Saturday at COP28 focused on nature, land use, and oceans, while Sunday was the first-ever COP day dedicated entirely to food, agriculture and water. Despite food generating one-third of global greenhouse gas emissions, agriculture has attracted very little climate finance. However, since the beginning of this COP, over $3 billion in climate finance has been pledged for food and agriculture. The Dubai climate summit in which “when food came of age as a central means of responding to the climate emergency”, according to Edward Davey, partnerships director at the Food and Land Use Coalition, also saw another first: the publication by the UN Food & Agriculture Organisation (FAO) of a global food systems’ roadmap. The roadmap aims to ensure the world keeps to with 1.5 degrees of temperature rise and transform the world’s agrifood system from a ‘net emitter’ to a ‘carbon sink’ by 2050. The FOA identified 10 priority areas – such as livestock, soil and water, crops, diets and fisheries – where the roadmap can help push the world closer to achieving ‘Zero Hunger’, the second of the 17 Sustainable Development Goals (SDGs). COP28 in numbers $3.8 trillion: value of crops and livestock production lost due to disasters, including floods and droughts, over the past three decades. $3+ billion: amount of climate finance pledged for food and agriculture since the start of COP28. 134: number of countries to have signed Emirates Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, committing to integrate food into their climate plans by 2025. 70: the percentage of the world’s land that the above countries cover. $200 million: amount of investment pledged for programmes to low-methane animals and develop less potent feed additives (Bezos Earth Fund is also investing in wearable sensors that measure how much cows emit). $200 million: amount pledged by the Gates foundation and the United Arab Emirates to help smallholders in sub-Saharan Africa and South Asia adapt to climate change. 47: the percentage by which global greenhouse gas emissions from livestock will grow by 2050 from 2015 levels if no action is taken. 18: countries which announced that they would align their national climate and biodiversity planning frameworks under the COP28 Joint Statement on Climate, Nature and People. Articles The world’s top five meat companies’ emissions are estimated to be significantly larger than those of the oil firms Shell and BP. The dairy industry’s 3.4 per cent contribution to global human-induced emissions is a higher share than aviation (The Guardian) Ireland is committed to continuing sustainable food production and becoming climate neutral as fast as possible, says Minister for Agriculture Charlie McConalogue (Irish Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

  After a rest day on Thursday, COP28 resumed on Friday 8 December for Week 2 of the global climate summit in Dubai. The second week is the critical week for COPs as it is when government officials negotiate the text of the final agreement. All eyes will be on what the agreement will say about fossil fuels, whether ‘phased out’ or ‘phased down’. Today at COP28 was dedicated to “youth, children, education and skills”. Negotiations will continue over the weekend, focussing on nature on Saturday and on food, agriculture and water on Sunday.   COP28 in numbers $57 billion: The number of financial pledges made so far at this COP. 50: the percentage by which Dubai plans to cut carbon emissions by the end of this decade, compared with 2018 levels. 118: the number of governments that have now pledged to triple the world’s renewable energy capacity by 2030 as part of the Global Pledge on Renewables and Energy Efficiency (China and India did not join). 9: the number of new countries now signed up to the Powering Past Coal Alliance, the group of nations pledging to phase out “unabated” coal power first founded at COP26 in Glasgow. 4: the number of new countries – including Spain, Kenya, Samoa and Columbia – to have joined the Beyond Oil and Gas Alliance group pledging to phase out all fossil fuels. Definitions Unabated  - “doing nothing to remove carbon dioxide and other greenhouse gases from oil, natural gas and coal emissions.” (New York Times). This word will appear with increasing frequency during the negotiations this week, with some commentators saying it could ‘determine the world's future’. Youth-washing  - Similar to greenwashing, this term describes the practice of showboating young voices but not paying attention to them. Watch or listen The Zero podcast from Bloomberg with Akshat Rathi who interviewed Al Gore on how to break the stranglehold petrostates have over COP. Gore also explains why big emitters can no longer hide. Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

  In this week’s Sustainability/ESG bulletin, read our ongoing coverage of COP28. Also covered is information for those considering seeking authorisation as sustainability assurance providers (SAPs), new guidance for retailers on energy and sustainability supports, Ireland’s progress against Sustainable Development indicators, gender balance in Irish business, natural capital accounting updates, and renewable energy statistics and the need for tree planting in Northern Ireland. A thought leadership article on the role of accountants in sustainable agriculture is also featured, and we have the usual articles, podcasts and events. COP28 - the global climate summit The United Nations’ annual climate summit, COP28 continues in Dubai. Chartered Accountants Ireland has compiled useful resources about the summit on our COP28 page, including our daily updates and weekly roundups. Sustainability Assurance Providers – Update from Chartered Accountants Ireland Chartered Accountants Ireland Professional Standards has created a webpage providing information for those considering seeking authorisation as sustainability assurance providers (SAPs). The page contains links to FAQs on the topic. This content will be kept under review and updated when appropriate. New general guidance for retailers on energy and sustainability The Department of Enterprise, Trade and Employment (DETE) has published general guidance for retailers about government schemes and supports in relation to energy and sustainability, including an extension to the Accelerated Capital Allowances Regime for Energy Efficient Equipment to 2025. This is a tax incentive to encourage investment in energy efficiency technology. You can find more on climate action and energy supports for business on the DETE website. 