In this week’s Sustainability/ESG bulletin, read about recommendations by the Department of Finance on energy and vehicle tax, Ireland’s commitment to accelerating action on the UN SDGs, electricity consumption by data centres, and the business skills needed to report on nature. Also covered is HMRC’s provisional environmental taxes exchequer receipts, and the International Organization for Standardization (ISO) plans to develop an international standard on net zero, as well as the usual articles and events. Ireland news Department of Finance energy and vehicle tax strategy paper publishes The total yield from energy and vehicle taxes was €4.3 billion in 2023, representing 5 percent of overall tax receipts for 2023. This is according to the Energy and Vehicle Taxation Tax Strategy Group (TSG) paper, published this week by the Department of Finance, with the aim of informing budgetary policy. Read more here. Ireland's commitment to accelerating action on UN SDGs Minister Ossian Smyth, Minister of State at the Department of the Environment, Climate and Communications, has reaffirmed Ireland’s commitment to the full implementation of the UN Sustainable Development Goals (UN SDGs). Minister Smith delivered Ireland’s National Statement at the UN High-Level Political Forum on Sustainable Development in New York last week, where he also highlighted the shared responsibility for the implementation of the 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015. The outcomes of the Forum will build towards the Summit of the Future, which will take place on 22-23 September, during the UN General Assembly High-Level Week 2024. National Energy and Climate Plan (NECP) 2021-2030 Ireland has submitted its updated National Energy and Climate Plan (NECP) 2021-2030 to the European Commission. Whereas the annually updated National Climate Action Plans reflect new policies and measures to increase Ireland’s ambitions in pursuing energy and climate targets, the NECP acts more as a collation of existing policies, measures and actions, such as the Climate Action Plan, the National Development Plan, and Project Ireland 2040. It also provides an analysis of how Ireland is performing relative to EU-wide targets and will identify gaps and areas that Ireland can improve on, which should be reflected in updated policies and measures in subsequent Climate Action Plans. Research finds air pollution link with mental health Research published by the Economic and Social Research Institute (ESRI) and funded by the Environmental Protection Agency (EPA) has found that long-term exposure to air pollution is associated with poorer mental health in older people. Commenting, one of the paper’s co-authors, Professor Anne Nolan, noted that measures to reduce pollution from industry, transport and agriculture will be required to hit the targets set out in the recent Clean Air Strategy, which commits to the achievement of the WHO air quality guidelines by 2040. Data centres 2023 electricity consumption Figures released by the Central Statistics Office (CSO) this week show that data centres in Ireland now account for 21 percent of the total metered electricity consumption in the State, a four-fold increase on 2015 consumption of 5 percent. In comparison, urban and rural households used 18 percent and 10 percent respectively. Skills for sustainability reporting on nature Business for Biodiversity Ireland, in partnership with National Parks and Wildlife Service, is carrying out research into the biodiversity skills required to run a sustainable business in Ireland. They have created a survey for businesses to help them identify the skills, knowledge and competencies that may not yet be represented in their businesses. The survey takes two minutes to complete, and the findings will be presented to the Skills and Labour Market Research Unit and other relevant entities for their consideration. UK/Northern Ireland news HMRC has published provisional 2023/24 data on exchequer receipts from a range of environmental taxes, including the climate change levy. Overall receipts for 2023/24 are expected to be lower than in 2022/23. The total provisional Climate Change Levy (CCL) and Carbon Price Floor (CPF) receipts for the financial year 2023 to 2024 were 13% lower than the financial year ending 2023 and the total provisional Landfill Tax (LFT) and Aggregates Levy (AGL) receipts were 22 percent and 8 percent lower, respectively, than the financial year ending 2023.   