News

  In this week’s Sustainability/ESG Bulletin read about Chartered Accountants Ireland’s continued support of the UN Global Compact, the Irish Government’s announcement of a Climate Investment Clearing House, positive news on Ireland’s emissions reductions, and a call for ‘climate leave days’ and for employers to perform risk assessments during extreme weather conditions. Also covered is the UK’s consultation on the voluntary carbon and nature markets, a focus on ethical supply chains in Great British Energy, the adoption by the European Commissions of ecodesign and ecolabelling regulations, as well as the usual articles, resources and upcoming events.   Chartered Accountants Ireland Chartered Accountants Ireland recommits to the UN Global Compact Chartered Accountants Ireland has submitted its Communication on Engagement (COE) to the UN Global Compact Network, recommitting support for the UN Global Compact and its 10 principles. Since 2021, Chartered Accountants Ireland has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labour, environment and anti-corruption.   Ireland news Taoiseach announces Climate Investment Clearing House Taoiseach Micheál Martin has announced a new Climate Investment Clearing House to accelerate progress on Ireland’s energy transition. The announcement was made following the receipt by the Taoiseach of a report from the National Economic and Social Council on Ireland’s Future Power System and Economic Resilience. The report, the first in a series on energy policy to be published in 2025, examines Ireland’s plans for decarbonising the energy grid and calls for “urgent, systematic action” to bridge strategic gaps, enhance economic resilience, and ensure Ireland’s energy transition succeeds. The Taoiseach also announced he will host a joint Government Industry Forum on Offshore Renewable Energy in the coming weeks bringing together public and private sector stakeholders.   Guidance publishes on biodiversity duty reporting for public bodies Minister of State for Nature, Heritage and Biodiversity, Christopher O’Sullivan, has launched Biodiversity Duty Reporting Guidance for Public Bodies. Developed by the National Parks and Wildlife Service (NPWS) with support from Business for Biodiversity Ireland, the guidance provides practical steps to help public bodies fulfil their ‘biodiversity duty’ – a new legal requirement for public and state bodies to consider biodiversity in their decision making and daily operations. Under Ireland's 4th National Biodiversity Action Plan (NBAP), published in January 2024, public bodies must integrate biodiversity into their policies and programmes, and report annually on measures adopted and progress made.   Ireland meets EU emissions reduction targets for all five major air pollutants The EPA has found that in 2023 Ireland was compliant with EU emissions reduction targets across all five major pollutants which impact air quality, health and the environment: ammonia, non-methane volatile organic compounds, sulphur dioxide, nitrogen oxides and fine particulate matter. Commenting, Dr Tomás Murray, Senior Manager of EPA Emissions Statistics described the news as “encouraging”, and said that “it is notable that the move away from fossil fuel use in power stations, businesses and homes can deliver multiple benefits across our health, climate and environment in the coming years.” The news follows an earlier press release stating that Irish power generation and industrial companies covered by the EU Emissions Trading System (EU ETS) have reduced their greenhouse gas emissions by seven per cent.   Regional and local EV charging network plan publishes Zero Emission Vehicles Ireland (ZEVI) has published its Regional and Local EV Charging Network Plan, following public consultation. The plan sets targets and strategies for local authorities to drive EV infrastructure development at destination and neighbourhood locations, with government support. It aligns with both national and EU climate goals, helping to cut emissions and move towards a fully decarbonised transport sector by 2050.   Decrease in SME investment in digitalisation and decarbonisation A report published by ESRI this week has found that investment by SMEs in digitalisation and decarbonisation fell in 2023, from 41 percent of firms investing in digital assets in 2021 to 36 percent doing so in 2021. The report, titled SME Investment Report 2024: Developments Between 2016 and 2023, found that while nearly 60 percent of SMEs invested in capital assets in 2023, an increase from 2020 and 2021 (55 percent of SMEs), the figures are still below the pre-pandemic levels (64 percent of SMEs). Climate- and energy-efficiency–related investments also fell, both in terms of the proportion of firms and median expenditure from €34,000 to €20,000, while the proportion of SMEs indicating that climate change adaptation is important for their business fell across all sectors and SMEs of all sizes. The report, which provides an analysis of investment trends among small and medium-sized enterprises (SMEs) in Ireland was co-authored and funded by the Department of Finance and used data from the Department of Finance Credit Demand Survey.   ‘Climate Transition Plan Scorecard’ to help accelerate corporate environmental action in Ireland Business in the Community Ireland (BITCI) and the DCU Institute for Climate and Society have announced a new partnership to accelerate corporate environmental action in Ireland. The partnership focuses on developing ‘Climate Transition Plan Scorecard’, i.e. a system to score organisations’ implementation plans to achieve its greenhouse gas (GHG) reductions targets within a specified timeframe. The partnership is an element of BITCI’s Accelerate Campaign, which encourages and supports business leaders to set a Science Based Targets Initiative (SBTi) approved net-zero by 2050 target by 2030, if not earlier, and to develop a robust and credible Climate Transition Plan to guide and track implementation.   