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

In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s response to the public consultation on the Climate Action Plan 2024. Also covered is the new national climate engagement plan, the new public procurement strategy, nature capital and nature positive businesses news, a new All-Ireland Climate Action Pilot Programme for SMEs, and the usual articles and upcoming events.      IRELAND Chartered Accountants Ireland responds to public consultation on Climate Action Plan 2024 The Institute has responded to the Department of the Environment, Climate and Communications’ Public Consultation on Climate Action Plan 2024. In our response we addressed the key challenges and risks to delivering the measures and actions set out in the Plan. We also identified additional supporting actions that could be taken in 2024, such as communication and awareness-raising, training and education, and targeted financial supports for businesses to help them with their transition to a net-zero society and economy. Read our response in full here. Climate engagement and public procurement. The Department of the Environment, Climate and Communications has launched a new Climate and Engagement Campaign to support and encourage action on climate and community resilience. The campaign – a first of its kind globally – will work with groups to amplify the climate action already taking place and to provide support to groups where needed, including making available flexible micro-funding totalling €1 million over 2024 and 2025. The Government will also work with a range of climate communications experts to develop special training, toolkits and advice for groups – including business and professional groups – who want to do more to make their place better and more climate resilient. The news comes as the Climate Action Plans launched  for all 31 Local Authorities, collectively including almost 4,000 actions to be completed in each local authority area over the next five years. Separately, the Government of Ireland has released a new Green Public Procurement Strategy and Action Plan 2024-2027. Green public procurement has been identified as one of the important areas of the economy that can play a key role in helping Ireland to become more resource-efficient. Ireland’s power generation and industrial emissions decrease in 2023 The Environmental Protection Agency (EPA) has released preliminary analysis of greenhouse gas emissions in 2023 from the Emissions Trading System (ETS) sector, which shows a decrease of 17 percent, compared to a decrease of approximately 15.5 percent across Europe, according to data published by the EU Commission. The decrease was due to a combination of factors, including an increase in imports of electricity, the use of renewable electricity and renewable fuels as well as a decrease in cement production. In contrast, greenhouse gas emissions from aviation increased by more than nine percent  compared to 2022, which reflects continued growth in this sector.   Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 publishes (From our colleagues in the Tax Team) The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 has been published, its purpose being to provide for the establishment of two new funds to support future expenditure by the State as the economy is likely to face increased pressures associated with climate change, digitalisation, and an ageing population. Described as ‘a gamechanger’ in addressing monetary gaps up to 2030, and a way of ‘firewalling’ major climate investment projects well into the next decade, the Fund is due to reach €14 billion by 2030. Of this, the climate and nature component is worth over €3 billion per year. The goal is to ensure that the State would have resources to support capital expenditure for projects between 2026-2030 in the event of a future downturn. Read more commentary from Chartered Accountants Ireland here. Nature capital in boards and business The global non-profit platform Capitals Coalition is inviting businesses to participate on a new business decision template for boards. The template aims to ensure that information on all forms of capital is considered in board’s decision-making processes. Separately, in Ireland, Business For Biodiversity Ireland (BFBI) has developed a Roadmap to A Nature Positive Roadmap for Business. Aligned to prevailing methodologies and broken down into easy-to-manage steps, the Roadmap provides ­– among other things – steps on how to identify topics material to your business when it comes to new and existing reporting regulations. It is available to business members of BFBI, alongside other useful and free resources. NORTHERN IRELAND & UK Business in the Community Ireland (BITCI)  and its sister organisation in Northern Ireland (BITCNI) have launched an All-Ireland Climate Action Pilot Programme for SMEs to build organisational capacity and change in companies which work with SMEs in their supply chains.  Scope 3 emissions remain the most challenging area for meaningful decarbonisation, and SMEs play a key role in transition to a low carbon economy. Starting in April, this pilot programme will help companies better understand the challenges and opportunities of upskilling SMEs to address Climate Action in Ireland, and will help improve Scope 3 data emissions reporting. GLOBAL Towards a More Sustainable Future: Advancing the Centrality of Ethics The International Ethics Standards Board for Accountants (IESBA) has announced the publication of its Strategy and Work Plan for 2024-2027, titled Towards a More Sustainable Future: Advancing the Centrality of Ethics. The Work Plan sets out the IESBA's vision and strategic goals and actions, underpinning its ambition to put the International Code of Ethics for Professional Accountants (including International Independence Standards) at the heart of business and organisations. Technical Round-Up (From our colleagues in Professional Accounting) ISSB has issued an update on the jurisdictional progress made in adopting the IFRS Sustainability Disclosure Standards. It also issued its March 2024 update and podcast. FRC has announced the launch of its first market study to examine the UK market for sustainability assurance services. GRI has published three new guidance documents covering Double Materiality, Due Diligence and the CSRD to support global policymakers Did you know: Chartered Accountants Ireland has a new sustainable member benefit? Chartered Accountants Ireland has new member benefit. Riley is an Irish, female-founded period care company that aims to drive change by providing everyone with sustainable, toxin-free period care. For more information on our new partner offers, log into your member account or subscribe to the Member Benefits bi-monthly newsletter to keep up with these and all the other offers. Articles Here’s how professional service providers can step up for climate action (Financial Times – Sustainable Views) subscription needed Climate change measures will be tougher than many wish to believe (Irish Examiner) Stemming the tide of greenwashing lies - Sustainability credentials are big business in 2024, but not all are genuine. Dee Moran looks at ongoing EU efforts to curb greenwashing (Accountancy Ireland) The seven traits of a successful sustainability leader - Catherine Duggan, Director of Sustainability at Grant Thornton, writes about how navigating the complexities of sustainability leadership demands a multifaceted approach (Accountancy Ireland – Briefly) Upcoming events ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. 23 April, 08:15 - 12:00, In person. Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual   Dublin Chamber, Sustainability Academy – Sustainability ESG 101 In today's world, consumers and investors are placing a growing emphasis on environmental, social, and governance (ESG) practices. Our introductory Sustainability/ESG 101 course equips business professionals across all sectors with the foundational knowledge they need to navigate this evolving landscape. 19 Apr 2024, 09:30 AM - 12:00, Webinar   Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A   ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024.   