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97% of parents surveyed by Chartered Accountants Ireland report that their career or working pattern has been impacted by childcare responsibilities. The findings show that 16% reduced their working hours, one quarter (27%) requested to work flexible hours, and one in five (19%) are currently considering adjusting their working hours. The survey, which gathered responses from chartered accountants in the Republic of Ireland has shed light on the significant challenges facing parents seeking childcare in Ireland. It highlights the crucial issues of cost barriers and their impact on career progression, while calling for increased childcare support. Chartered Accountants Ireland represents over 32,000 professional accountants, two thirds of whom work in business. When asked what they saw as the main barriers to securing appropriate childcare in Ireland, members highlighted both cost and capacity as being the biggest issues facing working parents. The financial burden is clear, with one third of members paying up to €1,000 a month per child on childcare, and one third paying between €1,000 and €2,000 per month. Commenting Cróna Clohisey, Tax & Public Policy Lead, Chartered Accountants Ireland said “The significant cost burden is one element of the problem, but even accessing places in childcare facilities in the first instance is a big barrier. As most of us know, this process begins long before a child is even born. Members are clear that both cost and the lack of available spaces need to be addressed by Government in order to better support working parents.”  This month’s Budget announcement provided for an increase in the national childcare subsidy (NCS) from €1.40 to €2.14 as well as extending the NCS to certain childminders, but the Institute argues that while this will help with the cost of childcare, it will not address capacity constraints within the market. Clohisey continued “A longer-term strategy for tackling ongoing capacity issues in the sector is critical – quite simply more places need to be made available but that can only happen with appropriate funding so that staff are adequately paid and therefore attracted and retained. We have an economy at full employment, and our members are overwhelmingly reporting childcare as a barrier to their full participation in the market. “While a government commitment was made to address supply issues through core funding, this funding must go beyond just keeping the sector from collapse. We are asking government to recognise that childcare provision is part of the critical infrastructure necessary for a functioning economy. The crisis needs to be addressed with a long-term strategy with children at the forefront, that adequately funds the sector, increases capacity, and supports working parents.”  

    In this week’s Sustainability/ESG bulletin, read about Ireland’s first national Bioeconomy Action Plan, and how studies show that Irish people are largely supportive of climate policies. Also covered is new funding available for solutions to bias and discrimination in AI systems, and a public consultation on zero emissions heavy goods vehicles in the UK, a report revealing the progress of climate action in the EU, the growth of climate risk assessments in national adaptation policies, and the usual roundup of updates, articles and events. Ireland’s first national Bioeconomy Action Plan publishes Minister for Agriculture, Food and the Marine Charlie McConalogue, T.D., and Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., have announced the publication of Ireland’s first National Bioeconomy Action Plan for 2023-2025. The Action Plan will have a strong focus on bringing sustainable scientific practices, technologies, and biobased innovation into use on farms and by biobased industries in Ireland. The ‘bioeconomy’ is the production, utilisation, and regeneration of biobased materials to provide sustainable nature based and biobased solutions across all economic sectors. EPA finds Irish people largely supportive of climate policies Insight reports published this week by the Environmental Protection Authority (EPA) have found that Irish people are largely supportive of climate change policies. Opposition that arises appears to be driven by practical concerns, rather than by climate-change scepticism, according to the study. The youngest adults (18-24 years) consistently exhibit significantly higher levels of concern, with young women most concerned about climate change. The reports – ‘Climate Change in the Irish Mind - Support for Climate Policies’ and ‘Climate Change in the Irish Mind - Climate Risk Perceptions’ – are both from the EPA's study ‘Climate Change in the Irish Mind’ which focuses on the national responses to risk perceptions and policy support. The reports provide a detailed examination of some of the findings of the baseline study published in 2021. UK funding and public consultation Innovate UK is working with the Centre for Data Ethics and Innovation (CDEI), part of the UK’s Department for Science Innovation and Technology, to invest up to £400,000 to drive the development of novel solutions to address bias and discrimination in artificial intelligence (AI) systems. The deadline for applications is 13 December 2023.   