Union calls for ‘climate leave’ days The union Unite has published a set of proposals on the need for legislation to protect workers during ‘Extreme Weather’ events. These proposals include a statutory maximum working temperature, four days paid ‘climate leave’ if conditions render travel hazardous or workers need to address pressing domestic needs resulting from extreme weather, and requirements for employers to perform risk assessments during extreme weather conditions. Similar guidelines have reportedly been implemented in countries like Australia and France, where extreme weather events have led to worker fatalities.   New electricity interconnector begins powering Ireland's and UK's energy grids The Greenlink Interconnector, a new 500 megawatt (MW) subsea electricity interconnector linking Ireland and the UK has commenced operations. In addition to the existing East-West Interconnector – commissioned in 2012 – this new interconnector will double the State's interconnection capacity to 1 Gigawatt (GW), marking a significant milestone in Ireland's journey towards energy security, while supporting the transition towards a net-zero energy future.   UK/Northern Ireland   UK government opened a consultation on voluntary carbon and nature markets The UK government has opened a consultation on governance framework for a new Voluntary Nature and Carbon Markets, to help leverage the finance needed to address the scale of the climate emergency while diversifying revenue streams for British businesses. The consultation seeks to clarify and test the UK government’s proposed policy and governance framework for helping to ensure the integrity of the credits and the use of credits. The consultation is in response to calls from business, finance, farming, and environmental stakeholders for clarity on the Government’s approach, and to recommendations from the Climate Change Committee and others for a new regulatory approach for these markets. The consultation closes on 10 July 2025.   Great British Energy focuses on ethical supply chains An amendment to the Great British Energy Bill will enable Great British Energy (GBE) to ensure forced labour is not used in business or its supply chains. GBE is the publicly-owned, independent company aimed at facilitating and encouraging the production of clean energy in the UK. The amendment is the latest move in the UK government’s work to tackle the issue of forced labour as it aims to become a global leader in clean energy. Separately £300 million has been brought forward for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit, the major international summit bringing together governments and industry from around the world to drive collective energy security. The public investment complements the £43 billion of private investment pledged for clean energy projects since July 2024.   UK survey finds SMEs moving faster on climate A survey carried out by the UK SME Climate Hub has found that small businesses are moving faster on climate than ever before, and climate action helps them satisfy customers and grow their business by meeting customer expectations, gaining a competitive edge, and attracting new customers. The survey, which includes perspectives from 471 SMEs across 53 countries, aimed to understand how and why SMEs are taking climate action, and what barriers stand in the way.   Europe MEPs discuss role of tax policy for green transition and competitiveness (From our colleagues in Tax news) The European Parliament’s tax matters subcommittee, hosted a public hearing on the role tax policy can play in bringing about the economic green transition while also ensuring that EU businesses remain competitive. The purpose of the hearing was to examine tax incentives for clean energy, aviation, and maritime transport, with a particular focus on the recommendations from the Draghi report. The meeting focused on the green transition and enhancing sustainability in key sectors. Commission adopts the Ecodesign and Energy Labelling regulations The European Commission had adopted the Ecodesign for Sustainable Products Regulation (ESPR) 2025-2030 working plan. The regulation, which came into force in July 2024, marks a significant step forward in the EU’s transition to a circular economy. The new plan broadens the scope of ecodesign beyond energy-using products to include steel, aluminium, textiles, furniture, mattresses, and tyres. It sets ambitious standards for improving the durability, repairability, reusability, and recyclability of these products—supporting the EU’s wider environmental and climate goals. Together with the Energy Labelling Framework Regulation (ELFR), adopted on the same day, the ESPR facilitates consumers' choice in favour of more sustainable and energy efficient products. (In Ireland, Enterprise Ireland is supporting sectors affected by the ESPR through guidance, stakeholder engagement, and funding opportunities such as the Green Transition Fund.) Green transition a key strategic area in 2025 work programme of world’s largest research programme The European Commission has pre-published the 2025 work programme for Horizon Europe, the world’s largest research and innovation programme, which provides over £80 billion in funding to address some of the greatest global challenges. The 2025 work programme aims to contribute to three overarching, interlinked key strategic areas: the green transition, the digital transition, and a more resilient, competitive, inclusive and democratic Europe. Horizon Europe has a particular focus on small and medium sized enterprises (SMEs) and has lists of sector specialist support contacts for regions, including in Northern Ireland, who provide help and advice for Horizon Europe application. Technical Roundup From our colleagues in Professional Accounting On 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD). Following the approval by the European Council, the legislative act will be published in the EU’s Official Journal. