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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

Commenting on the US administration’s new tariffs, Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said: “The announcement of 20% tariffs on imports from the EU by US President Donald Trump last night is a regressive step in transatlantic trade relations and upends the principle of open and fair trade. We urge the Irish government to work with the EU Commission to find a way to engage the US in constructive dialogue which prioritises solutions over a cycle of retaliatory measures. A further escalation in trade tensions will risk jobs, businesses and economies not just on the island of Ireland, but across the world. Without a doubt, these tariffs will cast a shadow of uncertainty over the stability of Ireland’s future corporation tax receipts with the stated aim of the tariff war being to ‘onshore’ many of the US multinationals operating overseas. As an all-island body, it is equally regrettable to see a 10% tariff announced on imports to the US from Northern Ireland, adding an additional pressure to businesses who are still navigating the complex trading landscape post Brexit. For now, we need to focus on what we can control. Prioritising Ireland’s competitiveness on the global stage will require urgently addressing our persistent infrastructural deficits. Our infrastructure is 25% less developed, on average, than other high-income European countries. This is not sustainable, particularly in the face of such protectionist measures. Now is the time to utilise the resources already at our disposal to accelerate investment in housing, water, energy and transport to best position the economy for growth - not only in terms of continued inward investment but also supporting domestic enterprises that comprise 99.8% of businesses in Ireland.”

    In this week’s Sustainability/ESG Bulletin read about Ireland’s green skills shortage, the global and Irish weather reports, and the costs, opportunities, and role of tax in the sustainability transition. Also covered is an increase in EVs in Ireland, lessons on sustainability from Nordic companies, a new framework to implement the Dasgupta Review recommendations, sustainability as a priority for MEPs, EU omnibus developments, and news from the US SEC as it votes to stop defending climate disclosures, as well as the usual articles, resources and upcoming events.   IRELAND Small Scale Renewable Electricity Support Scheme (SRESS) The Department of the Environment, Climate and Communications has recently launched a scheme that aims to support SMEs to establish their own export renewable electricity projects. Support is provided in the form of a guaranteed tariff for their electricity produced and is provided for 15 years. More information on the scheme can be found here.   Clear skills shortage challenges move to sustainable model for Irish business Research recently published by Skillnet Ireland has shown that a shortage of skilled workers is a challenge for business, particularly for SMEs, in moving to a more sustainable model. The research report, Ireland’s Talent Landscape 2025: Future Skills Challenges of Irish Business, identified the skills challenges facing businesses in adapting to the changing nature of work in the face of the digital, artificial intelligence (AI) and green transitions. It identified a growing recognition among businesses of the importance of climate action and sustainability expertise, alongside a clear skills shortage of green talent. At least two-thirds (66 percent) of businesses said they will need climate action and sustainability related upskilling.   SEAI report highlights costs and opportunities of energy transition   Achieving Ireland’s energy transition could result in up to €19 billion of capital expenditure per year by 2030 according to a new report by the Sustainable Energy Authority of Ireland (SEAI). The report, Ireland’s Sustainable Energy Supply Chain Opportunities, highlights the importance of collaboration between the public and private sectors to fulfil our energy transition goals. It outlines six recommendations, including developing skills and certifications, leveraging R&D capabilities, promoting sustainable practices, focusing on high-value markets, capturing the preliminary phase of the supply chain for key technologies and the installation and commissioning markets of technologies.   The role of tax in the green transition The Department of Finance has published an update to the methodology for Green Budgeting in Ireland from a Tax Perspective. It describes green budgeting as a “process which seeks to consider the impacts of the budgetary process and wider fiscal policy on the transition to a more sustainable, environmental and climate friendly economy … an explicit recognition that the budgetary process is not neutral, but reflects long standing societal choices about how resources are deployed.” The report finds that, overall, the tax system in Ireland as a whole can be considered climate positive in monetary terms, and that recent budgetary changes have improved the climate positive contribution of the tax system. It further recommends that policy and policymakers will need to be cognisant of, and integrate, environmental costs and benefits into medium- and longer-term fiscal planning. This paper also complements the efforts of the EU and the OECD to advance green budgeting practices at a national level. On Thursday 24 April the European Parliament’s Subcommittee on Tax Matters (FISC) will host a public hearing on the role of tax in aligning the green transition and competitiveness.   