A political agreement on a proposal for a Council Regulation to address high energy prices has been agreed by EU energy ministers at an extraordinary energy summit on 30 September. The regulation, which will apply from 1 December 2022 to 31 March 2023, introduces common measures to reduce electricity demand and to collect and redistribute the energy sector's surplus revenues to final customers. An infographic explains the measures, which are: Reducing electricity use Capping revenues of electricity producers Securing a solidarity contribution from fossil fuel businesses. According to the infographic: “The new rules will also allow member states to temporarily extend regulated electricity prices to small to medium businesses. This is also allowed for households and microenterprises.” The Irish Government reportedly expects that it can raise at least €1-2 billion from the measures.

  In this week’s sustainability/ESG bulletin, read about Chartered Accountants Ireland planting trees, an event from Chartered Accountants Worldwide, a new Climate Action Framework for Irish commercial semi-States, European Council measures to be introduced to reduce electricity demand and collect and redistribute revenues to customers, new funding for environment and social initiatives in Northern Ireland, and the European Commission’s call on Ireland and 10 other countries to fully transpose the Directive on Single-Use Plastics.  Chartered Accountants Ireland plants Native irish trees 6 Oct was National Tree Day for the Tree Council of Ireland. In recognition of this, Chartered Accountants Ireland has planted a native Irish tree in the name of each speaker at our 2022 Sustainability Conference. Read more. Chartered Accountants ‘Difference Makers’ Chartered Accountants Worldwide is holding a free ‘Difference Makers Discuss’ global event on October 13, 8-9 am BST. Sustainability: Connecting the Dots will focus on the vital role that Chartered Accountants play in driving positive change on sustainability. Speakers from Australia, South Africa and Singapore include Conservation Capital’s Operations Director Frances Carter FCA, SustainableDNA co-founder Belinda Carreira FCA, and Shian Goh, the Group Finance Director of Goodpack IBC (Singapore) Pte Ltd. The host is Chartered Accountants Ireland Sustainability Officer Susan Rossney. At the webinar Chartered Accountants Worldwide will launch a Sustainability Hub. This is a new, global resource dedicated to helping finance and business professionals rise to the challenge of creating a more sustainable future for us all. It will also launch the Sustainability Roadmap for Chartered Accountants, a newly published guide which provides signposts to Chartered Accountants for understanding sustainability and its impact on their work. New Climate Action Framework for Irish commercial semi-States The Irish Government has approved a new Climate Action Framework for the commercial semi-State sector (‘the Framework’) which aims to help the sector play a lead role in Ireland’s transition to a carbon neutral economy and society. Read more. European Council emergency regulation on energy prices explained A political agreement on a proposal for a Council Regulation to address high energy prices has been agreed by EU energy ministers at an extraordinary energy summit on 30 September. Read more. Call for evidence from businesses in UK’s Review of Net Zero The UK’s Department for Business, Energy & Industrial Strategy (BEIS) has commissioned an Independent Review of the government’s approach to the delivery of its net zero target. As part of the review the government has announced a broad call for evidence. This is to give businesses, along with other organisations and the general public, a chance to share their views on the whole economy transition and maximising net zero growth opportunities and more. The consultation will close at 11:45pm on Thursday 27 October 2022. New funding for environment and social initiatives in Northern Ireland The Strategic Strand of the Environment Fund has been opened for applications to not-for-profit organisations and councils to deliver projects that deliver key environmental outcomes across Northern Ireland. The maximum amount of Government funding available under the competition will normally be 85 percent of eligible project costs. Closing date for applications is noon on 8 November. Belfast City Council has launched the Social Economy Incentive Fund which is open to online applications from Belfast-based social enterprises and co-operatives. The maximum amount that can be awarded to an organisation is £10,000. Organisations must apply online by 5pm on 20 October, and shortlisted organisations will be invited to pitch on 11 November to a judging panel comprising local social enterprise stakeholders. European Commission calls on Ireland to fully transpose Single-Use Plastics Directive The European Commission has announced it is taking legal steps against 11 Member States, including Ireland, calling on them to step up the implementation of the Single-Use Plastics