Europe News Ursula Von der Leyen was re-elected as EU Commission President for a second term insisting the EU “stay the course” on the goals set out in the European Green Deal. A new law on sustainability requirements for a wide range of everyday household products has entered into force in the EU. The Ecodesign for Sustainable Products Regulation (ESPR) will enable requirements to be set with the aim of  ensuring products last longer, are easier to repair/recycle, contain more recycled materials, and are more energy and resource-efficient. Work will now focus on implementing the regulation. The European Commission has selected 134 transport projects to receive over €7 billion in EU grants  for sustainable, safe and smart investment in infrastructure. Ireland is set to receive €157.5 million, with Dublin Port's receiving €73.8 million and the Port of Cork €38.4 million. The remainder will fund multi-country EU projects with participation of an Irish national entity. The insurance industry has set out its priorities for a more prosperous, resilient, and competitive European Union. Insurance Europe calls on EU policymakers to continue to tackle climate change, with concrete actions on climate adaptation and strengthening resilience. Applications are open until 25 September for the 2025 European Prize for Women Innovators, celebrating women entrepreneurs who drive positive change. Categories include Women Innovators, Rising Innovators, and Women Leadership, with prizes up to €100,000. World news The International Organization for Standardization (ISO) has announced it will develop its first international standard on net zero, with a planned launch at COP30 in November 2025. The standard is an evolution of the ISO Net Zero Guidelines (launched at COP27), into an independently verifiable international standard, providing clear guidelines and robust requirements to support the net zero transition. Thousands of experts are expected to collaborate on the new standard, integrating the latest climate science. IFAC has pulled together numerous resources available for small- and medium-sized practices (SMPs), including a Small Business Sustainability Checklist . This is a diagnostic tool that SMPs can use with their SME clients to help them start their sustainability journey. Also available is their Sustainability Information for Small Businesses: The Opportunity for Practitioners , which highlights the range of emerging services SMPs can provide to their clients  Articles If the earth is getting hotter, why is this summer so dismal? (RTÉ)   Climate Heroes app has helped 60 communities across Ireland take climate action (Irish Times)   Ireland climbs to 5th in EY Renewable Energy Attractiveness Index (RTÉ)   Humanity has just five years to prevent irreversible climate damage, warns Ryan (Irish Times)   Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape. Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points. Chartered Accountants Ireland, Advance your knowledge on the Corporate Sustainability Reporting Directive  Would you like to know more about the Corporate Sustainability Reporting Directive (CSRD)? Join Dee Moran, Professional Accountancy Lead, and Mike O’Halloran, Technical Manager, both from Chartered Accountants Ireland to understand more about the directive, the transposition into Irish law and what it might mean for your organisation. Virtual, 18 September, 10-11am, 1 hour CPD points Chartered Accountants Ireland, Advance your knowledge on the European Sustainability Reporting Standards  In the second of our series on EU sustainability reporting, join Mike O’Halloran, Chartered Accountants Ireland and guest to understand more about the requirements of the CSRD, the content and disclosures included in the first set of ESRSs and what undertakings should do to prepare for implementation. Virtual, 25 September, 10-11.30am, 1 hour CPD points EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September Environment Ireland, Environment Conference In person, Croke Park, 17 October 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. 24 October, 08:30 – 12.00, Virtual IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore: Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance, Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education, Future skills for sustainability reporting and assurance, Strategies for enhancing accounting education and student skills development. In person, 1st November, Maynooth University   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, 28 August, 14:00-15.30 Zoom 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.

The total yield from energy and vehicle taxes was €4.3 billion in 2023, representing 5 percent of overall tax receipts for 2023. This is according to the Energy and Vehicle Taxation Tax Strategy Group (TSG) paper, published this week by the Department of Finance, with the aim of informing budgetary policy. In the paper, the Department states that it does not recommend a Car Parking Levy at this time, identifying a number of non-tax measures which could be implemented instead to achieve the same objectives in a more efficient and/or equitable manner. Examples include congestion charges, road usage charges, Clean Area Zones and Low Emissions Zones, ‘Cashing out’, reallocation of road space, increased investment to enable sustainable mobility, remote working policies, and direct expenditure on alternative routes or modes of public transport. The paper also identifies fiscal measures which could potentially raise revenue for the Exchequer and encourage behavioural change linked with reducing road transport emissions. Proposals include: an extension of the VRT relief for battery electric vehicles a 1 percent VRT rate increase across bands 11-20 (which would only affect cars with above average emissions), and which is estimated to raise €26 million based on 2023 registrations increasing the VRT NOx surcharge by €5 per mg/km, which would raise €15.5 million; and certain changes to capital allowances thresholds.

