In this week’s sustainability/ESG bulletin, read about how businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that they have completed a carbon footprint exercise and are taking steps to reduce energy use and environmental impact; our upcoming Ask the Expert interview on calculating your carbon footprint; a new round of funding under the Circular Economy Grant Scheme; how Northern Ireland businesses can add their voices to consultation on a proposed Energy “One Stop Shop”; and a proposal under the European Green Deal for rules for cleaner air and water, as well as the usual podcasts, articles and events. Did you know? The Temporary Business Energy Support Scheme (TBESS) will assist eligible businesses with their electricity or natural gas (energy) costs during the winter months. Under Revenue’s guidelines, businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that it has completed a carbon footprint exercise and is taking steps to reduce its energy use and environmental impact. Find out more here. Need help calculating your carbon footprint? It can be hard for businesses to know where to start when calculating carbon their footprint. In a short ‘Ask the Expert’ interview on 10 November, Joe Borza, CEO and founder of Irish company Energy Elephant will talk to Institute’s Sustainability Officer Susan Rossney about measuring your carbon footprint, how you can reduce emissions and how to make better energy decisions. Register free here. Circular Economy Grant Scheme opens for applications A call for applications has been announced for the 2022 funding round of the Circular Economy Innovation Grant Scheme (CEIGS). €650,000 is available to support innovation and circular economy projects by social enterprises, voluntary and community organisations, and businesses with fewer than 50 employees, while up to €100,000 is available for individual projects that demonstrate exceptional impact. Some €490,000 in CEIGS funding was awarded to 10 applicants under the 2021 funding round for the Scheme, which was established in April 2021 by Minister of State at the Department of the Environment, Climate and Communications, with responsibility for the Circular Economy and Communications, Ossian Smyth, TD.  Applications for this round are open until 16 December 2022. European Green Deal: European Commission proposes rules for cleaner air and water The European Commission has proposed stronger rules on ambient air, surface and groundwater pollutants, and treatment of urban wastewater. The proposed new rules will reduce by 75 percent in ten years the number of premature deaths in Europe which result from pollution (currently at 300,000 deaths). The proposals are a key advance for the European Green Deal’s zero pollution ambition of having an environment free of harmful pollution by 2050. They also respond to specific demands of the Conference on the Future of Europe. Northern Ireland businesses can add their voices to consultation on proposed Energy “One Stop Shop” Northern Ireland Economy Minister Gordon Lyons has announced the launch of a new public consultation on the development of an Energy “One Stop Shop”, which aims to be a single point of contact where businesses, as well as consumers and communities, can receive information, advice and support about energy issues. The consultation proposes that the One Stop Shop will begin by offering core services of information and advice and will continue to phase in additional services as specific policies and schemes are developed. The consultation closes at 5pm on 20 January 2023 and can be found on the DfE website. From our colleagues in Professional Accounting... The International Sustainability Standards Board (ISSB) unanimously confirmed this week that companies will be required to use climate-related scenario analysis to inform resilience analysis.  They voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures.  The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term 'climate-related scenario analysis'. Please see here for further details. Resource ICAEW’s Corporate Finance Faculty in collaboration with Deloitte have published ESG in Deals and Investment, a new guide outlining best practice on incorporating ESG considerations into deal making, and looking into some of the practical considerations for those involved in transactions. It offers access to the latest thinking and best practice to help businesses, advisers and investors to form and refine relevant ESG considerations. Podcast FCA and member of the Institute’s Expert Working Group on Sustainability Laura Heuston from SustainabilityWorks spoke to Daniel Murray for the Business Post’s podcast 5 Degrees of Change about how sustainable finance can help drive change in the private sector and the impact of changing career. Articles Moral Victories: The benefits of sustainable investing: ‘We need to develop a common language around what sustainability is’ (Business Post) Temperatures in Europe have increased more than twice global average – report (Irish Times) ‘The number of people who think climate change still isn’t an issue is shocking’ – Michael D’Arcy (Business Post) Upcoming events Calculate your carbon footprint: ‘Ask the Expert’ interview with Energy Elephant, 10 November 2022, 12.00-12.25, Zoom. SEAI SME Business Briefing webinar, 17 November, 10am. Learn how your business can save energy and money, and how you can fund your energy investments. COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London   Biodiversity COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our onlineSustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about new legislation on the redesigned Energy Efficiency Obligation Scheme, improvements in air quality and reductions in greenhouse gas emissions in Northern Ireland, a call to world leaders from more than 330 businesses to make nature assessment and disclosure mandatory, as well as articles and upcoming events. New legislation on redesigned Energy Efficiency Obligation Scheme Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan T.D., has signed new legislation on the redesigned Energy Efficiency Obligation Scheme (EEOS). This scheme places a legal requirement on larger energy companies to help energy users – including those in the commercial and public sectors – save energy.  The scheme, which has been redesigned in response to amendments to the EU Energy Efficiency Directive (EED) and the Government’s climate priorities, will commence on 1st January 2023. Between 2014 and 2020 larger energy companies (‘obligated parties’) supported energy efficiency actions in more than 290,000 dwellings and over 3,000 businesses. These savings represent an offset in CO2 emissions of around 1.2 Mt and recurring financial savings of approximately €240 million per year. Bike to work scheme to include higher limit for cargo bikes A new higher limit for Cargo Bikes has been included in the revised Bike to Work Scheme in Ireland, a scheme which aims to encourage the public to cycle to and from work. The higher limit was announced recently as part of the Finance Bill and increases the limit of regular and electric-assist cargo bicycles to €3,000. The Bike to Work Scheme allows employees to give part of their salary for a bicycle and/or safety equipment, which should be used primarily for journeying to and from work. The purchase is not taxable benefit-in-kind and can be made in any shop. Air quality in Northern Ireland improves, while greenhouse gas emissions decrease The ‘Air Pollution in Northern Ireland 2021’ report has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA). The annual statistical report, which provides summary information on key air quality monitoring results, found that air quality in Northern Ireland has improved substantially in recent decades, with concentrations of sulphur dioxide – a pollutant associated with coal and oil combustion – declined significantly since the 1990. An overall decreasing trend in nitrogen dioxide (NO2) concentrations ws also observed. Government statistics estimate that air pollution in the UK reduces the life expectancy of every person by an average of 7-8 months, with an associated cost of up to £20 billion each year. In related news, a report into Northern Ireland carbon intensity indicators, also published recently, found that despite substantial growth since 1998 to 2022 in Northern Ireland’s Gross Value Added (GVA), greenhouse gas (GHG) emissions actually declined by 65 percent in the same period. The report also shows that GHG emissions per capita decreased 36 percent from 17.2 tonnes CO2 equivalent per person in 1990 to 11.0 tonnes in 2020, despite the population increasing in the region by 19 percent over this period. Joint UK, Northern Ireland and Ireland investment for research announced The Irish and British governments have announced a joint €74 million (£64 million) investment to create new collaborative research centres across Ireland, Great Britain and Northern Ireland. The ‘Co Centres: Collaboration for Transformative Research and Innovation’ Programme, will open in November 2022 and will focus on two thematic areas: Climate, and Sustainable and Resilient Food Systems. The Co-Centres programme will bring together leading academic and industrial researchers, as well as policymakers across Ireland, Britain and Northern Ireland and will be managed by Science Foundation Ireland (SFI), Stormont's Department of Agriculture, Environment and Rural Affairs (DAERA) and UK Research and Innovation (UKRI). More than 330 businesses call to make nature assessment and disclosure mandatory More than 330 businesses and financial institutions with combined revenues of more than $1.5 trillion in 56 countries, have urged world leaders to make it mandatory for companies to assess and reveal their impact on nature by 2030. In an open letter to heads of state, business leaders said the business and financial status quo was “economically short-sighted and will destroy value over the long term” pushing for governments to agree to the disclosures at Cop15, the UN biodiversity conference being held in Montreal this December. From our colleagues in Professional Accounting The Chartered Accountants Ireland