over the next four years. The three new investments announced today are in specialist funds that will focus on supporting various aspects of Ireland’s Climate Action Plan and achieving its Net Zero goals in Renewable power generation, energy storage, sustainable fuels and Hydrogen and carbon capture technology.   Strong investor demand sees Bank of Ireland's oversubscribed Green Bond sale raise €750m Bank of Ireland said there was strong demand from over 220 investors participating in its new green bond to finance more climate action projects in renewable energy and green buildings. Bank of Ireland's total green bond issuance to date is €5.6 billion, with this bond having issued with a seven-year maturity and a fixed coupon of 3.625 percent. Sustainability-related lending at Bank of Ireland grew by almost a third in 2025 to €14.7 billion; its end-2025 target is €15 billion.   Collaboration at the fore of €30m Shared Island Enterprise Scheme A €30m Shared Island Enterprise Scheme is marking a significant step forward in island-wide enterprise collaboration and growth, as three of the leading economic development agencies on the island of Ireland – InterTrade Ireland, Invest Northern Ireland and Enterprise Ireland – have partnered to focus on promoting women’s entrepreneurship, supporting networks and clusters, and sustainability and innovation investment. Supported through the Government of Ireland’s Shared Island Fund, the Shared Island Enterprise Scheme aligns with each Administration’s Programme for Government, placing a focus on strengthening beneficial cross-border cooperation to support sustainable enterprise growth across the island. By working together across borders, businesses and entrepreneurs can unlock new opportunities; drive innovation; and tackle shared challenges, including those related to sustainability, digitalisation, and job creation.   InterTradeIreland report highlights scale of economic opportunity in offshore wind for SMEs on the island of Ireland A new report commissioned by InterTrade Ireland has highlighted the scale of the economic opportunity in offshore wind for SMEs across the island of Ireland. The report from specialist renewables consultancy Everoze provides for the first time an all-island picture of firm-level capability, mapping over 160 companies across 12 supply chain sectors. The findings show strong potential to develop a globally competitive offshore wind supply chain, particularly if efforts are aligned across the island. It identifies complementary strengths in areas such as engineering, logistics, vessels and cables. While it highlights the economic value of collaboration, it also outlines challenges such as infrastructure capacity and skills shortages, which it recommends tackling through joined-up action on an all-island basis to ensure local firms can fully participate in this once-in-a-generation opportunity.   Two large scale data centres ‘model’ for Ireland future development An Taoiseach Micheál Martin has described two large-scale data centre facilities, the DUB20 and DUB30 facilities being developed by Echelon Data Centres in Arklow, Co Wicklow, as “the model for future data centre development in Ireland”.  DUB20 became the first large-scale data centre in Ireland to receive a grid connection from EirGrid for more than four years, a connection which will allow Echelon to begin work on a 220kV substation at the site that will allow access to the grid for up to 800MW of wind energy generated off the coast of Wicklow in the future. Echelon is also investing in solar, battery energy storage systems, and renewable fuels to replace fossil fuel consumed by the data centre.   How businesses are becoming more sustainable The Department of Enterprise, Trade and Employment have published a webpage Understand, assess and invest in sustainable business to help businesses understand sustainability, assess their business and invest in becoming sustainable, along with 3 case studies of businesses that have successfully implemented sustainability measures. Two featured supports are also profiled, ‘Green for Business and the ‘Energy Efficiency Grant’. For more information on all the supports available to business visit the National Enterprise Hub on neh.gov.ie. CSO figures show further rise in EV sales Findings from the Central Statistics Office have found that the number of new electric vehicles (EVs) licensed in April rose by 23 percent when compared with April 2024 (1,783 vs 1,444). This means the share of EVs among new private cars from January to April was 16 percent compared with 13 percent in the same period of 2024. The number of new plug-in hybrid electric vehicles (PHEVs) licensed in April 2025 grew by 73 percent when compared with April 2024 (1,761 vs 1,017). This has increased the year-to-date share of PHEVs among new private cars to 15 percent from 8 percent in the same period of 2024. The combined share of petrol and diesel cars among new private cars licensed from January to April 2025 has fallen in comparison with 2024 (44 vs 56 percent).   UK/Northern Ireland UK parliament’s Environmental Audit Committee calls for increased compulsory nature-recovery finance-raising schemes The UK parliament’s Environmental Audit Committee has advised the government to increase compulsory compliance schemes to raise the amount of money invested in nature recovery. In its report, The role of natural capital in the UK’s green economy, the Committee called on the government to offer more clarity on existing compliance rules and their intersection with each other, and to implement regulation to increase the integrity of nature markets.   Bank of England announces series of proposals regarding climate-related risks  The Bank of England (BoE) has  announced a series of proposals aimed at strengthening its expectations for banks’ and insurers’ management of climate-related risks, stating that while improvements in this area have been made over the past few years, “progress is uneven and more needs to be done.” A key proposal is the placement of a greater emphasis on scenario analysis, expectations for firms to identify and assess data gaps that act as barriers to management of climate-related risks, and for banks and insurers to more formally assess their climate-related risk appetites. A consultation on the new proposals will remain open until 30 July, 2025.   