News

  In this week’s Sustainability/ESG bulletin, read about the Government’s announcement of €300 million for decarbonisation of manufacturing sectors in Ireland. Also covered is the new Greenhouse Gas (GHG) Emissions Reduction strategy, a new public procurement strategy, and the new Sustainable Development Goal (SDG) Champions for 2024-5, as well as updates from Northern Ireland, Europe and IFAC, and the usual awards, jobs, articles, resources and events.   Ireland news €300 million to drive the decarbonisation of manufacturing sectors The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The Minister has also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. Read more  Government approves new greenhouse gas (ghg) emissions reduction strategy The Government has approved Ireland’s updated Long-term Strategy on Greenhouse Gas (GHG) Emissions Reduction. The strategy, which updates one prepared in 2023, links the shorter-term Climate Action Plans and Carbon Budgets and the longer-term objective of the European Climate Law and Ireland’s National Climate Objective. New public procurement strategy to be developed The Government has announced it is to develop a new national public procurement strategy to build on the public procurement reform programme established in 2013 and to align with the 2023 Better Public Services: Public Service Transformation 2030, . The move is to help achieve the Government’s long-term vision for public procurement, i.e. that it be sustainable, innovative, transparent and cost-effective. Adoption of Ireland’s revised National Recovery and Resilience Plan The EU Economic and Financial Affairs Council’s (ECOFIN) has adopted Ireland’s modified National Recovery and Resilience Plan (NRRP), which includes Ireland’s €240m REPowerEU Programme. Ireland’s modified plan is now worth €1.15 billion (in grants) and covers 19 investments and 11 reforms. The overall objective of Ireland’s NRRP is to contribute to a sustainable, equitable, green and digital recovery effort, in a manner that complements and supports the Government’s broader recovery efforts from the global Covid 19 pandemic. Government approves General Scheme of Environment (Miscellaneous Provisions) Bill 2024 The Government has approved the General Scheme of the Environment (Miscellaneous Provisions) Bill 2024. This Bill is intended to streamline the EPA’s licencing system by providing definite timeframes for decisions and more options for the Agency to efficiently regulate lower-risk activities and minor changes to licences. It also ensures that appropriate and proportionate environmental protections are in place. The General Scheme will be the basis of the Bill which will be brought to Government before being published and introduced in the Oireachtas. Government green lights sustainable water project A project, described as one of the largest and most important infrastructure projects in the history of the State, has received Cabinet approval in principle this week. The Water Supply Project aims to  develop a new, climate-resilient, long-term water source to meet the demands of a growing population and economy, including the need for housing and mitigating against the impacts of climate change. Following Cabinet approval, Uisce Eireann will submit a Strategic Infrastructure Development application to An Bord Pleanála next year with construction estimated to take 4-5 years. 20 New Sustainable Development Goal (SDG) Champions announced for 2024-2025 20 new organisations from across Irish society have been appointed Sustainable Development Goal (SDG) Champions, bringing to 54 the number of Champions in Ireland from programmes since 2019. These include Musgraves, the GAA, Macra na Feirme and Chambers Ireland. The chosen organisations will help raise awareness of the importance of the UN SDGs as a roadmap for a safer, fairer, more prosperous and sustainable future for all, that leaves no-one behind. UK/Northern Ireland news Funding for decarbonisation/waste reduction Funding has been made available under the Creative Catalyst Challenge Fund to finance research and development (R&D) of an innovative new product/system or process that decarbonises or reduces waste within the creative industries, reducing climate impact and/or leading towards net zero. The bespoke fund offers a total grant pot of £250,000 for creative entrepreneurs and businesses working within the creative industries in the UK. Find out more here. Carbon literacy training for businesses Accredited carbon literacy training is being offered to businesses in Northern Ireland by Business in the Community (BITC). The training is designed to improve understanding of carbon literacy and to explore the opportunities, risks and challenges of climate change. The training is accredited to meet the Carbon Literacy Standard and independently verified by The Carbon Literacy Project. Find out more here. Grant competition – ethnic minority entrepreneurs The Minorities Recognition Awards NI (MRANI) and Techstart Ventures have teamed up to launch the Innovators grant competition for ethnic minorities in Northern Ireland. The collaboration offers entrepreneurial individuals from ethnic minority backgrounds, who are resident in Northern Ireland and have a novel business idea, a chance to apply for grant funding of up to £10,000 to further develop their ideas. Find out more here. Greenhouse gas emissions bulletin A statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2022, has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA), and shows a decrease in 2022 of 3.0 percent compared with 2021, with a longer-term decrease of 26.4 percent compared with emissions in 1990. Read more here.   