Separately, grants from the Department of Transport are being made available to businesses seeking to provide solutions to some of transport’s most pressing issues, including decarbonisation. Applications will stay open until Monday 27 November 2023. The Department has also launched a public consultation seeking views sought to inform the development of a zero-emission heavy goods vehicle and coach infrastructure strategy. The call for evidence closes on 14 December 2023. State of the Energy Union 2023: Further action needed to accelerate climate action The 2023 State of the Energy Union report published this week and found that the EU’s net greenhouse gas emissions decreased by approximately 3 percent in 2022, continuing a 30-year downward trend (having fallen by 32.5 percent compared with 1990). The report also revealed an increase in the volume of carbon removed from the atmosphere in the EU compared to the previous year. However, based on Member States' projections, the EU is currently not on track to reach its 2030 objective of removing 310 million tonnes of CO2 from the atmosphere per year, and the EU and its Member States need to significantly step up their implementation efforts and accelerate emissions reduction to stay on track to reach the 2030 -55 percent net greenhouse gas reduction target and climate neutrality by 2050. Climate risk assessments in national adaptation policies Climate risk assessments that take account of threats like heatwaves, droughts, floods and wildfires are increasingly being used to inform and improve national adaptation policies. This is according to the latest European Environment Agency (EEA) assessment of national adaptation actions published this week. The briefing, ‘Is Europe on track towards climate resilience? Status of reported national adaptation actions in 2023’, presented the current status of national adaptation actions across Europe. It found a gradually evolving adaptation policy landscape, sub-national adaptation policymaking progressing in all countries, governance-related challenges It also found that EU funds play a major role in financing adaptation action for most Member States. ‘Adaptation’ to climate change means taking action to adjust to its present and future impacts. Examples of adaptation measures include large-scale infrastructure changes, such as building defences to protect against sea-level rise, as well behavioural shifts, such as individuals reducing their food waste. Inequality in Europe Ireland has been given an overall gender equality score of 73 in an EU index published this week by the European Institute for Gender Equality (EIGE). The score represents a drop of 1.3 points since 2020 – the largest decline among the EU’s 27 countries. Ireland has dropped two places to rank ninth place overall. The index reportedly found that that gender inequalities are more ‘pronounced’ in Irish workplaces than they were in the last decade and when compared with pre-pandemic (2020) levels, and that both women and men in Ireland are less likely to choose low-carbon modes of transport than their counterparts elsewhere in the EU. Separately, a report published by the European Union Agency for Fundamental Rights (FRA) has found that people of African descent routinely face racial discrimination, harassment and violence in all aspects of their lives. 45 percent of respondents said they experienced racial discrimination in the five years before the survey, and 34 percent felt racially discriminated against when looking for a job. The FRA is calling on EU countries to take urgent steps to tackle racial discrimination and harassment to ensure everybody is treated equally and with dignity. Did you know? A study has found that the power sectors in the Asia-Pacific, Europe and the US are “highly exposed” to stranded assets as stringent policies are implemented to limit global warming to 2C above pre-industrial levels. The study was part of a paper in the multidisciplinary journal Nature Communication. Articles High fossil fuel use putting UN climate targets out of reach: IEA (RTÉ) Advancing UN SDGs with Social Cost-Benefit Analysis (Institute of Project Management) ISSB standards: the right solution – article highlighting the benefits of the UK adopting IFRS Sustainability Disclosure Standards in response to TAC’s call for evidence (ICEAW) Carbon Capture Desperately Needs a Reality Check After Lost Decade (Bloomberg Green) Storm Babet floods show climate change is 'here and now' - Eamon Ryan (The Journal) Upcoming Events   Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Department of Enterprise, Trade and Employment, Building Better Business in the South-West Free business event in Cork, focusing on the opportunities and challenges presented by the green economy and digital transformation. In person: Thursday, 9 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 22 November 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read how business leaders are increasingly looking to Chartered Accountants as trusted advisors on ESG issues. Also covered is increased funding for projects in Ireland under the Just Transition Fund; CSO statistics showing one-third of Irish office buildings received an ‘E’ energy rating or lower; new national End-of-Waste Criteria for Ireland’s largest waste stream; how the European Banking Authority is revising capital rules to include ESG risks; and the usual roundup of technical updates, articles and events.   