LSEG report finds measurable financial benefit to companies responding to climate-related physical risks A report by London Stock Exchange Group (LSEG) has found that companies responding to the physical risks associated with climate change are seeing a measurable financial benefit. The report, Investing in the green economy 2025: Navigating volatility and disruption, is the sixth annual report on the green economy produced by the LSEG’s Green Economy Forum, and looked at companies in sectors ranging from logistics to food processing and real estate. The findings showed that over 2,100 companies were able to generate over $1 trillion of combined revenues last year from products and services that contribute to climate adaptation (taking actions to reduce vulnerability and increase resilience to the impacts of climate change). Other findings were that revenues from green products and services across the report’s coverage now exceed US$5 trillion for the first time and that, if considered a standalone sector, the green economy – now spanning 50 markets globally – would be the fourth largest sector, after Technology, Industrials and Healthcare.   Europe Accountancy Europe publishes May Sustainability Newsletter Accountancy Europe’s May Sustainability Newsletter is now available, with information on the Omnibus ‘stop-the-clock’ directive, the simplification by the European Commission of the EU Deforestation Regulation implementation, EFRAG’s calls for input on ESRS Set 1 revision and workplan to deliver revised ESRS, and on IFRS and TNFD collaboration on nature-related information, and more.   Private sector and technology needed in climate adaption, says EU Ministers (From our friends in European Movement Ireland) An informal meeting of the EU Ministers for Environment and Climate took place in Warsaw last month, during which debate centred on the European Climate Adaptation Plan, which aims for the EU to be climate resilient by 2050. According to the October 2024 meeting of the EU Court of Auditors, the EU is underperforming in its climate adaptation targets. The conclusions in Warsaw highlighted the role of the private sector and technology in adopting effective adaptation plans to mitigate climate crises. Commenting after the meeting Polish Minister of Climate and Environment Paulina Hennig-Kloska said "Only a Europe of rich nations with strong economies can be a champion of global efforts to combat climate change".    France developing standards for assessing AI environmental impact France’s national standardisation body is reportedly developing guidelines and metrics for assessing the environmental impact of AI systems and services. The initiative is intended to anticipate and align with the upcoming EU AI Act’s technical standards on environmental sustainability, which are expected to come into effect in August 2026.   ESMA consults on rules for ESG Rating Providers The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published a Consultation Paper on draft Regulatory Technical Standards (RTS) under the ESG Rating Regulation in an effort to enhance transparency, reduce conflicts of interest, and strengthen the credibility of sustainability data across Europe. ESMA will consider the feedback received to the consultation by 20 June 2025 and expects to publish a Final Report and submit the draft RTS to the European Commission for adoption in October 2025.    MEPs support proposals to simplify EU carbon leakage instrument The European Parliament’s Committee on the Environment, Climate Change and Food Safety have endorsed the EU Commission’s proposal (part of the “Omnibus I” simplification package presented on 26 February 2025) for a new de minimis mass threshold of 50 tonnes, which would exempt 90 percent of importers from EU carbon border adjustment mechanism rules. The EU’s carbon border adjustment mechanism is the EU's tool to equalise the price of carbon paid for EU products operating under the EU emissions trading system (ETS) with that of imported goods, and to encourage higher climate ambition in non-EU countries. The exempted 90 percent mostly comprises small and medium-sized enterprises and individuals, who import only small quantities of CBAM goods. This is to ensure that the CBAM’s environment goal is maintained, as 99 percent of total CO2 emissions from imports of iron, steel, aluminium, cement and fertilisers would still be covered by the rules. Separately MEPs have also adopted proposals from the Industry, Research and Energy Committee  for ways to enhance grid resilience, integrate renewable energy sources, and simplify processes to meet the EU's energy goals. The adopted text calls for the implementation of an EU grid action plan and highlights the need for significant investment and infrastructure upgrades to modernise and increase cross-border transmission capacity.   MEPs support flexible CO2 emission standards for new cars and vans MEPs have voted in support of the Commission’s proposed change to CO2 emission performance standards for new cars and vans to offer manufacturers the possibility to comply with their obligations for the years 2025, 2026 and 2027 by averaging their performance over the three-year period, rather than each individual year. This approach would allow them to balance any excess annual emissions by outperforming the target in subsequent year(s). The current rules set annual targets, covering five-year periods, for reducing average CO2 emissions from new cars and vans across the EU fleet. From 2025, an annual CO2 emission reduction target of 15 percent compared to 2021 values will be in application for the 2025-2029 period. To speed up its adoption, Parliament agreed on Tuesday to deal with the file under its urgent procedure. To enter into force, the draft law now requires formal approval by the Council, which endorsed the same text on 7 May 2025.   World 73 percent of large companies obtained assurance on their sustainability disclosures Almost three in four of the largest global companies have sought assurance on some aspect of their sustainability disclosures, according to an updated report from the International Federation of Accountants (IFAC) and AICPA & CIMA, The State of Play: Sustainability Disclosure and Assurance, (Five-Year Trends and Analysis, 2019-2023). The study marks the fifth annual benchmark that now includes 2023 data. The new figure represents an increase of 4 percent, up from 69 percent the previous year, according to the report, which five years ago was 51 percent. Most of the assurance then and now is of limited scope.   