Europe News The European Environment Agency (EEA) has announced a decline in key air pollutant emissions across most EU Member States. 11 Member States – including Ireland – failed to meet their emission reduction commitments in 2022 for at least one of the five main air pollutants. The agency also published a review of the EU’s Climate-ADAPT online platform, which shows that sharing examples of adaptation actions can boost learning across the EU, Member States as well as regional and local authorities to help societies better prepare for climate change. The platform currently includes 134 case studies for learning and to inspire action.   The EU Commission has launched the European Solar Academy, the first in a series of EU Academies to be set up under the Net-Zero Industry Act (NZIA) to have in place the necessary skills along the net-zero technologies value chains. The role of NZIA academies is to develop learning content and programmes together with the industry, to ensure that sufficient skills and workforce in the value chain.   The European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. The goal of the investments is to help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050.   The EU Commission has announced it proposes to allocate €2.4 billion for environment and climate action, from a proposed annual EU budget of €199.7 billion for 2025. Of the €2.4 billion, €771 million is for the LIFE programme to support climate change mitigation and adaptation, and €1.5 billion is for the Just Transition Fund to make sure that the green transition works for all. The proposed annual budget aims to support the EU in meeting its political priorities while integrating the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF) in February 2024.  World news The International Federation of Accountants (IFAC) has released resources to help accountants understand sustainability assurance. Sustainability Assurance: What to Expect is part of a part of IFAC’s ongoing initiatives to convene, inform and mobilise sustainability reporting and assurance stakeholders. IFAC is also inviting organisations to reach out to them with opportunities for further collaboration, and is encouraging producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance. Also, to mark World MSME Day (27 June), IFAC has published an article on Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses, outlining the four key challenges and opportunities  for the accountancy profession that identified by IFAC and shared with the United Nations toward the end of 2023. Did you know? A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Read about Worthing Pride here. Webinar  You can watch back the June Webinar 2024 of Practice News from Chartered Accountants Ireland, which features key regulatory updates from our Professional Standards team, as well as an overview from the Department of Enterprise, Trade & Employment on upcoming key changes to Irish Company Law, as well as how the implementation of CSRD will impact you and your clients.  (0:55:47 – 1:22:54) Podcast In Deep Impact Investing, podcast hosts Kimberly Griego-Kiel and Johann Klaassen discuss traditional investment norms and a new age of sustainable impact investing that aligns with personal values and plays an active role in global environmental and societal rejuvenation. Listen at Beyond Profits: Investing for a Sustainable Tomorrow (Ep. 102) – Deep Impact Investing (blubrry.net) Articles Peter Burke announces €300m for ‘competitive priority’ of reducing manufacturing emissions (Business Post) As new CSRD rulebook puts sustainability on a level footing with financial reporting, the work involved is “far from appreciated” (The Currency) How to secure funds for sustainability projects (ICAEW) What does the Corporate Sustainable Reporting Directive mean for the Global South? (World Benchmarking Alliance) PwC’s Global CSRD Survey 2024 -The promise and reality of CSRD reporting (PwC) Businesses need more time to implement CBAM (ICAEW) Resource: AI & CSRD webinar recording What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar earlier last week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Find out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here. Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   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 to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries. Includes two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities By email, 12 July   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and 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. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September   Environment Ireland, Environment Conference In person, Croke Park, 17 October   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, 25 July, 14:00-15.30 Zoom 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. 