Trust in Chartered Accountants as ESG leaders Business leaders increasingly look to Chartered Accountants for guidance on environment, social and governance (ESG) issues. This was among the key findings from an Edelman research report that measures trust with Chartered Accountants among financial decision makers globally. Now in its fourth wave, the study focused on topical themes to the business world, including economic uncertainty, the cost-of-living crisis, combatting misinformation, digitalisation, automation, and the importance of ESG. The report was launched at a panel event run by Chartered Accountants Ireland, alongside a Chartered Accountants Worldwide research paper Trust: Making the Difference. Increased funding for projects in Ireland under the Just Transition Fund Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has announced a further €24 million for the Midlands region under Ireland’s EU Just Transition Fund (JTF) programme. Targeted at the wider Midlands region as it transitions away from peat extraction for energy use, the JTF programme provides funding to projects that invest in the development of local communities, create employment and help diversify the local economy. Further information is available on the website of Pobal, which is administering the scheme. One-third of office buildings in Ireland received 'E' energy rating or lower Figures released from the CSO this week on energy ratings of non-domestic buildings in Ireland for Quarter 3 of 2023 has found that over one-third (35 percent) of office buildings in Ireland received a Business Energy Ratings (BER) certificate of ‘E’ or below between 2009-2023.  BER audits were conducted for 1,754 non-domestic buildings constructed between 2020 and 2023. Almost two-fifths (38 percent) of these buildings received an ‘A’ rating, compared with 22 percent of non-domestic buildings constructed during 2015 to 2019. While the most energy efficient building types audited during 2009-2023 were schools and colleges (40 percent of these were awarded an ‘A’ rating), at least 14 percent of office buildings were among the least energy efficient building types, scoring the lowest rating (‘G’), with only 2 percent receiving an ‘A’ rating. EPA publishes national end-of-waste criteria The Environmental Protection Agency (EPA) has today published national End-of-Waste Criteria for elements of construction waste, which is Ireland’s largest waste stream. The criteria apply to ‘aggregates’ recycled from construction and demolition waste, including soil and stone, concrete, bricks and ceramics. The implementation of new criteria aims to reduce construction waste going to landfills and increase current low recycling rates. Further information on the criteria and other initiatives of the circular economy programme are available on the EPA website.   Green Agreements guidance launched by Competition and Markets Authority The UK Competition and Markets Authority has launched new Green Agreements Guidance for businesses. The guidance explains how competition law applies to environmental sustainability agreements between firms operating at the same level of the supply chain, to help them act on climate change and environmental sustainability. The guidance includes additional practical examples that businesses can use to inform and shape their own decisions when working with competitors on environmental sustainability initiatives. EBA revising capital rules to include ESG risks The European Banking Authority (EBA) has published a report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms. The report recommends targeted enhancements to accelerate the integration of environmental and social risks across ‘ Pillar 1’ (one of the three areas of focus of the Basel Framework which sets out capital requirements and risk measurements for global banks). The proposed enhancements aim to support the transition towards a more sustainable economy, while ensuring that the banking sector remains resilient. Commission adopts new ETS Auctioning Regulation The European Commission has adopted a new ETS Auctioning Regulation that sets out technical elements necessary for good organisation of auctions of greenhouse gas emission allowances under the EU’s Emissions Trading Scheme (ETS). The action follows the revision of the ETS Directive in the context of REPowerEU plan and the ‘Fit for 55’ legislative package to reduce Europe’s net greenhouse gas emissions by at least 55 percent by 2030. The main elements introduced in the new Regulation include the extension of the ETS scope, changes related to improvements regarding market oversight and transparency, and changes related to the rules regarding the notification of the voluntary cancellation of allowances by Member States under the ETS Directive. After a period of scrutiny by the European Parliament and Council the new regulation will be published in the Official Journal and enter into force thereafter. Accountancy bodies publishes report for public sector sustainability Three global accountancy bodies, ACCA, IFAC and IDI, have launched a publication on preparing for sustainability reporting in the public sector. The report, Preparing for Sustainability Reporting and Assurance - An introduction for the public sector globally, was launched at the World Investment Forum in Abu Dhabi, and outlines what sustainability reporting and assurance mean for the public sector, why they are important, and key principles for governments, SAIs and other public sector bodies to consider in this journey. Asset owners and investor engagement The Net-Zero Asset Owner Alliance (NZAOA) has released its third annual progress report. Increasing Climate Ambition, Decreasing Emissions. For the