Following public consultation to obtain stakeholders’ views earlier this year IAASA has published a Feedback Paper and the responses received on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland.  IAASA intends to adopt the International Standard on Assurance Engagements 3000 Revised (ISAE 3000), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Adoption will take place when the European Corporate Sustainability Reporting Directive (CSRD) is transposed into Irish law giving IAASA the statutory power to adopt sustainability assurance standards in Ireland.  The effective date of the standard will be for the assurance of sustainability reporting for years starting on or after 1 January 2024, as required by the CSRD.  The Department of Enterprise, Trade and Employment is currently working on the transposition of the CSRD into Irish law.  It is not intended to insert any additions Irish-specific requirements in IASAE 300 beyond any required to ensure that it applies to sustainability assurance engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements.    The Feedback Paper is available on this link. The Responses Received are available on this link.

  In this week’s Sustainability/ESG bulletin, read about Ireland’s climate targets and tipping points, a new national biomethane strategy, construction-related procurement guidance, and the launch of the second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS). Also covered is net zero opportunities for Northern Ireland the publication of the findings of Renewable Energy in Northern Ireland inquiry, and updates from Europe, articles, resources and events. Survey Are you an accountant in a small/medium practice? Can you please take our survey? This 7-minute survey aims to discover if clients are asking accountants in small to medium practices about climate change (e.g. energy costs, solar panels, CSRD, supply chain questions, grants, etc.). The survey is part of research to identify supports that can be created for accountants now and in the future. IRELAND Ireland fails to meet national and EU climate targets The Environmental Protection Agency (EPA) has published a report assessing how Ireland is progressing against its climate targets. The report – Monitoring & Assessment: Climate Change: Air emissions Publications – finds that Ireland is projected to exceed its national and EU climate targets, achieving a reduction of up to 29 percent in total greenhouse gas emissions by 2030, compared to a target of 51 percent. Even this reduction is only achievable – the report finds – if a wide range of policies and plans are fully implemented across all sectors. Currently, almost all sectors are on a trajectory to exceed their national sectoral emissions ceilings for 2025 and 2030, including Agriculture, Electricity and Transport, and the first two carbon budgets (2021-2030) will not be met, and by a significant margin of between 17 and 27 percent. Climate ‘tipping points’ Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has informed Government that the climate is already reaching key tipping points. These are defined as critical thresholds that, when exceeded, can lead to a cascading impact that results in irreversible climate breakdown. Local Enterprise Offices Policy Statements 2024-2023 publishes The Department of Enterprise, Trade and Employment has published the first Local Enterprise Offices Policy Statement 2024-2030, addressing the key White Paper on Enterprise priorities most relevant to LEOs: decarbonisation, digitalisation, increasing exports, helping locally traded businesses, and innovation. Among the policy developments being introduced are: climate-focused assessment criteria for capital grants for manufacturing and internationally traded services businesses, ex-post measurement of the impact of climate related supports, and commitments to deliver the LEO Customer Relationship Management System digitalisation project. New National Biomethane Strategy This week also saw the publication of the National Biomethane Strategy, Ireland’s first major policy statement on biomethane. The strategy sets out 25 key strategic actions that are key to addressing the challenges and opportunities for the industry, the implementation of which will drive growth across the biomethane industry.  A newly formed Interdepartmental Biomethane Implementation Group will oversee implementation of the Strategy, measuring its impact and monitoring target delivery. Construction-related public procurement guidance The Minister for Enterprise, Trade and Employment, Peter Burke, has announced that public bodies will shortly be advised of new guidance when designing public projects, and procuring cement and concrete products in particular. The guidance ensures a consistent approach to reducing the embodied carbon – emissions associated with extracting and producing construction materials – in construction projects procured by government departments and their agencies. The guidance for public bodies is based on an expert consultant’s report, Reducing Embodied Carbon in Cement and Concrete Through Public Procurement in Ireland. Critical Raw Materials Act comes into effect in Ireland A new EU Regulation, the Critical Raw Materials Act (CRMA), has come into effect in Ireland. It will ensure EU access to a secure and sustainable supply of critical raw materials, enabling Europe to meet its 2030 climate and digital objectives. Critical raw materials are of high economic importance for Europe while also being highly vulnerable to supply disruptions. The EU’s demand for Critical Raw Materials (CRMs) such as lithium, copper and cobalt is set to increase exponentially as the EU transitions to clean energy systems. Ireland has welcomed the Act’s focus on socially and environmentally responsible practices, identified as essential for the achievement of the EU’s Green Deal objectives, for supporting European competitiveness and ensuring consistency with Ireland’s Policy Statement on Minerals and Mining. Second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS) launches The second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS), the export phase, has now been launched. This phase of the electricity support scheme will be a significant improvement in market supports for Renewable Energy Communities and Small and Medium Sized Enterprises (SMEs), with fixed tariffs for these groups established for solar and wind projects between 50kW to 6MW. It complements the microgeneration supports for small projects and competitive auctions for larger projects under the RESS (Renewable Electricity Support Scheme). Separately 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 21 June. New Employment and Youth Engagement Charter The Government has launched an Employment and Youth Engagement Charter to support new pathways to employment among young people. The Charter is a key measure under the Government’s Pathways to Work objectives to engage companies in delivering activities to support people looking to enter or re-enter the workplace. Employers are invited to engage with the Charter and sign up to some or all of the six listed commitments. UK/Northern Ireland “Tremendous economic opportunity” – Minister Hargey on the path to net zero for Northern Ireland Northern Ireland’s Interim Economy Minister Deirdre Hargey MLA has said that has said embracing the path to net zero is both “a moral necessity and a tremendous economic opportunity”. Speaking at the recent opening of ‘Energy Ireland’, Minister Hargey presented an economic vision for the North that prioritises decarbonisation and creates a just transition to net zero that delivers economic prosperity, increases productivity, and addresses regional imbalances. Separately, on 17 May Minister Hargey launched a three-month Call for Evidence seeking information and views from key stakeholders on developing a sustainable biomethane sector for the region, following the publication of research indicating that this region has significant biomethane potential due its large agricultural sector. Findings of Renewable