ISSB chair urges companies to fully engage with sustainability reporting International Sustainability Standards Board (ISSB) chair Emmanuel Faber has reportedly urged companies to fully engage with sustainability reporting to enable investors to invest where is most needed. In an article for the Financial Times’ Sustainable Views, Faber stated that companies have to choose between “basic compliance and ESG marketing, ticking off checklists of data hardly connected to actual management” or embrace what he described as  a “protocol for (re)creating competitive advantages and attracting capital at the best price in a fast-changing world, where finance is seeking its own resilience.” Faber highlights the centrality of a key player: the finance department, which he describes as “the true pivot of the strategic transformation of companies in a rapidly changing world”. Resources SEIA launches ‘Easy Wins’ for business owners The SEAI has launched its new business campaign ‘Easy Wins’, promoting SEAI’s wide range of business grants which make it easy for business owners to cut costs and become more energy efficient. The business supports grouped together include: vouchers for energy audits, business energy upgrades, tailored supports (e.g. grants) and links to case studies and training.     Global Capacity Building Coalition (GCBC) launches Accelerator programme The Global Capacity Building Coalition (GCBC) has launched its Accelerator programme, a global initiative that aims to identify, celebrate and support the most impactful and highest potential programmes in sustainable finance capacity building. The programme showcases and catalyses innovative and high-impact initiatives that mobilise sustainable finance to help bridge the investment gap in emerging markets and developing economies (EMDEs). It also provides tailored support for selected initiatives including expert advisory, communications and marketing support, partnership facilitation, as well as practical and operational support for capacity building activities. Applications remain open until Friday 4 July. Jobs Accounting for Sustainability (A4S) is looking for a Director to lead and expand its European CFO Programme – a key leadership role helping finance leaders embed sustainability into business strategy and operations. This is a chance to work with CFOs from some of Europe’s most influential organisations and drive systemic change through finance. The successful candidate will play a vital role in shaping A4S strategy to 2030 and amplify the impact of our work across the region. 📅 Deadline to apply: 10 June 🔗 https://lnkd.in/eh3W-ssP Articles More nature-related risks and opportunities in investor portfolios (Sustainable Views – FT – subscription) Getting started with sustainability planning and reporting (ICAEW Insights) How to start discussions with clients about nature (ICAEW Insights)           Buyer’s Remorse Hits Finance Bosses Who ‘Overhired’ for ESG (Bloomberg) CSRD has been a headache, but it helps business do better; let’s not lose our hard-won momentum (Business in the Community Ireland) Clean Energy Set to Meet 67% of Global Power Needs by 2050: Bloomberg Report (ESG Today) Green is the new gold: why sustainability is Iput’s strongest asset (Business Post) “There are easy wins available in most businesses” – What every SME in Ireland needs to know about making energy upgrades (Independent.ie) EUDR is Coming - Is Your Business Prepared? (IBEC)   Podcast Outrage + Optimism: The End of Oil: Inside the Hidden Decline of Fossil Fuels | Earth Day Special (54 mins) Events Dublin Chamber, The Sustainability Academy: Strategic Sustainability Leadership This course is tailored for business leaders and managers aiming to enhance their expertise in sustainability leadership. It delves into strategies for driving sustainable change within top organisations, the intricacies of crafting impactful sustainability reports, and the art of communicating sustainability initiatives to stakeholders. Virtual: Fri 16th - Mon 19 May 2025 | 9.30am - 12.30pm   SEAI, SME Business Briefing The SEAI is running an online business briefing to help businesses learn how to understand energy use and save energy costs across areas of your business, the immediate actions that have little to no costs and will help your business save energy and money, the benefit of completing an Energy Audit and SEAI’s Support Scheme for Energy Audits, SEAI supports and grants to help you further reduce costs and move away from fossil fuels, the Small-Scale Renewable Energy Scheme. Virtual, Tuesday 20 May 10.00-11.00   IOB, Financing Made Simple for SMEs: Sustainable Energy Upgrades for Commercial Buildings SustainabilityWorks has created a guide – with input from Chartered Accountants Ireland – to the financial aspects for SMEs in accelerating the energy upgrading of commercial buildings. At this free webinar, SustainabilityWorks’ Laura Heuston, a leading authority in Ireland on sustainable finance, will discuss the guide in detail, highlighting a range of funding options from low-cost loans, tax relief options to asset finance, solar power purchase agreements, lighting as a service, and more. Virtual, Wednesday, 21 May, 12.00-13.00   Dublin Chamber, The Sustainability Academy: Internal Sustainability Integration - Building a Sustainable Workplace Culture This workshop is for professionals in internal-facing roles, such as finance, operations, and HR. It focuses on integrating sustainability practices within an organisation’s internal mechanisms, highlighting how these practices can enhance employee engagement, operational efficiency, and the workplace environment.   Virtual: Mon 26 May 2025 | 9.30am - 12.30pm   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference, "Emissions Trading and The Carbon Border Adjustment Mechanism" will be held on Wednesday 28 May 2025 in Dublin Castle. In person, May 28, 2025   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.     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     Sustainability Centre 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 Chartered Accountants Ireland’s continued support of the UN Global Compact, the Irish Government’s announcement of a Climate Investment Clearing House, positive news on Ireland’s emissions reductions, and a call for ‘climate leave days’ and for employers to perform risk assessments during extreme weather conditions. Also covered is the UK’s consultation on the voluntary carbon and nature markets, a focus on ethical supply chains in Great British Energy, the adoption by the European Commissions of ecodesign and ecolabelling regulations, as well as the usual articles, resources and upcoming events.   Chartered Accountants Ireland Chartered Accountants Ireland recommits to the UN Global Compact Chartered Accountants Ireland has submitted its Communication on Engagement (COE) to the UN Global Compact Network, recommitting support for the UN Global Compact and its 10 principles. Since 2021, Chartered Accountants Ireland has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labour, environment and anti-corruption.   