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.  

Chartered Accountants Ireland has today outlined a series of concrete steps aimed at making the provision of childcare across the island of Ireland work for both providers and parents, which could leave working parents up to €4,500 a year better off and free up vital working capacity in the economy. Last month, the Institute published data underscoring the challenge that the costs and availability of childcare is presenting to businesses and working parents.  Today, its paper ‘Supporting Working Parents – The case for better childcare policy’ sets out the core economic arguments for improved childcare provision as well as shining a light on the experiences of working parents seeking childcare.  Currently places for children with unregistered childminders do not attract the same National Childcare Scheme (NCS) funding for parents as creche places, which are highly limited and often difficult to secure. This means a mother-of-two on an average annual wage of €45,000, and paying €24,000 per year for childcare, is left with just €235 per week after paying taxes and childcare fees – an amount which makes returning to the workforce a difficult economic proposition. Expediting the Government’s plans to enable parents who use childminders that are not registered with Tusla to access the NCS would give parents of up to 80,000 children easier access to subsidised childcare. Commenting, Tax & Public Policy Lead, Chartered Accountants Ireland, Cróna Clohisey said  “We know what the challenges are for providers and parents and we welcome the upcoming increases to NCS subsidies. But as a mother of two young children, I’ve seen first-hand the difficulties in securing creche places, the scramble to find a childminder, and the quest to make full-time employment viable for parents. The policy tools to address these are already largely in place, so it is time to move to solutions mode. “Implementation and awareness are the two major hurdles that need to be overcome, and bolder interventions are now required if effective change is to be achieved in the childcare space. That is where we are now focusing our attention in our proposals to the Government.”  Chartered Accountants Ireland is calling on the Government to: Expedite plans to enable parents who use childminders that are not registered with Tusla, to access the National Childcare Scheme, giving parents of up to 80,000 children easier access to subsidised childcare. Streamline Core Funding. The introduction of Core Funding represented a new and different way of providing funding to the sector, but it could be greatly streamlined by: Increase funding, capital investment and grant support to the sector to more adequately reflect the true cost of providing childcare services. Importantly, these funding levels should not be static but regularly reviewed and updated in line with economic and inflationary changes. Increase awareness: engagement across the Institute’s membership has pointed to a lack of awareness of supports already in place. The Institute is calling on the government to launch an improved campaign of awareness to working parents that is integrated into and promoted by the public health system. Commenting, President of Chartered Accountants Ireland, Sinead Donovan said  “Allowing childcare challenges to persist constricts labour market capacity, narrows the tax base through lower labour market participation, and maintains the gender pay gap by making it more difficult for parents, proven to be predominantly women, to return to the workforce full time. This is a generational issue, it’s hitting men and women in different but equally real ways. “Currently, Chartered Accountants Ireland members are being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. Issues such as childcare can only truly be solved through a whole-of-government strategy, which is why a single, strong voice for the profession will be crucial in the years to come.” ENDS  Notes to editors Chartered Accountants Ireland’s paper, Supporting Working Parents – The case for better childcare policy, will be published on the Chartered Accountants website on Tuesday 13 February. Chartered Accountants Ireland members are currently being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. An online vote closes at 1pm on Wednesday 14 February with a final, in-person opportunity to vote at the Chartered Accountants Ireland SGM on Wednesday 21 February. More information on the proposal and how to vote is available on the Chartered Accountants Ireland website.

Chartered Accountants Ireland has outlined a series of concrete steps aimed at making the provision of childcare across the island of Ireland work for both providers and parents, which could leave working parents financially better off and free up vital working capacity in the economy. Our paper ‘Supporting Working Parents – The case for better childcare policy’ sets out the core economic arguments for improved childcare provision as well as shining a light on the experiences of working parents seeking childcare. 