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025. EFRAG has launched a call for input on the revision of the European Sustainability Reporting Standards (ESRSs) Set 1 with comments requested by 6 May 2025. It has also submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). Following on from the European Commission’s Omnibus Proposals, which seek to reduce the reporting burden on European Companies, Accountancy Europe has issued a statement addressing the ESRS Revision Due Process. The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a ‘Memorandum of Understanding’ (MoU) to formalise their collaboration. It has also signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has issued its April 2025 update and podcast, published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data” and published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. Articles EU Commission faces complaint over easing of sustainability rules (Reuters) Hybrid work critical for workplace wellness, survey finds (RTE News) Global Poll Shows Business Leaders Support Rapid Transition Away From Fossil Fuels (Business Green) ECJ rejection of Minimum Wages Directive would deal blow to social Europe programme – Tasc (Irish Times) More than €31bn in fossil fuel investments ‘based in Ireland’ (Irish Times) Why businesses should not go cold on climate resilience (Financial Times – Sustainable Views) Green budgeting: driving sustainable growth through smart planning (ICEAW Insights) Resources A4S Accounting for Sustainability (A4S) has published its April newsletter, news of how Google is aligning financial planning and transition planning, the publication of the 4th edition of A4S’s Navigating the Reporting Landscape guide, and links to events and workshops, including the Sustainability Reporting workshop in Chartered Accountant House in Dublin on 22 May.          UN Global Compact 2025 Catalogue and User Guide The UN Global Compact is promoting its Academy, a digital learning platform helping business leaders develop practical skills to tackle sustainability challenges and drive impact aligned with the SDGs and the Ten Principles of the UN Global Compact. Featuring accessible webinars, on-demand courses, and case examples available anytime and in multiple languages, the Academy provides insights and best practices to support businesses at every stage of their sustainability journey. Participants can also earn certificates to showcase their achievements. Find FAQs, and access the Academy User Guide for detailed guidance including the Employee Engagement Toolkit to help get the most out of your experience. Events Enterprise Ireland, Ecodesign for Sustainable Products Regulation This webinar is relevant for all industry involved in a value chain of a company operating in the EU, including product manufacturers, importers, distributors, dealers and service providers. Virtual, 7 May 2025, 1:00 PM to 2:00 PM   Cork District Society Chartered Accountants Ireland, Sustainability for Success Join us on Thursday, 15 May from 1-2pm for the first webinar in the Cork Society Chartered Accountants in Industry Webinar series on Sustainability for Success: How Freefoam is Building a Future-Fit Organisation with Kevin Cronin, COO and Sustainability Lead at Freefoam. Virtual, 15 May 2025, Free, 12.00-13.00   Dublin Chamber, The Sustainability Academy: Strategic Sustainability Leadership This course is tailored for business leaders and managers aiming to enhance their expertise in sustainability leadership. It delves into strategies for driving sustainable change within top organisations, the intricacies of crafting impactful sustainability reports, and the art of communicating sustainability initiatives to stakeholders. Virtual: Fri 16th - Mon 19 May 2025 | 9.30am - 12.30pm   Dublin Chamber, The Sustainability Academy: Internal Sustainability Integration - Building a Sustainable Workplace Culture This workshop is for professionals in internal-facing roles, such as finance, operations, and HR. It focuses on integrating sustainability practices within an organisation’s internal mechanisms, highlighting how these practices can enhance employee engagement, operational efficiency, and the workplace environment.   Virtual: Mon 26 May 2025 | 9.30am - 12.30pm   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   Enterprise Northern Ireland, Funding for Growth: Transitioning Your Business to Net Zero The third session in a three-part in-person series for Micro and Small Businesses, which also includes events on Accessing Debt Finance and Grant & Equity Finance, this session will cover the importance of net-zero in future-proofing your business, support available to help finance your transition to net-zero, and how small businesses are leading the charge to net-zero In person, Thursday 26 June 2025, 9:30am to 1:30pm, Venue: Craigavon Industrial Development Organisation, Portadown, Cost: Free     Sustainability Centre 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 Irish Government’s Climate Action Plan 2025, Chartered Accountants Ireland’s letter to the Government highlighting SMEs’ sustainability needs, the new Business Energy Upgrades Schemes, new business opportunities to associate with native woodlands, ISIF’s additional €1bn committed to climate investments, and reports into Irelands’ Offshore Wind Strategy, the gender income gap, and EV sales. Also covered are developments in Europe, as well as the usual articles, resources and upcoming events, including the next ESG Network meeting.      