Ireland news Taoiseach announces Climate Investment Clearing House Taoiseach Micheál Martin has announced a new Climate Investment Clearing House to accelerate progress on Ireland’s energy transition. The announcement was made following the receipt by the Taoiseach of a report from the National Economic and Social Council on Ireland’s Future Power System and Economic Resilience. The report, the first in a series on energy policy to be published in 2025, examines Ireland’s plans for decarbonising the energy grid and calls for “urgent, systematic action” to bridge strategic gaps, enhance economic resilience, and ensure Ireland’s energy transition succeeds. The Taoiseach also announced he will host a joint Government Industry Forum on Offshore Renewable Energy in the coming weeks bringing together public and private sector stakeholders.   Guidance publishes on biodiversity duty reporting for public bodies Minister of State for Nature, Heritage and Biodiversity, Christopher O’Sullivan, has launched Biodiversity Duty Reporting Guidance for Public Bodies. Developed by the National Parks and Wildlife Service (NPWS) with support from Business for Biodiversity Ireland, the guidance provides practical steps to help public bodies fulfil their ‘biodiversity duty’ – a new legal requirement for public and state bodies to consider biodiversity in their decision making and daily operations. Under Ireland's 4th National Biodiversity Action Plan (NBAP), published in January 2024, public bodies must integrate biodiversity into their policies and programmes, and report annually on measures adopted and progress made.   Ireland meets EU emissions reduction targets for all five major air pollutants The EPA has found that in 2023 Ireland was compliant with EU emissions reduction targets across all five major pollutants which impact air quality, health and the environment: ammonia, non-methane volatile organic compounds, sulphur dioxide, nitrogen oxides and fine particulate matter. Commenting, Dr Tomás Murray, Senior Manager of EPA Emissions Statistics described the news as “encouraging”, and said that “it is notable that the move away from fossil fuel use in power stations, businesses and homes can deliver multiple benefits across our health, climate and environment in the coming years.” The news follows an earlier press release stating that Irish power generation and industrial companies covered by the EU Emissions Trading System (EU ETS) have reduced their greenhouse gas emissions by seven per cent.   Regional and local EV charging network plan publishes Zero Emission Vehicles Ireland (ZEVI) has published its Regional and Local EV Charging Network Plan, following public consultation. The plan sets targets and strategies for local authorities to drive EV infrastructure development at destination and neighbourhood locations, with government support. It aligns with both national and EU climate goals, helping to cut emissions and move towards a fully decarbonised transport sector by 2050.   Decrease in SME investment in digitalisation and decarbonisation A report published by ESRI this week has found that investment by SMEs in digitalisation and decarbonisation fell in 2023, from 41 percent of firms investing in digital assets in 2021 to 36 percent doing so in 2021. The report, titled SME Investment Report 2024: Developments Between 2016 and 2023, found that while nearly 60 percent of SMEs invested in capital assets in 2023, an increase from 2020 and 2021 (55 percent of SMEs), the figures are still below the pre-pandemic levels (64 percent of SMEs). Climate- and energy-efficiency–related investments also fell, both in terms of the proportion of firms and median expenditure from €34,000 to €20,000, while the proportion of SMEs indicating that climate change adaptation is important for their business fell across all sectors and SMEs of all sizes. The report, which provides an analysis of investment trends among small and medium-sized enterprises (SMEs) in Ireland was co-authored and funded by the Department of Finance and used data from the Department of Finance Credit Demand Survey.   ‘Climate Transition Plan Scorecard’ to help accelerate corporate environmental action in Ireland Business in the Community Ireland (BITCI) and the DCU Institute for Climate and Society have announced a new partnership to accelerate corporate environmental action in Ireland. The partnership focuses on developing ‘Climate Transition Plan Scorecard’, i.e. a system to score organisations’ implementation plans to achieve its greenhouse gas (GHG) reductions targets within a specified timeframe. The partnership is an element of BITCI’s Accelerate Campaign, which encourages and supports business leaders to set a Science Based Targets Initiative (SBTi) approved net-zero by 2050 target by 2030, if not earlier, and to develop a robust and credible Climate Transition Plan to guide and track implementation.   Union calls for ‘climate leave’ days The union Unite has published a set of proposals on the need for legislation to protect workers during ‘Extreme Weather’ events. These proposals include a statutory maximum working temperature, four days paid ‘climate leave’ if conditions render travel hazardous or workers need to address pressing domestic needs resulting from extreme weather, and requirements for employers to perform risk assessments during extreme weather conditions. Similar guidelines have reportedly been implemented in countries like Australia and France, where extreme weather events have led to worker fatalities.   New electricity interconnector begins powering Ireland's and UK's energy grids The Greenlink Interconnector, a new 500 megawatt (MW) subsea electricity interconnector linking Ireland and the UK has commenced operations. In addition to the existing East-West Interconnector – commissioned in 2012 – this new interconnector will double the State's interconnection capacity to 1 Gigawatt (GW), marking a significant milestone in Ireland's journey towards energy security, while supporting the transition towards a net-zero energy future.   