Directive (Directive 2019/904). The Directive aims to prevent and reduce the impact on the environment and human health of certain plastic products that are used for a very short time. It also promotes the transition to a circular economy. Although the Directive was transposed into Irish law in July 2021, Ireland has still not communicated all the measures necessary to ensure the full transposition. Ireland now has two months to respond and take the necessary measures, or the Commission may decide to refer the cases to the Court of Justice of the European Union. Did you know? Ireland will hold its first Children and Young People’s Assembly on Biodiversity Loss in October. It will bring together 35 randomly selected members aged 7-17 from across Ireland to explore, discuss and create recommendations on how to protect and restore biodiversity in Ireland. Award-winning social enterprise, Change by Degrees, which delivers strategic sustainability advice, employee engagement & specialised sustainability communications has set up a ‘Climate Club’ to help professionals become sustainability leaders. Topics that will be covered by Climate Club will include understanding Net Zero targets, how to develop a Sustainability Strategy, upcoming EU & UK Sustainability Legislation, and more. Here is link to their 30-minute Net Zero for Business webinar on 29 September. Upcoming events Natural Capital Summit - A Practical Guide to Disclosure and Reporting, 13 October, Register Practical Guide to Disclosure and Reporting European Business & Nature Summit (Link), 18-19 Oct Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct CDP Ireland Network in-person event: How to Achieve Net-Zero Emissions, 20 October 11.30am – 12.30pm (As part of Climate Finance Week) Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST) 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022. ‘Biodiversity’ COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  In this week’s sustainability/ESG bulletin, read about the climate and environmental aspects of Ireland’s Budget 2023, a new grant for Irish businesses to switch to renewable energy, a proposed EC ban on products made with forced labour, biodiversity and the EU’s calls for Ireland to halt peat cutting, and the UK Government’s independent review of its Net Zero Strategy, as well as articles and upcoming events.  Budget 2023 - climate and environmental impact Budget 2023 was announced on 27 September, with Minster for Finance, Pashcal Donohoe T.D., describing climate change as the one of the key challenges of our times. Read about the climate and environmental impacts of Budget 2023 here. Energy Update A Temporary Business Energy Support Scheme has been announced in Budget 2023 to assist businesses with their energy cost over the winter months. The Scheme will be open to businesses that carry on a Case I trade, are tax compliant and have experienced a significant increase (more than 50 percent) in their natural gas and electricity costs. Read more from our Tax Team here. New grant for businesses to switch to renewable energy Businesses looking to switch to renewable energy and reduce their energy bills can now apply to the Sustainable Energy Authority of Ireland (SEAI) for a grant for solar photovoltaic (pv) modules. The Non-Domestic Microgen Scheme (NDMS) provides financial assistance of up to €2,400 to help businesses and other sectors to install solar PV panels to generate electricity on site. BEIS commissions independent review of Net Zero The Business, Energy and Industrial Strategy (BEIS) Secretary of State has commissioned an independent review of the UK Government’s approach to delivering its net zero target. Reporting by the end of 2022, the review will ensure that delivering the net zero target does not place ‘undue burdens’ on businesses or consumers. EU, Ireland and biodiversity The EU Commission is calling on Ireland to take action to halt the continued cutting of peat in Special Areas of Conservation (SACs), designated to conserve raised bogs and blanket bogs under the Habitats Directive (Directive 1992/43/EEC). Their protection and restoration assist Ireland in meeting its climate change goals not only in keeping the peat in the ground, but also by avoiding the very high carbon and other air pollution emissions which are caused when peat is burnt as a fuel. Ireland has two months to respond and take necessary measures or the Commission may decide to refer Ireland to the Court of Justice of the European Union. Director General of the Environmental Protection Agency (EPA) Laura Burke reportedly described peatland restoration was a win-win for Ireland due to the many unique species on peatlands that can be protected. Ms Burke made the comments at the first meeting of Ireland’s Citizens' Assembly on Biodiversity Loss, which took place between 24 and 25 September in Dublin. The citizen’s assembly is the first such anywhere in the world focusing specifically on biodiversity loss. It is made up of 99 randomly selected Irish citizens who participate in the assembly's six-month programme