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 24 April, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Following constructive engagement with Government departments, the Institute has secured a change which should make the process of hiring non-EEA accountants by way of a Critical Skills Employment Permit (CSEP) less burdensome. In recent months, member firms have reported to us a significant increase in the need to apply for bridging CSEP visas for their workers while their residency status is being processed.  New rules announced this week should substantially reduce this requirement. CSEP’s are valid for a period of two years, after which employees holding this permit can typically go on to apply for continued residence in Ireland under what is known as a Stamp 4. Since November 2023, in order to secure a Stamp 4, the holder of a CSEP was required to complete a minimum of 21-months' work following the issuance of a Stamp 1 (a permission to work visa). Delays in issuing a Stamp 1 meant that member firms have had to apply for bridging CSEPs because the 2-year CSEP would expire before accountants could meet the 21-month work requirement. Amplifying our members concerns, we called for a reinstatement of the previous system whereby a Stamp 4 could be secured 21 months from the commencement of employment in the State - rather than from the commencement of a Stamp 1. Following a sustained period of engagement with department officials, this suggestion was formally adopted by the Department of Justice with immediate effect – details of the changes can be found here. Chartered accountants are currently listed on the Government’s Critical Skills Occupations List – meaning that due to capacity shortages in the industry, suitable candidates from non-EEA jurisdictions are eligible to apply for a Critical Skills Employment Permit (CSEP) to come and work in the profession here. The Department of Enterprise, Trade and Employment and the Department of Justice have jurisdiction over the issuance of CSEP’s and Stamp 4 residence permits. Further information on CSEPs can be found here on gov.ie. The previous changes announced by the Department of Enterprise, Trade and Employment (DETE) on November 15 2023 can be found here. Should you have an issue which you would like to bring to the attention of the public policy team, please reach out via our email publicpolicy@charteredaccountants.ie

  In this week’s Sustainability/ESG bulletin, read about the deadline extension for Ireland’s SDG Champions Programme and the publication of resources for climate adaptation in Ireland’s transport sector. Also covered is a consultation on the design of the hydrogen and carbon capture and storage supply chain fund in the UK, grants for Northern Ireland businessesinvolved in sustainability and youth programmes, funding under the EU’s EENergy project, the FRC’s regulatory review of sustainability assurance services, and a new report from the World Meteorological Organization on climate change indicators in 2023, as well as the usual articles, videos, podcasts, and upcoming events.   IRELAND Expressions of Interest for Sustainable Development Goal (SDG) Champions Programme The Department of Environment, Climate and Communications (DECC) has extended its deadline for expressions of interest for its 2024-2025 Sustainable Development Goal (SDG) Champions Programme. The programme, established in 2019, aims to raise public awareness of the SDGs and to demonstrate that everyone in society can make a contribution to the 2030 Agenda for Sustainable Development. Further information can be found on the DECC website and the new deadline for applications is 5pm on Monday, 8 April 2024. Climate adaptation in Ireland’s transport sector The Department of Transport has published resources and research into the adaption of the transport sector in Ireland. The term ‘adaptation’ refers to how we adapt our society and economy in response to climate change. It means the changes in our processes, practices, and structures to moderate potential damages or to benefit from opportunities associated with climate change. The Department’s resources include information on adaptation, sectoral and National Adaptation Frameworks, international adaptation Governance and Reporting, Climate Adaptation and Transport Sub-sectors, and Resources and Transport Research, all of which can be found here. For more on adaption, you can also sign up for the Climate Ireland Adaptation Network newsletter by emailing climateireland@epa.ie. NORTHERN IRELAND & UK Consultation on design of the hydrogen and CCUS supply chain fund The Department for Energy Security and Net Zero (DESNZ) is seeking evidence to help inform the design of the hydrogen and CCUS Green Industries Growth Accelerator (GIGA) supply chain fund. The Green Industries Growth Accelerator (GIGA) is a £960 million fund announced in Autumn 2023 to support the expansion of strong and sustainable clean energy supply chains across the United Kingdom. The closing date for responses is Tuesday 23 April 2024. Grants for business involved in sustainability and youth programmes Grants of up to £40,000 are being made available for eligible organisations in Northern Ireland that are working with children and young people to deliver Sustainable Youth, the Environment and Sustainability Curriculum model developed by Ulster Wildlife on behalf of the Education Authority Youth Service. Eligible types of business include those working with children and young people in Northern Ireland with a turnover of under £1 million in their last financial year, and community interest companies (CIC) and/or not-for-profit companies limited by guarantee (with a not-for-profit ‘asset lock’ clause). Funding is for two years and organisations can apply for up to a maximum of £20,000 a year (£40,000 in total); applications at all funding levels are encouraged. The deadline for expressions of interest is Friday 12 April 2024. Assurance of Sustainability Reporting Market Study - FRC The Financial Reporting Council (FRC) is conducting a market study into the market for the assurance of sustainability reporting. The study will focus on how well the UK sustainability assurance market is functioning, whether this market is delivering desirable outcomes including high quality assurance with minimal burdens and costs on business, and how the market may develop in the future. It will centre on the impact of sustainability assurance across UK companies, considering how sustainability assurance impacts companies, investors and the wider assurance market. The closing date for responses is 13 June 2024. GLOBAL Climate change indicators reached record levels in 2023 A new report from the World Meteorological Organization (WMO) confirms that 2023 broke records for many climate indicators. Heatwaves, floods, droughts, wildfires and rapidly intensifying tropical cyclones caused misery and mayhem, upending every-day life for millions, according to The State of Global Climate, which also reports that the cost of climate inaction will be higher than cost of climate action. It does point to “a glimmer of hope,” which it identifies as the renewable energy transition. Did you know? Under the EENergy grant companies can apply for and claim €10,000 to spend on energy-saving activities in their business. In two years EENergy project will distribute €9 million in form of 900+ grants for SMEs throughout Europe to engage in activities, purchases or integrations that will improve their overall energy spendings with a minimum of 5 percent. Each company can apply for maximum €10,000 grant with 100 percent financing.  