  In this week’s Sustainability/ESG bulletin, read about a new report into carbon budgets in Ireland, funding available under the Circular Economy Innovation Grant Scheme, and new Government resources on sustainability for business. Also covered is an update report on the White Paper on Enterprise Implementation Plan, the second National Adaptation Framework, news of the approved EU Nature Restoration Law and resources on the role of accountants in tackling the nature crisis, as well as the usual awards, jobs, articles, resources and events. Ireland news Recording available from AI & CSRD webinar What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar  this week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Carbon budgeting reported launched A research report, Carbon Budgets: Opportunities and Challenges for Irish Business, was launched this week by Minister Dara Calleary, Department of Enterprise, Trade and Employment, in Dublin’s Royal Irish Academy. Co-written by DCU Assistant Professor Dr Aideen O’Dochartaigh FCA, the report highlights the fundamental conflicts between Ireland’s industrial development and environmental goals. The report called for – among other things – coordinated efforts across entire value chains, substantial investment in new technologies, infrastructure and training, and forums to discuss growth, policy coherence and the future of key sectors, and to develop a shared socio-economic vision for a Net Zero Ireland. Funding under Circular Economy Innovation Grant Scheme (CEIGS) A call for applications for the 2024 funding round of the Circular Economy Innovation Grant Scheme (CEIGS) has been announced this week. The scheme aims to support innovation and circular economy projects by social enterprises, voluntary and community organisations and businesses with fewer than 50 employees. Total funding of €650,000 is available, with typical funding for projects anticipated to be in the range of €10,000 to €50,000. Details on the application process are available here and applications are open until 19 July. New Government resources on sustainability for business The Department of Enterprise, Trade and Employment has collated resources on sustainability for business: Sustainability is good for business. The pages define sustainability, provide links to a range of sustainability-focused consultancy options, training and grants, and case studies of companies successfully embedding sustainability practices in their businesses. Update to Enterprise White Paper plan The Department of Enterprise Trade and Employment (DETE) has published the Second Update Report on the White Paper on Enterprise Implementation Plan 2023-2024. The report details the work done in pursuit of priority DETE policy objectives such as integrating net zero and carbon commitments and placing digital transformation at the heart of enterprise policy. According to the report, 43 percent of the activities outlined in the first implementation plan have been delivered. Second National Adaption Framework publishes Ireland’s second National Adaptation Framework has published, setting out the potential implications of climate change for Ireland and outlining the national strategy for the development of adaptation measures. The Irish Fiscal Advisory Council estimates that costs associated with extreme weather events could be approximately €500 million a year (for example, to deal with cleaning up after flooding events). The framework will require government departments, infrastructure providers and local authorities to prepare a new cycle of adaptation plans for key sectors. Research shows consumers struggle to identify ‘greenwashing’ Consumers struggle to distinguish genuine and ‘greenwashed’ environmental claims in advertisements, according to the latest research from the ESRI. The EPA-funded study also reveals that consumers are less willing to purchase from brands they suspected of greenwashing, even if the environmental claim made by the brand was genuine. UK/Northern Ireland news The Institute’s Tax and Public Policy Team submitted a response the UK government’s “Consultation on the introduction of a UK carbon border adjustment mechanism” (“CBAM”). The response highlighted the urgent need for clarification in respect of the ongoing uncertainty as to how the EU CBAM will apply to Northern Ireland under the Windsor Framework, and specifically the application of the EU CBAM to imports from non-EU countries. The full response can be read in the Tax Representations section of our website   ICAEW has pulled together some helpful articles on sustainability for its members to guide SMEs on where to start, with a focus on what actions to take and sustainability reporting. Europe news EU environment ministers have approved the EU Nature Restoration Law, which is designed to protect and restore Europe’s ecosystems and biodiversity. The law will reportedly affect almost 9 percent of Irish land. Further to the launch in January of Ireland’s fourth National Biodiversity Action Plan, the Government has begun drawing up a national nature restoration plan, due to be adopted by 2026. Completion of the Plan will be aligned with the opening of the Government’s €3.15bn Climate and Nature Fund in 2026. Accountancy Europe has published its June Sustainability update. Highlights include Accountancy Europe’s response to EFRAG’s public consultation on the voluntary (VSME) and listed SME (LSME) draft standards; final approval of CSDDD; recommendations from ESMA on greenwashing; FCA guidance on Anti-Greenwashing rule; guidance from EFRAG to ESRS; and news and resources from the standard setters. A new European Environment Agency (EEA) briefing has found that plastics production and consumption patterns across Europe remain unsustainable and need to be made more circular. The briefing also highlights the introduction of a new monitoring tool where people, policy makers and others can check progress on plastics circularity in Europe. World news The International Federation of Accountants (IFAC), CPA Canada and the Institute for Sustainable Finance have published a resource for professional accountants and others on the state of voluntary carbon markets (VCMs), Understanding Voluntary Carbon Markets: Key considerations for professional accountants and purchasers on the carbon credit life cycle.   