Energy in Northern Ireland inquiry published The Northern Ireland Affairs Committee has published the findings of its Renewable Energy in Northern Ireland inquiry. Northern Ireland is committed to generate 80 percent of its energy consumption from renewable energy by 2030, but the Committee noted that it was unlikely to meet the target in a letter to interim Economy Minister Deirdre Hargey. Three themes were identified as obstructing Northern Ireland’s energy transition as inadequate infrastructure to support Northern Ireland’s net zero transition, an unsupportive policy environment, including a disjointed planning system “weighed down with delays,” and a lack of consumer awareness. UK Emissions Trading Scheme expansion consultation The United Kingdom Emissions Trading Scheme (ETS) Authority has published a package of consultations on expanding the UK ETS to include the energy from waste and waste incineration sectors. It is also consulting on how engineered greenhouse gas removals, such as direct air carbon capture, could be integrated, and on whether high-quality nature-based removals could be suitable for the scheme. The closing date for responses is Thursday 18 July 2024. Separately, the UK government has published a consultation covering how UK-based engineered greenhouse gas removal technologies such as Direct Air Carbon Capture, where carbon dioxide is removed from the air and permanently stored, could be integrated into the UK ETS. It also asks whether carbon stored by the creation of new UK woodland could be integrated into the UK ETS. The closing date for responses is Thursday 15 August 2024. Europe The Corporate Sustainability Due Diligence Directive has received approved from the EU Council. The Directive, which goes by various acronyms, including   ‘CSDDD’ and ‘CS3D’, can help ensure more sustainable and responsible corporate behaviour throughout global value chains. It applies to companies with over 1,000 employees and a turnover of more than €450 million and introduces obligations for large companies regarding the adverse impacts of their activities on human rights and the environment. Following approval by the European Parliament, the directive will be published in the Official Journal of the European Union, after which Member States have two years to transpose the directive into national law. The European Commission has welcomed the final adoption of the Net-Zero Industry Act (NZIA), which aims to put the EU on track to strengthen its domestic manufacturing capacities of key clean technologies. By creating a unified and predictable business environment for the clean tech manufacturing sector, NZIA aims to increase the competitiveness and resilience of the EU’s industrial base and support quality jobs creation and a skilled workforce. The first European Climate Risk Assessment (EUCRA) provides a comprehensive assessment of the major climate risks facing Europe now and in the future has published. The report is a comprehensive assessment of the major climate risks facing Europe today and in the future. It identifies 36 climate risks that threaten our energy and food security, ecosystems, infrastructure, water resources, financial systems, and people's health. Many of these risks have already reached critical levels and can become catastrophic without urgent and decisive action. Resources The recordings of the recent 2024 conference at Dublin City University’s annual climate conference are now available to watch. Watch the business panel discussion on ‘How can the business world embrace a long-term perspective in its decision-making?’ Chartered Accountants Ireland is running a workshop for SMEs and small to 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. Did you know? The annual RHS Chelsea Flower Show in London this year required some designers to complete the Green Garden Audit at the pre-selection stage to assess sustainability factors such as carbon footprint and waste generated. The audit provided a feedback mechanism for how the sustainability of gardens could be improved. In Ireland, the European Commission’s “In Perspective” garden at Bord Bia Bloom 2024 aims to inspire sustainable change, in line with the EU’s Green Deal, which seeks to make Europe the first carbon-neutral continent by 2050.    Articles From noble ambition to corporate tokenism: the rise and fall of ESG (Irish Times)   Companies see sustainability as integral to long-term value creation Morgan Stanley   Many Irish firms still unaware some single use plastics banned (RTÉ)   “Every day, the equivalent of 2,000 garbage trucks full of plastic are dumped into the world's oceans, rivers, and lakes.” From “Plastic Pollution”, United Nations Environment Programme (UNEP)   Global milestone: 30% of the world's electricity was produced from renewables (CNN)    ‘Wall Street analysts are totally amoral’ on climate – Barack Obama’s former energy secretary discusses the forces and technologies slowing the energy transition (Financial Times)   EU election 2024: What the manifestos say on energy and climate change (CarbonBrief) Upcoming Events 1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 6, 2024. Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Worldwide Navigating the sustainability reporting landscape Join the first webinar hosted by the ICAS Sustainability Business Network as we delve into the practicalities of adopting the various new sustainability reporting frameworks with two organisations who are leading the way on sustainability disclosures. Virtual, June 13 @ 11:00 am - 12:00 pm UTC+1 Chartered Accountants Ireland, Socially Conscious AI and CSRD (ROI/NI) Chartered Accountants Ireland is hosting a webinar on AI and sustainability, showcasing how finance professionals are leveraging AI to meet their sustainability reporting obligations. Speakers David Connolly and Madeline Parkinson in EY’s Climate Change and Sustainability Services team will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. Virtual, June 18 at 12.00-12:45. IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 20, 2024. Half-day event   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for 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. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €60 members; 3 hours CPD points. 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 we can fast-track to a just, nature-positive and net-zero emission economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day) 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, 25 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

Chartered Accountants Ireland welcomes this week’s announcement of a series of new measures to support early learning and childcare in the 2024/25 financial year in Northern Ireland. While the announcement marks an important step forward in supporting working parents as well as childcare providers themselves, the focus must now move toward developing a longer term strategy around securing more sustainable, affordable childcare in the region. The measures announced as part of this week’s package include: £7.1 million to expand and stabilise existing early years and childcare provision (programmes such as Sure Start, Pathway, Toybox and others including those focused on supporting children with special educational needs and disabilities). £2 million to address sustainability challenges and deliver a targeted business support scheme for childcare providers to assist those in financial difficulty and in areas where the demand for childcare exceeds supply. £5 million to begin the transition process for standardising the pre-school education programme to 22.5 hours for all children. This is expected to make an additional 2,200 full-time places available from September 2025. £9 million for a Northern Ireland Childcare Subsidy Scheme, with payments being made from September 2024. £2.5 million for a major data collection exercise to help with evaluation of these measures and inform the longer-term strategy.   A link to the official Ministerial Statement on the measures can be found here.

