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:
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
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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.
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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
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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.
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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)
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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.
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