2022 Regional EU Sustainable Development Indicators published for Ireland Ireland’s Central Statistics Office (CSO) has published Regional EU Sustainable Development Indicators for Ireland 2022. The report, which assesses Ireland’s progress towards social, economic, and environmental goals, found that, among other things, Ireland’s average income inequality was less than that of the EU in 2022, and that renewable energy accounted for 12.5 percent of final consumption in Ireland in 2021, rising from 8.5 percent in 2014.   The Economic Cost of Congestion in the Greater Dublin Area 2022-2040 Analysis has been published by the Department of Transport that considers the economic cost of congestion within the Greater Dublin Area (GDA) from 2022 to 2040. It indicates that congestion will increase significantly over the coming decades due to population and economic growth, and that additional levels of ‘modal shift’ to sustainable transport modes or reduction in transport demand would be required to reduce the increase in the cost of congestion. Gender balance in Irish business The sixth annual report of the Balance for Better Business Review Group published this week, and reveals that Irish businesses have made significant progress in achieving gender balance at board level over the past year. However, it also found that Irish businesses have further work ahead to achieve gender balance in senior leadership roles. Employment for people with disabilities Minister for Social Protection, Heather Humphreys TD, has announced funding to support and improve employment opportunities for disabled people. The WorkAbility: Inclusive Pathways to Employment Programme is a new employment-focused programme which aims to support disabled people to enter education and employment. The programme will begin in January 2024, with grants available of up to €200,000 per year. National Centre for EV skills announced A national centre for electric vehicle skills is to be developed at Longford-Westmeath ETB to train people to repair and maintain electric cars, electric bikes, scooters, trucks, buses, vans and heavy goods vehicles. The centre, which was announced by Minister for Further and Higher Education, Research, Innovation and Science Simon Harris, T.D., is to be a critical component of the State’s response to the green transition. Separately, the European Commission has proposed to the Council a specific one-off extension – until 31 December 2026 – of the current rules of origin for electric vehicles and batteries under the EU-UK Trade and Cooperation Agreement (TCA). The rules were designed in 2020 to incentivise investment in the EU's battery manufacturing capacity. To reaffirm political commitment and strategic support to further foster battery production in the EU, the Commission has further announced it will provide funding of up to €3 billion, for three years, to the most sustainable European battery manufacturers.  Natural capital accounting update The Environmental Protection Agency (EPA) has published a summary report on the INCASE project, an EPA-funded research project running from March 2019-2023 set up to develop natural capital accounts for different sites in Ireland. INCASE, which stands for the Irish Natural Capital Accounting for Sustainable Environments, prepared accounts for four catchments across Ireland using the UN System of Environmental-Economic Accounting-Ecosystem Accounting (SEEA-EA). The accounts mapped the stocks and flows of ecosystem and geosystem services, highlighting challenges, knowledge and data gaps, and recommends a framework to operationalise Natural Capital Accounting in Ireland.  Renewable electricity consumption -  Northern Ireland   A total of 47.4 percent of total electricity consumed between October 2022 and September 2023 was generated from renewable sources located in Northern Ireland. The ‘Electricity Consumption and Renewable Generation in Northern Ireland: Year ending September 2023’, published this week, details the percentage of electricity consumption in Northern Ireland generated from renewable sources and includes information on the type of renewable generation. Of all renewable electricity generated within Northern Ireland over the 12-month period October 2022 to September 2023, 83.8 percent was generated from wind. Separately, a study has found that more than 200 neighbourhoods across Northern Ireland could be missing out on the health benefits of trees. The Tree Equity Score, applied to the UK for the first time, has found that more than 178,000 trees were needed for all areas of Northern Ireland. Trees play a key part in addressing the ‘urban heat island effect’ and reduce extreme heat, filter pollution and prevent other environmental hazards, such as flooding. Economic losses of €52.3 billion in 2022 caused by weather- and climate-related extremes The annual update of the European Environmental Agency (EEA) indicator on economic losses shows that weather- and climate-related extremes caused €59.4 billion of economic losses of assets in 2021 and €52.3 billion in 2022. The indicator tracks damage to assets from weather- and climate-related extremes in Europe, and tracks losses between 1980 and 2022 (amounting to €650 billion across EU Member States). Statistical analysis revealed that economic losses are more likely to increase over time, as severe weather- and climate-related extreme events are expected to intensify further. A dashboard with more detailed insights into the information is available on Climate-ADAPT. European Commission on the energy solidarity contribution  (From our colleagues in the Tax Team) In a new report, the European Commission analyses the solidarity contribution applied on the unexpected surplus profits for the fossil fuel industry which arose during the 2022 energy crisis. The report sheds light on market developments in the fossil fuels sector covered by this emergency intervention since the measure was adopted in autumn 2022.  