Last week, a delegation from the Institute, under the auspices of the CCAB-I, met the Minister for Finance, Jack Chambers TD to discuss this year’s Pre-Budget 2025 submission. The Minister was joined by several key senior officials from his department who facilitated an engaging and thorough discussion on a number of our proposals. We raised our concerns over the increased cost of doing business for SMEs in particular, the potential to reduce Employers' PRSI and reducing the headline rate of CGT from 33 percent to 25 percent. We also raised concerns about capacity and adequate childcare, and how the lack of affordable childcare is impacting workers. In addition, we reiterated many of our recommendations for enhancing share-based remuneration, particularly for SMEs, including recommending a deferral of the upfront tax charge on unapproved share options and a safe harbour for valuations for private companies instituting share schemes. We discussed the impact of the new Enhanced Reporting Requirements on businesses and the ongoing question about the need for businesses to report in real-time or, or before in-scope payments are made to employees. The requirement to file on a real-time basis does not seem to add any integrity to the information reported to Revenue but has caused significant problems for affected businesses and workers. We also suggested that two-gift limit applying to the small benefit exemption should be removed with the only limit being by reference to the total value of non-cash benefits made in a year, i.e. a taxpayer should be entitled to receive any number of non-cash benefits up to €1,000 as long as those benefits are not part of a salary sacrifice arrangement. The Institute is grateful to Minister Chambers for taking time to meet with us and consider our proposals. We wish the Minister every success in his new role and look forward to continued engagement with him and his office.

  In this week’s Sustainability/ESG bulletin, read about a new Government report highlighting the barriers to climate action, the NTMA’s 2024 mid-year review with positive climate investment news, CSO figures showing increases in business energy use, and the launch of collaborations between IAFA & IAASA on sustainability reporting, assurance and education. Also covered are funding updates from Northern Ireland and Europe, and the usual awards, jobs, articles, resources and events.   Ireland news New Government report identifies the barriers to climate action A new report from the Department of the Environment, Climate and Communications highlights the barriers people experience in taking climate action, including the barriers faced by business and the support and guidance needed to take part in climate action. The report, 'Climate Conversations 2023 – From Individual Action to Collective Engagement', builds on the Environmental Protection Agency's ‘Climate Change in the Irish Mind’ study, and provides insights into the "attitude behaviour gap" that can help shape climate policy and public engagement that speaks to people directly. NTMA’s 2024 mid-year review The National Treasury Management Agency (NTMA) has published its 2024 mid-year business update. The update notes that investors have reacted favourably to the establishment of the two new savings funds, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. ISIF has further strengthened its programme of investments across its priority themes, and is ahead of schedule in its 5-year €1bn Climate Action programme, with over 77% of the total already committed after a little over three years. NewERA, meanwhile, has provided financial and commercial advice to Government Ministers and Departments, with a particular focus on climate and Ireland’s transition to a low-carbon economy. CSO figures show increase in business energy use The Central Statistics Office (CSO) recently published statistics on business energy use in 2022, which found that energy use by Irish resident enterprises increased by 22% in 2022. There was a 1.3% increase in energy use by the industry sector while it rose by 47% in the services sector. The cost of energy purchases by Irish resident enterprises increased by 83% from €8.8 billion in 2021 to €16.2 billion in 2022. Overall, the services sector accounted for 54% of business energy use in 2022. The total quantity of renewable energy purchased by enterprises in the industry and services sectors was 8% higher in 2022 compared with 2021. Irish Science Media Centre to tackle rising misinformation A new all-Ireland Science Media Centre (SMC) has opened on a pilot basis to combat misinformation in news media and foster a deeper public understanding of science. Its objectives include tackling misinformation, enhancing public understanding of science, championing higher standards in science reporting and communication, improving science literacy in news media and the wider public, and providing policymakers with evidence-based information on topical controversies through the news media. The pilot is part of the development of the global network of Science Media Centres. Earlier this year, the World Economic Forum warned that AI-driven misinformation is now world’s biggest short-term threat. IAFA & IAASA Collaborations The Irish Accounting and Finance Association (IAFA) and the Irish Auditing and Accounting Supervisory Authority (IAASA) are delighted to launch a research funding competition to support and advance research projects for IAFA members. Applications from researchers within all accounting and finance disciplines are welcome from now until 30 September. Projects that can demonstrate relevance to policymakers, standard setters, regulators, as well as the academic community, professional advisors and business owners are particularly welcome. Research projects with a specific focus on the following areas are encouraged (see call document for specific topics): Sustainability in Accounting Education, Sustainability Reporting, Sustainability Assurance, Audit Quality. UK/Northern Ireland news Proposed changes may ban zero-hour contracts Economy Minister Conor Murphy has proposed changes to employment law in Northern Ireland that could ban zero-hour contracts. The consultation aims to introduce new legislation next year, potentially replacing zero-hour contracts with a "banded hours" system, ensuring workers are guaranteed an average number of hours annually. Another