In this week’s Sustainability/ESG Bulletin, read about the report warning how extreme weather events will test Ireland’s economic and financial resilience and the Department of Finance’s report into potential long-term impacts of global megatrends, like climate change, on Ireland’s economy and public finances. Also covered is the announcement by the EIB of new support to develop Ireland’s district heating systems, the agreement by EU Member States on emissions targets, the proposed changes to carbon accounting, and the landmark European Court of Human Rights ruling setting a precedent for climate accountability, as well as the usual articles, jobs and upcoming events.
IRELAND
Report into climate adaptation finance identifies shortfalls in Ireland’s resilience
A new joint report by the Climate Change Advisory Council and the Central Bank of Ireland has warned that the deployment of climate adaptation finance is below what is required to address the escalating risks posed by climate change. Without action, the impact of extreme weather events will test Ireland’s economic and financial resilience. The report, Funding Climate Adaptation in Ireland, emphasises the importance of credible transition plans to build resilience in the financial sector and contribute to a resilient economy. Actionable solutions include transition planning that incorporates adaptation, and the development of scalable, investable project models, and a register of successful adaptation projects to build momentum and share solutions.
Report publishes on long-term fiscal and economic assessment of Ireland’s needs
The Minister for Finance, Paschal Donohoe TD, has published Future Forty: A Fiscal and Economic Outlook to 2065 examining the long-term impacts of global megatrends and other structural shifts and their potential impact on Ireland’s economy and public finances in the years ahead. In total, over 2,000 scenarios have been modelled, which collectively point to a continued growth in living standards, but with slowing growth over the long-term, and a steady decline of our fiscal position. Among the key economic and fiscal drivers identified as contributing to this is the long-term costs of decarbonisation and climate mitigation along with demographic shifts and slowing productivity, and a slowdown in corporation tax receipts. The next decade is highlighted as a window of critical opportunity to boost economic growth potential, address the structural challenges and avail of the opportunities that may lie ahead.
Ireland responds to EU’s proposed 2040 climate target
Ireland’s Minister for Climate, Energy and the Environment, Darragh O’Brien has welcomed the EU’s agreement on a proposed 2040 climate target and updated Nationally Determined Contribution (NDC) (see below), praising in particular its recognition of “the particular characteristics of our agriculture sector” and the importance of energy affordability and social cohesion.
The announcement follows the publication of reports by Environmental Protection Agency (EPA) that Ireland is significantly off track to meet its legally binding 2030 emissions reduction goals, with agriculture accounting for over 37.8 percent of Ireland’s total greenhouse gas emissions — the largest share of any sector. Other reports point to continued degradation of Ireland’s water quality caused by excess nutrients from agriculture, urban wastewater and other human activities.
Separately, Taoiseach Michael Martin attended the two-day World Leaders Climate Action Summit in Belém, Brazil, which brings together heads of state and government, ministers, and leaders of international organizations to discuss pressing climate change challenges and commitments. Commenting, Taoiseach Martin said that there needs to be more leaders "ready to tell it as it is" and that Ireland is adapting by investing in flood relief schemes and coastal defences, early-warning systems and sustainable agriculture and industrial practices.
Over the coming weeks Chartered Accountants Ireland will provide coverage of the climate summit, and potential impacts to business on its Sustainability Centre.
European Investment Bank (EIB) announces new supports for Ireland’s district heating
The European Investment Bank (EIB) has announced new technical and financial advisory support to help Ireland develop district heating systems. Heating accounts for more than one-third of Ireland’s energy-related emissions, with more than 80 percent of households still relying on fossil fuels. District heating—common across Nordic and central European countries—offers a proven way to decarbonise heating by using renewable, waste, and low-carbon heat sources. It also provides more stable, predictable costs and the opportunity to shield connected households from market volatility. Ireland’s networks currently supply less than 1 percent of national heat demand, highlighting a major opportunity for growth. The Department of Climate, Energy and the Environment has opened an Expression of Interest (EoI) through the SEAI website, for interested parties to be considered for the fund.