Chartered Accountants Ireland news Accountancy Ireland goes digital Accountancy Ireland, the flagship publication from Chartered Accountants Ireland, has published its first fully digital edition in its more than 50 years of publication. In a sustainability-themed issue, April’s Accountancy Ireland includes articles on green energy, infrastructure, sustainability reporting, accounting for sustainability and perspectives from Institute members. Commenting, Institute President Barry Doyle, described the initiative as “reflect[ing] the Institute’s ongoing and long-term goal of reducing our environmental impact for a better tomorrow as articulated in our strategy. In reducing production inputs, transport and waste volumes, we strive to meet this goal for all our benefit.” Congratulations UrbanVolt! Chartered Accountants Ireland congratulates UrbanVolt for winning the ESG Company Award (SMEs) in the Business & Finance Media Group ESG Awards 2025, in partnership with Grant Thornton Ireland. Chartered Accountants Ireland was honoured to have been shortlisted in the category and congratulates all fellow nominees, and all winners, across the 15 categories. Institute shortlisted for Association and Institute Awards Chartered Accountants Ireland has been shortlisted for the Association and Institutes Awards in the following categories: The Rhapsode digital bookshelf for Best Publication The amalgamation for Best Collaboration Project Sustainability / ESG bulletin for Best Blog, Podcast or Video Congratulations to all our fellow nominees across over 19 categories and we look forward to the Awards on 12 June at Royal Marine Hotel, Dun Laoghaire!   IRELAND NEWS Government approves Climate Action Plan 2025 The Government has approved the Climate Action Plan 2025, the roadmap of actions to enable Ireland to achieve its climate objectives. This is the third statutory update to the plan since the Climate Action and Low Carbon Development (Amendment) Act 2021 was signed into law, committing Ireland to achieving by 2050 the transition to a climate-resilient, biodiversity-rich, environmentally sustainable and climate-neutral economy. Described as a ‘streamlined Climate Action Plan’, to be read in conjunction with Climate Action Plan 2024, the 2025 Plan aims to put climate solutions at the centre of Ireland’s social and economic development. It is also the final Climate Action Plan of the first 5-year Carbon Budget – marking an important midpoint in what has been called ‘the decade of climate action’. Institute highlights SME needs in response to Department of Environment, Climate and Communications consultation Chartered Accountants Ireland has responded to the Department of the Environment, Climate and Communications’ public consultation on its 2025-2028 Statement of Strategy. In our submission, we called for the Department to acknowledge the barriers preventing businesses, in particular SMEs, from playing a greater role in tackling the climate and biodiversity crises and to set out a series of clear, practical strategies to address these. Focus should also be given to better communicating the clear commercial opportunities that a transition to a low-carbon, climate-resilient and biodiversity rich economy can bring to Irish businesses. Review of the National Development Plan The Department of Public Expenditure, NDP Delivery and Reform (DPENDR) will commence a review of the National Development Plan, to be completed in July 2025. The review will cover all public capital investment to 2035, including among other things, the Infrastructure, Climate and Nature Fund. The National Development Plan sets out the investment priorities that will underpin the successful implementation of the National Planning Framework (NPF), included under Project Ireland 2040, and wider government policies. The review of the National Development Plan (NDP) will also include a climate assessment of any programmes receiving funding. New Business Energy Upgrades Scheme expands range of grants targeting SMEs Minister for Climate, Environment and Energy Darragh O'Brien officially launched the Business Energy Upgrades Scheme this week, expanding the range of Rapid Approval Grants targeted at SMEs to enable them carry out energy and emissions-saving investments. The range includes the Support Scheme for Energy Audits (SSEA) and the Non-Domestic Microgeneration Grant. These schemes aim to provide ‘substantial support’ to the SME sector to address energy costs and reduce emissions in their buildings, and are open to all businesses, and public bodies, who are upgrading a building they own or occupy. Opportunity for businesses to associate with native woodlands The Minister of State for Forestry, Farm Safety and Horticulture, Michael Healy-Rae, has announced the opening of the updated Woodland Environmental Fund, inviting businesses of all types and sizes to consider participating. In addition to the benefits to local landowners and to Ireland’s native woodlands, participating businesses stand to enhance the reputation of their businesses by association with the creation of “a significant tangible environmental asset that will become a permanent feature of the landscape”. The Minister described the Fund as “an ideal way for a business to exercise, and demonstrate, its corporate social responsibility, as the restoration of Ireland’s once-vast forests of oak, birch and alder delivers real environmental benefits, as well as providing additional income to farmers.” ISIF commits an additional €1bn to climate investments and €500m to Ireland’s regional cities The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has committed an additional €1bn to climate investments and €500m to Ireland’s five regional cities of