Childcare reform key to greater female participation in workforce: two-thirds of members pay up to €2,000/ month for childcare Workers need certainty in tax system to reflect hybrid working norms and bring an end to pandemic experimentation period.    5 January 2024 – Stronger government action to improve childcare costs and availability would boost capacity in the workforce, according to a new policy paper published today by Chartered Accountants Ireland. The Next Financial Year: Building Capacity is the first of several policy papers that the Institute will publish this year on priority areas identified by Institute members which would support the economy.  The Institute is the largest and longest-established professional accountancy body on the island of Ireland.  It has 33,000 members, two-thirds of whom work in business. Published as an open letter to policymakers and legislators, the policy paper sets out recommendations on how Government can build capacity in the economy by: Enabling greater female participation in the workforce through targeted childcare reforms  Easing cost pressures for developers & landlords to stimulate housing supply  Giving certainty to workers on place of work & commuter costs in the tax system  Building digital capabilities & resilience for businesses to succeed  Childcare reform can unlock economic contribution of female professionals Institute members identified the steep cost and lack of availability of childcare as the biggest challenge facing working parents in the profession today, with two thirds of members currently paying up to €2,000 per month in childcare costs, and 16%, mostly female members, having to reduce their working hours to care for a child. Chartered Accountants Ireland highlights solutions available to Government to increase female labour market participation such as: Increased funding, capital investment and grant support to the sector to better match the cost of providing childcare services, to meet surging demand for places & to encourage providers to grow. Reform of National Childcare Subsidies (NCS) to encourage childminders to register with Tusla, giving parents of up to 80,000 children easier access to subsidised childcare. Sinead Donovan, President of Chartered Accountants Ireland, said: “For too long, policymakers have framed childcare policy as a social issue, not an economic one. Our evidence shows that affordable, quality childcare drives more sustainable, inclusive economic growth and competitiveness. Government’s ambition to tackle the provision of childcare is welcome for businesses in today’s tight labour market. Paving the way for greater female participation in the workforce should be a priority for policymakers in 2024.”  On housing, the policy paper identifies specific measures to ease cost pressures for developers and landlords to stimulate supply, including: A deferral of PAYE and VAT payments for developers and builders on salary, material, and other costs incurred during construction, to be payable as the units are sold. This would reduce development costs, ease cash-flow concerns and make investment more appealing.  Further encouraging private landlords to remain or move into the Irish market through the taxation system. Allowing Local Property Tax as a deduction against rental income and allowing non-resident landlords to collect rents directly from tenants, rather than through Revenue or a collection agent, could provide such an incentive. In the workplace, giving certainty to workers on how their place of work and commuter costs are to be treated in the tax system would put Ireland’s employment environment on a more progressive footing, and bring to an end the pandemic experimentation period. Measures proposed include:   Introducing a more flexible version of the TaxSaver Commuter Ticket Scheme, to offer tax relief on season tickets to commuters who only use public transport 2-3 days a week, reflecting new norms around hybrid working, while promoting public transport use.  Rules to establish a normal place of work, fundamental to the tax treatment of employee travel and subsistence reimbursements, should be updated to reflect the changed circumstances that hybrid working has created.  Digital skills are essential to meet current and future workforce needs. Building digital capabilities & resilience for businesses to succeed requires Government to do more to meet its target of 80% of adults having at least basic digital skills by 2030. The Institute recommends that the digital transformation of education and training focuses on schools, equipping children with the skills needed for the jobs of the future, underpinned by the Digital Strategy for Schools to 2027. Dr Brian Keegan, Director of Public Policy for Chartered Accountants Ireland, said: “In Building Capacity, Chartered Accountants Ireland has put forward practical recommendations to help our economy thrive. Our members have once again provided vital insights into the major societal and economic challenges that both businesses and employees are facing. Our recommendations reflect their experiences and realities.  “We welcome Government engagement with many of our policy proposals in the last year, but more needs to be done. Building capacity in our economy does not stop at the bricks and mortar of much-needed housing supply. It must include targeted measures that actively facilitate women who want to work, and reflect the reality of a more dispersed, and digital-first workplace if businesses are to succeed long-term. It is within Government’s gift to put in place measures to increase economic capacity across the board, and futureproof jobs for generations to come.” ENDS