UK/Northern Ireland   UK government opened a consultation on voluntary carbon and nature markets The UK government has opened a consultation on governance framework for a new Voluntary Nature and Carbon Markets, to help leverage the finance needed to address the scale of the climate emergency while diversifying revenue streams for British businesses. The consultation seeks to clarify and test the UK government’s proposed policy and governance framework for helping to ensure the integrity of the credits and the use of credits. The consultation is in response to calls from business, finance, farming, and environmental stakeholders for clarity on the Government’s approach, and to recommendations from the Climate Change Committee and others for a new regulatory approach for these markets. The consultation closes on 10 July 2025.   Great British Energy focuses on ethical supply chains An amendment to the Great British Energy Bill will enable Great British Energy (GBE) to ensure forced labour is not used in business or its supply chains. GBE is the publicly-owned, independent company aimed at facilitating and encouraging the production of clean energy in the UK. The amendment is the latest move in the UK government’s work to tackle the issue of forced labour as it aims to become a global leader in clean energy. Separately £300 million has been brought forward for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit, the major international summit bringing together governments and industry from around the world to drive collective energy security. The public investment complements the £43 billion of private investment pledged for clean energy projects since July 2024.   UK survey finds SMEs moving faster on climate A survey carried out by the UK SME Climate Hub has found that small businesses are moving faster on climate than ever before, and climate action helps them satisfy customers and grow their business by meeting customer expectations, gaining a competitive edge, and attracting new customers. The survey, which includes perspectives from 471 SMEs across 53 countries, aimed to understand how and why SMEs are taking climate action, and what barriers stand in the way.   Europe MEPs discuss role of tax policy for green transition and competitiveness (From our colleagues in Tax news) The European Parliament’s tax matters subcommittee, hosted a public hearing on the role tax policy can play in bringing about the economic green transition while also ensuring that EU businesses remain competitive. The purpose of the hearing was to examine tax incentives for clean energy, aviation, and maritime transport, with a particular focus on the recommendations from the Draghi report. The meeting focused on the green transition and enhancing sustainability in key sectors. Commission adopts the Ecodesign and Energy Labelling regulations The European Commission had adopted the Ecodesign for Sustainable Products Regulation (ESPR) 2025-2030 working plan. The regulation, which came into force in July 2024, marks a significant step forward in the EU’s transition to a circular economy. The new plan broadens the scope of ecodesign beyond energy-using products to include steel, aluminium, textiles, furniture, mattresses, and tyres. It sets ambitious standards for improving the durability, repairability, reusability, and recyclability of these products—supporting the EU’s wider environmental and climate goals. Together with the Energy Labelling Framework Regulation (ELFR), adopted on the same day, the ESPR facilitates consumers' choice in favour of more sustainable and energy efficient products. (In Ireland, Enterprise Ireland is supporting sectors affected by the ESPR through guidance, stakeholder engagement, and funding opportunities such as the Green Transition Fund.) Green transition a key strategic area in 2025 work programme of world’s largest research programme The European Commission has pre-published the 2025 work programme for Horizon Europe, the world’s largest research and innovation programme, which provides over £80 billion in funding to address some of the greatest global challenges. The 2025 work programme aims to contribute to three overarching, interlinked key strategic areas: the green transition, the digital transition, and a more resilient, competitive, inclusive and democratic Europe. Horizon Europe has a particular focus on small and medium sized enterprises (SMEs) and has lists of sector specialist support contacts for regions, including in Northern Ireland, who provide help and advice for Horizon Europe application. Technical Roundup From our colleagues in Professional Accounting On 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD). Following the approval by the European Council, the legislative act will be published in the EU’s Official Journal. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025. EFRAG has launched a call for input on the revision of the European Sustainability Reporting Standards (ESRSs) Set 1 with comments requested by 6 May 2025. It has also submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). Following on from the European Commission’s Omnibus Proposals, which seek to reduce the reporting burden on European Companies, Accountancy Europe has issued a statement addressing the ESRS Revision Due Process. The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a ‘Memorandum of Understanding’ (MoU) to formalise their collaboration. It has also signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has issued its April 2025 update and podcast, published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data” and published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. Articles EU Commission faces complaint over easing of sustainability rules (Reuters) Hybrid work critical for workplace wellness, survey finds (RTE News) Global Poll Shows Business Leaders Support Rapid Transition Away From Fossil Fuels (Business Green) ECJ rejection of Minimum Wages Directive would deal blow to social Europe programme – Tasc (Irish Times) More than €31bn in fossil fuel investments ‘based in Ireland’ (Irish Times) Why businesses should not go cold on climate resilience (Financial Times – Sustainable Views) Green budgeting: driving sustainable growth through smart planning (ICEAW Insights) Resources A4S Accounting for Sustainability (A4S) has published its April newsletter, news of how Google is aligning financial planning and transition planning, the publication of the 4th edition of A4S’s Navigating the Reporting Landscape guide, and links to events and workshops, including the Sustainability Reporting workshop in Chartered Accountant House in Dublin on 22 May.          