New EU rules to make sustainable products the norm The EU Parliament and Council have reached provisional agreement on revising the EU’s ecodesign framework for sustainable products. This framework aims to improve various aspects of products throughout their lifecycle to make them more durable and reliable, easier to reuse, upgrade, repair and recycle, and use less resources, energy and water.  Specific product requirements will be outlined by the Commission through secondary legislation. Following the completion of work at technical level, Parliament and Council need to formally approve the agreement before it can come into force. Separately, the EU launched the Global Renewables and Energy Efficiency Pledge alongside 118 other countries at the World Climate Action Summit at COP28 in Dubai. The initiative sets global targets to triple the installed capacity of renewable energy and to double the rate of global energy efficiency improvements by 2030. Delivering these targets will support the transition to a decarbonised energy system and help to phase out unabated fossil fuels. To support the delivery of the Global Pledge, the EU plans to invest €2.3 billion from the EU budget to support the energy transition. Accounting bodies call on profession to building capacity International Federation of Accountants (IFAC) is calling on the accountancy profession to help build capacity and advance on education. At this year’s COP, the IFRS Foundation’s new Knowledge Hub was launched to help fill the “knowledge gaps” in the short-, medium- and long-term to achieve the goal of a harmonized system for high-quality sustainability-related financial information, a global baseline established via the ISSB Standards. Newsletters (From our friends in Dublin Chambers) The EU Accessibility Act is coming into effect in June, 2025 with implications for all businesses. A new issue of the Profit with Purpose Magazine has published, addressing offsetting, AI, regulation, climate anxiety and more.  Technical Round-Up (From our colleagues in Professional Accounting) The Financial Conduct Authority (FCA) has confirmed a substantial package of measures to improve the trust and transparency of sustainable investment products and minimise greenwashing. With an estimated $18.4 trillion of ESG-orientated assets now being managed globally, the FCA is putting in place new Sustainability Disclosure Requirements and an investment labels regime after detailed engagement with a range of stakeholders, including industry, other regulators and consumer groups. >Articles The drive to educate markets on climate reporting (ICAEW) ESB and SSE given green light to progress offshore wind projects (Business Post) Sustainable agriculture – the role of the accountant (Chartered Accountants Ireland) A recap of the past week at COP28 (Bloomberg Green) – *recap appears when you scroll down to ICMYI* Thought Leadership: Sustainable agriculture – the role of the accountant Chartered Accountants Ireland’s Thought Leadership team has published an article by Dr Michael Hayden, FCA, and Assistant Professor of Accounting at Maynooth University, on how the accountancy profession can contribute to assisting farmers and food producers meet sustainability targets. Sustainable agriculture – the role of the accountant is relevant not only for food and agricultural businesses but are equally for how the accounting profession could rise to the challenge of assisting businesses in other sectors of the economy meet the increasing demand to strive for improved sustainability.  Podcast COP28: what does transition planning mean for accountants? (ICAEW) Upcoming Events   Accounting for Sustainability (A4S) at COP28 A4S, which aims to inspire action by finance leaders to drive a fundamental shift towards resilient business models and a sustainable economy, will bring the voice of the finance and accounting community to COP28 through a series of in-person and virtual events. Find out more here. Accountancy Europe, ESRS Webinar Co-hosted by Accountancy Europe and EFRAG, this event aims to assist stakeholders in the implementation of ESRS under CSRD. Webinar: 12 December, 10:00 - 12:00 (Brussels time) Edie: post-COP28 debrief webinar This webinar  will deliver a thought-provoking panel discussion featuring a variety of corporate climate leaders and NGOs, to summarise what happened at COP, to assess what the final agreement could mean for businesses and what it means moving forward. Webinar: 13 December, 11:00 – 12:00 Sustainable Energy Authority of Ireland (SEAI): Webinar to launch the Energy in Ireland report Free webinar with a panel of speakers presenting on the report’s key findings with a Q&A session afterwards. Webinar: 13 December, 11:30 – 13:00 UN Global Compact Network UK Collecting Scope 3 Data Webinar Series 2024 The UN Global Compact Network UK are hosting an interactive four-part webinar series in 2024 to support businesses to efficiently collect Scope 3 emissions data from across their value chain. This series will explore how companies can collect Scope 3 data using a variety of tools, surveys, and software and will feature case studies and insight from businesses on good practice in this area. Collecting Scope 3 Data: Supplier Engagement: 1 February, 10:00-11:30 GMT Collecting Scope 3 Data: Upstream Emissions, 8 February, 10:00-11:30 GMT Collecting Scope 3 Data: Downstream Emissions, 15 February, 10:00-11:30 GMT Collecting Scope 3 Data: Employee Engagement, 22 February, 10:00-11:30 GMT 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. 3rd or 4th Wednesday of every month Next: 24 January 2023  In person: Time and location tbc 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. 