Technical Roundup this week notes that the ISSB announced it has made significant progress in refining the first two of its proposed sustainability standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.). At its recent meeting, the ISSB voted unanimously to require company disclosures on Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions. As part of these requirements, the ISSB will develop relief provisions to help companies apply the Scope 3 requirements. The FCA in the UK is proposing new rules to tackle greenwashing. It is proposing a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’, ‘green’ or ‘sustainable’ can be used. The measures are among several potential new rules which will protect consumers and improve trust in sustainable investment products. You can read more on this here. Did you know… The International Sustainability Standards Board (ISSB) has a podcast? In the latest episode, ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss key decisions made in the highlights from the third ISSB meeting, the background on the greenhouse gas emissions discussion, and overview of the ISSB's decisions on priority work, and more. Articles Financial Conduct Authority proposes restrictions on investment managers using terms such as ‘ESG’ and ‘green’ in fund marketing in a move to clamp down on greenwashing (Financial Times) Corporate Ireland talks about climate targets, but how do we assess their progress? Independent.ie No country is decarbonising fast enough, PwC study finds (The Irish Times) Upcoming events Webinar: Modern slavery – responsibility, detection and accountability, 2 November, 8.30-9.30 (ICAEW)   COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022   Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London   Biodiversity COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about outcomes from Climate Finance Week Ireland 2022, innovative sustainable transport projects to be delivered by Irish local authorities, OECD Skills Strategy, ISIF’s approval of €285m climate-related investments, the Northern Ireland Energy Bill Relief Scheme, the launch of the Northern Ireland rural social enterprise investment scheme and proposed new emergency EU regulation to address energy prices and security. Chartered Accountants Ireland at Climate Finance Week Ireland 2022 Climate Finance Week Ireland 2022 (CFWI22) took place this week, with Chartered Accountants Ireland partnered with CFWI to deliver a webinar on the Sustainable Finance Disclosure Regulation (SFDR). The Institute hosted Laura Heuston, FCA and Co-Founder of SustainabilityWorks, and Ann Shiels, solicitor and founder of the sustainable finance regulatory consultancy, FinLexSus, who gave their expert accounting and legal perspectives on the legislation, its interrelation with the EU Taxonomy Regulation and the difference between Article 8 and 9 funds. Watch back here.  International Sustainable Finance Centre of Excellence A new International Sustainable Finance Centre of Excellence is to be set up in Ireland. The centre is to act as an international hub, conducting research, developing talent and leadership activities, and helping finance firms design and implement new financial mechanisms that will help with the movement to a net-zero economy. The centre, which was launched at the start of Climate Finance Week Ireland 2022 is backed by the United Nations Development Programme (UNDP) and Skillnet, and is one of the targets of the Government's Sustainable Finance Roadmap. It is reportedly hoped that the centre will be operational by the middle of January next year. Innovative transport projects to be delivered by local authorities Minister for Transport, Eamon Ryan, T.D., this week launched the Pathfinder Programme, comprising 35 exemplar transport projects to be delivered by local authorities and agencies around the country within the next three years. The Pathfinder Programme is focused on reducing carbon emissions in the transport sector by enabling the shift to cleaner transport choices. It also aims to bring increased momentum to the delivery of projects at a local level, providing templates that can be replicated and scaled up elsewhere, with a strong emphasis on experimental and innovative approaches. The objectives of the Pathfinder Programme are fully aligned with the recommendations of the OECD report on Transport in Ireland, Redesigning transport: Towards Irish transport systems that work for people and the planet, which was published on 5 October 2022. Business encouraged to participate in skills survey Businesses are among the groups of stakeholders being encouraged to have their say on the future of skills and talent in Ireland, as the OECD examines Ireland’s skills strategies to address skills shortages in Ireland and prepare us for future global shocks (OECD Skills Strategy Ireland – Recommendations Survey). Commenting, Minister for Further and Higher Education, Research, Innovation and Science, Simon Harris, T.D,  stated:  “We need to ensure that Ireland's skills system stands as a central and effective enabler for Ireland’s competitiveness and economic and social sustainability while we accelerate digitalisation and the transition towards a climate-neutral economy.” Read more here. ISIF approves €285m climate-related investments The Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency (NTMA), has published its half-yearly progress update for H1 2022. The update includes news that new climate-related investments reaching €285m were approved of by ISIF, part of its €1bn 5-year climate action investment programme announced last September.        