Accounting 4 Sustainability (A4S) has launched a new blog on the important role of the accountant in tackling the nature crisis.  It clarifies the business case for saving nature as well as providing guidance and key resources for members. The Accounting Bodies Network (ABN) is a collaboration between Accounting for Sustainability (A4S) and professional bodies across the globe, including Chartered Accountants Ireland. Did you know? Plastic Free July, the global movement that helps millions of people be part of the solution to plastic pollution, has updated its website with resources, including this poster of 31 days of ideas. Awards Sustainability categories in Published Accountants Awards Entries are now open for the Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, and include two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities Entries are welcome from all types of reporting bodies for annual reports in respect of financial years ended on or before 31 March 2024. Entries close on Friday 12 July 2024. SEAI Energy Awards 2024 The SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 28 June. Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Fine out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here.   Articles Substantial progress has been made through the adoption of environmental and social governance principles (Irish Times)   Nature restoration law will affect almost 9% of Irish land (Irish Times)   How we applied AI to combat modern slavery (ICAEW)   The world's fossil fuel industries should be banned from advertising to help save the world from climate change, the head of the United Nations said on Wednesday (BBC News) Technical Roundup (From our colleagues in Professional Accountancy) IAASA have published a Feedback Paper on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland The International Sustainability Standards Board (ISSB) has issued its June 2024 Update. This includes a summary of their recent meeting on 12 June in Frankfurt. The ISSB has also issued its June 2024 Podcast. The European Financial Reporting Advisory Group (EFRAG) has finalised the first three Implementation Guidance documents to assist preparers and other relevant stakeholders in applying the European Sustainability Reporting Standards. The Implementation Guidance documents cover Materiality Assessment, Value Chain, and Detailed ERS Datapoints The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR. EFRAG and the Taskforce on Nature-related Financial Disclosures (TNFD) have jointly published a mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and the TNFD's recommended disclosures and metrics. This was prepared to assist companies in understanding the commonalities between the ESRS and the TNFD and the mapping details the disclosures and core metrics recommended by the TNFD and required under the ESRS.  This assessment highlights that all 14 TNFD recommended disclosures are reflected in the ESRS.   Upcoming events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   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 to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and 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. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA Circular Economy Conference 2024 Online and in-person (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, 26 June, 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.

Following public consultation to obtain stakeholders’ views earlier this year IAASA has published a Feedback Paper and the responses received on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland.  IAASA intends to adopt the International Standard on Assurance Engagements 3000 Revised (ISAE 3000), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Adoption will take place when the European Corporate Sustainability Reporting Directive (CSRD) is transposed into Irish law giving IAASA the statutory power to adopt sustainability assurance standards in Ireland.  The effective date of the standard will be for the assurance of sustainability reporting for years starting on or after 1 January 2024, as required by the CSRD.  The Department of Enterprise, Trade and Employment is currently working on the transposition of the CSRD into Irish law.  It is not intended to insert any additions Irish-specific requirements in IASAE 300 beyond any required to ensure that it applies to sustainability assurance engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements.    The Feedback Paper is available on this link. The Responses Received are available on this link.

  In this week’s Sustainability/ESG bulletin, read about Ireland’s climate targets and tipping points, a new national biomethane strategy, construction-related procurement guidance, and the launch of the second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS). Also covered is net zero opportunities for Northern Ireland the publication of the findings of Renewable Energy in Northern Ireland inquiry, and updates from Europe, 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. IRELAND Ireland fails to meet national and EU climate targets The Environmental Protection Agency (EPA) has published a report assessing how Ireland is progressing against its climate targets. The report – Monitoring & Assessment: Climate Change: Air emissions Publications – finds that Ireland is projected to exceed its national and EU climate targets, achieving a reduction of up to 29 percent in total greenhouse gas emissions by 2030, compared to a target of 51 percent. Even this reduction is only achievable – the report finds – if a wide range of policies and plans are fully implemented across all sectors. Currently, almost all sectors are on a trajectory to exceed their national sectoral emissions ceilings for 2025 and 2030, including Agriculture, Electricity and Transport, and the first two carbon budgets (2021-2030) will not be met, and by a significant margin of between 17 and 27 percent. Climate ‘tipping points’ Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has informed Government that the climate is already reaching key tipping points. These are defined as critical thresholds