UN Global Compact 2025 Catalogue and User Guide The UN Global Compact is promoting its Academy, a digital learning platform helping business leaders develop practical skills to tackle sustainability challenges and drive impact aligned with the SDGs and the Ten Principles of the UN Global Compact. Featuring accessible webinars, on-demand courses, and case examples available anytime and in multiple languages, the Academy provides insights and best practices to support businesses at every stage of their sustainability journey. Participants can also earn certificates to showcase their achievements. Find FAQs, and access the Academy User Guide for detailed guidance including the Employee Engagement Toolkit to help get the most out of your experience. Events Enterprise Ireland, Ecodesign for Sustainable Products Regulation This webinar is relevant for all industry involved in a value chain of a company operating in the EU, including product manufacturers, importers, distributors, dealers and service providers. Virtual, 7 May 2025, 1:00 PM to 2:00 PM   Cork District Society Chartered Accountants Ireland, Sustainability for Success Join us on Thursday, 15 May from 1-2pm for the first webinar in the Cork Society Chartered Accountants in Industry Webinar series on Sustainability for Success: How Freefoam is Building a Future-Fit Organisation with Kevin Cronin, COO and Sustainability Lead at Freefoam. Virtual, 15 May 2025, Free, 12.00-13.00   Dublin Chamber, The Sustainability Academy: Strategic Sustainability Leadership This course is tailored for business leaders and managers aiming to enhance their expertise in sustainability leadership. It delves into strategies for driving sustainable change within top organisations, the intricacies of crafting impactful sustainability reports, and the art of communicating sustainability initiatives to stakeholders. Virtual: Fri 16th - Mon 19 May 2025 | 9.30am - 12.30pm   Dublin Chamber, The Sustainability Academy: Internal Sustainability Integration - Building a Sustainable Workplace Culture This workshop is for professionals in internal-facing roles, such as finance, operations, and HR. It focuses on integrating sustainability practices within an organisation’s internal mechanisms, highlighting how these practices can enhance employee engagement, operational efficiency, and the workplace environment.   Virtual: Mon 26 May 2025 | 9.30am - 12.30pm   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   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     Sustainability Centre 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 Irish Government’s Climate Action Plan 2025, Chartered Accountants Ireland’s letter to the Government highlighting SMEs’ sustainability needs, the new Business Energy Upgrades Schemes, new business opportunities to associate with native woodlands, ISIF’s additional €1bn committed to climate investments, and reports into Irelands’ Offshore Wind Strategy, the gender income gap, and EV sales. Also covered are developments in Europe, as well as the usual articles, resources and upcoming events, including the next ESG Network meeting.      Chartered Accountants Ireland news Accountancy Ireland goes digital Accountancy Ireland, the flagship publication from Chartered Accountants Ireland, has published its first fully digital edition in its more than 50 years of publication. In a sustainability-themed issue, April’s Accountancy Ireland includes articles on green energy, infrastructure, sustainability reporting, accounting for sustainability and perspectives from Institute members. Commenting, Institute President Barry Doyle, described the initiative as “reflect[ing] the Institute’s ongoing and long-term goal of reducing our environmental impact for a better tomorrow as articulated in our strategy. In reducing production inputs, transport and waste volumes, we strive to meet this goal for all our benefit.” Congratulations UrbanVolt! Chartered Accountants Ireland congratulates UrbanVolt for winning the ESG Company Award (SMEs) in the Business & Finance Media Group ESG Awards 2025, in partnership with Grant Thornton Ireland. Chartered Accountants Ireland was honoured to have been shortlisted in the category and congratulates all fellow nominees, and all winners, across the 15 categories. Institute shortlisted for Association and Institute Awards Chartered Accountants Ireland has been shortlisted for the Association and Institutes Awards in the following categories: The Rhapsode digital bookshelf for Best Publication The amalgamation for Best Collaboration Project Sustainability / ESG bulletin for Best Blog, Podcast or Video Congratulations to all our fellow nominees across over 19 categories and we look forward to the Awards on 12 June at Royal Marine Hotel, Dun Laoghaire!   IRELAND NEWS Government approves Climate Action Plan 2025 The Government has approved the Climate Action Plan 2025, the roadmap of actions to enable Ireland to achieve its climate objectives. This is the third statutory update to the plan since the Climate Action and Low Carbon Development (Amendment) Act 2021 was signed into law, committing Ireland to achieving by 2050 the transition to a climate-resilient, biodiversity-rich, environmentally sustainable and climate-neutral economy. Described as a ‘streamlined Climate Action Plan’, to be read in conjunction with Climate Action Plan 2024, the 2025 Plan aims to put climate solutions at the centre of Ireland’s social and economic development. It is also the final Climate Action Plan of the first 5-year Carbon Budget – marking an important midpoint in what has been called ‘the decade of climate action’. Institute highlights SME needs in response to Department of Environment, Climate and Communications consultation Chartered Accountants Ireland has responded to the Department of the Environment, Climate and Communications’ public consultation on its 2025-2028 Statement of Strategy. In our submission, we called for the Department to acknowledge the barriers preventing businesses, in particular SMEs, from playing a greater role in tackling the climate and biodiversity crises and to set out a series of clear, practical strategies to address these. Focus should also be given to better communicating the clear commercial opportunities that a transition to a low-carbon, climate-resilient and biodiversity rich economy can bring to Irish businesses. Review of the National Development Plan The Department of Public Expenditure, NDP Delivery and Reform (DPENDR) will commence a review of the National Development Plan, to be completed in July 2025. The review will cover all public capital investment to 2035, including among other things, the Infrastructure, Climate and Nature Fund. The National Development Plan sets out the investment priorities that will underpin the successful implementation of the National Planning Framework (NPF), included under Project Ireland 2040, and wider government policies. The review of the National Development Plan (NDP) will also