of work. You can find out more on accountants and biodiversity in the Chartered Accountants Ireland Sustainability Hub. EC proposes banning products made with forced labour The European Commission has proposed to ban products made with forced labour on the EU market. The regulation is proposed to apply the ban to all products, including their components, all economic operators, economic sectors, stages of production or steps of value chains. Commenting, Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said: “This proposal will make a real difference in tackling modern-day slavery, which affects millions of people around the globe.” You can read more about how accountants can join the fight against modern slavery on the Chartered Accountants Ireland Sustainability Hub.  Articles How to stop expensive heat leaking out your walls, windows and roof (Irish Times) Total funding for nature and biodiversity increased to more than €90m (Irish Times) Budget 2023 and Climate (Irish Independent) EU countries to back energy windfall levies, lock horns over gas price cap (RTE) Upcoming events Practical online workshop to help businesses understand and measure their carbon footprint (Carbon Footprinting – The Essentials) 5 October, 09.30-12.00pm. European Business & Nature Summit, 18-19 Oct The Business Case for Social and Circular (Register) 18 October, 12.00-1.00:  free, interactive webinar, experts Claire Downey, Chris MM Gordon and Kate van der Merwe discussing the social and circular economies, and how these alternative economic models are sources of innovation for mainstream business. Ireland Climate Finance Week, 17-21 Oct Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST) You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  Budget 2023 was announced on 27 September, with Minster for Finance, Pashcal Donohoe T.D., describing climate change as the one of the key challenges of our times, the effects of which are becoming more frequent and more destructive. Commenting, Minister Donohoe stated that “[p]rotecting our environment is the responsibility of us all and Government is acting to reduce emissions and support newer cleaner technologies, particularly in energy and transport”, before committing to continuing the additional funding needed for measures, such as retrofitting and more sustainable modes of travel. Minister Donohoe announced that there would be an increase of just over two cent VAT inclusive per litre of petrol and diesel. This is caused by the increase in the rate per tonne of carbon dioxide emitted for petrol and diesel from €41 to €48.50 from 12 October. However, this increase is to be ‘offset’ with a reduction to zero of the National Oil Reserves Agency (NORA) levy in recognition of the sharp cost of living challenges currently being faced by society. The price at the pump will not go up as a result of taxes or levies, so the measure is unlikely to have much impact in reducing the use of petrol and diesel by consumers.  In his speech, Minister for Public Expenditure and Reform, Michael McGrath T.D. described the need “to reduce our dependence on energy imports, particularly from Russia, by becoming more efficient in how we use energy and especially by accelerating the shift to renewable energy, in line with our existing climate goals”, before announcing the provision of €850 million in capital investment to the Department of the Environment, Climate and Communications in 2023. Positive climate and environmental measures in Budget 2023 include: €337 million to go towards grants for energy efficiency, to fund over 37,000 home energy upgrades including households in, or at risk of, energy poverty through the Warmer Homes Scheme, described by the Minister as “the highest funding ever committed to energy efficiency.” funding to be provided to support the introduction of a new low-cost loan scheme for residential retrofit extra funding and resources to be provided to the National Parks and Wildlife Service and the Marine Area Regulatory Authority (MARA) an increase of €0.8 billion in core capital expenditure funding for 2023, with a particular focus on climate action, alongside housing and health. This includes capital allocation to the Department of Transport for investment towards Active Travel, Greenways and the roads network, as well as the continued delivery of Transport’s ongoing Megaprojects MetroLink, DART+ Programme and BusConnects. This investment, along with the reductions announced in passenger fares, and the continued roll out of electric vehicle grants, aims to assist Ireland in meeting its ambitious climate targets. an extra €150 million in capital allocation to the Department of the Environment, Climate and Communications in 2023 to provide a response to the challenges presented in reducing carbon emissions, improving energy efficiency and facilitating the achievement of national goals set under the Programme for Government and the Climate Action Plan. funding to be invested through Skillnet Ireland to support business through upskilling in emerging technologies and