   In this week’s Sustainability/ESG bulletin, read about a survey on supports for small to medium practices to help with clients’ climate queries and an upcoming sustainability workshop. Also covered is the Government’s approval for Ireland’s Climate Action Plan 2024, biodiversity-related updates, new ESG-related resources from the Law Society and the IFRS, and updates from Europe, as well as articles, resources and events.   Survey Are you an accountant in a small/medium practice? Can you please take our survey? This 7-minute survey aims to discover if clients are asking accountants in small to medium practices about climate change (e.g. energy costs, solar panels, CSRD, supply chain questions, grants, etc.). The survey is part of research to identify supports that can be created for accountants now and in the future. Small/Medium Practice Sustainability Workshop (ROI) Chartered Accountants Ireland is running a workshop for small to 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. IRELAND Climate Action Plan 2024 The Government has approved the third annual update to Ireland’s Climate Action Plan. Climate Action Plan 2024 (CAP24) builds on the Climate Action Plan 2023 by refining and updating the measures and actions required to deliver the carbon budgets and sectoral emissions ceilings. It commits Ireland to 2030 and 2050 targets for reducing emissions and how Ireland responds to the climate crisis, putting solutions at the centre of social and economic development. The Institute responded to the Department of the Environment, Climate and Communications’ Public Consultation on Climate Action Plan 2024, where we addressed the key challenges and risks to delivering the measures and actions set out in the Plan. We also identified additional supporting actions that could be taken in 2024, such as communication and awareness-raising, training and education, and targeted financial supports for businesses to help them with their transition to a net-zero society and economy. Read our response in full here. Funding awarded for local biodiversity projects Minister of State for Nature, Heritage and Electoral Reform, Malcolm Noonan, T.D., has announced that €2.8 million has been awarded to local authorities to carry out biodiversity projects through the Local Biodiversity Action Fund (LBAF). Projects include biodiversity education and awareness projects, bird conservation projects, invasive species management and wetland surveys, all of which support the implementation of the 4th National Biodiversity Action Plan. Funding is available in line with a grant application and award process and is subject to the provision of an agreed level of co-funding from the local authority’s own resources. The business of bees Approximately $44 trillion of economic value is at moderate or severe risk due to nature loss. Our pollinators, essential to supporting nature, are under severe threat, with huge risks to businesses globally. In recognition of World Bee Day (May 20) and International Day for Biological Diversity (May 22), here are some resources showing ways your company, regardless of sector, size, or location, can play a role in helping pollinators: Businesses: Actions to help pollinators Business for Biodiversity Ireland website Accounting for Nature UK/Northern Ireland Research has revealed that a majority of the UK public (56 percent) believe that a recent increase in lawsuits over contributions to climate change is a positive development. According to the Commercial courts report 2024 compiled by strategic communications consultancy Portland, 75 percent of the public also support the increase in lawsuits related to greenwashing, with 60 percent viewing companies that are subject to these claims unfavourably. 62 percent are also strongly in favour of shareholders being able to sue companies over their ESG policies. The report predicts that pressure from UK regulators on companies to disclose their ESG practices is likely to increase, along with the risk of legal action taken by shareholders. (For more, see this article on greenwashing by Dee Moran, Professional Accounting Lead with Chartered Accountants Ireland in the recent issue of Accountancy Ireland.) Europe The Mission on Adaptation to Climate Change has published a new report ahead of its Third Forum on 23 May 2024. The Mission on Adaptation to Climate Change focuses on supporting EU regions, cities and local authorities in their efforts to build resilience against the impacts of climate change. It highlights the need for innovation, collaboration and knowledge-exchange to build resilience. Find a definition of Adaption in the Chartered Accountants Ireland Sustainability Glossary The European Commission, assisted by the World Bank, has published 3 new reports on how to invest in disaster resilience, the cost of adaptation strategies and the financial impact of wildfires and droughts. The European Environment Agency EEA has published a report 'Responding to climate change impacts on human health in Europe: focus on floods, droughts and water quality’ urging governments, water authorities and healthcare providers to fast-track the implementation and better coordination of efforts to prevent, and to reduce the impacts of  water-related climate change on health and well-being that are already felt across Europe. These include deaths, injuries, outbreaks of infectious diseases and mental health consequences. Accountancy Europe has published its May Sustainability Update. Read here (and sign up for updates). Highlights include: European Parliament approved agreement on ESG rating activities, European Commission issues corrigendum to ESRS, IFRS Foundation and EFRAG publish interoperability guidance, and ISSB’s continued sustainability standards related work. Resources Law Society’s ESG MOOC The Law Society of Ireland has opened registrations for its 2024 Massive Open Online Course (MOOC) and the theme this year is Environmental, Social and Governance (ESG). The content is free and open to all and will be delivered online and on demand over 5 weeks from Tuesday 11 June. Topics include: the current legal landscape of ESG developing an ESG strategy for your firm or business ESG reporting obligations biodiversity and ecosystems climate change and decarbonisation diversity and inclusion ESG corporate governance issues, and much more. Expert speakers on the MOOC include Dee Moran, Professional Accountancy Lead with Chartered Accountants Ireland who will be speaking on the sustainable reporting landscape. IFRS new webinar series on sustainability disclosure The International Financial Reporting Standards Foundation (IFRS) has launched a new webinar series to support preparers on topics linked to sustainability disclosure. Find a link to the webinar and podcast series here. The IFRS, with the UN Sustainable Stock Exchange initiative, is holding two free half-day virtual training events on the ISSB Standards on 6 and 20 June, open to all. Webinar: AI and CSRD Chartered Accountants Ireland is hosting a webinar on AI and sustainability, showcasing how finance professionals are leveraging