first time, the report by the 2019-founded alliance of global asset owners committed to ensuring their investment portfolios are carbon neutral by 2050, provides data on the membership’s absolute financed greenhouse gas emissions. It also reportedly shows a 3.5 percent decrease from 2021 to 2022 (from 221.2 mtCO2e to 213.4 mtCO2e) despite membership growth over that period. Separately, however, Climate Action 100+, the world’s largest investor engagement initiative on climate change, has found that of the most companies it assessed against its newly updated ‘Net Zero Company Benchmark’ are not moving fast enough to align with the goals of the Paris Agreement and reduce investors’ risk. The results, a summary of which can be found here, reveal that while there is long-term ambition among the companies it surveyed, there is a lack of detailed plans of short-term actions. These include targets to reduce greenhouse gas emissions, CAPEX allocation and climate policy engagement.   Technical Updates (From our colleagues in Professional Accounting) The European Parliament has voted to adopt the European Sustainability Reporting Standards (ESRS), paving the way for the standards to become effective, depending on a company size and nature, on a phased basis financial periods beginning on or after 1 January 2024. Several accounting standards boards, including in the UK and Australia, have jointly issued a letter to the International Sustainability Standards Board (ISSB) regarding its recent Agenda Consultation. The letter highlights common concerns, which include connectivity with accounting standards; strategic roadmap; and implementation priority. The Financial Stability Board (FSB) has published its annual progress report on climate-related disclosures, delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting. The Financial Conduct Authority (FCA) has welcomed the publication of the Transition Plan Taskforce (TPT) Disclosure Framework. Resources (From our friends in Accounting for Sustainability) New guidance has been published for pension fund chairs and trustees on managing nature-related risks and seizing opportunities for pension chairs and trustees: Managing Nature Risks and Investing in The Opportunities: Top Tips for Pension Fund Chairs and Trustees. Out now This month’s SustainabilityWorks Newsletter has issued, with news, top reads, videos, and sustainability jobs (subscribe here). Did you know? 77 countries had their hottest September on record, according to climate science initiative Berkeley Earth. Read more. Watch: Sustainable Supply Chains In this 15-minute chat, Institute's Sustainability Officer Susan Rossney chatted to Shane Faulkner,  KPMG's Sustainability Manager, about what why sustainable supply chains are important for SMEs, what questions SMEs might be asked by their customers and clients, and what they can do to prepare. Watch back here. Listen The cost of climate change: ‘almost like driving another budget through public finances’ (Irish Times, Inside Business Podcast) 38:51 Articles New electric car sales up 52% so far this year – CSO (RTÉ) UK boards prioritised experience over diversity last year, says headhunter (Financial Times) EU climate ministers back ‘polluter pays’ principle in agreed declaration for Cop28 negotiations (Irish Times) California requires companies to report carbon emissions (BBC News) New World Bank president signals that time is up on billion euro subsidies for fossil fuels (Euronews) More than 50,000 companies to report climate impact in EU after pushback fails (Financial Times) Green Fees Overtake Fossil Fuels for Second Straight Year (Bloomberg) Upcoming Events   SustainExchange: What can you and your organisation do to help avert the climate crisis? Panel discussion: Hybrid (in person/virtual): Tuesday 24 October. Women in Business (Northern Ireland) Women in Finance A session on women in finance which will focus on work in finance departments, small scale accountancy or working for yourself. Members and non-members are welcome to join this online event. Part of Women in Business wide-ranging programme of female entrepreneurship events over the upcoming months, including sectoral networking, webinars, and training courses for essential skills. Virtual: Wednesday, 25 October, 10-11.30am. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation)   Chartered Accountants Ireland: ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: Thursday, 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about the green measures announced in Budget 2024; how cost remains the main barrier to sustainability in Irish businesses; updates on the Circular Economy; the issuance of ESB’s third green bond; developments in Europe, and the usual roundup of technical updates, articles and events. Green measures announced in Budget 2024 Budget 2024 was announced this week on Tuesday 10 October. The Chartered Accountants Ireland team of experts analysed, interpreted and prepared informed, reliable commentary on the impact of this year's Budget on business in Ireland. Among the measures announced was the establishment of two funds to support climate-related initiatives over the medium and long term. Described as a ‘a gamechanger’ in addressing monetary gaps up to 2030, and a way of ‘firewalling’ major climate investment projects well into the next decade, these are: a Future Ireland Fund: a long-term savings fund with forecasted levels of contributions of c. €70 billion, or c. €6 billion per year (0.8 