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

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

In this 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.

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.