AI to meet their sustainability reporting obligations . Speakers David Connolly and Madeline Parkinson in EY’s Climate Change and Sustainability Services team will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. Join us on 18 June 2024 at 12.00-12:45. Articles Séamas O'Reilly: Don't Look Up's environmental message is ringing less hollow nowadays (Irish Examiner) Ireland must 'step up its game' on climate action plans, committee told (RTÉ) Expert taskforce convened to oversee UK’s adoption of ISSB standards (edie) Heavier storm-related rainfall due to human-induced climate change – study (RTE) Worst wine harvest in 62 years blamed on ‘extreme’ weather and climate change (euronews) Upcoming Events Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   UN Global Compact, Creative Leverage: Influencing Human Rights Action in Business Part of the ‘Business and Human Rights Deep Dive Series, this webinar will see expert panellists sharing practical and relevant examples of creative ways a business can effect change within its value chain and business relationships. These strategies are not only to respond to actual or potential risks that the business might be involved in through its involvement with other entities, but also to ensure that the business is operating in an environment that enables it to respect human rights. Virtual, 30 May, 8am 1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024   IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 6, 2024.   Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30)   Chartered Accountants Worldwide Navigating the sustainability reporting landscape Join the first webinar hosted by the ICAS Sustainability Business Network as we delve into the practicalities of adopting the various new sustainability reporting frameworks with two organisations who are leading the way on sustainability disclosures. Virtual, June 13 @ 11:00 am - 12:00 pm UTC+1 Chartered Accountants Ireland, Socially Conscious AI and CSRD (ROI/NI) Finance professionals are working hard to meet their sustainability reporting obligations under the Corporate Sustainability Reporting Directive (CSRD). Furthermore, they are considering leveraging AI, including the regulatory pressures that apply to it and how to use AI sustainably. This webinar will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 20, 2024. Half-day event Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for 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. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €60 members; 3 hours CPD points. 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 we can fast-track to a just, nature-positive and net-zero emission economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day) 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, 29 May, 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.

  In this week’s Sustainability/ESG bulletin, read about an increase in Energy Efficiency Grant amounts, an ESRI report into individual climate actions, ISIF’s announcement about investments in female-led investment firms, Ireland’s call to EU member states to approve the Nature Restoration Law, and England’s High Court ruling that the UK climate action plan is unlawful. Also covered are European updates and the usual articles, resources and events. IRELAND Increase in Energy Efficiency Grant Scheme The maximum amount available under the Energy Efficiency Grant Scheme has been increased to €10,000, with the business contribution rate reduced from 50 percent to 25 percent, it was announced this week. The measure is part of an agreed a range of measures to support SMES, brought forward by Minister for Enterprise, Trade and Employment, Peter Burke. The measures  aim to reduce costs for small and medium sized businesses. ESRI report finds ‘widespread misunderstandings’ in emissions An ESRI report has found widespread misunderstandings regarding what leads to higher emissions. The study –  What is preventing individual climate action? Impact awareness and perceived difficulties in changing transport and food behaviour - surveyed a nationally representative sample of 1,200 participants. Commenting,  Dr Eimear Cotter, Director of the Office of Evidence and Assessment in the EPA (which funded the report) said that: "Responding to the climate crises requires collective action to reduce our daily emissions. It is clear from this research that much better information is needed to inform people what actions they can take to make the biggest difference to their carbon footprint. This research provides valuable insights to help inform the design of both effective climate policies and public information campaigns”. ISIF announces investments in female-led investment firms The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced its first two investments from its €50 million initiative to promote female-led investment firms (Blume Equity and Norrsken Venture Capital). The two investments total €36 million and will target the climate-tech and health-tech sectors. The initiative aims to build on existing measures by ISIF to drive greater female participation at senior levels within the financial sector, and through it, ISIF is seeking to demonstrate its commitment to addressing gender inequality and promoting greater diversity at senior levels – both within ISIF and in the companies and funds in which it invests. Ireland leads call to approve the Nature Restoration Law It was announced this week that 11 EU Member States have so far have signed up to an Ireland-led call to adopt the Nature Restoration Law (NRL). These Member States are also urging other Member States to do the same at the next Environment Council meeting on 17 June. The 11 states have agreed that restoring the EU’s lands and seas is essential to mitigate and adapt to the impacts of climate change and to safeguard European food security. Failure to approve the law would mean the EU resiling on its previous commitment to be a global leader in nature restoration. The Environment Council meeting on 17 June is the critical endpoint where a majority vote in favour is needed to ensure that  the law is adopted and nature can be protected and restored. UK climate action plan ruled unlawful The English High Court has reportedly ruled that the climate action plan devised by the UK government is unlawful, with the court deciding that there is not enough evidence of policies in place that would reduce greenhouse gas emissions. A revised plan must now be prepared within 12 months by Energy Secretary Claire Coutinho, and must ensure that the UK achieves its carbon budgets as well as its pledge to cut emissions by more than two-thirds by 2030. The UK government is reportedly off track to meet both of these targets. Europe The European Commission has published reports on the operation of several pieces of climate legislation: the European Climate Law; the EU Emissions Trading System (EU ETS) Directive; the Effort Sharing Regulation; and the Land Use, Land Use Change and Forestry (LULUCF) Regulation. These reports are required under the legislation