"We need COP to deliver a bullet train to speed up climate action" Simon Stiell, UN Climate Change Executive Secretary COP28. As COP28 prepares for a rest day on Thursday in advance of the week-long negotiations that will get underway on Friday in Dubai on the language of the final COP agreement, focus shifted onto a new arrival in the UAE. While unlikely to attend the summit, President Vladimir Putin arrived in Abu Dhabi on his first trip to the Middle East since the invasion of Ukraine, reportedly to garner support in the from two major oil producers. Of potentially greater concern to many delegates at this COP, however, is the global stocktake. At this COP governments will take a decision on the stocktake, which is the process for countries and stakeholders to see where they’re collectively making progress towards meeting the goals of the Paris Climate Change Agreement – and where they’re not. “We can only overcome the climate crisis by ditching business-as-usual” Stiell stated.  “All governments must give their negotiators clear marching orders: we need highest ambition, not point-scoring or lowest common denominator politics.” Pointing out that only 50 countries have National Adaptation Plans, Stiell went on to describe the starting text of the Global Stocktake as just a “grab bag of wish lists and heavy on posturing”, urging government to deliver more and go further. “The tools are all there on the table, the technologies and solutions exist. It’s time for governments and negotiators to pick them up and put them to work.” The Global Stocktake – FAQ What is the global stocktake? The Paris Agreement 2015 committed countries  to take serious action on the climate crisis. Parties to the Agreement, some 196 countries, signed up to keep global warming to 1.5°C above pre-industrial levels. The global stocktake was set up to monitor progress against this target. Essentially, it is a global-scale audit of the world’s progress towards the goals of the Paris Agreement. When does it take place? Under the Paris Agreement, countries are to check their progress in 2023, and every five years after that. The first-ever Stocktake is set to conclude at this COP in Dubai. Three events have already taken place at this COP to discuss the stocktake. What do we know so far? A technical report from the stocktake published in September 2023. It shows that we are off track to limit global warming to 1.5°. Our situation is urgent, and countries need to take action to mitigate and adapt and implement. What is meant by ‘mitigate’, ‘ adapt’ and ‘implement’? Mitigate: we need to drastically reduce greenhouse gas emissions (e.g. by replacing fossil fuels with renewable energy sources). Adapt: we need to change our economics and societies to cope with the effects of climate change. These include heatwaves, wildfires, rising sea levels, air pollution, increased sickness, migration and biodiversity loss. Implement: we need to mobilize accessible and affordable climate finance at scale, essentially making the international financial system - including its governance - fit-for-purpose. Why is the stocktake important? The stocktake itself is not as important the global response to it. However, the manner in which countries respond to the results of the stocktake is what will make the difference in the form of higher ambition and accelerated action. Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

  Tuesday's focus at COP28 was energy and industry, the just transition, and Indigenous Peoples.  While controversy still surrounds remarks made by COP President about fossil fuels, and reports of the host country’s own plans to increase its own oil production, there was also coverage of high-level agreements at this year’s global climate summit: The second report of the Independent High Level Group on Climate Finance has been released at COP28. 'A climate finance framework: decisive action to deliver on the Paris Agreement' was co-authored by Nicholas Stern and presents a framework which it says can mobilise the estimated $2.4 trillion a year in investment required by 2030. The UK, France and a number of other countries and banks - including the World Bank and European Investment Bank (EIB) – have agreed to include more climate-resilient debt clauses in their lending. Climate-resilient debt clauses (CRDCs) allow vulnerable countries to pause debt repayments when climate disaster strikes, affording them ‘breathing space’ to recover. Welcoming the announcement, Prime Minister of Barbados Mia Mottley stated “I want to thank you for the extraordinary courage to do the right thing.  We can always bring back our debt, but we cannot bring back our society.”   Bill Gates has praised innovation at this year’s COP when he was among those attending the Climate Innovation Forum. The former CEO of Microsoft attended alongside Arvind Krishna, CEO of IBM, Kate Brandt, Chief Sustainability Officer of Google and other world leaders in the technology sector, who convened to explore cutting-edge solutions to tackle the global climate crisis. Solutions discussed included artificial intelligence (AI), satellite technology, big data, clean energy, industrial decarbonization, low-carbon hydrogen, and more. The world’s largest independent carbon crediting standards have announced a collaboration to increase the impact of activities under their standards. The pledge, published by the non-profit organisation IETA, outlines a number of activities which will help amplify the impact of carbon markets. Separately, the US regulator, the Commodity Futures Trading Commission (CFTC), is expected to propose the first federal guidelines for voluntary carbon credit derivatives, in a bit to “bring order to a market for the offset of emissions described as the ‘wild west’”. The value of the carbon trading market worldwide could reportedly expand to $100bn by 2030, up from $2bn in 2022. COP28 in numbers 36.8 billion: the number of metric tons of carbon dioxide that will be emitted this year from burning fossil fuels. 