Cork, Limerick, Galway, Waterford and Kilkenny. The announcement comes after new figures published by ISIF show it has exceeded its previous €1bn target for investments in climate and its previous €500m target for investing in regional cities, up to two years ahead of schedule. The new commitments will double ISIF’s commitments to both categories – bringing total climate commitments to €2bn and regional city commitments to €1bn over the next four years. The new commitments coincide with the publication of ISIF’s 10-years of Impact Report which sets out its progress since inception in late 2014. Progress report on Ireland's Offshore Wind Strategy Powering Prosperity Implementation Progress Report, the report published by the Department of Enterprise, Trade and Employment on the progress of Ireland’s Offshore Wind Industrial Strategy, has highlighted milestones in Ireland’s journey towards becoming a global leader in offshore renewable energy. The report states that 38 of the 40 actions outlined in the strategy are either completed or underway. The strategy, which launched in 2024, set out to capture the value of the country’s Offshore Renewable Energy (ORE) supply chain and maximise the economic impact of Ireland’s renewable energy goals. Report finds significant gender income gap persists despite rising number of women in paid work The Irish Human Rights and Equality Commission and the Economic and Social Research Institute have published a report which finds that despite rising numbers of women in paid work, a significant gender income gap persists. The report, Child Related Leave: Usage and Implications for Gender Equality, reveals that there are fewer women in the workforce than men, and that women are more likely to be in part-time work, usually due to caring responsibilities. The gender income gap usually emerges after the birth of a child and continues throughout a woman’s whole life. 84 percent increase in new plug-in hybrid electric vehicles purchased compared to 2024 New electric vehicles licensed in March 2025 rose by 31 percent compared with the same period last year, according to figures published by the Central Statistics Office (CSO) this week. The number of new electric vehicles licensed in March 2025 rose by 31 percent when compared with March 2024 (2,473 vs 1,884). The number of new plug-in hybrid electric vehicles (PHEV) licensed in March 2025 grew by 84 percent when compared with March 2024 (2,202 vs 1,195). Business in the Community Ireland launches 2025-2028 Strategy Business in the Community Ireland (BITCI), the Dublin-based not-for-profit that aims to drive sustainability and social inclusion in business, has launched its Strategy for Impact 2025-2028. The new strategy sets out its vision for supporting businesses to lead the transition to a net zero, nature-positive, and inclusive society. As part of its 25th anniversary celebrations, BITCI is also hosting a landmark conference entitled ‘Lead, Innovate, Achieve: Championing sustainability and social inclusion for 25 years’ in Dublin on 11 September.   EUROPE NEWS Omnibus given final green light The European Council has given its final green light on one of the Commission’s proposals to simplify EU rules. This so-called ‘Stop-the-clock’ proposal postpones the dates of application of the CSRD and CSDDD. Read more from Chartered Accountants Ireland here. Accountancy Europe’s April's Sustainability Newsletter Accountancy Europe’s April's Sustainability Newsletter has published and includes   latest news on the Omnibus ‘stop-the-clock’ proposal, EFRAG updates and more. Among the news covered is the reaffirmation by Accountancy Europe and the International Federation of Accountants (IFAC) of their commitment to high-quality and consistent sustainability assurance, and the proposals by the EU Platform on Sustainable Finance (PSF) of a voluntary and streamlined standard to help SMEs demonstrate their climate-related sustainability efforts. Strengthening society’s engagement with nature The European Environment Agency has published a briefing in support of the implementation of the EU’s Biodiversity Strategy for 2030 and Nature Restoration Regulation. It describes how cultural attitudes influence human interactions with nature, and reviews the societal factors needed to halt and reverse biodiversity loss. Seven key factors are identified as encouraging wide and continued societal engagement in protecting nature, such as ensuring evidence-based decision making and clear and efficient collaboration with stakeholders.  2024 European State of the Climate publishes The European State of the Climate 2024 (ESOTC 2024) report has found that Europe is the fastest-warming continent, and the impacts of climate change are clear. 2024 was the warmest year on record for Europe, with record temperatures in central, eastern and southeastern regions. Storms were often severe and flooding widespread, claiming at least 335 lives and affecting an estimated 413,000 people. During the year, there was a striking east-west contrast in climate conditions, with extremely dry and often record-warm conditions in the east, and warm but wet conditions in the west. The report was released this week by the Copernicus Climate Change Service (C3S) and the World Meteorological Organization (WMO) and involved approximately 100 scientific contributors. WORLD NEWS The IFRS Foundation’s International Sustainability Standards Board (ISSB) and the Taskforce on Nature-related Financial Disclosures (TNFD) have established a partnership to enhance nature-related financial disclosures for capital markets. This new agreement enables the IFRS and TNFD to share research, knowledge, and technical expertise, informing both the ISSB’s Biodiversity, Ecosystems, and Ecosystem Services (BEES) initiative and the nature-related