to provide an overview of how the different elements of climate policy are being implemented. Read more here. Transport is responsible for one quarter of all greenhouse gas emissions in the EU, and road transport makes up 70% of that amount. These emissions primarily come from petrol and diesel cars. The European Commission has published 5 top things you should know about battery electric cars, which can be found here. Did you know... May 16 was Global Accessibility Awareness Day (GAAD). This day aims to increase awareness about ‘digital accessibility’ : the ability of people with disabilities/impairments to independently consume and/or interact with digital (e.g., web, mobile) applications and content. Notably, the landmark European Accessibility Act will be implemented into Irish law from 28 June 2025, and will require specific categories of consumer products and services to be accessible for persons with disabilities once it becomes applicable. Find out more about what this Act means for your organisation in this article in Accountancy Ireland. Articles Richard Curran: When it comes to global warming, we all want someone else to do the heavy lifting (Sunday Independent) Promoting sustainability with corporate power purchase agreements (Accountancy Ireland Briefly) Last summer was the hottest in the northern hemisphere in 2,000 years - yes, 2,000 - study says (The Journal)  Upcoming Events  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 Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29 Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Ireland, Western Society AGM with 1 hour CPD, 'Before & after ESG and SDGs' This presentation by Sheila Killian will cover the foundational pillars of sustainability, clarifying some of the alphabet soup of the latest trends, and tracking what the core underlying elements are that will be relevant in the future. This presentation will be immediately followed by the Western Society AGM. In person: Wednesday, 12 June | 6.00pm | Connacht Hotel.   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small to 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. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €90 member/€112.50 non-member; 3 hours CPD points. Email sustainability@charteredaccountants.ie to register your interest. 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, 29 May, 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.  

(This news first published in October 2021; Chartered Accountants Ireland continues this commitment and has embarked on a programme of work to manage and reduce emissions. Find out more here)  Chartered Accountants Ireland has joined UK accountancy bodies ICAEW, ICAS, AAT and ACCA and others across the world to combat climate change by committing to net zero greenhouse gas emissions. This includes commitments to achieve net zero emissions in their own organisations and to encourage and guide their significant membership base to do the same. The accountancy bodies are part of The Prince of Wales’s Accounting for Sustainability Project (A4S) Accounting Bodies Network. This network represents more than 2.5 million professional accountants and students, across 179 countries, representing two-thirds of the world’s accountants. The bodies have committed to reach net zero emissions as soon as possible and will publish plans to do so within the next 12 months, reporting annually to show progress. They have also committed to provide their members with training, support, and resources to help them create their own net zero plans and reduce their emissions.  In launching the commitment, the bodies reiterated that climate change is of critical concern to their members because it is the responsibility of professional accountants to act in the public interest, which must now include helping to reach net zero. It is also an economic risk to the businesses they work with and the countries they work in.  The accountancy bodies stated their belief that the accountancy profession can help societies adapt to minimise climate change, using accounting practices to help governments adjust economic policy. They also committed to providing advice to help governments create the policies and infrastructure necessary for the transition to net zero economies.  Commenting Barry Dempsey, Chief Executive, Chartered Accountants Ireland said “On behalf of Chartered Accountants Ireland, I am pleased to make this commitment to net zero. It is a natural and very necessary continuation of last year’s call to action on climate change issued by the professional accounting bodies. This Institute is committed to substantially reducing carbon emissions in our own activities; we are already decarbonising our Scope 1 and 2 emissions and have put in place a roadmap for the future.  “The accountancy profession will play a significant and vital role in achieving climate change mitigation and adaptation, but many accountants are unsure where to start. We have an immediate responsibility to equip our members to take action through our education and advocacy work on their behalf.”  The accountancy bodies that have signed up to the commitment are: ICAEW, ICAS, Chartered Accountants Australia and New Zealand, Chartered Accountants Ireland, AAT, ACCA, Consiglio Nazionale dei Dottori commecialisti e degli Esperti Contabili, CPA Australia, CPA Canada, Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW), Regnskap Norge, the Association of International Certified Professional Accountants, the Japanese Institute of Certified Public Accountants (JICPA).  The commitment is available to view at: www.accountingforsustainability.org/abn-net-zero-commitment  ENDS   About The Prince’s Accounting for Sustainability Project (A4S)  Our aim is to make sustainable business, business as usual. HRH The Prince of Wales established A4S in 2004 to work with the finance and accounting community to:  Inspire finance leaders to adopt sustainable and resilient business models  Transform financial decision making to reflect the opportunities and risks posed by the climate crisis and other environmental, social and governance (ESG) issues  Scale up action to transition to a sustainable economy   A4S has three global networks:   Chief Financial Officers (CFO) Leadership Network - CFOs from leading organizations seeking to transform finance and accounting  Accounting Bodies Network (ABN) - members comprise approximately two thirds of the world’s accountants  Asset Owners Network - Pension Fund Chairs who integrate sustainability into investment decision making  About Chartered Accountants Ireland  Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 30,000 influential members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries. It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.   Chartered Accountants Ireland members provide leadership in business, the public sector and professional practice, bringing experience, expertise and strict standards to their work for, and with, businesses in every sector. Chartered Accountants Ireland engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.   