1.1: the percentage increase in those emissions on 2022. 1.4: the percentage increase in those emissions on 2019, before the Covid-19 pandemic.  6: the percentage increase in those emissions since the year of the Paris Agreement, according to research by the Centre for International Climate Research (Cicero) 0: the number of new power plants that should be built anywhere in the world fired by coal (the world's ‘dirtiest fuel’) according to US climate representative, John Kerry. The US has now committed to closing its existing coal power plants and not building any more of them in the future, and have joined the Powering Past Coal Alliance along with seven other countries, although it had to defends its climate leadership despite record oil and gas production (Financial Times) 60: the percentage by which much oil companies must commit to reducing their Scope 1 and 2 emissions by 2030, according to the Executive Director of the International Energy Agency Fatih Birol says 94: the percentage of oil-producing countries to have no pledges on phase out oil exploration, according to a new report from the Net-Zero Tracker. 2,456: the number of fossil fuel representatives at COP28, the largest ever to have attend the climate summit. Quote of the day “Absolutely not.” — Saudi energy minister Prince Abdulaziz bin Salman, on whether he would be happy to see a COP28 agreement on a “phase-down” of fossil fuels (Financial Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

Introduction The agri-food industry operates in a rapidly changing and dynamic business environment, where farmers and food producers, from multinational to artisan, are continually required to innovate and adapt. Events such as the COVID-19 pandemic and the war in Ukraine have increased complexity, disrupting food-supply chains and threatening food security. These circumstances have an impact on food production processes and consequently require a focus on sustainability. Sustainability is a key challenge facing all business sectors, not least the agriculture and food production industries. At a national and international level there is a huge focus on developing a sustainable food supply for a growing worldwide population. The United Nations (UN) forecasts a 34% increase in world population by 2050 and that an increase of 70% in food production will be required. Despite this, the UN reports that 30% of all food produced globally is lost or wasted. Greenhouse gases (GHG) emissions globally have increased by more than 60% between 1990 and 2022. The impact on climate change has been well documented, including increases in the frequency of flooding, droughts and wildfires. Such climate-change effects have serious consequences on food production and necessitate collaboration between all sectors of society to address the challenges presented. In Ireland, the economic importance of agriculture is clear. According to the Department of Agriculture, Food and the Marine, the agri-food sector accounted for 9% (€18.78 billion) of total exports in 2022 and 6.5% of total employment or 164,900 jobs, mostly in rural areas. Farms and farmers also provide valuable sources of environmental assets (e.g. hedgerows, wetlands and woodlands) and contribute to preserving natural habitats and biodiversity. However, from an environmental sustainability perspective there is much debate about the high level of GHG emissions generated by the Irish agricultural industry and how this issue needs to be addressed. In this article, I do not debate the extent to which the agricultural industry contributes to Ireland’s GHG emissions problem, but rather focus on acknowledging that farmers and food producers need to be included in determining a solution.  I also believe that the accounting profession has a key role to play in assisting farm enterprises, and small and micro agri-food businesses, to create more sustainable enterprises and to contribute to a sustainable food supply.  Environmental sustainability in agriculture Environmental sustainability is at the forefront of national and international policy development in agriculture and food production. This is primarily driven by the UN Sustainable Development Goals, as several of them relate to agriculture and food production.  At EU level, the European Green Deal, through its “Farm to Fork Strategy”, has set out plans on how to improve sustainability and the environmental impact of the agri-food industry. These are being incorporated into reform of the common agricultural (CAP).  At a national level, the Climate Action and Low Carbon Development (Amendment) Act 2021 introduced a framework of sectoral GHG emissions (‘carbon’) budgets, to be subsequently developed and proposed by the Climate Change Advisory Council (CCAC). In July 2022 (after much debate) the sectoral emissions ceiling for agriculture was set at a level requiring an ambitious 25% reduction by 2030. Stakeholders acknowledge the fundamental challenge that environmental sustainability presents for the industry. They also acknowledge the key role that the industry must play in addressing the national environmental sustainability challenge. A financial perspective on sustainability in agriculture Sustainability in agriculture is multidimensional and is broadly comprised of three main pillars:  environmental sustainability,  social sustainability, and economic sustainability. Environmental sustainability refers to how agriculture and food production processes impact our environment, and is the most widely discussed pillar of sustainability, the contribution of the industry to GHG emissions attracting significant debate.  