include a climate assessment of any programmes receiving funding. New Business Energy Upgrades Scheme expands range of grants targeting SMEs Minister for Climate, Environment and Energy Darragh O'Brien officially launched the Business Energy Upgrades Scheme this week, expanding the range of Rapid Approval Grants targeted at SMEs to enable them carry out energy and emissions-saving investments. The range includes the Support Scheme for Energy Audits (SSEA) and the Non-Domestic Microgeneration Grant. These schemes aim to provide ‘substantial support’ to the SME sector to address energy costs and reduce emissions in their buildings, and are open to all businesses, and public bodies, who are upgrading a building they own or occupy. Opportunity for businesses to associate with native woodlands The Minister of State for Forestry, Farm Safety and Horticulture, Michael Healy-Rae, has announced the opening of the updated Woodland Environmental Fund, inviting businesses of all types and sizes to consider participating. In addition to the benefits to local landowners and to Ireland’s native woodlands, participating businesses stand to enhance the reputation of their businesses by association with the creation of “a significant tangible environmental asset that will become a permanent feature of the landscape”. The Minister described the Fund as “an ideal way for a business to exercise, and demonstrate, its corporate social responsibility, as the restoration of Ireland’s once-vast forests of oak, birch and alder delivers real environmental benefits, as well as providing additional income to farmers.” ISIF commits an additional €1bn to climate investments and €500m to Ireland’s regional cities The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has committed an additional €1bn to climate investments and €500m to Ireland’s five regional cities of Cork, Limerick, Galway, Waterford and Kilkenny. The announcement comes after new figures published by ISIF show it has exceeded its previous €1bn target for investments in climate and its previous €500m target for investing in regional cities, up to two years ahead of schedule. The new commitments will double ISIF’s commitments to both categories – bringing total climate commitments to €2bn and regional city commitments to €1bn over the next four years. The new commitments coincide with the publication of ISIF’s 10-years of Impact Report which sets out its progress since inception in late 2014. Progress report on Ireland's Offshore Wind Strategy Powering Prosperity Implementation Progress Report, the report published by the Department of Enterprise, Trade and Employment on the progress of Ireland’s Offshore Wind Industrial Strategy, has highlighted milestones in Ireland’s journey towards becoming a global leader in offshore renewable energy. The report states that 38 of the 40 actions outlined in the strategy are either completed or underway. The strategy, which launched in 2024, set out to capture the value of the country’s Offshore Renewable Energy (ORE) supply chain and maximise the economic impact of Ireland’s renewable energy goals. Report finds significant gender income gap persists despite rising number of women in paid work The Irish Human Rights and Equality Commission and the Economic and Social Research Institute have published a report which finds that despite rising numbers of women in paid work, a significant gender income gap persists. The report, Child Related Leave: Usage and Implications for Gender Equality, reveals that there are fewer women in the workforce than men, and that women are more likely to be in part-time work, usually due to caring responsibilities. The gender income gap usually emerges after the birth of a child and continues throughout a woman’s whole life. 84 percent increase in new plug-in hybrid electric vehicles purchased compared to 2024 New electric vehicles licensed in March 2025 rose by 31 percent compared with the same period last year, according to figures published by the Central Statistics Office (CSO) this week. The number of new electric vehicles licensed in March 2025 rose by 31 percent when compared with March 2024 (2,473 vs 1,884). The number of new plug-in hybrid electric vehicles (PHEV) licensed in March 2025 grew by 84 percent when compared with March 2024 (2,202 vs 1,195). Business in the Community Ireland launches 2025-2028 Strategy Business in the Community Ireland (BITCI), the Dublin-based not-for-profit that aims to drive sustainability and social inclusion in business, has launched its Strategy for Impact 2025-2028. The new strategy sets out its vision for supporting businesses to lead the transition to a net zero, nature-positive, and inclusive society. As part of its 25th anniversary celebrations, BITCI is also hosting a landmark conference entitled ‘Lead, Innovate, Achieve: Championing sustainability and social inclusion for 25 years’ in Dublin on 11 September.   EUROPE NEWS Omnibus given final green light The European Council has given its final green light on one of the Commission’s proposals to simplify EU rules. This so-called ‘Stop-the-clock’ proposal postpones the dates of application of the CSRD and CSDDD. Read more from Chartered Accountants Ireland here. Accountancy Europe’s April's Sustainability Newsletter Accountancy Europe’s April's Sustainability Newsletter has published and includes   latest news on the Omnibus ‘stop-the-clock’ proposal, EFRAG updates and more. Among the news covered is the reaffirmation by Accountancy Europe and the International Federation of Accountants (IFAC) of their commitment to high-quality and consistent sustainability assurance, and the proposals by the EU Platform on Sustainable Finance (PSF) of a voluntary and streamlined standard to help SMEs demonstrate their climate-related sustainability efforts. Strengthening society’s engagement with nature The European Environment Agency has published a briefing in support of the implementation of the EU’s Biodiversity Strategy for 2030 and Nature Restoration Regulation. It describes how cultural attitudes influence human interactions with nature, and reviews the societal factors needed to halt and reverse biodiversity loss. Seven key factors are identified as encouraging wide and continued societal engagement in protecting nature, such as ensuring evidence-based decision making and clear and efficient collaboration with stakeholders.  2024 European State of the Climate publishes The European State of the Climate 2024 (ESOTC 2024) report has found that Europe is the fastest-warming continent, and the impacts of climate change are clear. 