A critical marker of Ireland’s future economic success will be supporting our SME sector by reducing the cost and complexity of doing business. This is according to the Consultative Committee of Accountancy Bodies- Ireland (CCAB-I), the umbrella group which represents some 40,000 professional accountants, as it published its Pre-Budget 2025 submission today. The paper entitled ‘Supporting and Sustaining our SME sector’ highlights the constraints experienced by SMEs as a result of increasing labour costs and also states that a lack of supply of housing and childcare places, in addition to high personal tax rates, are making it increasingly difficult for people to live and work affordably in Ireland.     The submission identifies four key areas for budgetary focus:   Support SMEs by exempting minimum wage workers from employers’ PRSI and simplifying tax legislation  Increase the number of childcare places available and offer working parents a €1,000 tax credit to return to the workforce Introduce a 30% intermediate rate of income tax to retain and attract workers and help people live affordably  Continue to stimulate and support the completion of new houses.  Commenting, Director of Public Affairs, Cróna Clohisey said  “The lead into Budget 2025 comes at a time of increased financial pressure for businesses operating in Ireland as well as clear deficits in infrastructure. Small businesses, which includes many family businesses, are being constrained by rising costs and, for many, labour costs now make up a considerable proportion of business expenditure. That is why we are asking the government to exempt minimum wage workers from Employers’ PRSI, this would save businesses labour costs of between 8.8 and 11.05%.”  The CCAB-I also believes that Ireland’s tax code has become increasingly complex in recent years and is calling for simplification of the tax rules to support businesses, enable them to grow and also ensure that Ireland remains competitive on an international stage.     Ms Clohisey continues  “For SMEs, the message we are receiving is that simplifying the tax code both legislatively and administratively, must be a priority. 70% of people working in the business economy in Ireland are employed by SMEs. The Government must move tax policy in a direction which supports the indigenous Irish economy by encouraging innovation and supporting entrepreneurs and reducing the cost and complexity of doing business.”  Childcare  In terms of childcare, the submission includes measures to improve the supply of childcare places for pre-school children. To address the impact of working parents leaving the workforce following the birth of their children on the labour supply, the CCAB-I is calling for the introduction of a €1,000 tax credit for working parents to encourage them to return to the workforce.  Ms Clohisey continues  “We know from research among our members that some working parents are unable to participate fully in the economy due to difficulties in obtaining and affording a place in a childcare setting. As a result, almost half of those surveyed have reduced their working hours to meet childcare responsibilities. We are asking that the government plans for adequate capacity in the sector by analysing local needs and ensuring adequate funding for the sector. For parents, the cost of childcare or lack of availability should not act as a disincentive to return to work. We are proposing as a starting point a €1,000 annual tax credit for working parents who return to or remain in the workforce until the child reaches primary school going age." Reforming the income tax system Ireland’s 40% tax rate is high in comparison to other competitor countries and the CCAB-I believes that introducing a third rate of income tax of 30% would make the system more equitable. It would also enhance Ireland’s attractiveness as a place to work, particularly among younger workers.   Ms Clohisey continues “Workers in Ireland pay income tax at a rate of 40% once they earn €42,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe where incidentally having more than two tax rates is extremely common.   “Speaking on behalf of a mobile profession where most are in the early stages of their careers and are planning their futures, introducing an intermediate 30% rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. The government needs to take immediate action to address the inequities that clearly exist within the system.”  Housing  In terms of housing, the submission also proposes: Extending the Help-to-Buy Scheme by two years to 31 December 2027 Abolish vacant homes tax Increase the rent-a-room relief from €14,000 to €20,000 and removing the cliff-edge Abolishing the non-resident landlord withholding tax system. ENDS  Issued by Chartered Accountants Ireland on behalf of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I). Read the submission in full here.  