EUROPE
Member States agree on emissions targets
Member States of the European Union have agreed on new EU Nationally Determined Contribution (NDC) under the Paris Agreement ahead of the UN Climate Change Conference (COP30). This annual global climate change conference begins in Belém, Brazil, on 10 November. The new EU NDC, which will now be submitted to the United Nations Framework Convention on Climate Change (UNFCCC), is to reduce net GHG emissions by 66.25 –72.5 % below 1990 levels by 2035, and by 90 percent by 2040. The agreement followed protracted talks among environment ministers in Brussels and included flexibility about how that target could be met, such as the ability to buy carbon “credits” to allow EU countries to finance climate action elsewhere and count that financing towards up to 5 percent of their own reduction targets. This has drawn criticism as allowing for carbon credits means the actual impact on reductions in emissions could be lower than what is needed to arrest climate change. The 2040 climate target can become law following approval by MEPs in the European Parliament.
European Union ‘largely on track’ to achieve 2030 targets
A report published by the European Environment Agency has found that the European Union remains largely on track to achieve its 2030 targets to reduce net greenhouse gas emissions. Trends and projections in Europe 2025 estimates that total net greenhouse gas emissions in the EU fell by a further 2.5 percent in 2024. It further found that EU Member States are expected to collectively achieve a net emissions reduction of 54 percent by 2030 compared with 1990 levels, which is just under the 55 percent reduction target. The report also notes that while several developments will require focused attention in the coming years, the foundation for progress is in place: recent years have seen a rapid acceleration in emission reductions and the emergence of numerous technological and policy solutions. However, it also underscores the scale of the remaining challenge — in particular, the need to strengthen more resilient carbon sinks, accelerate transport decarbonisation and ensure delivery at national level.
Separately the latest European Environment Agency (EEA) review of national climate adaptation actions highlights that while European countries have made substantial progress in planning for climate adaptation and with adopting policies, implementation and evaluation need to be significantly strengthened to ensure actions effectively address the escalating climate risks Europe faces.
WORLD
COP30 “Return on Action” Campaign
The We Mean Business Coalition, the World Business Council for Sustainable Development, and partners are inviting companies to participate in the COP30 “Return on Action” campaign. The initiative showcases how corporate climate action is delivering tangible benefits — from green jobs and energy security to cost savings and sustainable growth. The aim is to “send a clear signal to Heads of State, environment ministers, fellow corporate leaders and concerned citizens, that business remains committed to deliver on the promise of the Paris Agreement” .Their goal is to take over the online conversation for 24 hours during the COP30 negotiations, thereby generating media coverage, and “send an unmissable message to policy makers and the public about the unstoppable momentum of corporate climate leadership.”
Businesses are encouraged to submit case studies demonstrating impact, which will be reshared globally on 12 November during COP30 to highlight collective momentum and reinforce commitment to the Paris Agreement. For more information or to get involved, contact cop@wmbcoalition.org or access the Q&A here.
Proposed changes to carbon accounting
The Greenhouse Gas Protocol, the leading international standard for measuring and managing greenhouse gas emissions from companies and governments, has launched a public consultation for updates to its guidance on Scope 2 emissions, i.e. emissions from purchased electricity, steam, heat, and cooling. The proposed revisions aim to improve accuracy while keeping reporting clear, consistent, and manageable for organisations of all sizes and reflecting the world’s rapidly changing energy landscape. Proposals involve stricter requirements for both location- and market-based reporting, with final revisions expected in 2027. The 60-day public consultation period began on October 20, 2025 and will run until December 19, 2025.
Landmark ruling sets precedent for climate accountability
The European Court of Human Rights has reportedly set a precedent for climate accountability in a landmark ruling on the case of Greenpeace Nordic and Others v. Norway. The Court held that when making a decision in the context of the environment and climate change, the State had to carry out an adequate, timely and comprehensive environmental impact assessment in good faith, and based on the best available science. The case began in 2016 with Greenpeace Nordic, Nature and Youth, and six activists challenging Norway’s decision to open parts of the Barents Sea to oil exploration, arguing that the licences violated their rights under the European Convention on Human Rights.