Chapter Zero Ireland event Chapter Zero Ireland will hold its second event on Tuesday, 25 October from 4:30pm to 6:00pm in Chartered Accountants House, Dublin 2. Co-hosted by Chartered Accountants Ireland and Deloitte,  the event will discuss the rapidly changing regulatory landscape around sustainability, which is becoming a key area of focus for businesses across all sectors, as well as approaches to regulation and reporting and the role of non-executive directors. Chapter Zero Ireland is the Irish Chapter of the World Economic Forum Climate Governance Initiative established to support Non-Executive Directors (NEDs) to help address climate considerations in the boardroom. Find out more. Energy Bill Relief Scheme for businesses in Northern Ireland Economy Minister Gordon Lyons has announced that the details of the Energy Bill Relief Scheme for businesses in Northern Ireland have been published by the Department of Business, Energy & Industrial Strategy (BEIS). Details of the scheme can be found here. Northern Ireland Rural Social Enterprise Investment Scheme launches A £500,000 capital grant scheme to aid established rural social enterprises to increase their capacity, potential profitability and sustainability has been launched. The Rural Social Enterprise Investment Scheme aims to improve rural social enterprise sustainability, strengthen rural communities and improve their economic circumstances, and work in partnership with others. Speaking at the launch of the grant scheme, Rural Affairs Minster Edwin Poots, stated that “social enterprise activity is predominately concentrated in urban centres” and that is vital that rural social enterprises are supported to sustain and grow, particularly as the social enterprise sector exerts a significant positive impact on the Northern Ireland economy. New emergency regulation proposed to address energy prices and security The European Commission is proposing a new emergency regulation to address high gas prices in the EU and ensure security of supply this winter. This will be done through joint gas purchasing, price limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and solidarity between Member States, and continuous efforts to reduce gas demand. Did you know? …that in the UK, recycling saves 18 million tonnes of CO₂ a year!  It’s Recycle Week in the UK and Northern Ireland, and you can find out more about activities and initiatives here and at Northern Ireland Recycles. Articles Levy on single-use disposable cups to come into force early 2023 (The Irish Times) Companies failing to take action on decarbonisation (RTÉ) Upcoming events Change by Degrees’ Climate Club webinar, Creating your Sustainably Strategy, 25 October, 10.00-10.30am (Virtual) Accountancy Europe, Sustainability Tax Systems, 25 Oct 9.30-12.00 GMT (10.30-13.00 CEST)   2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Biodiversity COP15 Part 2, 7-19 December You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about the launch of a new global Sustainability Hub by Chartered Accountants Worldwide, new planning permission exemptions for rooftop solar panels on homes and other buildings in Ireland, our upcoming event at Climate Finance Week Ireland 2022, a report from the Financial Reporting Council on failures by companies to give investors sufficient information about their net zero plans, and CFOs and finance teams in the climate transition.  New global sustainablity hub launches A new global Sustainability Hub has been launched by Chartered Accountants Worldwide (CAW). The hub pulls together a wealth of content from CAW member institutes and trusted partners around the world to help Chartered Accountants – and the businesses they support – in becoming more sustainable and resilient now and for the future. Content is curated under the headings Environment, Society and Governance, with additional subgroups for SMEs and Reporting and a ‘Roadmap’ designed to provide signposts to Chartered Accountants to understanding sustainability and its impact on their work. The new hub was launched at the CAW ‘Difference Makers Discuss’ webinar, Sustainability: Connecting the Dots, on 13 October. Over 2,400 people from 80 countries registered to attend the event, which focused on the vital role that Chartered Accountants play in driving positive change on sustainability. The recording is now available here. New planning permission exemptions for rooftop solar panels on Irish homes and other buildings New regulations have been signed by Ireland’s Minister for Housing, Local Government and Heritage, Darragh