percent of GDP) up to 2035, to deal with future recognised expenditure pressures including ageing, climate and the digital transitions an Infrastructure, Climate & Nature Fund: a fund due to reach €14 billion by 2030, of which the climate and nature component is worth over €3 billion, to ensure that the State would have resources to support capital expenditure for projects between 2026-2030 in the event of a future downturn. The General Scheme for the funds has now been published. Further measures announced in Budget 2024 include €380 million for residential and community energy upgrades, including the Solar PV Scheme, measures related to microgeneration of electricity, reliefs related to battery electric vehicles (EVs), and the annual increase in carbon tax up from €48.50 to €56.00 (Read more) Research finds cost remains barrier to sustainability for Irish businesses The Green Business Sentiment Index, published by SSE Airtricity this week, has found that only half of businesses surveyed say that sustainability and climate change impact decision-making, down from 71 percent in 2021. The research, which was carried out among a national representative sample of 359 business owners in Ireland, aims to measure and track any change in attitude among businesses towards sustainable practices and decarbonisation since the Index was last published in 2021. The research found that cost remains the main barrier for businesses in reducing carbon footprint, and just 25 percent of Irish businesses agree that being ‘greener’ attracts more customers, down from 42 percent in 2021. 11 percent state that climate change is not at all important for businesses, whereas just 7 percent stated this in 2021, and at least 90 percent believe that it is primarily the responsibility of the Government to tackle climate change. More positively, 19 percent of businesses have incorporated solar panels into their business practices, 38 percent have incorporated smart metering into their environmental practices and the use of electric vehicles (EVs) by businesses is at its highest to date, at 15 percent. EPA publishes Circular Economy Programme Annual Report for 2022 The EPA has published a report setting out its key activities related to implementing, regulating and measuring the circular economy and waste in 2022. The Circular Economy Programme Annual Report for 2022 noted that of the €322 million spent on contracts in 2020 over €25,000, only 17 percent (€53 million), included green criteria. The EPA noted that this is “a missed opportunity to purchase more resource-efficient, less polluting goods, services and works within the marketplace.” ESB Raises €1 Billion Funding in Bond Market – including its third Green Bond The ESB Group has announced it raised €1 billion in bonds which will be used to fund its capital investment programme to deliver a net-zero future. The funds were raised through the issuance of two €500m benchmark bonds. These include a 12-year 4.25 percent fixed-rate green bond which will be allocated exclusively to finance eligible green projects, and a 5-year 4.00 percent fixed-rate bond. The issuance of the third Green Bond in five years follows on from the publication of ESB’s updated Green Bond Framework in September 2023, which reflects changes in sustainable finance best practice including aligning with the EU Taxonomy Regulation (a classification system for environmentally sustainable economic activities). Supports for women-led businesses – Northern Ireland A programme has been launched by Invest Northern Ireland (Invest NI) that aims to support women-led businesses to access support, create jobs and sell innovative products or services outside Northern Ireland. The Ambition to Grow | Supporting Women programme, supported by Women in Business Northern Ireland, will provide grant support of up to £30,000 to eligible small and medium-sized businesses that have a woman in a key decision-making position. The funding is aimed at helping to create new employment within the business and assisting with the costs of targeting markets outside Northern Ireland, technical development activities, and upskilling existing and new employees. The deadline for applications Friday, 10 November 2023. Completion of EU ‘Fit for 55' legislative package The two final pillars of the ‘Fit for 55' legislative package to deliver the EU's 2030 climate targets were adopted this week. With the adoption of the revised Renewable Energy Directive and the ReFuelEU Aviation Regulation, the EU now has legally binding climate targets covering all key sectors of the economy. The 'Fit for 55' package was tabled in July 2021 to respond to the requirements in the EU Climate Law to reduce Europe’s net greenhouse gas emissions by at least 55 percent by 2030. The final legislative package is expected to reduce EU net greenhouse gas emissions by 57 percent by 2030. The Commission also published Questions and Answers on the EU's Effort Sharing Regulation and boosting natural carbon sinks, and on Making our energy system fit for our climate targets. Separately, the European Parliament’s Committee on the Environment, Public Health and Food Safety (ENVI) has adopted its proposals to lower pollutant emissions and set battery durability requirements for passenger cars, vans, buses and trucks. Speaking about the proposals, Rapporteur Alexandr Vondra (ECR, CZ) said: “We have successfully struck a balance between environmental goals and the vital interests of manufacturers. It would