2024 was the warmest year on record for Europe, with record temperatures in central, eastern and southeastern regions. Storms were often severe and flooding widespread, claiming at least 335 lives and affecting an estimated 413,000 people. During the year, there was a striking east-west contrast in climate conditions, with extremely dry and often record-warm conditions in the east, and warm but wet conditions in the west. The report was released this week by the Copernicus Climate Change Service (C3S) and the World Meteorological Organization (WMO) and involved approximately 100 scientific contributors. WORLD NEWS The IFRS Foundation’s International Sustainability Standards Board (ISSB) and the Taskforce on Nature-related Financial Disclosures (TNFD) have established a partnership to enhance nature-related financial disclosures for capital markets. This new agreement enables the IFRS and TNFD to share research, knowledge, and technical expertise, informing both the ISSB’s Biodiversity, Ecosystems, and Ecosystem Services (BEES) initiative and the nature-related aspects of its efforts to improve industry-focused SASB standards. Articles Climate Action Plan: Rules for car advertising, more energy-efficient buildings: What's in the new Climate Action Plan (The Journal)   Ireland not on 'clear path' to hit climate goals with plan (RTÉ)   Measures in 2025 climate plan will be at centre of social and economic development, Government says (Irish Times)   Making the business case for sustainability after the omnibus (Sustainable Views – Subscription) UK firms ditching diversity and inclusion ‘face higher risk of lawsuits’ (The Guardian)   When fathers don’t take family leave, workplace inequality persists (Irish Times)   “What gets measured gets done” – Catherine Duggan, Head of Sustainability for Grant Thornton on enterprising ESG practices (Business and Finance)   ‘We can’t sacrifice resilience on the altar of efficiency’ - Central Bank warns on deregulation drive (Business Post)   Climate crisis on track to destroy capitalism, warns top insurer (The Guardian)   Did you know? The Tallaght District Heating Scheme is the first large-scale district heating network of its kind in Ireland. To date it has generated almost 6,000 MWh of energy, saving 1,098 tCO2 as of June 2024, and is estimated to generate 270,000 MWh energy over its lifetime (25-35 years). It currently supplies heat to a number of public and residential buildings in the area using waste heat from the nearby Amazon data centre.   Resources Capitals Coalition newsletter Curious about how businesses and finance are redefining value for nature, people, and the economy? Each month, the Capitals Coalition newsletter brings fresh thinking, practical tools, and real-world examples from its global network, spotlighting how organisations are embedding natural, social, human and produced capital into decision-making. From policy shifts to project updates, events and good news, it’s a snapshot of where momentum is building and where you can join in. Subscribe here Chartered Accountants Worldwide - Difference Makers Discuss In case you missed it, Chartered Accountants Worldwide’s latest Difference Makers Discuss with Ainslie van Onselen and Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD is now available to stream on demand. This exclusive conversation explores: ✅ How finance professionals can tackle climate challenges & drive digital transformation ✅ The OECD’s work with global institutions to promote sustainability & social equity ✅ The evolving role of Chartered Accountants in an ESG-driven world ✅ Practical advice for young CEOs navigating today’s economic landscape ICAEW’s Sustainability Accelerator Programme ICAEW’s Sustainability Accelerator Programme has been designed to equip finance professionals with the strategic insight and technical expertise required to lead sustainability and ESG initiatives in today’s rapidly evolving business landscape. Incorporating ICAEW's popular Sustainability Certificate, this flexible series of elearning resources offers up to 50 hours of professional development.  Events Chartered Accountants Ireland, Chartered Accountants Ireland ESG Network meeting This meeting will be joined by three speakers: Elaine O’Regan,  Managing Editor, Accountancy Ireland will discuss the April Sustainability issue, and the rationale behind Accountancy Ireland becoming a fully digital publication; Laura Hueston, FCA, Co-Founder SustainabilityWorks will provide an update on the Omnibus, and role of sustainability in long-term viability of businesses regardless of row-back at EU and US level on sustainability reporting, Martina Goss, FCA, Business Coaching & Consulting, will discuss business model innovation & new product development: incorporating sustainability, lean methodologies and a new mindset for accountants Presentations from 2.00-3.00 will be followed by a group discussion from 3.00 – 3.30 Virtual (Zoom) email sustainability@charteredaccountants.ie if you want to join the ESG Network.   DCU, Dispatches from a changing climate: Engaging society through activism, storytelling and the arts  DCU’s Institute for Climate and Society annual conference will take place on Tuesday, 29 April on the DCU Glasnevin Campus with keynote speaker Mary Lawlor, UN Special Rapporteur on Human Rights Defenders. The conference will also feature a range of speakers from the arts, the media and academia.  In person, 29 April, Free, 09:00 to 17:00   NatCap, Measuring impacts in the supply chain The supply chain is where many of the most significant nature-related risks and opportunities lie, yet it remains one of the most challenging areas for businesses to measure and manage effectively. As regulatory and investor expectations rise, companies face increasing pressure to evaluate, assess, and manage the nature-related impacts of their supply chains. Join NatCap for a focused session on how to assess these impacts, generate actionable insights to identify priority areas for action, and prepare for evolving frameworks like the TNFD and CSRD (ESRS E4). Virtual, April 29, 12:00 PM   Cork District Society Chartered Accountants Ireland, Sustainability for Success Join us on Thursday, 15 May from 1-2pm for the first webinar in the Cork Society Chartered Accountants in Industry Webinar series on Sustainability for Success: How Freefoam is Building a Future-Fit Organisation with Kevin Cronin, COO and Sustainability Lead at Freefoam. Virtual, 15 May 2025, Free, 12.00-13.00   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, 23 May, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.        

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