expansion of programmes to include sustainable finance, green tech and responding to climate change €87 million in 2023 to retrofit at least 2,400 social homes to a Building Energy Rating of B2, in line with commitments in the Climate Action Plan funding for 4,800 additional apprenticeship places and 4,000 registrations to deliver on the Housing for All and Climate Action plans and for over 2,000 Skillnet places in sustainable finance, green tech and climate change The Department of Public Expenditure and Reform is currently working with the OECD to update Ireland’s Public Spending Code framework to ensure that it is robust in the face of changing priorities and to ensure that it takes appropriate account of the climate and environmental impact of investment decisions.   Carbon Tax Speaking about Carbon Tax, Minister McGrath stated that “[a]s set out in the Programme for Government, every additional euro raised in carbon tax will be returned to the people of Ireland through energy efficiency upgrades, social protection schemes to protect the most vulnerable and measures to incentivise farming in a more environmentally friendly way.” In 2023, the total Carbon Tax revenue available for investment will be €623 million. Almost half of this is to be invested in improving the energy efficiency of homes. It will allow for investment to support over 37,000 home energy upgrades, including bringing over 13,800 homes to a Building Energy Rating (BER) of B2, and 6,000 free upgrades to the homes of those in, or at risk of, energy poverty. 35 percent of the total Carbon Tax revenues expected to be raised will be spent on social protection measures this year to ensure that increases in the carbon tax are progressive. The total cost of these interventions is projected to be €57 million in 2023. The table below details the allocation of the increased carbon tax revenues in 2023: Table 15: Allocation of Carbon Tax Expenditures in 2023   € m - 2023 Department € m – 2022 1. Total Investment in Residential & Community Energy Efficiency (Cumulative funding from Carbon Tax increases from 2020 to 2023 inclusive) 291 DECC 202 2. Total Targeted Social Protection Interventions (Cumulative funding from Carbon Tax increases from 2020 to 2023 inclusive) 218 DSP 174 3. Incentivising farming in a greener and more sustainable way (Cumulative funding from Carbon Tax increases from 2020 to 2023 inclusive) 81 DAFM 3 4. Continuation of 2020 Carbon Tax Investment Programmes in Other Departments 33 Various 33 Total Expenditure 623   412    

  In this week’s sustainability/ESG bulletin read how climate is a policy objective in the Report of the Commission on Taxation and Welfare, a public consultation on the review of the security of Ireland’s energy supply, Ireland’s first annual UN Sustainable Development Goals (SDG) Week, the UK Government's business energy plan, and new EU rules to limit global deforestation, as well as articles, podcasts and upcoming events. Climate and the Report of the Commission on Taxation and Welfare Climate is one of four over-arching policy objectives that should be central to the development of taxation and welfare policy in the years to come. This is the position of the Commission on Taxation and Welfare in its report – Foundations for the Future – released last week. Read more here. Consultation on the review of the security of energy supply for Ireland’s electricity and natural gas systems The Irish Government has published a consultation document for a review of the security of energy supply for Ireland’s electricity and natural gas systems. This consultation seeks views on policy measures that could be implemented to support Ireland’s security of supply framework. The review is focused on the period to 2030, but in the context of ensuring a sustainable transition up to 2050. The public consultation document is accompanied by a technical analysis carried out by Cambridge Economic Policy Associates Ltd. (CEPA), and the closing date is Friday, 28 October 2022. Ireland’s first annual Sustainable Development Goals (SDG) Week Ireland’s first annual Sustainable Development Goals (SDG) Week takes place from 20 to 26 September. Accountants who need a refresher on the SDGs can find out more about them, and their relevance to accounting, in this article in the Chartered Accountants Ireland Sustainability Hub. UK’s Government business energy plan revealed The UK Government has this week published its plans to help cut energy bills for businesses. Businesses are set to automatically receive a reduction in energy costs from 1 October 2022. Through the new Energy Bill Relief Scheme, the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers. This includes all UK businesses, the voluntary sector, including charities, and the public sector, including schools and hospitals. The Scheme will run for six months from 1 October 2022 to 31 March 2023. Support (in the form of a p/kWh discount) will automatically be applied to bills, so customers will not need to take action. A review into the operation of the scheme will be published