  In this week’s Sustainability/ESG bulletin, read about a public consultation on strategic risks facing Ireland, as well as a report into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. Also covered is ISIF’s commitment of €278 million to climate investments, the £150k grant support now available in Northern Ireland for energy efficient equipment, and the usual policy updates from Europe, articles, resources and upcoming events.    IRELAND Public consultation on strategic risks facing Ireland The Government has launched a public consultation on the "National Risk Assessment 2024 – Overview of Strategic Risks”, covering strategic risks facing Ireland over the short, medium and long term. The finalised list will span five categories: geopolitical, economic, societal, environmental, and technological risk and include areas like the future direction of the EU, inflation, infrastructure deficits, housing and demographic change.  Deadline for submissions is Friday, 17 May 2024. New low-cost Home Energy Upgrade Loan Scheme The Government has launched a new low-cost Home Energy Upgrade Loan Scheme that aims to support homeowners to invest in energy efficiency. The €500 million Scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group. Under the scheme homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run. The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.   ISIF commits €278 million to climate investments The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced three new climate investments targeting offshore wind energy, renewable energy developers, and start-ups in energy transition. The new investments bring total ISIF commitments to climate investments to €636 million since 2021, representing 63.6 percent per cent of ISIF’s stated aim of investing €1 billion in Climate in the period 2021 to 2026. IFSCOE published The Net Zero Study 2023 The International Sustainable Finance Centre of Excellence (ISFCOE), supported by Skillnet Ireland, has published a gap analysis into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. The report – ‘Net Zero Study 2023’ – identifies the imperative for an agile, collaborative, and forward-thinking approach to ensure a successful transition, ultimately positioning the Irish Financial Services sector as a stalwart player in the global sustainability arena. Key findings are grouped under: Regulatory and Compliance Challenges, Data and Reporting Challenges, Reputational Challenges, Skill Development and Organisational Culture Challenges, Economic Challenges, Risks, and Opportunities and Digital Transformation. European Commission calls on Ireland to correctly transpose EU legislation on industrial emissions The European Commission has sent a reasoned opinion to Ireland for failure to address shortcomings in the transposition of the Industrial Emissions Directive, which lays down rules designed to prevent and reduce harmful industrial emissions into air, water, and land, and prevent the generation of waste. Although a letter of formal notice was sent to Ireland in February 2022, Ireland's legislation still does not correctly transpose certain requirements and definitions. Ireland now has two months to respond and take the necessary measures, or the Commission may decide to refer the case to the Court of Justice of the European Union. NORTHERN IRELAND & UK Northern Ireland grant support for energy efficient equipment Up to £150k has been made available through Invest Northern Ireland's Energy Efficiency Capital Grant (EECG) to help businesses buy and install energy efficient equipment, reduce energy costs and build resilience through efficiency. The rate of support covers the total eligible project costs and is based on company size. Examples of projects that will be considered for the grant include heating and cooling equipment, motors and drives, compressed air, lighting and onsite renewable generation. The call for applications will open at midday on Monday, 29 April 2024. 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 2023 European State of the Climate Report confirms alarming trend of climate change impacts The annual European State of the Climate Report, published jointly on Earth Day 2024 by the EU Copernicus Climate Change Service and the UN World Meteorological Organisation (WMO), showcases the continued alarming trend of rising temperatures and climate change impacts across Europe. Based on scientific data and analysis, the report also highlights the impacts of climate change across Europe and our societies in 2023, in particular the economic losses due to floods and the health impacts of heat stress.  Europe is the fastest warming continent, with temperatures rising at around twice the global average rate, as underlined by the European Climate Risk Assessment. Due diligence, air pollution, packaging and Energy Charter – policy updates from Europe The European Parliament has approved new rules obliging firms to mitigate their negative impact on human rights and the environment. The new Corporate Sustainability Due Diligence Directive, agreed on with the Council, will require firms and their upstream and downstream partners to prevent, end or mitigate their adverse impact on human rights and the environment. Such impact will include slavery, child labour, labour exploitation, biodiversity loss, pollution or destruction of natural heritage. The Directive now needs to be formally endorsed by the Council, signed and published in the EU Official Journal. It will enter into force 20 days later and member states will have two years to transpose the new rules into their national laws.   The European Parliament has also given its final green light to revised rules on preventing and combating human trafficking and protecting its victims. Products made with forced labour are also to be banned from EU single market.   The EU Parliament has adopted a provisional political agreement with EU countries on new measures to improve air quality in the EU so it is no longer harmful to human health, natural ecosystems and biodiversity. The revised law aims to reduce air pollution in the EU for a clean and healthy environment for citizens, and to achieve the EU’s zero air pollution vision by 2050.   The EU Parliament has adopted new measures to make packaging more sustainable and reduce packaging waste in the EU. The regulation aims to tackle constantly growing waste, harmonise internal market rules and boost the circular economy. Separately, Parliament also adopted the directive on the so-called “right to repair” for consumers, clarifying the obligations for manufacturers to repair goods and encourage consumers to extend a product’s lifecycle through repair.   MEPs have consented to the EU withdrawing from the Energy Charter Treaty, which was established in 1994 to govern trade and investment in the energy sector. The Commission proposed a coordinated withdrawal by the EU and its member states, as it considers the Treaty to be no longer compatible with the EU’s climate goals under the European Green Deal and the Paris Agreement, predominantly due to concerns over continued fossil fuel investments. Sustainability Update from Accountancy Europe (From our friends in Accountancy Europe – sign up and subscribe) The April edition of the Accountancy Europe Sustainability Update has been published, with the following and more: EC calls upon CEAOB to develop guidelines on limited assurance EP approved sector-specific sustainability reporting standards delay EP adopts its position on Green Claims Directive ESMA seeks input on technical regulatory standards for external reviewers ISSB decides its priorities for next two years GLOBAL Monday 22 April was Earth Day. The event began in 1970 in the United States and is now marked around the world. The theme this year was ‘Planet v Plastics’ and it aimed to raise awareness of the harms of plastic pollution for human and planetary health. Find out more about Earth Day in this explainer from the: What is Earth Day, when is it and what has it achieved? Talks continued this week in Canada under the auspices of the UN Environment Programme, to develop a legally binding ‘Plastics Treaty’ by the end of 2024. Final negotiations on the treaty will take place it South Korea in December. The talks follow the historic resolution made in 2022 by 175 countries to end plastic pollution and develop a plastics treaty. According to CDP (formerly the Carbon Disclosure Project), the majority of companies are overlooking plastic-related risks, and mandatory disclosure on plastics is necessary. 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.  Articles Earth Day 2024 - Planet vs. Plastics (Chartered Accountants Ireland) Buyers of older homes may pay thousands more per year in mortgage repayments (Irish Times) Climate Change’s ‘Physical Risks’ Are Catching Up With Banks (Bloomberg) Deforestation in Brazil's Amazon down 40% in Q1, minister says (Reuters) Climate targets oversight group backtracks after staff revolt - Science Based Targets initiative says its guidance on carbon offsets has not changed pending draft rules in July (Financial Times) ACCA unveils five-point climate plan for accountants on Earth Day (Accountancy Today) With a landmark Global Plastics Treaty on the horizon, the time for corporate disclosure – and action – is now (Edie) A global plastics treaty is being negotiated in Ottawa this week – here’s the latest (The Conversation)   Upcoming Events  Chronos Sustainability/ UCD Michael Smurfit Graduate Business School , JCI (Junior Chamber International), Careers in Sustainable Finance Speakers will include NTMA's Emma Jane Joyce, SustainabilityWork's Laura Heuston and Chronos Sustainability's Dr Rory Sullivan In person: 29 April, UCD Smurfit School, 6.30-7.30pm   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), 30 April Chambers Ireland, Green Public Procurement - Half-day virtual workshop All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Green Public Procurement (GPP) is a process where public authorities seek to source goods, services or works with a reduced environmental impact. The Government’s GPP Strategy and Action Plan for 2024-2027 has been published here. For some contracts with immediate effect, and from 2025 all tenders over €50,000 must include sustainable end environment technical specifications and contract specific award criteria. Virtual (Zoom), €99 for Dublin Chamber members and €330 for non-members, Wednesday 8 May, 9.00 – 13:00   Change by Degrees, CSRD is a Team Sport Webinar to give insights into the Corporate Sustainability Reporting Directive (CSRD) and discover how to equip your team for the future of sustainability regulation. Discover how your business can excel in sustainability practices and turn compliance into a competitive advantage. Virtual (LinkedIn Live), 10 May, 10.00 – 10.30am   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   Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm 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, 22 May, 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.