Find out more at https://eenergy-project.eu/ Listen Five Degrees of Change: Tomás Sercovich, Business in the Community Ireland (Podcast) (65 mins) Watch A recording of Chartered Accountants Worldwide 4th Episode of Difference Makers Discuss , where Institute President Sinead Donovan met Naomi Walsh, Vice President of Chartered Accountants Australia and New Zealand. Naomi's journey from regional Tasmania to international success, marked by pivotal roles including the UK Olympics, offers lessons in resilience. She discusses overcoming bias, global networking, and accountants' evolving role in sustainability, promoting integration of Sustainable Development Goals in accounting, citing Tasmania's carbon accounting leadership. Articles Here’s how professional service providers can step up for climate action (Financial Times – Sustainable Views) One-in-five believe firms supporting neurodivergent staff, survey finds (RTE News) Emissions connected to top oil and gas firms may cause millions of heat deaths by 2100, study finds (The Guardian) Corporate Sustainability Reporting Directive – The stakes are too high for greenwashing (Business & Finance) Upcoming Events  ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. 23 April, 08:15 - 12:00, In person. Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual   Dublin Chamber, Sustainability Academy – Sustainability ESG 101 In today's world, consumers and investors are placing a growing emphasis on environmental, social, and governance (ESG) practices. Our introductory Sustainability/ESG 101 course equips business professionals across all sectors with the foundational knowledge they need to navigate this evolving landscape. 19 Apr 2024, 09:30 AM - 12:00, Webinar   ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024.   ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS   EPA Circular Economy Conference 2024. The event takes place in the Aviva Stadium, Dublin, Wednesday 25th September 2024. 25 September, Aviva Stadium, Dublin Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. •             Next meeting: Wednesday, 24 April, 14:00-15.30 •             Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  In this week’s Sustainability/ESG bulletin, read about Ireland’s SDG Champions Programme, the CSO’s first set of published ‘ecosystem accounts’, a report from InterTradeIreland showing the business opportunities in the all-island circular economy, and the launch of a public consultation on the UK’s proposed carbon border adjustment mechanism (CBAM). Also covered is the approval of the Corporate Sustainable Due Diligence Directive (CSDDD), a report from European Environment Agency on EU’s progress towards a more circular economy, and a call for evidence on new EU rules on environmental geospatial data, as well as the usual resources, articles, podcast, videos and upcoming events. IRELAND Expressions of Interest for Sustainable Development Goal (SDG) Champions Programme The Department of Environment, Climate and Communications (DECC) is seeking expressions of interest for its 2024-2025 Sustainable Development Goal (SDG) Champions Programme. The programme, established in 2019, aims to raise public awareness of the SDGs and to demonstrate that everyone in society can make a contribution to the 2030 Agenda for Sustainable Development. Over 30 organisations and groups have become SDG Champions so far, including Musgrave, The GAA, ECO-UNESCO, University of Galway, Ballyhoura Development and Chambers Ireland. Further information can be found on the DECC website and the deadline for applications is 5pm on Monday, 1 April 2024. CSO publishes full set of ‘ecosystem accounts’ for first time The CSO has published  Ecosystem Accounts – Forests and Woodlands 2012-2022, the first time it has produced a full set of ecosystem accounts for one of Ireland's ecosystems. Published as part of the CSO Frontier Series, the new release combines data from a range of sources to produce accounts for the extent and condition of Ireland’s forest and woodland ecosystems, and some of the ecosystem services they provide. The CSO notes, however, that particular care must be taken when interpreting the statistics in this release as it may use new methods which are under development and/or data sources which may be incomplete, for example new administrative data sources.  NORTHERN IRELAND & UK InterTradeIreland publishes report on businses opportunities in circular economy InterTradeIreland, the all-island economic development agency, has published a report revealing new business opportunities available in the all-island circular economy across a wide range of sectors. The report, which was launched at the All-Ireland Sustainability Summit, highlights the potential for SMEs throughout the island to make significant cost savings and reduce carbon emissions. In contrast to the traditional economic model of 'take-make-waste', the circular economy keeps materials in circulation for as long as possible through strategies such as reuse, repurposing, and recycling. One of the key findings of the report underscores the huge potential of ‘industrial symbiosis’, in which outputs from one process serve as inputs for another. The report does note, however, that despite the opportunities available, barriers such as waste regulation and the lack of a joined-up approach can hinder companies. Public consultation on UK carbon border adjustment mechanism The UK government has launched a public consultation setting out proposals for the design and administration of a UK carbon border adjustment mechanism. Following the consultation “Addressing carbon leakage risk to support decarbonisation” in 2023, the government announced that it would introduce a carbon border adjustment mechanism (‘CBAM’) from 1 January 2027 on imports of certain carbon intensive imported goods from the following sectors: aluminium; cement; ceramics; fertilisers; glass; hydrogen; and iron and steel. Views on the design and administration of this mechanism are now invited from interested parties, including importers and their agents, other businesses, individuals, tax advisers, trade and professional bodies and other interested parties, including those overseas. Responses, either via the response form or by email, will be shared between HMRC and HMT; participants are also invited to take part in a roundtable discussion or be added to the ‘CBAM mailing list’. EUROPE Approval of the Corporate Sustainability Due Diligence Directive The European Council has voted to back the Corporate Sustainability Due Diligence Directive (CSDDD) which requires firms to mitigate their negative impact on human rights and the environment. The rules will apply to EU and non-EU companies and parent companies with over 1000 employees and with a turnover of more than €450 million, and to franchises with a turnover of more than €80 million if at least 22.5 million was generated by royalties. Companies will also have to integrate due diligence into their policies and risk management systems and adopt and put into effect a transition plan making their business model compatible with the global warming limit of 1.5°C under the Paris Agreement. The plans should include the company’s time-bound climate change targets, key actions on how to reach them and an explanation, including figures, of what investments are necessary to implement the plan. Firms will be liable if they do not comply with their due diligence obligations and will have to fully compensate their victims. They will also have to adopt complaints mechanisms and engage with individuals and communities adversely affected by their actions. The vote concluded weeks of negotiations and revisions to the text after it failed to secure the Council’s approval at the end of February. Once formally approved by the European Parliament and the member states, the directive will enter into force on the twentieth day following its publication in the EU Official Journal. Circular economy and emissions in Europe The European Environment Agency this week published a comprehensive analysis into the EU’s progress in transitioning to a more circular economy.  