Social sustainability in agriculture relates to farming communities, and the many challenges they face, and how the industry’s sustainability affects wider society.  Economic sustainability is generally viewed as economic viability, i.e. whether a farming system can survive financially in the long term in a changing economic context. It is perhaps to the economic sustainability of agriculture that the role and contribution of accountants is most relevant.  The National Farm Survey (NFS) is conducted annually by Teagasc, the Agriculture and Food Development Authority. Highlighting the economic vulnerability of many farm enterprises in Ireland, the 2022 report classes 43% of Irish farms as economically ‘viable’, 32% as ‘sustainable’, and 25% as ‘vulnerable’. At the root of this economic vulnerability is rising inflation and increases in the cost of farm inputs (e.g. fuel, fertiliser and feed), reducing the profit margins of food producers.  The challenge for farm and food production enterprises is to balance economic with environmental and social sustainability. A phrase used in the industry is “it’s hard to be green when in the red”. The NFS statistics reveal a situation of economic vulnerability for many farm enterprises. Therefore, financial viability may understandably be their top priority, with environmental and social sustainability of secondary importance.  However, despite the uncertainty of economic conditions in the short term, the long-term focus on environmentally sustainable food production and its positive social impact should not be forgotten. When a holistic perspective is brought to the concept of sustainability, we realise that the pillars of economic, environmental and social sustainability are intertwined and cannot be simply viewed in isolation.  While there are many scientific solutions (e.g. soil and grassland management, fertiliser use, changes to feed additives, alternative energy sources, shorter animal-to-slaughter periods, etc.) proposed to farmers on how to reduce GHG emissions, there appears to be little known about, or consideration of, the financial impact of such changes to farm practices.  The onus of identifying the changes required to farm practices to reduce GHG emissions on farms is placed on individual farmers, and farm advisory services are available to assist in this regard. However, many of the scientific solutions to reduce on-farm emissions require investment and involve a cost to farmers when making the transition. There appears to be little focus from the advisory services on assisting farmers to assess the economic cost or benefit for them when implementing such changes to farm practices.  Though many farmers want to adapt their work practices to contribute to a reduction in GHG emissions, many experience a knowledge gap regarding the financial impact on their livelihoods. This is an area where improvement in advisory services is required. Bringing a focused financial perspective to sustainability, accountants can contribute to bridging this knowledge gap. I contend that the accounting profession must collaborate with stakeholders in the agriculture industry and lead the way in helping to create sustainable farm and food production enterprises.  A financial management perspective acknowledges that economic sustainability cannot be sacrificed, and is crucial for the survival of farming and food production. Rather, work practices need to change to meet the ‘triple-bottom-line’ agenda of economic, environmental, social sustainability. Farmers and food producers need to be supported and advised to achieve this more complex and yet balanced objective. The role of the accountancy profession It is paramount that farmers and food producers are educated about what sustainability means and the financial implications for their business. Accountants are one of the primary sources of trusted advice for small business owners, including farmers. Therefore, the accounting profession has the potential, and an existing platform, to lead on how farmers and food producers can improve their sustainability, in the broadest sense.  Accountants are unique in having a wide range of knowledge about sustainable work practices from dealing with a varied client base across multiple industries. They can share this with farmers and small agri-business owners.  Accountants could assist farmers and food producers by: identifying the business opportunities for farmers presented by the sustainability transition; conducting cost–benefit analyses of implementing environmental sustainability initiatives (e.g. alternative energy sources); calculating the payback or return on investments that reduce the GHG emissions of enterprises;  helping business owners to avail of financial supports available to meet the cost of sustainability initiatives; advising farmers on how to develop sustainable work practices in a cost-efficient manner; sharing knowledge gained from SMEs and larger companies (e.g. on how to conduct sustainability audits).  Resources are available to support accountants to work with clients in this regard. For example, Chartered Accountants Ireland provide online resources in its Sustainability Centre, where free-to-access publications such as Sustainability for Small Businesses – A Guide provide practical insights. Conclusion There are many ways the accountancy profession can contribute to assisting farmers and food producers meet sustainability targets. These insights are not only important for food and agricultural businesses but are equally relevant and transferrable to how the accounting profession could rise to the challenge of assisting businesses in other sectors of the economy meet the increasing demand to strive for improved sustainability.  Dr Michael Hayden, FCA, is an Assistant Professor of Accounting at Maynooth University  