aspects of its efforts to improve industry-focused SASB standards. Articles Climate Action Plan: Rules for car advertising, more energy-efficient buildings: What's in the new Climate Action Plan (The Journal)   Ireland not on 'clear path' to hit climate goals with plan (RTÉ)   Measures in 2025 climate plan will be at centre of social and economic development, Government says (Irish Times)   Making the business case for sustainability after the omnibus (Sustainable Views – Subscription) UK firms ditching diversity and inclusion ‘face higher risk of lawsuits’ (The Guardian)   When fathers don’t take family leave, workplace inequality persists (Irish Times)   “What gets measured gets done” – Catherine Duggan, Head of Sustainability for Grant Thornton on enterprising ESG practices (Business and Finance)   ‘We can’t sacrifice resilience on the altar of efficiency’ - Central Bank warns on deregulation drive (Business Post)   Climate crisis on track to destroy capitalism, warns top insurer (The Guardian)   Did you know? The Tallaght District Heating Scheme is the first large-scale district heating network of its kind in Ireland. To date it has generated almost 6,000 MWh of energy, saving 1,098 tCO2 as of June 2024, and is estimated to generate 270,000 MWh energy over its lifetime (25-35 years). It currently supplies heat to a number of public and residential buildings in the area using waste heat from the nearby Amazon data centre.   Resources Capitals Coalition newsletter Curious about how businesses and finance are redefining value for nature, people, and the economy? Each month, the Capitals Coalition newsletter brings fresh thinking, practical tools, and real-world examples from its global network, spotlighting how organisations are embedding natural, social, human and produced capital into decision-making. From policy shifts to project updates, events and good news, it’s a snapshot of where momentum is building and where you can join in. Subscribe here Chartered Accountants Worldwide - Difference Makers Discuss In case you missed it, Chartered Accountants Worldwide’s latest Difference Makers Discuss with Ainslie van Onselen and Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD is now available to stream on demand. This exclusive conversation explores: ✅ How finance professionals can tackle climate challenges & drive digital transformation ✅ The OECD’s work with global institutions to promote sustainability & social equity ✅ The evolving role of Chartered Accountants in an ESG-driven world ✅ Practical advice for young CEOs navigating today’s economic landscape ICAEW’s Sustainability Accelerator Programme ICAEW’s Sustainability Accelerator Programme has been designed to equip finance professionals with the strategic insight and technical expertise required to lead sustainability and ESG initiatives in today’s rapidly evolving business landscape. Incorporating ICAEW's popular Sustainability Certificate, this flexible series of elearning resources offers up to 50 hours of professional development.  Events Chartered Accountants Ireland, Chartered Accountants Ireland ESG Network meeting This meeting will be joined by three speakers: Elaine O’Regan,  Managing Editor, Accountancy Ireland will discuss the April Sustainability issue, and the rationale behind Accountancy Ireland becoming a fully digital publication; Laura Hueston, FCA, Co-Founder SustainabilityWorks will provide an update on the Omnibus, and role of sustainability in long-term viability of businesses regardless of row-back at EU and US level on sustainability reporting, Martina Goss, FCA, Business Coaching & Consulting, will discuss business model innovation & new product development: incorporating sustainability, lean methodologies and a new mindset for accountants Presentations from 2.00-3.00 will be followed by a group discussion from 3.00 – 3.30 Virtual (Zoom) email sustainability@charteredaccountants.ie if you want to join the ESG Network.   DCU, Dispatches from a changing climate: Engaging society through activism, storytelling and the arts  DCU’s Institute for Climate and Society annual conference will take place on Tuesday, 29 April on the DCU Glasnevin Campus with keynote speaker Mary Lawlor, UN Special Rapporteur on Human Rights Defenders. The conference will also feature a range of speakers from the arts, the media and academia.  In person, 29 April, Free, 09:00 to 17:00   NatCap, Measuring impacts in the supply chain The supply chain is where many of the most significant nature-related risks and opportunities lie, yet it remains one of the most challenging areas for businesses to measure and manage effectively. As regulatory and investor expectations rise, companies face increasing pressure to evaluate, assess, and manage the nature-related impacts of their supply chains. Join NatCap for a focused session on how to assess these impacts, generate actionable insights to identify priority areas for action, and prepare for evolving frameworks like the TNFD and CSRD (ESRS E4). Virtual, April 29, 12:00 PM   Cork District Society Chartered Accountants Ireland, Sustainability for Success Join us on Thursday, 15 May from 1-2pm for the first webinar in the Cork Society Chartered Accountants in Industry Webinar series on Sustainability for Success: How Freefoam is Building a Future-Fit Organisation with Kevin Cronin, COO and Sustainability Lead at Freefoam. Virtual, 15 May 2025, Free, 12.00-13.00   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, 23 May, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, EPA Annual Climate Change Conference 2025 The EPA Annual Climate Change Conference will be held on Wednesday 28 May 2025 in Dublin Castle. Please save the date for this event. In person, May 28, 2025   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.        

