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