Sustainability/ESG bulletin, Friday 10 February 2023

In this week’s Sustainability/ESG bulletin, read about the funding announced for Irish local authorities to support community climate action, the Irish Strategic Investment Fund’s announcement of new funding commitments for climate action projects, and the Environmental Protection Agency’s allocation of €10.7 million to climate-related research projects. Also covered is the EU’s proposed new Green Industrial Plan, as well as the usual articles, podcasts and upcoming events.

Funding announced for community climate 

Minister for the Environment, Climate and Communications, and Minister for Transport Eamon Ryan, T.D., has announced funding of €24 million for Local Authorities to support and build low-carbon communities across the country. A further €3 million is being provided to support cross-border and all-island community climate action initiatives. Commenting about the funding, Minster Ryan describe it as “part of how the government is working in practical ways with all communities on the island for a sustainable, shared future.”

ISIF announces new funding commitment for climate action projects

The Ireland Strategic Investment Fund (ISIF) has announced an €18 million commitment to San Francisco-based Activate Capital Partners. This investment firm targets late-stage venture and growth equity investments in businesses that are enabling the global energy transition. The commitment aligns with ISIF’s previously announced planned programme to invest €1 billion over five years in climate action projects that will target investments in energy efficiency, energy storage, renewables and better use of resources. Since announcing its €1bn programme at the end of September 2022 ISIF has closed €229 million of climate investments.

EPA awards €10.7 million to climate-crisis research projects

Ireland’s Environmental Protection Agency (EPA) has recently awarded €10.7 million to research projects tackling the climate crisis. Ten of the projects are focusing on facilitating a green and circular economy. A total of 42 projects have been selected under the EPA Research Programme, a Government of Ireland initiative funded by the Department of the Environment, Climate and Communications. The EPA 2030 Research Strategy focuses on four thematic areas: addressing climate change evidence needs; facilitating a green and circular economy.

Reporting for a new regime (Accountancy Ireland)

Companies in Ireland cannot afford to ignore the impact of emerging environment, social and governance (ESG) requirements on their annual reports and financial statements. In this article in the February 2023 issue of Accountancy Ireland, PWC’s Fiona Hackett and Emer Fitzpatrick describe the unprecedented year that 2022 was for environmental, social, and governance (ESG) reporting.

New EU Green Deal Industrial Plan

The European Commission has presented a Green Deal Industrial Plan to enhance the competitiveness of Europe's net-zero industry and support the fast transition to climate neutrality. The Plan aims to provide a more supportive environment for the scaling up of the EU’s manufacturing capacity for net-zero technologies and products required to meet Europe's climate targets. The plan is based on four pillars:

• a predictable and simplified regulatory environment,
• speeding up access to finance
• enhancing skills, and
• open trade for resilient supply chains.

The Plan is in response to invitations by the European Council for the Commission to make proposals by the end of January 2023 to mobilise all relevant national and EU tools and improve framework conditions for investment, with a view to ensuring EU's resilience and competitiveness.

Articles

• Why Professional Accountants will Save the World (Malaysian Institute of Accountants)
• Guest post: How can nature-based solutions help cities achieve their climate goals? (Carbon Brief)
• EU prepares response to new US green subsidy plan (RTÉ News)
• Ireland’s climate strategy remains to kick the can down the road (The Irish Times)
• Nature’s Air-Conditioning – Greening Pearse Street (Dublin Chamber of Commerce)

Podcast

Dearbhla Stapleton, Programme Manager for Business and Industry at the Sustainable Energy Authority of Ireland (SEAI) talks about the pressing challenges facing businesses and SMEs at this time, with rising energy costs hampering the viability of operating for many businesses, along with initiatives promoting carbon-neutrality becoming more and more imperative during the climate crisis. Listen here (20 mins)

Competition 

• Accounting for Sustainability (A4S) is now accepting applications for the A4S Academy 2023. The 18-month programme will begin at the end of June 2023, with applications closing on 31st March. More details, includingprogramme outline, eligibility and fees are on the A4S website or by email.

Events

Jobs

Financial/Reporting Accountant for major energy provider in Ireland’s Energy/Sustainability/Renewables sector. Newly qualified ACAs can contact Dave Riordan, Careers Team, Chartered Accountants.

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 Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.

• 3rd Wednesday of every month
• Next : 22 February, 2023
• 14.00-15.00/30
• Chartered Accountant House/Teams

If you would like to attend please email sustainability@charteredaccountants.ie