The report – “Accelerating circular economy in Europe — state and outlook 2024 – finds that decisive action is essential to drastically reduce waste, prioritise reduction of resource use, improve recycling rates and improve the introduction of products that are designed for circularity from the outset. Other key findings suggest that Europe alone cannot curb unsustainable resource use occurring at global scale, and that a robust global governance framework on resource use and circular economy will be essential. Separately, the European Environment Agency published monitoring data which shows that the average CO2 emissions of new cars registered in Europe fell further in 2022 to a new low of 27 percent below 2019 levels. Vans emissions have also seen a decrease of some 10 percent over the same period. Only one manufacturer was found to have exceeded its target in 2022 and will be required to pay an excess emissions premium. GreenData4All call to deliver on Europe's green and digital transformation The European Commission has published a call for evidence on a ‘GreenData4All’ initiative to help deliver on Europe’s green and digital transformation by updating EU rules on environmental geospatial data and on public access to environmental information. The aim is to enable greater sharing of data between the public and private sectors and with the general public and unlock the full benefits of data sharing for data-driven innovation and evidence-based decisions. The closing date for submissions is March 25. GLOBAL Carbon Brief has reported that research published in the journal Nature estimates that global economic losses from heat stress could reach 0.6-4.6 percent by 2060, with major losses coming from health impacts, lower labour productivity and disruptions to supply chains. The International Federation of Accountants (IFAC) has included the following resources in its newsletter on 19 March: Global Reporting Initiative (Global Reporting Initiative) CSRD. Implications for companies outside the EU (Global Reporting Initiative) Sustainability assurance resources (CPA Canada) Sustainability in transactions (ACCA) Technical Roundup (From our colleagues in Professional Accounting) EFRAG has announced the addition of three new entities to the “Friends of EFRAG – Sustainability Reporting” community. Greenomy, osapiens and SISB have joined the group, demonstrating their commitment to sustainability reporting and supporting EFRAG’s mission. Accountancy Europe has issued its March Sustainability Update. Last chance to apply: The A4S Academy The A4S Academy is a unique implementation and learning programme. It has been designed with CFOs to bridge the gap between what organizations need to do to meet their sustainability targets and the skills and capacity their finance teams currently have to offer. We are proud of the feedback we've received, with 89% of participants reporting that the programme made an impact on sustainability integration in their organizations within one year, while 93% said they felt empowered to drive the change. Applications for the Academy close on 29 March 2024, so there isn't much time left to apply. Please go to our webpage for further information, or email academy@a4s.org if you have any questions. Watch Comedian, writer and traveller Martin Beanz Warde jumps head first into the sustainability and climate action challenges facing Ireland in the hopes of demystifying them for all (30 mins) (RTÉ Player) Short interview with director of the SME Climate Hub about the role of small and medium firms worldwide in the net zero transition (BusinessGreen) (9 mins) Listen How SMEs may be our biggest hope for Net Zero (Podcast) (42 mins) Articles  Forget Offsets. What If Companies Had Carbon Swear Jars? (Bloomberg) Sustainability reporting is coming into mainstream, by Paul Druckman (Accountancy Daily) Only one in seven Irish people think climate change will impact them (Business Post) Tomás Sercovich: Ireland has right size and right culture to drive corporate sustainability (Five Degrees of Change – Business Post) Upcoming Events A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00   Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual   ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024.   National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

In this week’s Sustainability/ESG bulletin, read about Ireland’s new offshore wind industrial energy strategy, natural capital accounting and updates on sustainable travel in Ireland. Also covered is a call for evidence on Northern Ireland Climate Change Adaptation Programme, and climate risk in separate reports from The Scottish Fiscal Commission, the European Commission, and the Inevitable Policy Response, as well as the usual articles and upcoming events. IRELAND Institute shortlisted for Business & Finance ESG Award Chartered Accountants Ireland is delighted to have been shortlisted for a Business & Finance ESG Award in the Company Award (SME) category. Now in their third year, these Awards shortlist across 18 categories reflecting the evolving ESG landscape and showcasing the successes of ESG initiatives and examples of best practice. The Institute was proud to share details in our submission of the measures we have taken so far to embed sustainability in the Institute, both in Dublin and Belfast. New offshore wind industrial energy strategy introduced Last week Ireland launched a new offshore wind industrial strategy that aims to build a successful, vibrant, and impactful new offshore wind energy (OWE) sector in Ireland with significant value and creating up to 5000 jobs by 2030. The overarching objective of Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy is to maximise the industrial development opportunity arising from OWE production in Ireland so as to create clean, green, renewable industries of the future. The strategy has 40 actions for implementation in 2024 and 2025 and was developed in collaboration with other government departments and agencies. Some of the key actions to be advanced in this initial iteration include exploring the concept of Green Energy Industrial Parks, establishing an OffShore Wind Centre of Excellence, driving scale in the offshore wind supply chain and building on international strategic partnerships. Right to request remote/flexible working arrangements introduced The right to request remote working arrangements for all employees and the right to request flexible working arrangements for parents and carers was brought into operation last week. Following a public consultation, which the Institute fed into (you can read our submission here) the Code of Practice for Employers and Employees Right to Request Flexible Working and Right to Request Remote Working was also approved and published. The code is available on the WRC’s website  Sustainable Finance The Department of Finance has published an update to the Ireland for Finance strategy, which looks to further establish Ireland as the recognised global location of choice for specialist international financial services. The 2024 Action Plan, published last week, details various key measures to realise this ambition, in collaboration with public and private sector stakeholders, including Chartered Accountants Ireland, where it highlights the Institute’s embedding of certain pillars of sustainable finance, for example, regulation, reporting and assurance, within its student and continuing professional education programmes, as well as outreach programmes. Separately, the Central Bank of Ireland recently published its Regulatory and Supervisory Outlook 2024 (RSO). One such risk identified is Climate and other environmental-related risks, i.e. physical climate risk, transition risk and litigation risk, which it describes as “no longer simply emerging risks but reflect[ing] present day realities that are getting more severe and impactful and unpredictable as time goes by”. On sustainable finance, the report notes that “[t]o support the transition to net zero, it is imperative that investors are fully informed, and in no way misled, regarding the stated sustainability credentials of financial products”, and identifies as particular areas of risk ‘ESG disclosures’ and ‘poor ESG data quality’. The Impacts of Electric Vehicles Uptake and Heat Pump Installation on the Irish Economy - December 2021 The Department of Finance has published a link to a paper examining the economic and environmental impacts of the adoption path of electric vehicles (EVs) and home retrofitting in the form of heat pumps (HPs) projected in the recent Climate Action Plan for Ireland. The paper’s results show that an increase in the carbon tax has substantial impacts on emission reduction. It also finds that EV adoption and HP installations can further reduce emissions but to a lesser degree than the carbon tax increase. The results prove the importance of simultaneous use of carbon taxation and electrification of transport and home heating, where carbon taxation increases the benefits of adopting low carbon technologies and adoption reduces the costs of carbon taxation. ‘What Can Natural Capital Accounting Do For Us?’ The National Economic and Social Council (NESC) held an event this week to discuss the potential of natural capital accounting in Ireland, examining the fundamental question: What Can Natural Capital Accounting Do For Us? Natural Capital Accounting (NCA) involves including environmental data in the national economic accounts and valuing the many benefits nature provides, like clean air, water and biodiversity. The event followed the recent publication of the NESC report “Natural Capital Accounting: A Guide for Action.” Research updates on travel in Ireland published Figures released by the Central Statistics Office (CSO) this week show a continued growth in the number of electric and plug-in hybrid vehicles licensed in Ireland. The number of new electric cars licensed increased by 7 percent from 4,583 in the first two months of 2023 to 4,896 in the first two months of 2024. Research released separately by the National Transport Authority (NTA) suggests that walking and cycling take 680,000 cars off the road each day in Ireland’s five largest cities (Dublin, Cork, Galway, Limerick/Shannon and Waterford). The figures were from NTA’s largest-ever survey of walking, wheeling and cycling in Ireland, which also found that the annual economic benefit from walking, wheeling and cycling in the five metropolitan areas each year is over €3bn. The above coincides with the opening of a public consultation from 12 March until 3 May on  the development of Shared Mobility Hubs, where a range of shared travel options – including, for example, shared bikes, electric bikes or e-cars – come together and can be accessed in one place by people who need them. NORTHERN IRELAND & UK Call for evidence on Northern Ireland Climate Change Adaptation Programme Climate NI, on behalf of the Department of Agriculture, Environment and Rural Affairs (DAERA), are asking for a contribution to the next Northern Ireland Climate Change Adaptation Programme (NICCAP3). Information is being sought for planned or ongoing projects during the period 2024-2029 which will address the impacts of climate change in Northern Ireland. Adaptation action can take many forms, and the UK Climate Change Committee has grouped the risks into 13 different systems where action is required (e.g. water supply, buildings, nature, business etc.). Relevant projects should relate to one or more of these systems, be ongoing or planned during the period 2024-29, and reduce vulnerability to climate change in NI by protecting or enhancing an asset, area or group from the impacts of climate change; filling an evidence gap to improve understanding or decision-making; or improving governance, policies and procedures to enable either of the first two options. The call for evidence will close on Friday 12 April 2024. Climate risk and the cost of net zero – Scotland The Scottish Fiscal Commission has analysed the implications for the Scottish public finances of meeting Scotland's statutory emissions target to reach net zero by 2045, adapting to climate change and handling the damage it will cause. In its publication Fiscal Sustainability Perspectives: Climate Change, the Commission reported that unmitigated climate change (i.e. climate change that is allowed continue without any efforts being made to stop it) would have catastrophic impacts on individuals, businesses and the public finances. In line with the Paris Agreement, both the Scottish and UK Governments are committed to help limit global warming through their own emissions targets, but these actions will impose costs on the public sector, as will the need to adapt to and deal with damage from climate change. EUROPE A report released this week shows that the EU’s objectives under the European Green Deal are attainable if the actions planned are fully implemented.The 8th Environment Action Programme (EAP) mid-term review also points to the positive economic and social impacts of achieving the goals, for example, in terms of improving wellbeing, health, resilience, or security of supply. Many planned actions, such as legislative changes have been delivered, but it is too early to assess their impact on the environment as they are yet to be implemented on the ground.   Europe is the fastest warming continent in the world, and climate risks are threatening its energy and food security, ecosystems, infrastructure, water resources, financial stability, and people’s health. According to the first European Climate Risk Assessment (EUCRA) on behalf of the European Environment Agency’s (EEA), many of these risks have already reached critical levels and could become catastrophic without urgent and decisive action. Responding to the publication of the report, the European Commission published a Communication on managing climate risks in Europe, which sets out how the EU and its Member States can better anticipate, understand, and address growing climate risks. It further presents how they can prepare and implement policies that save lives, cut costs, and protect prosperity across the EU.   The European Parliament has adopted measures to reduce road transport emissions from passenger cars, vans, buses, trucks and trailers. Vehicles will need to comply with the new standards for longer, ensuring they remain cleaner throughout their lifetime. An Environmental Vehicle Passport will be made available for each vehicle and contain information on its environmental performance at the moment of registration (such as pollutant emission limits, CO2 emissions, fuel and electric energy consumption, electric range, battery durability).   The European Court of Auditors is assessing whether European Union and member state policy frameworks and funding for climate adaptation address the effects of climate change effectively. Auditors are looking at the EU Strategy for Adaptation to Climate Change and EU-funded projects on climate change adaptation. Their findings and recommendations are expected in autumn. GLOBAL Unprepared investors at risk as national policies to halt nature loss and deforestation accelerate The policy forecasting body Inevitable Policy Response (IPR) has forecast that progress on nature and land use will ultimately make or break efforts to achieve net zero. The forecast, which was commissioned by the Principles for Responsible Investment (PRI), analysed the trajectory of national environmental policies and their impacts on companies and investors. It forecasts that half of global emission reductions by 2035 are set to come from the land use sector through a combination of policies to end deforestation, lower agricultural emissions, reduce food waste, restore degraded natural ecosystems, and scale nature-based solutions. Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector.  If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles ‘The Batmans of this sustainability reporting saga’ Sustainability reporting revolution: UK & EU lead the charge (Acountancy Age) How to make your accountancy practice more sustainable (Accountancy Today) “Nature positive is not a destination – it’s a mindset, a way of working, a cultural shift” (The Currency) Upcoming Events       CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual. Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre  20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In this week’s Sustainability/ESG bulletin, read about the final progress report on the Climate Action Plan 2023, the ‘4D’ megatrends in Department of Finance economic outlook, the announcement of funding of €34 million for a biodiversity data project, and the launch of a new client advisory panel on Sustainability and ESG by Enterprise Ireland. Also covered is the launch of a circular economy consultation in Northern Ireland and climate measures in the UK Spring Budget, as well as European and global sustainability developments, and the usual articles, resources and events.   