World Wildlife Day 2022 was a day not traditionally associated with businesses! However, on this day the chief executives of 10 of the world’s leading accountancy institutes joined together to support a new call to action in response to the nature crisis. Working together as part of the Global Accounting Alliance (GAA), the CEOs signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis.  Every business relies on nature. Healthy societies, resilient economies and thriving businesses depend on it. But while protecting nature has been of increasing importance to policy makers concepts like ‘nature’, ‘biodiversity’ and ‘ecosystems’ have long been considered as something that exists firmly outside the office window. Without being overtly aware of it, though, businesses are in an ecosystem on which they have an impact, and which impacts on them. And that ecosystem is under severe threat. Our natural world is facing one million species under the threat of extinction, with a consequent impact on the environment in which we live and work. The International Finance Corporation, a member of the World Bank Group, describes biodiversity as a fundamental component of long-term business survival. Businesses are dependent on nature and biodiversity for supplies of raw materials, fuel, availability of clean water, clean air, pollination, crops, climate regulation for a stable climate, and a healthy safe environment. They rely on it for the wellbeing of their staff, their consumers, in their own operations and along their supply chains. Experts warn biodiversity loss poses as much of a threat to our planet as climate change, but businesses struggle to understand their connection with biodiversity and its relevance to their business. This leaves them potentially vulnerable to a range of risks. In 2020, the World Economic Forum (WEF) ranked biodiversity loss and ecosystem collapse as one of the top five risks for the coming 10 years in terms of likelihood and social and economic impact. The IPCC report published this week pointed to ‘non-climatic global trends’, like biodiversity loss, as being a crucial to threat to our continued survival. Sectors like fisheries, forestry and agriculture and agri-food will be directly affected by nature loss – for example, rising temperatures causing the extinction of a species that pollinates plants, leading to global shortages of certain products, leading to rising prices, and hunger. But any business involving a direct interaction between people and nature is similarly threatened, the most obvious being the tourism industry and much of the hospitality sector. For these businesses, the nature loss is a significant business risk, but most businesses suffer indirectly from nature impairment. So what can businesses do? A lot, it seems. A report to the National Parks and Wildlife Service, of the Department of Housing, Local Government and Heritage prepared by Optimize, Irish Forum on Nature Capital and AECOM in 2020, found that business has a considerable role to play in protecting biodiversity. This sentiment is echoed by Business in the Community Ireland (BITCI) in its Biodiversity Handbook, which has resources for business biodiversity action for business. In Northern Ireland, Business in the Community has created a Business and Biodiversity Charter as a framework for businesses to engage with biodiversity. The Charter is based around a staged approach, and is applicable to all organisations from micro-businesses to large facilities owned by multi-national companies. Some actions businesses can take are Build awareness Knowledge is power. Businesses can utilise resources such as those provided by Natural Capital Ireland (NCI), those in the BITCI’s Biodiversity Handbook, the resources provided by Business in the Community in Northern Ireland, or global sources such as Business for Nature. Build biodiversity into your strategy. For many businesses, this means focussing on what used to be called the ‘triple bottom line’ of people, planet and profit, where benefits to humanity, the environment and the financial bottom line are given equal prominence by a business. Define what is material to you. Business for Nature describes this as “Assess[ing] your impacts and dependencies on nature to ensure you are committing and acting on the most material ones”. You can create an impact by connecting with your local community, engaging in clean-up projects, or grow-your-own workshops, and provide leadership and opportunities for your team to promote action on nature protection. Keep an eye on developments In Ireland NCI is working to develop a national Business and Biodiversity Platform to support businesses to act to combat the biodiversity crisis. This an online hub will help the private sector recognise the risks posed by biodiversity loss and take measurable, practical actions to halt the growing crisis. Greenwash at your peril Many businesses are embracing biodiversity and environmental sustainability as a means of differentiating themselves competitively to attract customers, client staff and even access to access to finance. However, businesses must be transparent about their activities. Accountability is king, so if you pledge to do something, do and it disclose it, and ensure that it will have an impact. Biodiversity is increasing in importance to business, and businesses will be expected to know about biodiversity action and to engage with it.