In order to assist readers, we have highlighted some key information resources to help you understand the impact of last week’s tariffs. There have been comments from all across the Accountancy profession, including some helpful publications providing tips for businesses as they adapt to the new global trading conditions. We also bring you the official White House publications which have accompanied the announcement of the tariffs. This includes the Fact Sheet which sets out the administration’s basis for claiming that the tariffs are a necessary tool to combat the myriad trade deficits the US operates with its global trading partners. Press releases from Government and the EU Statement by President von der Leyen on the announcement of universal tariffs by the US Statement by Taoiseach Micheál Martin on US decision to impose tariffs Statement from the Tánaiste on US announcements on tariffs House of Commons on what US tariffs on EU goods could mean for Northern Ireland Commentary from Accountancy profession KPMG - US tariffs - Understanding the implications for Ireland and the EU Grant Thornton - The implications of tariffs and trade wars PwC - US reciprocal tariffs EY – What are the implications of US President Trump’s reciprocal tariffs on global trade Deloitte - Tackling shifting tariffs: Timely tips for business leaders BDO – Tariffs & Trade in 2025: Practical Steps for Exporters and Importers Insights from Tax Research Tax Foundation - Trump Tariffs: The Economic Impact of the Trump Trade War Chartered Accountants Ireland reaction to US administration’s new tariffs Parliamentary Budget Office Trade between Ireland and the US April 2025 Official White House material Official White House Executive Order Official White House Article – “Tariffs Work – and President Trump’s First Term Proves It” Official White House Fact Sheet declaring National Emergency US International Trade Administration Official Website 2025 National Trade Estimate Report on Foreign Trade Barriers

US President Donald Trump last week announced 20 percent tariffs on all imports from the EU stating the imposition of the ‘reciprocal’ tariffs was required to address tariff and non-tariff barriers imposed by US trading partners. The Institute’s Director of Members and Advocacy, Cróna Clohisey has called the move a “regressive step” and is urging the Irish Government to work with the EU Commission to engage with the US administration in constructive dialogue. The Taoiseach, Micheál Martin released a statement noting his deep regret at the decision to impose 20 percent tariffs on imports from across the EU saying that Ireland would consider with EU partners on how best to proceed. The Taoiseach commented that the Irish economy is resilient, and that it is starting from a strong position. He is confident that we will weather the ensuing upheaval to global trade. The President of the European Commission, Ursula von der Leyen also released a statement noting the deeply regrettable choice which will massively impact the global economy. In setting out the many ways the tariffs will negatively impact citizens, she expressed a sincere openness to negotiating with the US.

John O'Loughlin examines the global trade crisis sparked by Trump’s “Liberation Day” tariffs and their sweeping impact on EU exports and businesses US President Donald Trump’s “Liberation Day” announcement marked a significant and historic escalation of the US approach to international trade and tariffs. Exports from the European Union (EU) to the US are now in scope of Trump’s tariffs and some businesses will be significantly impacted by this latest round of measures. Immediate changes and impact  On Wednesday 2 April, the Trump Administration announced wide-ranging “reciprocal” tariff measures. President Trump invoked his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the “national emergency” posed by the large and persistent trade deficit. These measures, imposed on all global trading nations, apply a blanket additional tariff rate on all products imported into the US. As expected, the measures were applied on a country-by-country basis with the following key markets impacted by the following additional tariffs: European Union: 20% United Kingdom: 10% China: 34% Japan: 24% Switzerland: 31% Brazil: 10% Australia: 10% India: 26% South Korea: 25% In addition to the above, a further 60 or so countries will have reciprocal tariffs applied at half the rate they charge the US, according to the Trump administration. These measures are due to be implemented on 9 April. Further to these specific tariffs, all other countries not listed will be subject to a baseline rate of 10 percent, which will be imposed from 5 April and will be in addition to the standard rate of duty (most-favoured nation rate).  The Executive Order imposing the “reciprocal” tariff rates have specifically excluded certain product categories which will not be subject to these new measures. These products include: Steel and aluminium articles already subject to additional tariff measures;  Auto and auto parts already subject to tariff measures implemented on 3 April; Copper; Pharmaceuticals; Semiconductors; Lumber articles; and Energy and certain other minerals that are not available in the United States.  Regarding imports from Mexico and Canada, those that meet the US-Mexico-Canada Free Trade Agreement (USMCA) rules will not be subject to additional tariffs. However, goods that do not meet the rules under the USMCA will continue to be subject to the 25 percent tariffs imposed on 4 March. Trump’s tariffs have created a trade crisis on a global scale affecting companies across all sectors. These tariffs will remain in effect until he determines that the threat posed by the trade deficit— and underlying nonreciprocal treatment—is satisfied, resolved or mitigated. Other tariff measures As announced on Wednesday 26 March, 25 percent tariffs on imports of foreign-made cars came into effect on 3 April. The tariffs will impact cars from all countries with a value-based exception for the US value of cars covered by the USMCA. Additionally, on Monday 25 March, Trump also announced the possibility of a 25 percent additional tariff on countries purchasing oil or gas from Venezuela, with an implementation date of 2 April. As of yet, no tariffs under this measure have been imposed. Further to previous Executive Orders regarding tariffs on imports of Chinese goods, President Trump has signed an Executive Order removing the de minimis treatment for goods of Chinese and Hong Kong origin, effective from 2 May. This order imposes duties on goods valued at or under $800 which would otherwise have qualified for an import duty exemption. USTR Foreign Trade Barriers Report On 31 March, the United States Trade Representative (USTR) published its 2025 National Trade Estimate Report on Foreign Trade Barriers – a wide-ranging report highlighting foreign barriers to US exports, US foreign direct investment and US electronic commerce. Ireland is specifically noted within the report, but references are limited to commentary regarding alcohol labelling and reimbursements related to pharmaceutical products. European retaliatory measures On 12 March, the European Commission announced countermeasures in response to the US tariffs on steel and aluminium products, which it deems "unjustified".  