proposal includes granting workers the right to one week of unpaid carers leave every 12 months, aligning Northern Ireland with the rest of the UK. The consultation will run until the end of September with the responses informing the draft legislation. Funding for investment in sustainable technologies – manufacturing sector Funding has been made available to businesses developing sustainable technology solutions for the manufacturing sector. The funding is available under The Investment Readiness Programme, part of the Made Smarter Innovation Sustainability Accelerator. Eligible businesses must be registered and active in the UK, and looking to raise investment and grow their business in the next six to12 months. Where next for SMEs and Net Zero? The UK Energy Research centre ran a webinar ‘Where Next for SMEs and Net Zero?’ on Tuesday 18 June 2024. The recording is now available on the UKERC website, where you can also download presentations and see related reports from UKERC's ‘SME Governance for Net Zero’ research project.  Europe News Denmark is reportedly set to introduce the world’s first carbon tax on agriculture after a an agreement between the Danish government, farmers, the food industry, and environmental groups. The law is expected to be approved by the Danish parliament later this year, with farmers reportedly to be charged “almost €100 a year” per cow once the levy rolls out in 2030. A new strategic foresight report, published by the European Environment Agency, calls for the need to further align European economic, social and security policies with the climate and environmental objectives. The ‘Europe’s Sustainability Transitions Outlook’ report highlights the need to take a broader view on such priorities as security, competitiveness or fairness, recognising that Europe’s socio-economic systems and wellbeing of its citizens depend crucially on a healthy and resilient natural environment, a stable climate and long-term sustainable use of resources.  World news The UN Global Compact is launching a global community for SPARK designed for small and medium-sized enterprises (SMEs) participating in the UN Global Compact. The Compact is the world’s largest voluntary corporate sustainability initiative. The aim of SPARK is to facilitate the exchange of best practices with some of the most innovative and influential SMEs around the world, to build knowledge, and form partnerships to accelerate progress toward the Sustainable Development Goals (SDGs).   Worth your time ‘Temperature Check’ a monthly climate newsletter issued by The Journal, has clear, easy-to-read coverage of climate policy and news from around the world. (Find it here) Articles Market forces are not enough to halt climate change (Irish Times) Wildfires ravaging Arctic Circle - EU monitor (BBC) Renewable energy accounted for 44.7% of all electricity production in the EU last year, making it the leading source of electricity in the bloc. (Euronews) Temperatures exceeding 30 degrees likely to become more common in Ireland – study (Irish Times) Sharp rise in number of climate lawsuits against companies, report says (The Guardian) Navigating exams with neurodiversity – Antje Derks from Chartered Accountants Worldwide explores strategies for success and self-advocacy (The Bottom Line – Accountancy Ireland) Podcast There are more than 800 startups promising to draw carbon dioxide from the air to help the world meet its climate goals. But there may not be enough buyers willing to pay for that service. Listen to more on Zero: The Climate Race (from Bloomberg) Resource: Business guides to communicate sustainability efforts The UN Global Compact Network United Kingdom has launched a series to help businesses overcome difficulties they may be experiencing in communicating their sustainability efforts. SDG Storytelling for Sustainability  guides companies on using the SDGs as a framework to communicate ESG strategies, and educate internal stakeholders on the importance of sustainability integration. Jobs A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here. Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape. Carbon Brief What are the key climate priorities for the new UK government? Following the UK general election, Carbon Brief is hosting a free webinar next week to discuss the key climate issues facing the new government. No formal presentations – just an informed discussion with three expert panellists who will also be answering your own questions. Panellists: Chris Stark, CEO of the Carbon Trust and former chief executive of the Climate Change Committee Emma Pinchbeck, chief executive, Energy UK Camilla Born MBE, independent climate advisor and former UK senior official at COP26 Webinar, Tuesday, 9 July, 10-11am (BST) International Sustainable Finance Centre of Excellence (ISFCOE), The Evolving Landscape of Sustainable Finance in Ireland: Legal, Regulatory and Market Insights IFSCOE has announced it is to launch two Skillnet Ireland-funded reports: a Legal & Regulatory Study prepared by Matheson, and the Market Report prepared by KPMG. This event is a culmination of extensive research and analysis on the evolving landscape of market regulations and sustainability practices, and it promises to offer invaluable insights. In person, 10 July 2024, Time: 9AM – 10.30AM, Venue: Euronext Dublin Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries is next week. Includes two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities Sustainable Energy Authority of Ireland (SEAI) SME Business Briefing Join SEAI for a webinar to learn how your business can save money and energy this year. A full agenda will be issued shortly.  Virtual, Tuesday, July 23, 2024 10:00 AM - 11:00 AM Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points. EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September Environment Ireland, Environment Conference In person, Croke Park, 17 October IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore: Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance, Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education, Future skills for sustainability reporting and assurance, Strategies for enhancing accounting education and student skills development. In person, 1st November, Maynooth University 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, 25 July, 14:00-15.30 Zoom 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.