O’Brien, T.D., which will remove the requirement for planning permission for the installation of rooftop solar photovoltaic (PV) panels on the majority of buildings in the country. The exemptions are aimed at increasing Ireland’s generation of solar energy and combating climate change. The changes take immediate effect. The regulations are seen as a significant driver of the rollout of micro- and small-scale solar PV generation, increasing Ireland’s generation of solar energy and strengthening energy security. They will also support the rollout of small-scale generation and act as an enabler for the Small-Scale Generation Support Scheme (SSG), which is expected to become available in 2023. The announcement comes one week after Taoiseach Micheál Martin, Tánaiste Leo Varadkar, Minister for the Environment, Climate and Communications, Eamon Ryan, and other members of Government launched the new National Implementation Plan for the Sustainable Development Goals 2022-2024, setting out 5 strategic objectives and 51 actions, with 119 individual measures, to increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (SDGs). The plan was developed in collaboration with all government departments and key stakeholders, and based on input from two public consultation processes held over the last year. Chartered Accountants Ireland at Climate Finance Week Ireland 2022 It’s Climate Finance Week Ireland 2022 (CFWI) next week and Chartered Accountants Ireland is partnering with CFWI to deliver a webinar on the Sustainable Finance Disclosure Regulation (SFDR). The Institute will host Laura Heuston, FCA and Co-Founder of SustainabilityWorks, and Ann Shiels, solicitor and founder of the sustainable finance regulatory consultancy, FinLexSus. Laura and Ann will give their expert accounting and legal perspective on the legislation, its interrelation with the EU Taxonomy Regulation and the difference between Article 8 and 9 funds. Register here Companies failing to give investors sufficient net zero information A new report from the Financial Reporting Council (FRC) has found that companies are failing to give investors sufficient information about their greenhouse gas net zero plans. The report, FRC Lab Report: Net zero disclosures, found that investors want to understand what companies plan to do about reaching net zero greenhouse gas emissions, but that reporting is too often aspirational and high level, frequently failings to provide users with sufficient information. Listen to this podcast from FRC for more. CFOs and finance teams in the climate transition IFAC, the global organization for the accountancy profession and Accounting for Sustainability (A4S) recently hosted their Climate Week NYC event Finance Leaders Plugging the Net-Zero Information Gap: Exploring the critical role of CFOs and finance teams in the climate transition. The event brought together finance and accounting leaders to better understand how they are enabling their organization’s decarbonization strategies and transition planning and what obstacles they are facing. “The task to decarbonize economies is no mean feat,” said Kevin Dancey, IFAC CEO. “The quality of sustainability-related data and reporting processes must be improved to meet the demands of investors, regulators, and policy makers and the urgency of the climate crisis itself. Leveraging the skills of professional accountants to identify risks and opportunities and enhance climate-related information is an essential starting point.”  A recording of the event and takeaways are now available. Articles Where climate change isn’t global: auditing (Financial Times) Tánaiste wants professional firms added to energy subsidy scheme (The Irish Independent) OECD recommends major redesign of Irish transport to meet climate targets and improve wellbeing (Irish Times) Upcoming events Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct Chartered Accountants Ireland at Climate Finance Week Ireland 2022, 21 Oct (Virtual) CDP Ireland Network in-person event: How to Achieve Net-Zero Emissions, 20 October 11.30am – 12.30pm (As part of Climate Finance Week) Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Change by Degrees’ Climate Club webinar, Creating your Sustainably Strategy, 25 October, 10.00-10.30am (Virtual) Accountancy Europe, Sustainability Tax Systems, 25 Oct 9.30-12.00 GMT (10.30-13.00 CEST)  2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022. ‘Biodiversity’ COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

The FRC Lab has published a report entitled "Net zero disclosures". This report, which highlights examples of current practice, discusses some of the key considerations for investors who use net zero disclosures and the elements of net zero disclosures that investors want to understand. The report builds on three key elements of net zero disclosures (commitments, impacts and performance) and discusses areas of consideration and challenge within these topics. The report provides some useful guidance for preparers seeking to navigate the difficult area of reporting on their greenhouse gas emission reduction commitments.