be counterproductive to implement environmental policies that harm both Europe’s industry and its citizens.” Technical Updates (From our Professional Accounting team) EFRAG has announced it is recommencing the drafting of sector-specific ESRS standards. The ESRS standards are the standards s and are inviting external participants to interact with them as it commences drafting. The sectors where it is seeking participants are as follows: Agriculture, Farming and Fishing Food and Beverage Services Mining, Coal and Quarrying Motor Vehicles Oil and Gas Power Production and Energy Utilities Road Transport Textiles, Accessories, Footwear and Jewellery The International Sustainability Standards Board has congratulated the Task Force on Nature-related Financial Disclosures (TNFD) on the publication of its recommendations during New York Climate Week 2023.  The TNFD recommendations can help companies communicate nature-related risks and opportunities to investors and other stakeholders. The ISSB September 2023 Update has been issued, highlighting preliminary decisions of the International Sustainability Standards Board (ISSB). Projects affected by these decisions can be found on the work plan. The ISSB have also released their September 2023 podcast. The UK Endorsement Board has published two reports as a result of its Climate-related Matters Research Project: Climate-Related Matters: Summary of Connectivity Research A Study in Connectivity: Analysis of 2022 UK Company Annual Reports Accountancy Europe - Sustainability update – October 2023 (from our friends in Accountancy Europe) Accountancy Europe’s response to ISSB’s Agenda Consultation Ongoing trilogue negotiations on CSDDD EC seeks to adjust EU SME definition for inflation EC adopts DA on ESRS IAASB proposes a global standard for sustainability assurance IOSCO endorses ISSB standards Watch: Sustainable Supply Chains In this 15-minute chat, Institute's Sustainability Officer Susan Rossney chatted to Shane Faulkner,  KPMG's Sustainability Manager, about what why sustainable supply chains are important for SMEs, what questions SMEs might be asked by their customers and clients, and what they can do to prepare. Watch back here. Articles Less Than 1 in 3 Boards Have a Strong Understanding of ESG Risks Affecting Their Companies: PwC Survey (ESG Today) European sustainability reporting developments: what do they mean for UK companies? (ICAEW) Lego’s ESG dilemma: Why an abandoned plan to use recycled plastic bottles is a wake-up call for supply chain sustainability (The Conversation) ESG's . . . OK (The Financial Times) Why America Trails the World on Climate Fund Investing - The US has fallen far behind Europe, as well as China. But it may be waking up (Bloomberg)  Upcoming Events   Cork Student Society/Young Professionals event – Sustainability and Networking on the Apple Campus The Cork Branch of the Chartered Accountant Student Society (CASSC) is collaborating with Young Professionals Cork Society to a sustainability and networking evening in the Apple Headquarters in Cork on Thursday, 19 October. Attendees will have the opportunity network, learn about sustainability and get a tour of the Apple campus. In person: 19 October, 6pm. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. On 25 October 2023, 10am to 11:30am, a specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Book launch! Doing Good Business: How to Build Sustainable Value by Sheila Killian In Person: 19 October, 6pm, O’Mahony’s Booksellers, O’Connell St, Limerick. To celebrate the publication of Doing Good Business: How to Build Sustainable Value by Sheila Killian, Professor Finbarr Murphy, Executive Dean of the Kemmy Business School, University of Limerick will launch guide to responsible business. Wine and refreshments will be served and all are welcome. Chartered Accountants Ireland ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) iQuest & Business Post Events The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November ICAEW: ICAEW Climate Summit Virtual: 13-17 November Innovate UK:  Innovate UK's showcase for climate tech event in Northern Ireland Series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

In the wake of the Windsor Framework agreement, traders and businesses across the island of Ireland need to be mindful of the various changes due to take effect over the coming months and years as the provisions of the new framework are gradually phased in. To help navigate this landscape of new regulations, the Institute’s public policy team have prepared a high-level infographic which summarises all of the key dates and changes that traders need to be aware of in the short to medium term. As further developments with respect to the Windsor Framework arise, the policy team will ensure that our members are kept up to date and informed. 