that, when exceeded, can lead to a cascading impact that results in irreversible climate breakdown. Local Enterprise Offices Policy Statements 2024-2023 publishes The Department of Enterprise, Trade and Employment has published the first Local Enterprise Offices Policy Statement 2024-2030, addressing the key White Paper on Enterprise priorities most relevant to LEOs: decarbonisation, digitalisation, increasing exports, helping locally traded businesses, and innovation. Among the policy developments being introduced are: climate-focused assessment criteria for capital grants for manufacturing and internationally traded services businesses, ex-post measurement of the impact of climate related supports, and commitments to deliver the LEO Customer Relationship Management System digitalisation project. New National Biomethane Strategy This week also saw the publication of the National Biomethane Strategy, Ireland’s first major policy statement on biomethane. The strategy sets out 25 key strategic actions that are key to addressing the challenges and opportunities for the industry, the implementation of which will drive growth across the biomethane industry.  A newly formed Interdepartmental Biomethane Implementation Group will oversee implementation of the Strategy, measuring its impact and monitoring target delivery. Construction-related public procurement guidance The Minister for Enterprise, Trade and Employment, Peter Burke, has announced that public bodies will shortly be advised of new guidance when designing public projects, and procuring cement and concrete products in particular. The guidance ensures a consistent approach to reducing the embodied carbon – emissions associated with extracting and producing construction materials – in construction projects procured by government departments and their agencies. The guidance for public bodies is based on an expert consultant’s report, Reducing Embodied Carbon in Cement and Concrete Through Public Procurement in Ireland. Critical Raw Materials Act comes into effect in Ireland A new EU Regulation, the Critical Raw Materials Act (CRMA), has come into effect in Ireland. It will ensure EU access to a secure and sustainable supply of critical raw materials, enabling Europe to meet its 2030 climate and digital objectives. Critical raw materials are of high economic importance for Europe while also being highly vulnerable to supply disruptions. The EU’s demand for Critical Raw Materials (CRMs) such as lithium, copper and cobalt is set to increase exponentially as the EU transitions to clean energy systems. Ireland has welcomed the Act’s focus on socially and environmentally responsible practices, identified as essential for the achievement of the EU’s Green Deal objectives, for supporting European competitiveness and ensuring consistency with Ireland’s Policy Statement on Minerals and Mining. Second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS) launches The second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS), the export phase, has now been launched. This phase of the electricity support scheme will be a significant improvement in market supports for Renewable Energy Communities and Small and Medium Sized Enterprises (SMEs), with fixed tariffs for these groups established for solar and wind projects between 50kW to 6MW. It complements the microgeneration supports for small projects and competitive auctions for larger projects under the RESS (Renewable Electricity Support Scheme). Separately the SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 21 June. New Employment and Youth Engagement Charter The Government has launched an Employment and Youth Engagement Charter to support new pathways to employment among young people. The Charter is a key measure under the Government’s Pathways to Work objectives to engage companies in delivering activities to support people looking to enter or re-enter the workplace. Employers are invited to engage with the Charter and sign up to some or all of the six listed commitments. UK/Northern Ireland “Tremendous economic opportunity” – Minister Hargey on the path to net zero for Northern Ireland Northern Ireland’s Interim Economy Minister Deirdre Hargey MLA has said that has said embracing the path to net zero is both “a moral necessity and a tremendous economic opportunity”. Speaking at the recent opening of ‘Energy Ireland’, Minister Hargey presented an economic vision for the North that prioritises decarbonisation and creates a just transition to net zero that delivers economic prosperity, increases productivity, and addresses regional imbalances. Separately, on 17 May Minister Hargey launched a three-month Call for Evidence seeking information and views from key stakeholders on developing a sustainable biomethane sector for the region, following the publication of research indicating that this region has significant biomethane potential due its large agricultural sector. Findings of Renewable Energy in Northern Ireland inquiry published The Northern Ireland Affairs Committee has published the findings of its Renewable Energy in Northern Ireland inquiry. Northern Ireland is committed to generate 80 percent of its energy consumption from renewable energy by 2030, but the Committee noted that it was unlikely to meet the target in a letter to interim Economy Minister Deirdre Hargey. Three themes were identified as obstructing Northern Ireland’s energy transition as inadequate infrastructure to support Northern Ireland’s net zero transition, an unsupportive policy environment, including a disjointed planning system “weighed down with delays,” and a lack of consumer awareness. UK Emissions Trading Scheme expansion consultation The United Kingdom Emissions Trading Scheme (ETS) Authority has published a package of consultations on expanding the UK ETS to include the energy from waste and waste incineration sectors. It is also consulting on how engineered greenhouse gas removals, such as direct air carbon capture, could be integrated, and on whether high-quality nature-based removals could be suitable for the scheme. The closing date for responses is Thursday 18 July 2024. Separately, the UK government has published a consultation covering how UK-based engineered greenhouse gas removal