IAASA has published a paper entitled "Climate-related disclosures in financial reports- IAASA information requests". This publication provides preparers, auditors and users of financial statements with information to encourage discussion as to whether issuers adequately consider the appropriateness and completeness of the climate-related disclosures provided in periodic financial reports. In its report, IAASA have looked at climate related disclosures and emission targets and have set out some information requests that have been asked of insurers while they have been carrying out examinations of financial reports. IAASA have noted their expectation that management, directors and audit committees will consider the information request outlined in this publication when determining their climate related disclosures.

Despite the tough current climate, Budget 2023 made clear that action against climate change remains a priority for the government. Deirdre Hogan explains The Minister for Finance, Paschal Donohoe TD, delivered his Budget 2023 speech against a contrasting backdrop: the trilemma facing Irish businesses and individuals of energy, inflation and supply chains versus the recent positive reports on the exchequer finances. While the Budget’s focus was on solving the short-term cost of living crisis, the Minister noted that “climate change is one of the key challenges of our time”, indicating that the climate crisis remains a priority for the Government. Carbon tax As expected, carbon tax was increased by €7.50 from €41 to €48.50 per tonne of CO2. The carbon tax increase applies from 12 October 2022 for auto fuels but will be offset by a levy reduction, so we will not see a price increase. For all other fuels, carbon tax will increase from 1 May 2023.   Due to the current energy crisis, the government opted to extend the nine percent reduced rate applicable to electricity to February 2023 and maintain the excise reduction introduced last spring on marked gas oil, petrol, and diesel of five, 16 and 21 cents respectively, providing for costs in the winter months when energy usage will be at its highest.   The receipts from carbon tax are ringfenced to support wider sustainability initiatives and to support the costs of society and businesses in their transition from high carbon-emitting practices to more sustainable alternatives. Carbon tax is expected to generate €623 million in 2023, and almost 50 percent of that is earmarked to go into improving the energy efficiency of houses. Certain social welfare measures, such as Qualified Child Payment and the Fuel Allowance, will also be funded by the carbon tax. The Fuel Allowance is set to increase to €200 above the relevant State Pension Contributory, while those over 70 will see an increase in the Fuel Allowance to €500 for a single person and €1000 for a couple. Agriculture Farmers are set to receive €81 million to finance a new agri-climate rural environment scheme that will support up to 50,000 farmers who take action to improve biodiversity, climate, air, and water quality. Individuals Every household in Ireland will receive €600 in electricity credits over three €200 payments commencing pre-Christmas 2022. Businesses For businesses, a Temporary Business Energy Support Scheme is being introduced to assist businesses with their energy cost over the winter months. Other sustainability-related measures Other sustainability measures introduced include the announcement that €850 million will be spent on capital investment by the Department of the Environment, Climate and Communications in 2023 with over €337 million going towards grants for improved energy efficiency. This should fund over 37,000 home energy upgrades. In transport, the reduction of fares by 20 percent and the 50 percent reduction in the Youth Travel Card will both be extended until the end of 2023. Considering the current sustainability skills shortages in the labour market, the government provided for more than 2,000 apprenticeship places in areas around sustainable finance, green technology, and climate change. The above measures are all welcome and positive. However, there is more work to be done to help increase the pace of our climate or sustainability ambitions. Deirdre Hogan is Partner, Tax and Law from EY Ireland

  Today is National Tree Day in Ireland. On this day the Tree Council of Ireland – a non-governmental voluntary umbrella body for organisations involved in the establishment, management and conservation of trees in Ireland – encourages primary schools across the country to plant a tree. It is a good day then to announce that Chartered Accountants Ireland has planted a native Irish tree for each of its 2022 Sustainability Conference speakers. This year 20 wonderful speakers addressed the conference, the second such annual event to be held by the Institute. This year’s theme was ‘Moving Beyond the Pledges’ and speakers shared their expert knowledge on how businesses can understand climate risks, transform to an ESG culture and collaborate in the future to leverage knowledge for the benefit of all levels of the economies. We were delighted to partner with Wolfgang