Monday at COP28 was both Finance Day and Gender Equality Day, with discussions on financing gender-responsive just transition and climate action. As Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion said, “Climate change is not gender neutral. Women make up the majority of the world’s poor and despite and maybe because of this women and girls are at the forefront of climate action.” Some highlights: The Gender-Responsive Just Transitions & Climate Action Partnership was unveiled and endorsed by 60 countries contained a three-year package of measures to address the disproportionate impact of climate-related job loss on women.   A report titled "Feminist Climate Justice: A Framework for Action", was launched by UN Women. The report identified the climate crisis as threatening progress on gender equality and human rights, and hindering the achievement of the Sustainable Development Goals. The report describes how to achieve feminist climate justice and provides practical guidance on what countries need to do to transition to low-emission climate-resilient economies that, while recognizing the leadership of women, girls, and gender-diverse people in driving the change that is so urgently needed.   Hillary Clinton said in an interview that the absence of women in climate talks is a major worry (The Independent) Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

"Finance is the great enabler of climate action" This was the message of UN Climate Change Executive Secretary Simon Stiell in a speech at a Green Climate Fund event today “Scaling up Access and Impact”.  And it is a key message of this year’s COP, at which a record number of financial executives are attending. Many may be drawn to what Nikita Singhal, co-head of sustainable investment & ESG at Lazard Asset Management, describes as possibly “the greatest alpha-generation or investment-return” in a long time. Singhal  was speaking at the Bloomberg Business Forum at COP28, and was one of several investors who see opportunities for investment returns in action on the twin crises of climate change and biodiversity destruction. “Let's be clear,” said another such investor, Prudential Plc Chair Shriti Vadera, who reminded the Forum “The private sector only does things that are commercial and create a commercial return: they are to preserve the capital of their customers, savers, pensioners and depositors.” Highlights Chair of the IFRS Foundation Trustees, Erkki Liikanen addressed COP28 and reflected on progress since the IFRS Foundation announced the decision to establish the International Sustainability Standards Board at COP26 in 2021.   Export credit agencies, supporting a combined estimated US$120 billion in global trade in 2022, have formed a net-zero alliance. The UN-convened Net-Zero Export Credit Agencies Alliance will be the first net-zero finance alliance comprising public finance institutions. “Public finance has been the missing piece in the net-zero financial landscape,” said Inger Andersen, Executive Director of UNEP. “Export Credit Agencies are in a strong position to deliver more sustainable global trade and to complement the work already being undertaken by the private finance sector”.   Climate Trace the non-profit project has released data “of unprecedented granularity” that shows how countries have been dramatically under-reporting their greenhouse gas emissions;   An 18-month collaboration between leading climate researchers across more than 20 nations has produced a report titled 10 New Insights in Climate Science 2023/2024. The report aims to help inform policy implementation at COP28 and beyond. It warns that humans will increasingly be unable to live in and move from/to places where climate risks continue to rise, and also warns of compound risks which will amplify the climate crisis and increase in uncertainty. Podcast Tripling renewables is one of the goals under discussion at COP28. Find out where more investments are needed and why decarbonizing energy is easier than you think. (Zero)  

Like previous global climate summits, days 1 and 2 of this COP saw global leaders, including Taoiseach Leo Varadkar, delivering speeches to the summit. As Environment and Science Editor Kevin O’Sullivan , writes in the COP28 special edition of the Irish Times Sunday ‘The game of “down or out” will surface repeatedly [at this year’s climate summit]. Should the world “phase out” what’s known as “unabated” oil and gas — that’s when fossil fuels are burned without technologies to capture their greenhouse gases — or should they just be “phased down”?’ Saturday Coinciding with Leaders Days was the newly launched two-day long Business & Philanthropy Climate Forum (BPCF). This multi-stakeholder-engagement platform is the first dedicated platform for the private sector and philanthropy to be included in the COP process. It convened over 1,300 global business leaders and philanthropists, and saw discussions on topics including carbon pricing, renewables, green economy programmes, commitments on nature, the role of media in climate change and AI’s impact on climate change. At the BPCF, three organizations – Green Climate Fund, Allied Climate Partners, and Allianz Global Investors – came together to mobilise $5 billion in collective philanthropic, public and private funding to unlock long-term capital of $20 billion to advance climate and nature action. Initiatives announced included  the new Climate Solutions investment platform, announced by Rishi Kapoor, co-CEO of Investcorp, which targets circa $750 million of growth capital investments to help scale companies that provide products, services and technologies to support decarbonization and address the impacts of climate change globally. Separately a pact, sponsored by COP28 President Sultan Al Jaber, was signed up to by 50 oil and gas companies. The Oil and Gas Decarbonization Charter commits signatories to cutting greenhouse gas emissions from their operations and slashing methane releases to near-zero by the end of the decade. The charter is reportedly one of COP28’s benchmark achievements for Al Jaber, himself the head of one of the world’s largest oil producers (ADNOC). Signatories to the charter represent nearly 40 percent of global oil production, and for 31 of those companies it was their first time making such a commitment to reach net-zero methane. Of the 50 companies that signed up, 60 percent of them were National Oil Companies, the largest-ever number to commit to a decarbonization initiative. The Charter was launched alongside another key initiative, the Global Decarbonization Accelerator (GDA). This initiative is focused on three key pillars: rapidly scaling the energy system of tomorrow decarbonizing the energy system of today and targeting methane and other non-CO2 greenhouse gases. The Charter has attracted criticism, including from UN Secretary-General António Guterres, however, because none of the companies have agreed to reduce oil and gas production, and that the Charter “says nothing about eliminating emissions from fossil fuel consumption”. Also, while signatories will have to submit a plan to meet the targets by 2025, the targets themselves are not binding. Defending the pact, Al Jaber argued that oil and gas will remain part of the energy system for decades to come even as fossil fuels are phased out, and they must be made clean as possible. In a widely supported initiatives, over 110 governments also pledged to triple the world's renewable energy capacity by 2030, as a route to cut the share of fossil fuels in the world's energy production. Also announced on Saturday was a collaboration by the International Energy Agency, Environmental Defense Fund, the UN Environment Programme, the International Methane Emission Observatory and RMI, with support from Bloomberg Philanthropies. Data from the program — including surveillance by the MethaneSAT satellite set to launch next year — is meant to supply governments, and the public and others with information about emissions that can be used to hold companies accountable. Sunday – Health Day Health has become a major focus of the climate summit: extreme weather has been linked to the spread of disease – including spikes in infectious diseases, like cholera and malaria, due to floods caused by climate change – but also cardiovascular-related deaths due to unusually high temperatures (reportedly expected to nearly triple in the US by mid-century as climate change raises the frequency of very hot days), pollution and even fears about ancient outbreaks coming back to life from thawing Siberian permafrost (which also poses risks of release billions of tonnes of the extremely potent greenhouse gas methane into the atmosphere). Sunday was Health Day at COP28 with 123 countries backing the ‘COP28 UAE Declaration on Climate and Health’. This declaration aims “to place health at the heart of climate action and accelerate the development of climate-resilient, sustainable and equitable health systems”. Included in set of finance commitments on climate and health were commitments of $300 million commitment by the Global Fund to prepare health systems, and £54 million from the UK government. New initiatives were also announced to meet climate and biodiversity goals. $1.7 billion in nature conservation finance was unveiled, alongside a pledge by host country, the UAE, to contribute $100 of new finance for nature-climate projects. Other national and regional investment plans and partnerships were announced, focusing on nature-climate action to deliver on the Paris Agreement and the recently adopted Kunming-Montreal Global Biodiversity Framework. These included: $250 million new funding under the Ocean Resilience Climate Alliance (ORCA); three forest finance packages, and the Nature Finance Hub, a new initiative committing to mobilize $1 billion from development partners, with the intention of mobilizing a further $2 billion in additional private finance capital by 2030 into nature-focused climate projects. Addressing nature-loss can reportedly save $104 billion in adaptation costs and has the potential to provide upwards of 30 percent of the CO2 mitigation (i.e. reduction) action needed by 2030. As approximately 50 percent of global GDP is directly or indirectly dependent on nature and other ecosystem services, the conservation and restoration of natural ecosystems supports economic prosperity, with the potential to create nearly 395 billion more jobs and to protect 1 billion people whose livelihoods are directly dependent on nature.  Articles Hopeful signs emerging in the serious business of climate talks (Irish Times) UAE COP28 guest list led by bankers, lobbyists — and housekeeping (Financial Times)