In this week’s sustainability/ESG bulletin read how climate is a policy objective in the Report of the Commission on Taxation and Welfare, a public consultation on the review of the security of Ireland’s energy supply, Ireland’s first annual UN Sustainable Development Goals (SDG) Week, the UK Government's business energy plan, and new EU rules to limit global deforestation, as well as articles, podcasts and upcoming events.
Climate and the Report of the Commission on Taxation and Welfare
Climate is one of four over-arching policy objectives that should be central to the development of taxation and welfare policy in the years to come. This is the position of the Commission on Taxation and Welfare in its report – Foundations for the Future – released last week. Read more here.
Consultation on the review of the security of energy supply for Ireland’s electricity and natural gas systems
The Irish Government has published a consultation document for a review of the security of energy supply for Ireland’s electricity and natural gas systems. This consultation seeks views on policy measures that could be implemented to support Ireland’s security of supply framework. The review is focused on the period to 2030, but in the context of ensuring a sustainable transition up to 2050. The public consultation document is accompanied by a technical analysis carried out by Cambridge Economic Policy Associates Ltd. (CEPA), and the closing date is Friday, 28 October 2022.
Ireland’s first annual Sustainable Development Goals (SDG) Week
Ireland’s first annual Sustainable Development Goals (SDG) Week takes place from 20 to 26 September. Accountants who need a refresher on the SDGs can find out more about them, and their relevance to accounting, in this article in the Chartered Accountants Ireland Sustainability Hub.
UK’s Government business energy plan revealed
The UK Government has this week published its plans to help cut energy bills for businesses. Businesses are set to automatically receive a reduction in energy costs from 1 October 2022. Through the new Energy Bill Relief Scheme, the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers. This includes all UK businesses, the voluntary sector, including charities, and the public sector, including schools and hospitals. The Scheme will run for six months from 1 October 2022 to 31 March 2023. Support (in the form of a p/kWh discount) will automatically be applied to bills, so customers will not need to take action. A review into the operation of the scheme will be published in three months’ time to inform decisions on future support after March 2023.
A parallel scheme, based on the same criteria and offering comparable support, but “recognising the different market fundamentals”, will be established in Northern Ireland. The UK Government has reportedly stated that comparable wholesale rates will be “set shortly” for Northern Ireland.
£70 million grant funding available under Industrial Energy Transformation Fund
The Department for Business, Energy & Industrial Strategy (BEIS) has launched the Industrial Energy Transformation Fund (IETF) Phase 2: Autumn 2022. This makes available grant funding for feasibility and engineering studies, energy efficiency, deep decarbonisation projects, and non-road mobile machinery. The Autumn 2022 competition will open to applications on Monday, 10 October 2022 and BEIS plans to run events and clinics to inform businesses about the scope of the competitions, eligibility criteria, and the application process.
€1.4 billion for Ireland's economic and social development and green transition in 2021-2027
Ireland will benefit from €1.4 billion in Cohesion Policy funding between 2021 and 2027 to support the sustainable development of its economy, it was announced this week. The details and strategy for these investments are set out in the Partnership Agreement between Ireland and the Commission that was formally launched this week.
New rules to limit global deforestation
The European Parliament has adopted a position on a draft EU regulation banning the import of commodities driving deforestation. An area larger than the EU was lost to deforestation from 1990 to 2020, with EU consumption representing around 10 percent of losses. The new law would make it obligatory for companies to verify that goods sold in the EU have not been produced on deforested or degraded land anywhere in the world, and have been produced in accordance with human rights provisions in international law and respect the rights of indigenous people. Financial institutions will also be compelled to check that they are not financing companies driving deforestation. Negotiations with the Council of the EU (which adopted its position in June) are expected to start in the coming weeks.
Podcasts
- (24 mins): Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, discusses energy policy (RTÉ Radio 1)
- (38 mins): In the first episode of ‘Zero’, a Bloomberg podcast that hears from key people in the fight against climate change, Baroness Bryony Worthington talks about how to 'crisis-proof' climate action.
Articles
- UK businesses given six-month emergency energy price cap (The Guardian)
- All you need to know about putting solar panels on your roof (RTÉ)
- How excess heat from one data centre will warm Dublin offices within weeks (Irish Independent)
Upcoming events
- Biodiversity Essentials programme, (Link) (funded), 28 Sept 9.30-11.00 | 19 Oct 2.30-5.00
- European Business & Nature Summit (Link), 18-19 Oct
- The Business Case for Social and Circular (Link) 18 October, 12.00-1.00: free, interactive webinar, experts Claire Downey, Chris MM Gordon and Kate van der Merwe discussing the social and circular economies, and how these alternative economic models are sources of innovation for mainstream business.
- Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct
- Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)
- Accountancy Europe, Sustainability Tax Systems, 25 Oct 9-11 GMT (10-12 CEST)
You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.