The impact of setting science-based targets on businesses
The SBTi has released a new report demonstrating that science-based targets deliver competitive advantage—not just climate impact. In The Impact of Setting Science-Based Targets on Businesses report, a survey of 171 companies, a literature review of 22 studies, and three case studies indicate that companies benefit from a wide range of positive effects as a result of setting science-based targets. This ranges from improved investor relations to better financing terms, enhanced strategic cohesion, more alignment with suppliers, and resilience across multiple areas of risk, in addition to higher climate ambition and a faster pace of decarbonisation.
Articles
- Turning Uncertainty into Action: Why Every Business Needs a Climate Transition Plan (IBEC)
Jobs
Financial Services - Climate Change and Sustainability Services - Senior Consultant (EY)
Events
Business for Biodiversity Ireland, Supporting Action for Business & Biodiversity
BFBI, in partnership with Waterford City & County Council Climate Action Team, will host a free webinar to help Irish businesses understand their relationship with nature and develop a strong Nature Strategy. The session will explore how biodiversity adds value and resilience to organisations.
Online, 11 November 2025, 11:00am–12:00pm
Irish Green Building Council, IGBC Lunch & Learn: Promoting Business Benefits of Sustainable Strategies for SMEs
This one-hour webinar, hosted in collaboration with Bank of Ireland, explores how SMEs can unlock business value through sustainability—covering cost savings, brand enhancement, and access to financial supports, with expert insights and practical tools including the Sustainability Business Coach
Virtual, Wednesday 12 November 2025, 1:00pm – 2:00pm
Ibec Networks Autumn Seminar Series, Session 4: The culture of sustainability innovation
The final webinar in a four-part series Autumn Seminar Series ‘The culture equation’ looks at what supports are available to assist on a journey to becoming a more sustainable business. In the supporting case study from O'Brien's Fine Foods the webinar will discuss what drives a sustainability focused culture in an organisation.
Virtual, Thursday 13 November, 11.00-11.50am
Sustainable Energy Authority of Ireland (SEAI), SEAI Webinar: Supporting SMEs on the Path to Sustainability
This webinar will explore how small and medium-sized enterprises can adopt sustainable practices, reduce energy costs, and access available supports. The session will include expert guidance and practical tools tailored to SME needs.
Virtual, Thursday 14 November 2025, 11:00am – 12:00pm
iQuest / Business Post Live, ESG Summit Autumn 2025
This ESG Summit will explore how sustainability is becoming central to business strategy. With a focus on regulatory shifts, climate transition planning, ESG data governance, and nature-positive outcomes, the event brings together business leaders, policymakers, and sustainability professionals to share insights and practical strategies.
In-person, 20 November 2025, 8:45am–5:00pm, Croke Park, Dublin
Business in the Community Ireland, Launch of Ireland’s First Climate Transition Plan Scorecard
BITCI, in partnership with DCU Institute for Climate and Society, will launch Ireland’s first Climate Transition Plan Scorecard. The Scorecard assesses corporate climate plans across nine key areas and is part of BITCI’s Accelerate campaign.
In-person, 20 November 2025, 3:00pm–4:00pm (wine reception until 5:00pm), Sky Suite, Radisson Blu, Golden Lane, Dublin 8
IBEC, Preparing for Severe Weather Events
Severe weather conditions can cause major disruption to roads, bus or train infrastructure and therefore, the operation of your business. In this webinar, Dr. Michael Gillen, Head of OSH Policy will review the key points to consider, practical steps and control measures you can put in place.
Virtual, 26 November 11:00 - 11:45
Chartered Accountants Ireland, Network for Chartered Accountants working in ESG
This informal network offers Chartered Accountants working in ESG/Sustainability a space to connect, share insights, and discuss challenges and opportunities in the field. Members working on ESG-related projects are encouraged to join and contribute to the conversation.
Online, 19 November 2025, 2:00pm–3:00pm, Email sustainability@charteredaccountants.ie to join
Sustainability Centre
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
LOADING...