  A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Worthing Pride, an annual celebration in the UK coastal town of Worthing, has implemented a waste management plan encouraging attendees to participate in green practices and including efforts to reduce single-use plastics, in order to reduce its environmental impact. It also offers a platform for local businesses and small business owners and artisans to showcase their products, both supporting local services/products and reducing the event’s carbon footprint. It is also promoting eco-friendly vendors among other sustainability initiatives. The event, which takes place in July, supports local environmental charities, with a direct focus on clean energy projects that benefit underrepresented communities or support LGBTQ+ environmental activists.

Today, 27 June is Micro, Small and Medium Enterprises Day – a day designated by the United Nations to highlight the potential of micro, small and medium-sized enterprises (MSME) to transform economies, foster job creation and promote equitable economic growth. According to the UN, they account for 90% of businesses, 60 to 70% of employment and 50% of GDP worldwide. They are the backbone of societies everywhere, and in 2024, the UN has prioritised leveraging their power and resilience to accelerate sustainable development and eradicate poverty. To effect change, wherever they operate, businesses need policies that support and nurture the important role that they play in our economies. Supporting and promoting the interests and needs of small businesses across the island of Ireland is a key priority for the Institute in the coming year under the leadership of recently elected President Barry Doyle. SMEs are the backbone of the domestic economy and in the run up to the next general election in Ireland, the Institute is determined to amplify the voice of the small business community in our representations to Government. Our 2024 Survey of Small Businesses remains open and we invite all members working in the SME sector to share their views with us to help inform the basis of this important campaign. We look forward to sharing more details of our campaign on your behalf in the coming weeks.

  The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The fund will be used by Enterprise Ireland and IDA Ireland to support client companies to reduce their industrial emissions between now and 2030 through the Environmental Aid scheme. The Minister also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. It identifies the key interventions necessary to decarbonise heat-use in manufacturing sectors, including the supports that are available to companies, forthcoming regulations, and the policies underpinning them. Commenting, Minister Burke said “I’m ringfencing €300m in funding to give these companies certainty that the government will support them in making these significant investment decisions so that Ireland can achieve our 2030 abatement target,” he said. Dara Calleary, junior minister for enterprise, said it was the job of every business, large and small, to decarbonise. “While it’s something we all have to do, it should also be seen as an opportunity for businesses to improve their competitiveness … Becoming more sustainable can help a business to attract and retain talented staff, as well as meeting the growing customer demand for greener products and services”. The vast majority of industrial emissions are generated by companies primarily in the food and beverage, cement, pharmaceutical, and chemicals sectors that are supported by Enterprise Ireland and IDA Ireland.

  In this week’s Sustainability/ESG bulletin, read about the Government’s announcement of €300 million for decarbonisation of manufacturing sectors in Ireland. Also covered is the new Greenhouse Gas (GHG) Emissions Reduction strategy, a new public procurement strategy, and the new Sustainable Development Goal (SDG) Champions for 2024-5, as well as updates from Northern Ireland, Europe and IFAC, and the usual awards, jobs, articles, resources and events.   Ireland news €300 million to drive the decarbonisation of manufacturing sectors The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The Minister has also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. Read more  Government approves new greenhouse gas (ghg) emissions reduction strategy The Government has approved Ireland’s updated Long-term Strategy on Greenhouse Gas (GHG) Emissions Reduction. The strategy, which updates one prepared in 2023, links the shorter-term Climate Action Plans and Carbon Budgets and the longer-term objective of the European Climate Law and Ireland’s National Climate Objective. New public procurement strategy to be developed The Government has announced it is to develop a new national public procurement strategy to build on the public procurement reform programme established in 2013 and to align with the 2023 Better Public Services: Public Service Transformation 2030, . The move is to help achieve the Government’s long-term vision for public procurement, i.e. that it be sustainable, innovative, transparent and cost-effective. Adoption of Ireland’s revised National Recovery and Resilience Plan The EU Economic and Financial Affairs Council’s (ECOFIN) has adopted Ireland’s modified National Recovery and Resilience Plan (NRRP), which includes Ireland’s €240m REPowerEU Programme. Ireland’s modified plan is now worth €1.15 billion (in grants) and covers 19 investments and 11 reforms. The overall objective of Ireland’s NRRP is to contribute to a sustainable, equitable, green and digital recovery effort, in a manner that complements and supports the Government’s broader recovery efforts from the global Covid 19 pandemic. Government approves General Scheme of Environment (Miscellaneous Provisions) Bill 2024 The Government has approved the General Scheme of the