in three months’ time to inform decisions on future support after March 2023. A parallel scheme, based on the same criteria and offering comparable support, but “recognising the different market fundamentals”, will be established in Northern Ireland. The UK Government has reportedly stated that comparable wholesale rates will be “set shortly” for Northern Ireland. £70 million grant funding available under Industrial Energy Transformation Fund The Department for Business, Energy & Industrial Strategy (BEIS) has launched the Industrial Energy Transformation Fund (IETF) Phase 2: Autumn 2022. This makes available grant funding for feasibility and engineering studies, energy efficiency, deep decarbonisation projects, and non-road mobile machinery. The Autumn 2022 competition will open to applications on Monday, 10 October 2022 and BEIS plans to run events and clinics to inform businesses about the scope of the competitions, eligibility criteria, and the application process. €1.4 billion for Ireland's economic and social development and green transition in 2021-2027 Ireland will benefit from €1.4 billion in Cohesion Policy funding between 2021 and 2027 to support the sustainable development of its economy, it was announced this week. The details and strategy for these investments are set out in the Partnership Agreement between Ireland and the Commission that was formally launched this week. New rules to limit global deforestation  The European Parliament has adopted a position on a draft EU regulation banning the import of commodities driving deforestation. An area larger than the EU was lost to deforestation from 1990 to 2020, with EU consumption representing around 10 percent of losses. The new law would make it obligatory for companies to verify that goods sold in the EU have not been produced on deforested or degraded land anywhere in the world, and have been produced in accordance with human rights provisions in international law and respect the rights of indigenous people.  Financial institutions will also be compelled to check that they are not financing companies driving deforestation. Negotiations with the Council of the EU (which adopted its position in June) are expected to start in the coming weeks.   Podcasts (24 mins): Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, discusses energy policy (RTÉ Radio 1) (38 mins): In the first episode of ‘Zero’, a Bloomberg podcast that hears from key people in the fight against climate change, Baroness Bryony Worthington talks about how to 'crisis-proof' climate action.  Articles UK businesses given six-month emergency energy price cap (The Guardian)  All you need to know about putting solar panels on your roof (RTÉ) How excess heat from one data centre will warm Dublin offices within weeks (Irish Independent) Upcoming events Biodiversity Essentials programme, (Link) (funded), 28 Sept 9.30-11.00 | 19 Oct 2.30-5.00 European Business & Nature Summit (Link), 18-19 Oct The Business Case for Social and Circular (Link) 18 October, 12.00-1.00:  free, interactive webinar, experts Claire Downey, Chris MM Gordon and Kate van der Merwe discussing the social and circular economies, and how these alternative economic models are sources of innovation for mainstream business. Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST) You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Climate is one of four over-arching policy objectives that should be central to the development of taxation and welfare policy in the years to come. This is the position taken by the Commission on Taxation and Welfare in its report – Foundations for the Future – released last week. The report references the critical role of taxation and welfare systems achieving Ireland’s climate goals, as “[g]iven the economy-wide nature of the problem, taxation is a natural policy instrument to deploy in order to achieve an economy-wide reduction in emissions.” Alongside fiscal sustainability and stability, promoting enterprise, innovation and employment, and inequality, poverty and income inadequacy, the report stated that consideration of the climate as a ‘megatrend’ is necessary. This will inform a strong strategic view of what Ireland needs the taxation and welfare systems to achieve when developing policy now for the future. The report includes descriptions of the implications of climate change, such as growing pressure on resources – particularly water – drought-based food insecurity, biodiversity loss, change in the nitrogen cycle, and the often-overlooked economic consequences of environmental pollution. The Commission was established in April 2021 on foot of a commitment in the Programme for Government. It was asked to review how best the taxation and welfare system can support economic activity and income redistribution, while promoting increased employment and prosperity in a resilient, inclusive and sustainable way and ensuring that there are sufficient resources available to meet the costs of public services and supports in the medium and longer term. You can read the full report here.