IRELAND Final progress report on the Climate Action Plan 2023 The Government has published the final progress report on the Climate Action Plan 2023. The Plan was the second annual update of its kind and the first to be prepared under the Climate Action and Low Carbon Development (Amendment) Act 2021. It tracks the actions that were due for delivery and reporting in Q4 2023 and puts the overall implementation rate for the plan at 65 percent, with 188 of 290 actions set out for the year completed. The report calls for the uncompleted actions to be urgently delivered and for challenges to climate action implementation to be dealt with. The delivery rates of committed actions for the year were not equal to the actions set out in the Climate Action Plan, which creates challenges for legally binding EU and national emissions reduction targets. A public consultation on the Climate Action Plan 2024 is open until 5 April. This Plan builds on the Climate Action Plan 2023 by refining and updating the measures and actions required to deliver the carbon budgets and sectoral emissions ceilings. 4D megatrends in Department of Finance economic outlook The Department of Finance has published a presentation by Chief Economist, John McCarthy, on Economic developments and outlook -short- and longer-term prospects for the Irish economy. The presentation includes, among other things, an analysis of the “Mega-trends” (the ‘4Ds’): demographics, decarbonisations, digitalisation and deglobalisation. The forecasts, which were set out by the Department of Finance in its autumn forecasts (Economic and Fiscal Outlook, October 2023), show the trajectory of carbon pricing and the need to mobilise new revenue streams as a result of the transition to carbon neutrality. Funding for biodiversity data project announced The Department of Housing, Local Government and Heritage has announced funding of €34 million for a project that aims to transform Ireland’s approach to biodiversity data. Biodiversity contributes an estimated €2.6 billion each year to the Irish economy through ecosystem services – such as water or air quality, soil fertility or pollination services – as well as benefits to human quality of life and mental health. Led by the NPWS and supported by the Department of Agriculture, Food and the Marine and Coillte Nature, the new LIFE Strategic Nature Project will bring biodiversity information from multiple sources together to enable enhanced decision-making and support better tracking of progress towards targets. Ireland's human rights obligations periodic review publishes The Department of Foreign Affairs has announced that the expert body responsible for examining Ireland’s implementation of the human rights obligations has published its Concluding Observations on the fourth periodic report of Ireland. The report, issued by the UN Committee on Economic, Social and Cultural Rights, was published following Ireland’s engagement in a review process in February which took account of Ireland’s progress in realising economic, social and cultural rights since the last review in 2015. Progress included adopting the Gender Pay Gap Information Act 2021, Pathways to Work (2021-2025), the Roadmap for Social Inclusion (2020-2025), and others. Recommendations on where further advancements can be made included advancing gender equality, improving data collection, furthering the business and human rights agenda, and combatting discrimination. Enterprise Ireland launches new client advisory panel on Sustainability and ESG Enterprise Ireland has launched new client advisory panels, including on Sustainability and ESG, to examine practical responses to the challenges and opportunities faced by Irish businesses within a rapidly evolving global trading environment. The panels, which will cover the four themes of Scaling, Entrepreneurship, Sustainability & ESG and Local Enterprise, bring together entrepreneurs and senior business leaders to advise on Enterprise Ireland strategy and service delivery. NORTHERN IRELAND Circular economy consultation launches in UK A new consultation has been launched by the Department of Agriculture, Environment and Rural Affairs on how Northern Ireland can improve recycling and waste management to achieve that ambition. Entitled ‘Rethinking Our Resources: Measures for Climate Action and a Circular Economy in NI,’ the 12-week consultation has 26 proposals for change, including the possibility of recycling a wider variety of materials in kerbside bins, enhancing food waste collections and reducing the amount of residual waste allowed. The consultation is open until 5pm on 30 May 2024. Funding for offshore wind and carbon capture in UK Spring Budget 2024 An extra £120 will be allocated to the Green Industries Growth Accelerator to build supply chains for offshore wind and carbon capture and storage, it was announced this week, as UK government published its ‘Budget for Long-Term Growth’. Find more coverage of the UK Spring Budget by Chartered Accountants Ireland here. EUROPE (From our friends in Accountancy Europe): A report has found that the majority of SMEs’ green finance practices are self-financed, with only 35 percent of the 1,232 surveyed having made use of external financing in sustainability investments. The report, published by the EU Platform on Sustainable Finance in January 2024, investigated how the EU’s Taxonomy and sustainable finance framework are helping financial and non-financial actors transition to net zero. Its dedicated section on SMEs presented findings and market trends on SMEs’ sustainable transition practices and show that a significant majority of the surveyed SMEs (58 percent) have already invested in sustainable projects. There are variations across sectors: 69 percent of manufacturing companies, 51 percent of services firms and 54 percent of trading companies have done so, with investments increasing with the size of the SME.   The EU Parliament and Council have reached provisional agreement on new rules that ban products made with forced labour from the EU market. The new regulation would create a framework for enforcing this ban, including through investigations, new IT solutions and cooperation with other authorities and countries. The forced labour regulation focuses on products and will not place additional due diligence requirements on companies that do not use forced labour in their supply chains; however, it is often associated with the Directive on Corporate Sustainability Due Diligence (CSDDD) that was provisionally agreed between Parliament and Council, but that has so far not been given final approval from the Council.   The European Parliament and Council have also reached a provisional agreement on revamped rules to reduce, reuse and recycle packaging, increase safety and boost the circular economy. The new measures aim to make packaging used in the EU safer and more sustainable, by requiring all packaging to be recyclable, minimising the presence of harmful substances, reducing unnecessary packaging, boosting the uptake of recycled content and improving collection and recycling. It sets packaging reduction targets (5 percent by 2030, 10 percent by 2035 and 15 percent by 2040) and requires EU countries to reduce, in particular, the amount of plastic packaging waste. Parliament and Council need to formally approve the agreement before it can enter into force. GLOBAL The fourth annual IFAC and AICPA & CIMA State of Play of global sustainability disclosure and assurance practice has published. The State of Play: Sustainability Disclosure and Assurance benchmarking studies captures and analyses the extent to which companies are reporting and obtaining assurance over their sustainability disclosures, which assurance standards are being used, and which companies are providing the assurance service. The publication shows that nearly all companies reviewed report at least some ESG information and an increasing majority of companies obtained assurance on at least some of that ESG information. Only three jurisdictions reviewed had assurance rates of 100 percent, however, indicating that there is still work to be done.   