Environment (Miscellaneous Provisions) Bill 2024. This Bill is intended to streamline the EPA’s licencing system by providing definite timeframes for decisions and more options for the Agency to efficiently regulate lower-risk activities and minor changes to licences. It also ensures that appropriate and proportionate environmental protections are in place. The General Scheme will be the basis of the Bill which will be brought to Government before being published and introduced in the Oireachtas. Government green lights sustainable water project A project, described as one of the largest and most important infrastructure projects in the history of the State, has received Cabinet approval in principle this week. The Water Supply Project aims to  develop a new, climate-resilient, long-term water source to meet the demands of a growing population and economy, including the need for housing and mitigating against the impacts of climate change. Following Cabinet approval, Uisce Eireann will submit a Strategic Infrastructure Development application to An Bord Pleanála next year with construction estimated to take 4-5 years. 20 New Sustainable Development Goal (SDG) Champions announced for 2024-2025 20 new organisations from across Irish society have been appointed Sustainable Development Goal (SDG) Champions, bringing to 54 the number of Champions in Ireland from programmes since 2019. These include Musgraves, the GAA, Macra na Feirme and Chambers Ireland. The chosen organisations will help raise awareness of the importance of the UN SDGs as a roadmap for a safer, fairer, more prosperous and sustainable future for all, that leaves no-one behind. UK/Northern Ireland news Funding for decarbonisation/waste reduction Funding has been made available under the Creative Catalyst Challenge Fund to finance research and development (R&D) of an innovative new product/system or process that decarbonises or reduces waste within the creative industries, reducing climate impact and/or leading towards net zero. The bespoke fund offers a total grant pot of £250,000 for creative entrepreneurs and businesses working within the creative industries in the UK. Find out more here. Carbon literacy training for businesses Accredited carbon literacy training is being offered to businesses in Northern Ireland by Business in the Community (BITC). The training is designed to improve understanding of carbon literacy and to explore the opportunities, risks and challenges of climate change. The training is accredited to meet the Carbon Literacy Standard and independently verified by The Carbon Literacy Project. Find out more here. Grant competition – ethnic minority entrepreneurs The Minorities Recognition Awards NI (MRANI) and Techstart Ventures have teamed up to launch the Innovators grant competition for ethnic minorities in Northern Ireland. The collaboration offers entrepreneurial individuals from ethnic minority backgrounds, who are resident in Northern Ireland and have a novel business idea, a chance to apply for grant funding of up to £10,000 to further develop their ideas. Find out more here. Greenhouse gas emissions bulletin A statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2022, has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA), and shows a decrease in 2022 of 3.0 percent compared with 2021, with a longer-term decrease of 26.4 percent compared with emissions in 1990. Read more here.   Europe News The European Environment Agency (EEA) has announced a decline in key air pollutant emissions across most EU Member States. 11 Member States – including Ireland – failed to meet their emission reduction commitments in 2022 for at least one of the five main air pollutants. The agency also published a review of the EU’s Climate-ADAPT online platform, which shows that sharing examples of adaptation actions can boost learning across the EU, Member States as well as regional and local authorities to help societies better prepare for climate change. The platform currently includes 134 case studies for learning and to inspire action.   The EU Commission has launched the European Solar Academy, the first in a series of EU Academies to be set up under the Net-Zero Industry Act (NZIA) to have in place the necessary skills along the net-zero technologies value chains. The role of NZIA academies is to develop learning content and programmes together with the industry, to ensure that sufficient skills and workforce in the value chain.   The European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. The goal of the investments is to help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050.   The EU Commission has announced it proposes to allocate €2.4 billion for environment and climate action, from a proposed annual EU budget of €199.7 billion for 2025. Of the €2.4 billion, €771 million is for the LIFE programme to support climate change mitigation and adaptation, and €1.5 billion is for the Just Transition Fund to make sure that the green transition works for all. The proposed annual budget aims to support the EU in meeting its political priorities while integrating the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF) in February 2024.  World news The International Federation of Accountants (IFAC) has released resources to help accountants understand sustainability assurance. Sustainability Assurance: What to Expect is part of a part of IFAC’s ongoing initiatives to convene, inform and mobilise sustainability reporting and assurance stakeholders. IFAC is also inviting organisations to reach out to them with opportunities for further collaboration, and is encouraging producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance. Also, to mark World MSME Day (27 June), IFAC has published an article on Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses, outlining the four key challenges and opportunities  for the accountancy profession that identified by IFAC and shared with the United Nations toward the end of 2023. Did you know? A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Read about Worthing Pride here. Webinar  You can watch back the June Webinar 2024 of Practice News from Chartered Accountants Ireland, which features key regulatory updates from our Professional Standards team, as well as an overview from the Department of Enterprise, Trade & Employment on upcoming key changes to Irish Company Law, as well as how the implementation of CSRD will impact you and your clients.  (0:55:47 – 1:22:54) Podcast In Deep Impact Investing, podcast hosts Kimberly Griego-Kiel and Johann Klaassen discuss traditional investment norms and a new age of sustainable impact investing that aligns with personal values and plays an active role in global environmental and societal rejuvenation. Listen at Beyond Profits: Investing for a Sustainable Tomorrow (Ep. 102) – Deep Impact Investing (blubrry.net) Articles Peter Burke announces €300m for ‘competitive priority’ of reducing manufacturing emissions (Business Post) As new CSRD rulebook puts sustainability on a level footing with financial reporting, the work involved is “far from appreciated” (The Currency) How to secure funds for sustainability projects (ICAEW) What does the Corporate Sustainable Reporting Directive mean for the Global South? (World Benchmarking Alliance) PwC’s Global CSRD Survey 2024 -The promise and reality of CSRD reporting (PwC) Businesses need more time to implement CBAM (ICAEW) Resource: AI & CSRD webinar recording What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar earlier last week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Find out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here. Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries. Includes two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities By email, 12 July   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September   Environment Ireland, Environment Conference In person, Croke Park, 17 October   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, 25 July, 14:00-15.30 Zoom If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre. 

  In this week’s Sustainability/ESG bulletin, read about a new report into carbon budgets in Ireland, funding available under the Circular Economy Innovation Grant Scheme, and new Government resources on sustainability for business. Also covered is an update report on the White Paper on Enterprise Implementation Plan, the second National Adaptation Framework, news of the approved EU Nature Restoration Law and resources on the role of accountants in tackling the nature crisis, as well as the usual awards, jobs, articles, resources and events. Ireland news Recording available from AI & CSRD webinar What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar  this week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Carbon budgeting reported launched A research report, Carbon Budgets: Opportunities and Challenges for Irish Business, was launched this week by Minister Dara Calleary, Department of Enterprise, Trade and Employment, in Dublin’s Royal Irish Academy. Co-written by DCU Assistant Professor Dr Aideen O’Dochartaigh FCA, the report highlights the fundamental conflicts between Ireland’s industrial development and environmental goals. The report called for – among other things – coordinated efforts across entire value chains, substantial investment in new technologies, infrastructure and training, and forums to discuss growth, policy coherence and the future of key sectors, and to develop a shared socio-economic vision for a Net Zero Ireland. Funding under Circular Economy Innovation Grant Scheme (CEIGS) A call for applications for the 2024 funding round of the Circular Economy Innovation Grant Scheme (CEIGS) has been announced this week. The scheme aims to support innovation and circular economy projects by social enterprises, voluntary and community organisations and businesses with fewer than 50 employees. Total funding of €650,000 is available, with typical funding for projects anticipated to be in the range of €10,000 to €50,000. Details on the application process are available here and applications are open until 19 July. New Government resources on sustainability for business The Department of Enterprise, Trade and Employment has collated resources on sustainability for business: Sustainability is good for business. The pages define sustainability, provide links to a range of sustainability-focused consultancy options, training and grants, and case studies of companies successfully embedding sustainability practices in their businesses. Update to Enterprise White Paper plan The Department of Enterprise Trade and Employment (DETE) has published the Second Update Report on the White Paper on Enterprise Implementation Plan 2023-2024. The report details the work done in pursuit of priority DETE policy objectives such as integrating net zero and carbon commitments and placing digital transformation at the heart of enterprise policy. According to the report, 43 percent of the activities outlined in the first implementation plan have been delivered. Second National Adaption Framework publishes Ireland’s second National Adaptation Framework has published, setting out the potential implications of climate change for Ireland and outlining the national strategy for the development of adaptation measures. The Irish Fiscal Advisory Council estimates that costs associated with extreme weather events could be approximately €500 million a year (for example, to deal with cleaning up after flooding events). The framework will require government departments, infrastructure providers and local authorities to prepare a new cycle of adaptation plans for key sectors. Research shows consumers struggle to identify ‘greenwashing’ Consumers struggle to distinguish genuine and ‘greenwashed’ environmental claims in advertisements, according to the latest research from the ESRI. The EPA-funded study also reveals that consumers are less willing to purchase from brands they suspected of greenwashing, even if the environmental claim made by the brand was genuine. UK/Northern Ireland news The Institute’s Tax and Public Policy Team submitted a response the UK government’s “Consultation on the introduction of a UK carbon border adjustment mechanism” (“CBAM”). The response highlighted the urgent need for clarification in respect of the ongoing uncertainty as to how the EU CBAM will apply to Northern Ireland under the Windsor Framework, and specifically the application of the EU CBAM to imports from non-EU countries. The full response can be read in the Tax Representations section of our website   ICAEW has pulled together some helpful articles on sustainability for its members to guide SMEs on where to start, with a focus on what actions to take and sustainability reporting. Europe news EU environment ministers have approved the EU Nature Restoration Law, which is designed to protect and restore Europe’s ecosystems and biodiversity. The law will reportedly affect almost 9 percent of Irish land. Further to the launch in January of Ireland’s fourth National Biodiversity Action Plan, the Government has begun drawing up a national nature restoration plan, due to be adopted by 2026. Completion of the Plan will be aligned with the opening of the Government’s €3.15bn Climate and Nature Fund in 2026. Accountancy Europe has published its June Sustainability update. Highlights include Accountancy Europe’s response to EFRAG’s public consultation on the voluntary (VSME) and listed SME (LSME) draft standards; final approval of CSDDD; recommendations from ESMA on greenwashing; FCA guidance on Anti-Greenwashing rule; guidance from EFRAG to ESRS; and news and resources from the standard setters. A new European Environment Agency (EEA) briefing has found that plastics production and consumption patterns across Europe remain unsustainable and need to be made more circular. The briefing also highlights the introduction of a new monitoring tool where people, policy makers and others can check progress on plastics circularity in Europe. World news The International Federation of Accountants (IFAC), CPA Canada and the Institute for Sustainable Finance have published a resource for professional accountants and others on the state of voluntary carbon markets (VCMs), Understanding Voluntary Carbon Markets: Key considerations for professional accountants and purchasers on the carbon credit life cycle.   Accounting 4 Sustainability (A4S) has launched a new blog on the important role of the accountant in tackling the nature crisis.  It clarifies the business case for saving nature as well as providing guidance and key resources for members. The Accounting Bodies Network (ABN) is a collaboration between Accounting for Sustainability (A4S) and professional bodies across the globe, including Chartered Accountants Ireland. Did you know? Plastic Free July, the global movement that helps millions of people be part of the solution to plastic pollution, has updated its website with resources, including this poster of 31 days of ideas. Awards Sustainability categories in Published Accountants Awards Entries are now open for the Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, and include two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities Entries are welcome from all types of reporting bodies for annual reports in respect of financial years ended on or before 31 March 2024. Entries close on Friday 12 July 2024. SEAI Energy Awards 2024 The SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 28 June. Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Fine out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here.   Articles Substantial progress has been made through the adoption of environmental and social governance principles (Irish Times)   Nature restoration law will affect almost 9% of Irish land (Irish Times)   How we applied AI to combat modern slavery (ICAEW)   The world's fossil fuel industries should be banned from advertising to help save the world from climate change, the head of the United Nations said on Wednesday (BBC News) Technical Roundup (From our colleagues in Professional Accountancy) IAASA have published a Feedback Paper on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland The International Sustainability Standards Board (ISSB) has issued its June 2024 Update. This includes a summary of their recent meeting on 12 June in Frankfurt. The ISSB has also issued its June 2024 Podcast. The European Financial Reporting Advisory Group (EFRAG) has finalised the first three Implementation Guidance documents to assist preparers and other relevant stakeholders in applying the European Sustainability Reporting Standards. The Implementation Guidance documents cover Materiality Assessment, Value Chain, and Detailed ERS Datapoints The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR. EFRAG and the Taskforce on Nature-related Financial Disclosures (TNFD) have jointly published a mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and the TNFD's recommended disclosures and metrics. This was prepared to assist companies in understanding the commonalities between the ESRS and the TNFD and the mapping details the disclosures and core metrics recommended by the TNFD and required under the ESRS.  This assessment highlights that all 14 TNFD recommended disclosures are reflected in the ESRS.   Upcoming events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA Circular Economy Conference 2024 Online and in-person (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, 26 June, 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.