Ireland’s first annual Sustainable Development Goals (SDG) Week takes place this year from 20 – 26 September.  What is it?  Sustainable Development Goals (SDG) Week is part of the wider European Sustainable Development Week, which last year saw 5,440 activities taking place across 28 countries. What are the goals? There are 17 UN Sustainable Development Goals (also knowns as 'the global goals', the 'UN SDGs' or the 'SDGs'). They work together and apply equally to every country. They are based on the idea that ending poverty, protecting the environment and strengthening human rights are mutually beneficial and reliant on each other for success, and cannot be achieved separately. When did the goals come from? The UN SDGs are part of a framework called 'Agenda 2030'. This is a framework for a sustainable future. It was adopted by all 193 United Nations Member States in September 2015. What is the framework? The full title of the framework is 'Transforming Our World: the 2030 Agenda for Sustainable Development'.  It is a “plan of action for people, planet and prosperity”.  It aims to ensure that the Sustainable Development Goals are met for all nations, people and all segments of society and it pledges that no one will be left behind. The framework uses a five-dimensional model of sustainable development, known as the “Five Ps”: People Planet Prosperity Peace Partnership. What is 'sustainable development'? 'Sustainable development' means meeting the needs of the present without compromising the ability of future generations to meet their own needs. Put another way it means today's generation taking long-term responsibility for ensuring that future generations can enjoy a standard of living that is at least comparable to that of the current generation. The Sustainable Development Goals aim to balance the three dimensions of sustainable development being the economic, social and environmental dimensions. What is ESG? 'ESG' stands for 'Environmental, Social and Governance'. It refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business. There is increasing demand for companies to disclose ESG information to satisfy stakeholders.  How is Ireland progressing towards the goals? The Irish Government monitors its progress towards achieving each of the 17 goals. It publishes progress on a dedicated hub with data supplied by the Central Statistics Office (CSO). Progress against each goal is measured using a set of United Nations (UN) global and European Union (EU) agreed targets and indicators. There are 169 targets under the 17 goals.  What about Chartered Accountants Ireland? You can find information on the 17 UN Sustainable Development Goals in the Chartered Accountants Ireland Sustainability Hub. We also cover progress against the goals in our Sustainability/ESG Bulletin, published every week as part of Chartered Accountants Ireland eNews.  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s sustainability/ESG bulletin read about the emerging role of Chief Finance and Sustainability Officer, emergency intervention in Europe’s energy markets, a best-practice guide for managing ESG data, and stark warnings from the WMO, as well as other news and upcoming events. Energy-efficiency measures in the public sector Ireland’s Cabinet has approved a suite of energy-efficiency measures across the public sector. Public sector organisations will be supported with energy awareness resources, including online seminars, live webinars and one-to-one online energy clinics. Among other measures, public sector bodies will be required to set temperatures to a guideline 19 degrees where appropriate, to turn off heat in office buildings at least 1-2 hours before the buildings close and to ensure that there is no non-security/safety lighting in use after 8pm. Read more here. Commission proposes emergency intervention in energy markets The European Commission is proposing an emergency intervention in Europe's energy markets to tackle recent price rises, it was announced this week. In an effort to ease the increased pressure on European households and businesses by a “severe mismatch between energy demand and supply”, the Commission is proposing exceptional electricity demand reduction measures, which will help reduce the cost of electricity for consumers, and measures to redistribute the energy sector's surplus revenues to final customers. The Commission has estimated that Member States would be able to collect up to €117 billion from the proposed temporary revenue cap, with surplus revenues channelled by the Member States to final private or commercial electricity consumers exposed to high prices. Sustainability – Jobs and Skills for the Accountancy Profession ‘Chief Finance & Sustainability Officer (CFSO)’ has been identified as one of the emerging job roles in a research report on jobs for the accountancy profession, published last week. The report was published by the Institute of Singapore Chartered Accountants (ISCA). Sustainability – Jobs and Skills for the Accountancy Profession involved in-depth interviews with C-Suite leaders across 10 business sectors and distilled key global and local sustainability trends shaping businesses. It made recommendations for additional skills for accountancy and finance professionals, and identified the following key trends in sustainability that will expand current job roles for accountancy and finance professionals: 1.           