  In the early hours of 13 December, an agreement was reached in Dubai at the 28th Conference of Parties to the UN Climate Convention, COP28. The UAE Consensus included a commitment to transition away from all fossil fuels, following intense negotiations over two weeks, and a heavily criticized first draft that was released on Monday. The revised – and final – version represents the first time in COP history that words ‘fossil fuels’ appeared in an agreement. It also included a specific target on tripling renewables and doubling energy efficiency by 2030. “It is an enhanced, balanced — but make no mistake — historic package to accelerate climate action,” COP28 President, Dr Sultan Al Jaber, said, after delegates rose to their feet in to applaud the deal. This COP is reportedly the most significant since the Paris Agreement in 2015, when the countries of the world agreed to limit global warming to 1.5°  above pre-industrial levels. Although not without criticism (natural gas is still identified as a transition fuel, despite causing global warming, for example), responses to the agreement have been positive. Speaking on Irish radio, Minister for Climate, Environment and Communications, Eamon Ryan, T.D., said that the deal is not just about transition away from fossil fuels, but also “building a new, renewable and energy-efficient future and critically changing the entire financial architecture in the world to make that happen everywhere in the world.” Marie Donnelly, Chair of the Climate Change Advisory Council, described the COP process as defeating  the ‘very visible attempt’ by the fossil fuel industry to derail the process and deny the science: “From my perspective, that is a real success… this is the signal. This is effectively the starting gun. Now, we can be serious about the discussion of phasing out fossil fuels.” COPs have come in for much criticism for being too large, too bureaucratic and too much at risk of being influenced by major polluters, the lobbyists of which can outnumber the collective representatives from those countries most vulnerable to the impacts of climate change; however, all parties at the climate summits must agree on every word of the agreements, and to some it underscores how much these UN conferences can achieve. Speaking about this agreement, Special climate envoy to Prime Minister Mia Mottley of Barbados Avinash Persaud stated “When the dust settles and dawn breaks, this will be seen as one of the most historic COPs."  As parties prepared to leave the two-week conference, UN climate chief, Simon Stiell, who described the agreement as “the beginning of the end for fossil fuels”, reminded governments of the next steps:   “We must get on with the job of putting the Paris agreement to full work…In early 2025, countries must deliver new NDCs [‘nationally determined contributions’, i.e. efforts by each country to reduce national greenhouse gas emissions and adapt to the impacts of climate change]. It must bring us into alignment with a 1.5C world. We will keep working to improve the process.” His final message, though, was to ‘ordinary people everywhere’: “Everyone one of you is making a difference. Your voices and determination will be more important than ever. We are still in this race. We will be with you every step of the way.”   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

  Tensions rose at COP28, the UN climate summit in Dubai, with the publication of a new draft agreement, announced at 2pm GMT. The draft was published after COP President, Sultan Al Jaber, had been meeting with all countries in a format called ‘the Majlis’. An Arabic term, ‘Majlis’ are used to refer to a council or a special gathering, typically bringing together a community of elders. Ireland’s Environment Minister, Eamon Ryan, represented the EU in a Majlis of climate ministers, who were encouraged by Sultan Al Jaber to sit in a circle and speak “heart to heart”, to break the deadlock in phasing out fossil fuels. Earlier, the head of the United Nations, António Guterres, had called on world leaders to “end the fossil fuel age” as he returned to COP28 for the final days of the summit. According to the draft agreement, fuel production and consumption will be reduced by 2050 in line with scientific advice. It proposes an approach that “could” include “reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science”. While the current text of the agreement avoids the contentious terms ‘phase out’ and ‘phase down’, the wording still requires countries to reduce their fossil fuel production; however, the text has been criticized for being “grossly insufficient.” “We can’t accept the text,” Minister Eamon Ryan reportedly said, adding: “That ‘could’ kills everything”. Other news made headlines from the negotiations at the climate summit: The High-Level Champions and the Marrakech Partnership have released a report called '2030 Climate Solutions: An Implementation Roadmap.' It contains a set of solutions on measures that must be scaled up and replicated in order to halve global emissions, address adaptation gaps and increase climate resilience. Next year’s COP – COP29 – is to take place in Baku, Azerbaijan. Article COP28 draft agreement drops phaseout of fossil fuels (Financial Times) Elements of new Cop28 text are ‘fully unacceptable’, say EU climate chiefs (The Guardian) ‘We can’t accept this’ – Eamon Ryan says proposed Cop28 agreement needs to be ‘radically’ improved (Irish Independent) Podcast In the second of two special episodes from ICAEW, Insights In Focus shares news and views from COP28 in Dubai. guest host Mark Rowland is joined by Sarah Reay, ICEAW Climate Change Manager, ICAEW; Jessica Fries, Executive Chair, A4S; and Mardi McBrien, Chief of Strategic Affairs and Capacity Building, IFRS Foundation.  Counter The Climate Action Commitment Counter, published today by COP organisers, has provided a breakdown of financial pledges and contributions so far: Loss and Damage:$726 million Green Climate Fund:$3.5 billion (up to $12.8 billion) Adaptation Fund:$134 million Least Developed Countries Fund:$129.3 million Special Climate Change Fund (SCCF):$31 million Renewable Energy:$5 billion Cooling:$57 million Clean Cooking:$30 million Technology:$568 million Methane:$1.2 billion Climate Finance:$30 billion from UAE, $200 million in Special Drawing Rights, and $31.6 billion from Multilateral Development Banks (MDBs) Food:$3.1 billion Nature:$2.5 billion Health:$2.9 billion Water:$150 million Gender:$2.8 million Relief, Recovery and Peace:$1.2 billion Local Climate Action:$467 million   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

  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.