Also from IFAC: In January 2024, IFAC's Small- and Medium-Sized Practices Advisory Group (SMPAG) heard a presentation about the journey an Italian SMP, Attolini, Spaggiari & Associati, has taken in becoming a B Corporation. Find out more here.   A recently published update to the ‘Oxford Offsetting Principles’ is calling for ‘a major course-correction’ in carbon markets. The Principles, first published in 2020 by the University of Oxford, outline how offsetting needs to be approached to help achieve a net zero society. The revised Principles underscore the core components of the original Principles, calling for a major course-correction in carbon markets and offsetting practices, while also clarifying aspects of the Principles for net zero alignment in areas where authors felt further detail would be beneficial to users. Find out more here Technical RoundUp (From our colleagues in Professional Accounting) EFRAG has launched three educational videos  dedicated to the ESRS Listed SME and Voluntary SME Exposure drafts, which were released for public consultation in January. IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The International Sustainability Standards Board (ISSB) has released its February 2024 update and podcast, which reflects on topical matters in the month. 1,000+ companies, investors and regulators met on 22 February at the IFRS Sustainability Symposium in New York City to exchange insights on the introduction of the ISSB. To support regulators as they plan their journey to adopt the Standards the IFRS Foundation has published the Preview of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards. Did you know? Did you know that this week in Ireland was National Tree Week? Many events around the country were supported by the European Commission, which has a #3BillionTrees Pledge by 2030. The EU also has a new For Our Planet campaign, which aims to encourage citizens and civil society to take action for our planet, including by planting trees.   Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector.  If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles Chartered Accountants and the UN Sustainable Development Goals (Accountancy Ireland - The Bottom Line) Green tax issues in Budget may not be enough to meet UK's net zero (AccountingWeb) SEC Scales Back New Pollution-Disclosure Rules for Companies (Bloomberg) Green audits are coming for a company near you (Financial Times) Upcoming Events     NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh ICAEW, The EU Carbon Border Adjustment Mechanism (CBAM) - what does it mean for UK businesses? What will the EU's Carbon Border Adjustment Mechanism mean for UK businesses exporting to the EU? 13 March, 12:00 - 13:00 GMT, Zoom CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual.  Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre  20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In this month’s public policy update, our policy team outlines its ongoing lobbying efforts on the issue of childcare, its representations to Government on how a change in process is impacting Critical Skills Employment Permit holders and the Institute’s recent submission to the Department of Social Protection on pensions auto enrolment. Advocating for improved childcare in the Republic of Ireland and Northern Ireland Following the publication of our recent policy paper Supporting Working Parents – The case for better childcare policy in the Republic of Ireland and Northern Ireland, efforts have been ongoing to engage with policymakers across the island of Ireland on this important issue. Last week, our public policy team met with officials from the Department of Children, Equality, Disability, Integration and Youth to discuss our members feedback on the issue and in particular to emphasise the need to improve capacity across the sector. Meetings have also been held with opposition parties on the issue including Sinn Fein so as to ensure our members voice is heard across the political spectrum. Following the restoration of the Northern Ireland Assembly, meetings have also been held with legislators from all political parties as work toward developing a new childcare strategy for the region advances. As part of these discussions, our policy team have emphasised the cost pressures our Northern Ireland members are facing with respect to obtaining adequate childcare and in particular the need to abolish the £10,000 cap on tax-free childcare. Our policy team will continue to advocate on the issue of childcare throughout the year and welcome members feedback on the issue which can be sent to publicpolicy@charteredaccountants.ie. Changes with Critical Skills Employment Permit / Stamp 4 process causing issues for member firms Following recent changes announced by the Department of Enterprise, Trade and Employment (DETE) on November 15 2023, holders of Critical Skills Employment Permits (CSEP) must now apply directly to the Department of Justice or their local immigration office (if living outside Dublin) for a Stamp 4 permission to continue to reside and work in Ireland following the expiration of their CSEP. To obtain a Stamp 4 on or after the 30 November 2023, CSEP holders must complete a minimum of 21-months' work following the issuance of a Stamp 1. In effect, this means that the eligibility to meet the 21-month test does not start from the day the worker started to work physically in Ireland (which was the case under the previous system); instead, the clock starts from the date the Stamp 1 is issued (which could be several weeks later). These changes have had an enormous impact on CSEP holders and their employers, who in many cases bear the financial cost of the visa application process on behalf of their employees. Specifically, given that the 21-month period required to apply for a Stamp 4 is now only deemed to have commenced after the CSEP holder obtains a Stamp 1, many CSEP holders are finding that their 2-year CSEP expires before they have met the 21-month period needed to obtain a Stamp 4. This is the result of extensive processing times, with some employees reporting up to 18 weeks wait for Stamp 1 applications, particularly in regional areas. Such employees cannot possibly meet the 21-month period before their CSEP expires, as they are not able to obtain their Stamp 1 within the parameters of their CSEP. As a result,  many member firms have reported the need to apply for a ‘bridging’ CSEP to cover these employees until they can meet the necessary 21-month residency period, which in turn has created additional financial and administration costs.   Our policy team have written to officials in both the Department of Justice and DETE to highlight this issue and to request a meeting to discuss how the new system may be adjusted to reduce the financial and administrative burden it has placed on our members. Representations to Government on Pensions Auto Enrolment The Institute’s policy team have also recently written to the Department of Social Protection on the need to allow businesses adequate time to plan for the introduction of pensions auto-enrolment. While the Institute has long been clear in our support for the introduction of auto-enrolment as a mechanism for increasing private pension coverage in the State, payroll services providers tell us that a lead-in time of at least 18 months would be required to properly adapt to this significant change. In order for auto enrolment to be a success, we are calling on the Government to adopt the recommendation of the Joint Committee on Social Protection (in its pre-legislative scrutiny report) that there be a two-year lead-in period, following the relevant legislation being signed into law, that allows businesses time to adequately prepare for the implementation of auto enrolment. In addition to the above, the policy team re-emphasised the Institute’s position that any new scheme of auto-enrolment should facilitate the existing and well established model of tax relief at both standard and marginal rates for pension contributions, rather than introduce a new scheme of tax relief, as proposed.