Reforest for our planting. Wolfgang Reforest is an Irish company that is reforesting 51 acres in the River Ow valley just beyond Aughrim in County Wicklow. It is restoring this land to its former glory as a native Irish woodland, planting a diverse forest that will act as a breeding ground for wildlife, provide rich nourishment for the soils and revitalise the waters of the River Ow. Chartered Accountants Ireland’s commitment to reversing nature loss Experts warn that biodiversity loss poses as much of a threat to our planet as climate change. But businesses struggle to understand their connection with biodiversity and its relevance to their business. This leaves them potentially vulnerable to a range of risks, and leaves nature vulnerable to increasing depletion. In recognition of this, the CEO of Chartered Accountants Ireland, Barry Dempsey, joined the chief executives of 10 of the world’s leading accountancy institutes in March 2022 to support a new call to action in response to the nature crisis. Working together as part of the Global Accounting Alliance (GAA), the CEOs signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis.  You can also find resources on  in the module Biodiversity – Accounting for Nature in the Chartered Accountants Ireland Sustainability Hub. Chartered Accountants Ireland’s journey to zero  Chartered Accountants Ireland has publicly committed to achieving net zero greenhouse gas (GHG) emissions. Our journey to net zero began in December 2020 and will continue until we have balanced the residual carbon dioxide equivalent emissions with high-quality, nature-based offsets. Following an internal energy audit by a SEAI-registered energy auditor in 2021, we have progressed with decarbonising our Scope 1 and 2 emissions, and are focussing on Scope 3 in 2022. This journey is part of a project to improve how we use resources like water, paper and electricity and how we manage waste.

  A new framework for the commercial semi-State sector to address climate action objectives has been approved by Government. The Climate Action Framework for the commercial semi-State sector (‘the Framework’) aims to help the commercial semi-State sector play a lead role in Ireland’s transition to a carbon neutral economy and society. It comprises of a series of five commitments, and by signing up to the Framework, each commercial semi-State company would be entering into the commitments it contains. The five commitments are: Commitment 1: Governance of Climate Action Objectives Oversight at Board level and integration of climate action objectives in the company’s strategic business planning Commitment 2: Emissions Measurement & Reduction Target Formal adoption, on an ongoing basis, of Government emission reduction targets for the public sector and the SEAI measurement methodology Commitment 3: Measuring and Valuing Emissions in Investment Appraisals Incorporate the value of emissions in investment decision making Commitment 4: Circular Economy and Green Procurement Promote circular economy measures and green procurement Commitment 5: Climate Related Disclosures in Financial Reporting Compliance with a relevant and appropriate climate related disclosures framework within a defined timeframe The Framework will apply to each of the 22 companies in commercial semi-State sector and provides them with a means to demonstrate how they are meeting their obligations under the Climate Action and Low Carbon Development Acts 2015 to 2021. These Acts place an obligation on public bodies, including commercial semi-State companies, to carry out their functions in a manner that is consistent with national climate action ambitions. Many of these companies operate in sectors that have a key role to play in the transition to a carbon-neutral Ireland, and include Bord na Móna, CIÉ, Coillte, EirGrid, ESB and Gas Networks Ireland, and their subsidiaries. The Framework was prepared by NewERA to reflect “the exemplar role [commercial semi-State companies] are to play in decarbonisation, while also recognising the need for commercial independence in their respective operating environments”, as set out in the Climate Action Plan 2021, Chapter 9. Under the Climate Action Plan 2021, the public sector will “lead by example, inspiring the necessary climate action in wider society to reduce Ireland’s greenhouse gas (GHG) emissions by 51% by 2030, and to become climate neutral no later than 2050”. In preparing the Framework NewEra collaborated with the Department of the Environment, Climate and Communications, with input from the Department of Public Expenditure and Reform. NewERA is a business unit within the NTMA which provides financial and commercial advice to Government Ministers and departments in relation to State-owned companies across a range of sectors. The Minister for the Environment, Climate and Communications will now write to relevant shareholding Ministers to ensure that their respective shareholder letters of expectation are updated to include the commitments covered by the Framework. NewEra will report biannually to the Minister for the Environment, Climate and Communications on the implementation of the Framework.