  In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s representation at the One Young World summit in Belfast. Also covered is the forecast on how climate change will impact on Ireland’s public finances, a public consultation on Green Public Procurement, the first meeting of the Department of Enterprise’s Responsible Business Forum, the New Planning and Development Bill 2023, global climate policy forecasts, new resources on sustainability for SMEs and finance teams, as well as the usual roundup of technical updates, articles and events. Chartered Accountants at One Young World Belfast 2023 Chartered Accountant Peter Gillen represented Chartered Accountants Ireland at the One Young World Summit in Belfast this week. The One Young World summit, held in Belfast this year, saw the brightest young talent from every country and sector come together to work towards accelerating social impact, debate the key issues the world faces, share ideas and experiences and work with peers to formulate and share innovative solutions. Chartered Accountants Ireland held a workshop with delegates on the final day of the summit to demonstrate how the analytical and problem-solving skills of Chartered Accountants can contribute to achieving the Sustainable Development Goals. Ireland’s public finances and the impact of climate change The Irish Fiscal Advisory Council (IFAC) has reportedly estimated that the impact of a changing climate in Ireland and globally on Ireland’s public finances could amount to annual lost revenues of 1.6 percent of gross national income (GNI). This equates to €4.4 billion in today’s terms. The estimates appeared in IFAC’s paper What Climate Change Means for Ireland's Public Finances, published this week. The paper also stated that current policy is not sufficient to meet targets. Three key areas of costs were identified as: arising from non-compliance with legally binding targets (€0.35 billion annually, rising to approximately €0.7 billion in 2030) the impact of transitioning to lower emissions on tax receipts (€2.5 billion in today’s terms) per annum by 2030 and on government expenditure (€1.6 - €3 billion in today’s terms) the physical costs associated with extreme weather events, through mitigation measures and repairing and rebuilding damaged property (0.1 percent of GNI, on average, per year) The paper, which is part of a new series of research outputs that supports the Council’s assessments of the long-term sustainability of the public finances, suggests that the reforms needed to address climate challenges will take time to plan for and enact, and recommends that the Government sets out its plans now so that the disruptions necessary will be less pronounced by introducing adjustments in a gradual and phased way rather than overnight. Public consultation on green public procurement The Minister of State with special responsibility for Public Procurement, eGovernment, Communications and the Circular Economy, Ossian Smyth, T.D., has launched a public consultation on a draft Green Public Procurement Strategy and Action Plan. ‘Green public procurement’ uses the purchasing power of the public sector to stimulate the creation and provision of more resource-efficient, less polluting goods, services and works within the marketplace. Key areas of focus in the draft Green Public Procurement Strategy and Action Plan include measures to progress Green Public Procurement implementation in the Public Sector; Green Public Procurement Monitoring and Reporting; Green Public Procurement Training and Awareness; and further development of national Green Public Procurement guidance and criteria. Submissions may be made until 5.30pm on 10 November 2023. New Planning and Development Bill 2023 receives Cabinet approval The new Planning and Development Bill 2023 received Cabinet approval this week, and, if enacted, aims to bring greater clarity, certainty and consistency to how planning decisions are made. As well as reforming aspects of planning judicial review, the Bill also introduces a new Environmental Legal Cost Scheme and a revision of Environmental Assessment provisions to ensure full compliance and alignment with EU Directives. Speaking at the announcement Minister for the Environment, Climate and Communications and Minister for Transport Eamon Ryan, T.D., stated that the Bill “will future-proof our planning system whilst balancing key pillars of the Irish planning system such as public participation and access to justice, environmental considerations and delivery of key infrastructure such as public transport, housing and renewable energy. This Bill can be a cornerstone to our sustainable and balanced development as a country.” First meeting of Responsible Business Forum The first meeting of the Department of Enterprise, Trade and Employment (DETE)’s newly established Responsible Business Forum was convened last week. The forum is made up of representatives from key business bodies, including IBEC, Business in the Community Ireland, Fáilte Ireland and the Irish Exporters Association. The forum, which aims to provide a platform to discuss specific responsible business issues and initiatives under DETE’s remit that are in place or being developed at national and EU level, will also consider how these initiatives will impact on businesses, what will be expected of businesses and supports available to them, and the positive outcomes for early adopters. Find out more on DETE’s dedicated Responsible Business webpage, and see also FCA Sheila Killian’s new book Doing Good Business – How to Build Sustainable Value, published last month by Chartered Accountants Ireland and launching at 6 pm on 19 October at O’Mahony’s Booksellers, O’Connell St, Limerick. Fiscal policy and natural resources – NCI’s pre-Budget submission Natural Capital Ireland (NCI) has issued a pre-Budget submission to Government recommending that the natural capital accounting approach be used to ensure that Ireland’s natural resources and the valuable services they provide are taken into account across fiscal policy. Read more. Research finds that more action is needed on environmental sustainability in Ireland New