decarbonisation of the environment 2.           sustainability reporting by companies, and 3.           the expansion of green finance. The report was jointly produced by ISCA, Ernst & Young Advisory Pte Ltd, Singapore Management University and Singapore Accountancy Commission. The study also highlights that CFOs already play an important role in sustainability. Among the companies interviewed, more than half of the Chief Sustainability Officers report to the CFO. FRC launches best-practice guide for managing ESG data A best-practice model for how companies should gather, and make effective use of, environmental, social and governance (ESG) data has emerged from the Financial Reporting Council (FRC). The guidance Improving ESG Data Production is aimed at a broad range of UK companies, from private businesses and listed corporates to housing associations. Read more from ICAEW here. Report into electricity consumption and renewable generation in Northern Ireland A report detailing the percentage of electricity consumption in Northern Ireland generated from renewable sources shows that for the 12-month period July 2021 to June 2022, 47.1 percent of total electricity consumption in Northern Ireland was generated from renewable sources located in Northern Ireland. The report reflects performance against the commitments in the new Northern Ireland Energy Strategy ‘Path to Net Zero Energy’ which includes a target to meet 70 percent of electricity consumption from a diverse mix of renewable sources by 2030. Stark warnings from new report on climate A new multi-agency report coordinated by the World Meteorological Organisation warns of human suffering, increased socio-economic impact, and an increase in climate-related disasters. Read more here. Resources It's Dublin Climate Action Week! Get your free guide climate essentials in Climate Essentials for Accountants. This short glossary on the Chartered Accountants Ireland Sustainability Hub explains common climate terms and jargon associated with climate. Articles World Meteorological Organisation’s climate report: Key messages (Irish Times)  Upcoming events Dublin Climate Action Week (Find out more), 12-17 Sept Global Week to #ACT4SDGS (Link), 16-25 Sept Call for Expert Evidence - Climate Action Plan 2023, Deadline: 20 Sept IFAC/A4S, Exploring the critical role of CFOs and finance teams in the climate transition (Link), 21 Sept 9:00 World Biodiversity Summit (Link), 21 September (DEARA NI) Webinar on tackling problem waste streams, 23 Sept 2022, 10.00-12.00 Biodiversity Essentials programme, (Link) (funded), 28 Sept 9.30-11.00 | 19 Oct 2.30-5.00 European Business & Nature Summit (Link), 18-19 Oct Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST) You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

“We are heading in the wrong direction” That was the message from a new multi-agency report that focuses on greenhouse gases, global temperatures, climate predictions and tipping points, urban climate change, extreme weather impacts and early warnings. The report, United in Science, was coordinated by the World Meteorological Organization (WMO) with input from the WMO’s Global Atmosphere Watch and World Weather Research Programmes; the UN Environment Programme, the UN Office for Disaster Risk Reduction, the World Climate Research Programme, Global Carbon Project; the UK Met Office, and the Urban Climate Change Research Network. It warns that without much more ambitious action, the physical and socio-economic impacts of climate change will be increasingly devastating. Our ambition to reduce harmful emissions for 2030 “needs to be seven times higher" than it currently is to keep the global temperature at a level at which our activities do not do irreparable and irreversible harm to the planet and ourselves. Losses from the number of weather, climate and water-related disasters in the last number of years have totalled more than €200 million per day - and have increased by a factor of five - over the last 50 years. These are disasters which UN secretary general António Guterres describes as “the price of humanity’s fossil fuel addiction,” and despite which "each year we double-down on this fossil fuel addiction, even as symptoms get rapidly worse". The report also points to a glaring lack of climate resilience, meaning that countries are ill-prepared for chaos to come. Fewer than half of all countries in the world have reported the existence of early warning systems, which the report states should be provided in every country within five years. "Cities – home to 55% of the global population, or 4.2 billion people – are responsible for up to 70% of human-caused emissions while also highly vulnerable to the impacts of climate change such as increased heavy precipitation, accelerated sea-level rise, acute and chronic coastal flooding and extreme heat, among other key risks. These impacts exacerbate socioeconomic challenges and inequalities." "Now is the time to integrate adaptation and mitigation, coupled with sustainable development, into the ever-dynamic urban environment." For information on national climate adaption plans click Ireland and Northern Ireland.