In this week’s Sustainability/ESG bulletin, read about the Institute’s Sustainability Officer Susan Rossney’s contribution to  Ireland’s 5th National Climate Stakeholder Forum. Also covered is the EPA’s study Climate Change in the Irish Mind, statistics on Ireland’s progress on social, economic, environment, education and health metrics, the requirement for credit unions to consider gender in board appointments and sustainability updates from the latest InterTradeIrelands’ Business Monitor. The European Parliament’s approval of the Nature Restoration Law and other updates from Europe are also included, along with the usual resources, articles, and upcoming events. IRELAND Chartered Accountants Ireland speaks at the 5th National Climate Stakeholder Forum Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., this week hosted the 5th National Climate Stakeholder Forum (NCSF) in the Convention Centre Dublin. The NCSF is a central pillar of the National Dialogue on Climate Action (NDCA), Ireland’s national programme to engage, enable and empower stakeholders and citizens across society to take climate action. Chartered Accountants Ireland was represented at the Forum by Institute’s Sustainability Officer Susan Rossney, who spoke about the risks and opportunities presented to business by climate change. ‘Climate Change in the Irish Mind’ report publishes Ireland’s Environmental Protection Agency (EPA) this week launched its second Climate Change in the Irish Mind report. The report, which first published in 2021, provides an overview of the Irish public’s beliefs, attitudes, policy preferences and behaviours regarding climate change. This edition shows that 79 percent of Irish people say climate change should be either a “high” or “very high” priority for Government, and that most people in Ireland believe climate action will provide opportunities to create new jobs (56 percent) and improved quality of life (74 percent). 95 percent of participants were in favour of spending receipts from carbon tax on funding improvements to transport infrastructure, with other popular spending options including the developing new clean energy sources, helping to pay for energy efficiency improvements in low-income households, and funding programmes to help Irish communities prepare for and adapt to the impacts of climate change. CSO publishes Measuring Ireland’s Progress 2022 Figures released by the Central Statistics Office (CSO) this week have shown that Ireland's greenhouse gas emissions were 12.3 tonnes per capita in 2021, which was the second highest in the EU27 after Luxembourg (14.7 tonnes per capita). They also reveal an increase in the amount of municipal waste generated in Ireland, along with a rise in the proportion of that waste recovered (recycled, composted, or incinerated for energy) over the same period. The figures were published in Measuring Ireland's Progress 2022, the twentieth annual report in a series that aims to provide an overall view of the social, economic, environment, education and health situation in Ireland, and how Ireland compares in these areas with other European countries. Budgeting for Climate Change – the Irish Fiscal Advisory Council conference The Irish Fiscal Advisory Council recently held its eighth annual conference on long-term public finance issues, in which it revisited the theme of budgeting for climate change. The programme and conference materials are available here, and include presentations on the most likely transition path and policy implications of carbon budgets, green budgeting in the EU, what climate change means for Ireland’s public finances, and fiscal implications of climate change for the UK. Requirement for credit unions to consider gender in board appointments Credit unions will be required to consider gender in the identification of prospective candidates for appointment to boards of directors from 8 April 2024. This is further to the provisions set out in the Credit Union (Amendment) Act 2023, which was signed into law in December 2023 and is being commenced in phases. No date has been set yet for commencement of the provisions for environmental, social and governance policy to be included as a policy for the board to approve or for the change to approval of policies every three years. Read more in this analysis from Chartered Accountants Ireland. Chartered Accountants Ireland publishes policy paper on climate goals Chartered Accountants Ireland last week published a position paper Achieving Our Climate Goals. The paper acknowledges that Ireland’s transition to a net-zero nature-positive economy and society requires significant societal change. Businesses will play a key role but only with the right policy framework in place. The paper, which is part of our Next Financial Year series of position papers, groups our recommendations under three headings: communication and awareness-raising; training and education; and targeted  financial supports. Watch coverage on RTÉ last week. NORTHERN IRELAND The latest Business Monitor from InterTradeIreland reveals that sustainability and net-zero are important to two-thirds of businesses surveyed, but only 20 per cent actually have a plan, with 17 percent developing one. The survey of over 750 companies found that of those businesses that don’t yet have a net-zero plan in place, 7 in 10 don’t foresee themselves developing one in the next 5 years. Commenting Martin Robinson InterTradeIreland’s Director of Strategy described it ‘short-sighted’ for SMEs not to start to think about sustainability, commenting that “The transition to a low-carbon world is lifting technology investment and is attractive to funders… Increasingly, larger companies and public sector organisations are seeking green credentials from smaller companies in their supply chains…. At this point, business should start to explore the support available.” The study also found that businesses are now more aware of the circular economy as a means to reuse resources and to reduce cost and wastage, with 63 percent of firms saying they incorporate circular economy principles, with a further 15 percent working towards this. EUROPE The European Parliament has voted to approve the Nature Restoration Law to restore degraded ecosystems in all Member States, help achieve the EU’s climate and biodiversity objectives and enhance food security. To reach the overall EU targets, Member States must restore at least 30 percent of habitats covered by the new law (from forests, grasslands and wetlands to rivers, lakes and coral beds) from a poor to a good condition by 2030, increasing to 60 percent by 2040, and 90 percent by 2050. On adoption by Council, the law will be published in the EU Official Journal before entering into force 20 days later.   The European Commission has called on Ireland to improve its National Energy and Climate Plan to ensure collective achievement of the EU’s 2030 targets. An assessment recently published by the Commission included recommendations to assist Ireland, as well as Belgium and Latvia, in raising their ambitions in line with EU targets for 2030.   A report into investment barriers in the European Union published by the European Investment Bank (EIB) Group has identified factors that risk slowing down investments in climate-adaptive infrastructure.   Also published by the European Investment Bank this week was an overview of its contribution to climate action and environmental sustainability. The publication details the EIB’s activities in the sector, highlighting key projects and illustrating the Bank’s input in financing and advising countries, regions and cities.   (From our colleagues in Tax and Public Policy): Director-General Gerassimos Thomas has published an opinion piece on the Carbon Border Adjustment Mechanism (CBAM) and how carbon pricing supports the long-term investment needed for the green transition. In the article, he notes that since the introduction of the EU Emissions Trading System in 2005, there has been a 37 percent reduction in power and industrial emissions up to 2021, with EU GDP growing more than 50 percent in the same period. The CBAM is the next phase in the EU’s commitment to a greener, brighter future for Europe and its global trade partners. GLOBAL The Coalition of Trade Ministers on Climate met this week to identify ways for trade policy to drive decarbonisation efforts and contribute to sustainable development. The Ministerial-level global forum was set up in January 2023, and is dedicated to trade and climate and sustainable development issues. It aims to foster global action to promote trade policies that can help address climate change through local and global initiatives. Did you know? Chartered Accountants Ireland has launched two new Diplomas in Sustainability, starting in March 2024? Diploma in Sustainability Reporting Diploma in Auditing and Assuring Sustainability Reporting. Here is a link to the YouTube recording of the recent information session on the new Diplomas. Articles Three ways AI could help you reach your sustainability goals in 2024 (Accountancy Ireland) Old laptops, smartphones and tablets gathering dust in a drawer? Here’s how to put them to good use (Irish Times) Climate study says Midleton 'dodged a bullet' during 2023 flood (Irish Times) Irish public very aware of climate change, but confusion over causes and solutions persists (Irish Independent) Government acted unlawfully by approving climate plan, High Court told (Belfast Telegraph) Climate change should be prominent on Northern Ireland Executive agenda (Irish Times) European Parliament passes Nature Restoration Law despite political backlash (Irish Times) EU countries already hitting some of their sustainable energy targets for 2030 (The Guardian) What the ‘just transition’ means for green investors (Financial Times) Upcoming Events   Trinity Business School, Trinity Business Forum 2024 SustainAIbility: Climate Change and AI; Implications for Business and Society An opportunity to engage in a critical conversation on how AI and climate change are reshaping business and society. Be part of Trinity Business Forum 2024, where we confront these challenges and seek sustainable solutions together. 7 March, 13:00 - 18:30, In person, Trinity Business School, Dublin NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh ICAEW, The EU Carbon Border Adjustment Mechanism (CBAM) - what does it mean for UK businesses? What will the EU's Carbon Border Adjustment Mechanism mean for UK businesses exporting to the EU? 13 March, 12:00 - 13:00 GMT, Zoom CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual.  Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.