technologies such as Direct Air Carbon Capture, where carbon dioxide is removed from the air and permanently stored, could be integrated into the UK ETS. It also asks whether carbon stored by the creation of new UK woodland could be integrated into the UK ETS. The closing date for responses is Thursday 15 August 2024. Europe The Corporate Sustainability Due Diligence Directive has received approved from the EU Council. The Directive, which goes by various acronyms, including   ‘CSDDD’ and ‘CS3D’, can help ensure more sustainable and responsible corporate behaviour throughout global value chains. It applies to companies with over 1,000 employees and a turnover of more than €450 million and introduces obligations for large companies regarding the adverse impacts of their activities on human rights and the environment. Following approval by the European Parliament, the directive will be published in the Official Journal of the European Union, after which Member States have two years to transpose the directive into national law. The European Commission has welcomed the final adoption of the Net-Zero Industry Act (NZIA), which aims to put the EU on track to strengthen its domestic manufacturing capacities of key clean technologies. By creating a unified and predictable business environment for the clean tech manufacturing sector, NZIA aims to increase the competitiveness and resilience of the EU’s industrial base and support quality jobs creation and a skilled workforce. The first European Climate Risk Assessment (EUCRA) provides a comprehensive assessment of the major climate risks facing Europe now and in the future has published. The report is a comprehensive assessment of the major climate risks facing Europe today and in the future. It identifies 36 climate risks that threaten our energy and food security, ecosystems, infrastructure, water resources, financial systems, and people's health. Many of these risks have already reached critical levels and can become catastrophic without urgent and decisive action. Resources The recordings of the recent 2024 conference at Dublin City University’s annual climate conference are now available to watch. Watch the business panel discussion on ‘How can the business world embrace a long-term perspective in its decision-making?’ Chartered Accountants Ireland is running a workshop for SMEs and 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. Did you know? The annual RHS Chelsea Flower Show in London this year required some designers to complete the Green Garden Audit at the pre-selection stage to assess sustainability factors such as carbon footprint and waste generated. The audit provided a feedback mechanism for how the sustainability of gardens could be improved. In Ireland, the European Commission’s “In Perspective” garden at Bord Bia Bloom 2024 aims to inspire sustainable change, in line with the EU’s Green Deal, which seeks to make Europe the first carbon-neutral continent by 2050.    Articles From noble ambition to corporate tokenism: the rise and fall of ESG (Irish Times)   Companies see sustainability as integral to long-term value creation Morgan Stanley   Many Irish firms still unaware some single use plastics banned (RTÉ)   “Every day, the equivalent of 2,000 garbage trucks full of plastic are dumped into the world's oceans, rivers, and lakes.” From “Plastic Pollution”, United Nations Environment Programme (UNEP)   Global milestone: 30% of the world's electricity was produced from renewables (CNN)    ‘Wall Street analysts are totally amoral’ on climate – Barack Obama’s former energy secretary discusses the forces and technologies slowing the energy transition (Financial Times)   EU election 2024: What the manifestos say on energy and climate change (CarbonBrief) Upcoming Events 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 Chartered Accountants Ireland, Socially Conscious AI and CSRD (ROI/NI) 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. Virtual, June 18 at 12.00-12:45. 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   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. 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) 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, 25 June, 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

Chartered Accountants Ireland welcomes this week’s announcement of a series of new measures to support early learning and childcare in the 2024/25 financial year in Northern Ireland. While the announcement marks an important step forward in supporting working parents as well as childcare providers themselves, the focus must now move toward developing a longer term strategy around securing more sustainable, affordable childcare in the region. The measures announced as part of this week’s package include: £7.1 million to expand and stabilise existing early years and childcare provision (programmes such as Sure Start, Pathway, Toybox and others including those focused on supporting children with special educational needs and disabilities). £2 million to address sustainability challenges and deliver a targeted business support scheme for childcare providers to assist those in financial difficulty and in areas where the demand for childcare exceeds supply. £5 million to begin the transition process for standardising the pre-school education programme to 22.5 hours for all children. This is expected to make an additional 2,200 full-time places available from September 2025. £9 million for a Northern Ireland Childcare Subsidy Scheme, with payments being made from September 2024. £2.5 million for a major data collection exercise to help with evaluation of these measures and inform the longer-term strategy.   A link to the official Ministerial Statement on the measures can be found here.

   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: Businesses: Actions to help pollinators Business for Biodiversity Ireland website Accounting for Nature 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 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. 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 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. 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) 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.