research from the National Economic and Social Council (NESC) has found that while Ireland is ‘thriving in many aspects’, more must be done on environmental sustainability and for the Ireland of tomorrow, especially on our climate, biodiversity, and infrastructure. NESC is the national advisory body to the Taoiseach and the Irish Government, and provides research, dialogue and advice that helps achieve  sustainable economic, social and environmental development in Ireland. Global climate policy forecast predicts ‘well below 2°C’ Paris Agreement climate goals will be met The latest forecast from the Inevitable Policy Response (IPR) has found that with global climate policies expected to be put in place in major economies between now and 2050 that the world will likely achieve the Paris Agreement goal of limiting temperature increase to ‘well below 2°C’ and continue to make efforts towards 1.5°C once temperatures peak. The Inevitable Policy Response is a Climate Transition Forecasting Consortium, set up by the Principles of Responsible Investment and others in 2018 to forecast the speed and scale of the transition to net zero. It aims to prepare institutional investors for the portfolio risks and opportunities associated with a forecast acceleration of policy responses to climate change. The forecast is informed by live tracking of over 300 climate policies over the past two years, as well as input from over 100 climate policy experts across 12 countries. Speaking about the forecast, Mark Fulton, Founder of Inevitable Policy Response stated that “Climate-induced social tipping points and the Paris Stocktake-Ratchet cycles over this decade will accelerate pressure for policy makers to deliver a well below 2C outcome. This will have huge implications for investors and investment markets.” Resources Accountancy Europe has published a 5-step starting guide to a sustainable transition for SMEs. It sets out five first steps an SME can take to begin a sustainable journey. Accounting for Sustainability (A4S) has published top tips for finance teams of financial institutions to address the challenges associated with ‘footprinting’ - focusing on data collection, methodologies, and establishing a baseline. See also their recent webinar recordings on: factoring environmental and social concerns into debt financing  the evolving sustainability reporting landscape transition planning   Carbon Brief has published a series of explainers on “carbon offsets”. Carbon Brief. See also their webinar on How can carbon offsets be reformed?, a Q&A, and a timeline of the 60-year history of carbon offsets. Did you know? The team at Euronews.Green regularly updates its list of positive environmental stories from 2023. According to Centre Director at DCU’s Centre for Climate and Society, Dave Robbins, “the longer you read, the more you’ll be convinced of the reasons to be hopeful.” Watch: Al Pacino  It's 2023, we’re down to halftime and we're losing the fight. So, we can crumble, inch by inch, or we can recommit to the SDGs. Watch the half-time speech by Al Pacino as adapted by Richard Curtis. Articles Let’s make accountants accountable for better business behaviour – Paul Druckman (Accountancy Age) John FitzGerald: Raising the price of dirty fuels drives investment in greener technologies (Irish Times) As data centres sector keeps growing, can Ireland cope?  (Irish Times) Why sustainability must be a priority for Irish firms  (Irish Times) ESG ratings: whose interests do they serve? Regulators and politicians are focusing on the accuracy, transparency and potential for conflicts of interest with sustainability scores (Financial Times) Ireland Makes Rare Decision to Deny LNG Port for Climate Reasons - The country’s top planning body turned down a proposal for a liquefied natural gas import facility, which would have helped keep the island hooked on fossil fuels for years (Bloomberg Green) Upcoming Events   ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. On 25 October 2023, 10am to 11:30am, a specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Chartered Accountants Ireland: Ask the Expert, Supply chain sustainability (ROI/NI) In this 15-minute chat, Institute's Sustainability Officer Susan Rossney will talk to Shane Faulkner,  KPMG's Sustainability Manager, about what a sustainable supply chain looks like, what questions SMEs might be asked by their customers and clients, and how they might respond. Virtual: 12 October, 12:45-13.00 Department of Enterprise, Trade and Employment: Building Better Business in the West The Department of Enterprise, Trade and Employment is holding a free business event in Ballina which will focus on the opportunities and challenges presented by the green economy and digital transformation. In person: 13 October, Ballina Arts Centre, Barrett Street, Ballina, Co Mayo, F26 NW83 Book launch! Doing Good Business: How to Build Sustainable Value by Sheila Killian In Person: 19 October, 6pm, O’Mahony’s Booksellers, O’Connell St, Limerick. To celebrate the publication of Doing Good Business: How to Build Sustainable Value by Sheila Killian, Professor Finbarr Murphy, Executive Dean of the Kemmy Business School, University of Limerick will launch guide to responsible business. Wine and refreshments will be served and all are welcome. Chartered Accountants Ireland ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November ICAEW: ICAEW Climate Summit Virtual: 13-17 November 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.