Following a period of consultation, the EU has postponed the implementation of these measures until 15 April. These tariffs range from 10 percent to 75 percent with the majority of products falling within the 25 percent category. Additionally, the EU is set to announce further countermeasures on a wider range of goods. EU reaction On Tuesday 1 April, comments by European Commission President Ursula von der Leyen indicated that the EU is prepared to retaliate against the US, if necessary, in response to Trump's tariff hikes. “Europe has not started this confrontation, we do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it,” von der Leyen said. She further emphasised the significance of the US-EU trading relationship, noting that their trade volume is $1.5 trillion and that one million American jobs rely on this trade. Von der Leyen reiterated that Europe is open to negotiations, stating, "We will approach these negotiations from a position of strength. Europe holds many cards, from trade to technology to the size of our market. However, this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table.” Actions for businesses In anticipation of these tariffs, companies have placed significant focus on analysing their own data and scenario planning for the impact of tariffs. With Trump’s announcement, businesses should shift their focus to tariff mitigation strategies and options, including customs origin, valuation and tariff classification. Duty relief programs should also be considered. It is expected that the EU will push ahead with its retaliatory measures and other countries may look to introduce similar measures. Trump’s executive orders also contain modification authority allowing him to increase the tariff if trading partners retaliate, or reduce the tariffs if trading partners take significant steps to remedy non-reciprocal trade arrangements and align with the US on economic and national security matters. John O'Loughlin, Partner, Global Trade and Customs, PwC Ireland

BlackRock’s 2025 Ireland Read on Retirement survey reveals Irish workers’ retirement anxieties. With auto-enrolment imminent, increased pension awareness is crucial, writes Tim Hodgson BlackRock’s 2025 Ireland Read on Retirement survey offers a revealing snapshot of the retirement landscape for Irish workers. The research exposes significant gaps between the recognized importance of pensions and the actual confidence workers have in achieving a comfortable retirement. Despite 81 percent of respondents acknowledging that pensions are the most effective means of securing a reasonable standard of living, just 41 percent feel they are on track to achieve this goal. The disconnect highlights the urgent need for enhanced financial planning and greater awareness of retirement savings. The survey identified a palpable sense of uncertainty among pre-retirees, aged 60–69, with more than a third uncertain whether their current trajectory will be sufficient to secure a comfortable retirement. This reality reflects broader anxieties within the workforce. It is evident that, while pensions are universally accepted as crucial, tangible readiness varies dramatically among workers, particularly between those with and without Defined Contribution (DC) workplace pensions. Workers lacking a DC pension express significantly less confidence in their retirement preparedness—just 26 percent of those without one feel on track, compared to 59 percent of their counterparts who enjoy the benefits of such schemes. Jumpstarting retirement savings As Ireland prepares for the introduction of the Auto-Enrolment Retirement Savings Scheme, called My Future Fund, the survey’s findings assume even greater significance. Scheduled to roll out in September 2025, this initiative aims to integrate as many as 800,000 Irish workers into an occupational pension scheme, jumpstarting retirement savings for many who have been without work or a private pension. The upcoming scheme is viewed as a watershed moment, a once-in-a-generation opportunity to redefine how retirement savings are approached. More than two-thirds of survey participants indicated a willingness to opt into the scheme during its inaugural year, reflecting optimism about the potential of auto-enrolment to reverse current trends. However, the survey also revealed that only half of workers believe that an employee contribution rate of 4.5 percent is affordable, highlighting significant challenges that remain in the broader context of financial readiness. Generational divide Generational differences further complicate the picture. The survey found that saving for retirement ranks among the top three financial priorities for Pre-Retirees and Gen Xers. In contrast, Millennials treat it as the least pressing concern, placing it last among six financial priorities. This divergence suggests that while older generations are grappling with the immediate need to shore up retirement funds, younger workers may be postponing or deprioritising savings amid other financial demands. Additionally, 43 percent of overall respondents admitted that they should be saving more, and 32 percent felt they had started too late. A similar proportion expressed concern that state pension provisions might fall short once they retire. The research highlights that nearly nine in ten pre-retirees and Gen Xers lack a clear strategy to manage their pension pots upon retirement. A striking majority believe that pension schemes should prioritise guidance to help savers manage the transition from accumulation to decumulation. In essence, while saving for retirement remains a top priority for many, there is an urgent need for enhanced financial education and personalised solutions designed to ease the transition from saving during working years to drawing down those funds in later life. Retirement unease Overall, the insights provided by the Ireland Read on Retirement survey reflect a broader international trend of retirement unease. With initiatives such as auto-enrolment on the horizon, it is imperative that policymakers, employers, and financial advisors work together to bridge the gaps in awareness and affordability. Only then can the promise of a secure and comfortable retirement become a reality for all Irish workers. Exploring these themes further reveals the critical importance of informed financial planning, and it invites renewed discussion on how best to support diverse generations in their unique retirement journeys. Tim Hodgson is Head of UK and Ireland Defined Contribution Platforms and Retirement Solutions at BlackRock