Potentially challenging outlook for Ireland’s electricity grid Eirgrid, which is responsible for managing, planning and operating Ireland’s high voltage electricity grid and market, has released its All-Island Resource Adequacy Assessment 2025-2034. The assessment looks at the balance between electricity demand and supply on the island of Ireland for the next 10 years. It shows “a potentially challenging outlook” in Ireland over the next few years, and that further new electricity generation will be required to secure the transition to high levels of renewable electricity over the coming decades.   Ireland and global climate 2024 show that robust adaptation is needed Met Éireann’s recently published ‘Ireland’s Climate 2024 Provisional Summary Report’ confirms that 2024 was the fourth warmest year on record for Ireland. The release coincides with that of the World Meteorological Organisation (WMO)’s State of the Global Climate 2024, which documents 2024 as the warmest year in global records, with key climate change indicators again reaching record levels. Commenting, Met Éireann Senior Climatologist Dr Pádraig Flattery warned that rising temperatures increase the chance of severe weather events and emphasise the need for climate action to reduce greenhouse gas emissions, as well as robust adaptation to deal with the consequences of climate change.   Public consultation on first National Public Procurement Strategy The Department of Public Expenditure NDP Delivery and Reform has launched a public consultation on the first National Public Procurement Strategy . The consultation will run for eight weeks and is open to all those with an interest in the future direction of public procurement in Ireland, including public bodies, NGOs, community groups, political representatives, academics and members of the public. Commenting on the launch, Minister for Public Expenditure, NDP Delivery and Reform, Jack Chambers, explained that “[t]he focus of the strategy will be on increasing SME participation in public contracts and leveraging public procurement to support sustainability and innovation concerns, it will also support increasing openness and transparency in public procurement processes.” Government is particularly keen to have inputs from members of the business community including social enterprises and SMEs.   Increase in Ireland’s climate finance spending Ireland’s recently published Climate and Environmental Finance Report 2023 shows an increase of 32 percent in Ireland’s climate finance spending between 2022 and 2023. The report, which is produced annually by the Department of Foreign Affairs and Trade, describes the levels, channels and focus of funding provided by the Irish Government to support climate action and environmental protection in developing countries. In July 2022 the Irish Government published Ireland’s International Climate Finance Roadmap, an all-of-government plan setting out the pathway for realising the target announced by the Taoiseach at COP26 to provide at least €225 million in climate finance per year by 2025.   High response to EV Grant Scheme for taxis, hackneys and limousines A statement published by ZEVI, the Department of Transport office to support  the switch to zero emission vehicles, has reported unprecedented interest from taxi, hackney and limousine operators in Ireland in the  2025 eSPSV Grant Scheme (eSPSV25), which is now fully subscribed. The Scheme helps accelerate the transition to EVs in the small public sector vehicle industry and supports those who are scrapping older, more polluting, or high mileage vehicles to go electric. The National Transport Authority (NTA) will temporarily pause the scheme to review and process the eligible applications received. Following assessment of the initial applications, the scheme may reopen later in the year. Separately, figures released by the Central Statistics Office (CSO) show that the number of new electric vehicles (EVs) licensed in February rose by 38 percent when compared with February 2024, meaning that the share of EVs among new private cars increased to 20 percent in February compared with 15 percent in the same month in 2024. The number of new plug-in hybrid electric vehicles (PHEV) licensed in February grew by 65 percent when compared with February 2024, increasing the share of PHEVs among new private cars to 15 percent in February from 9 percent in February 2024. The combined share of petrol and diesel cars among new private cars licensed year to date has fallen in comparison with 2024 from 51 percent to 42 percent.   Navigating the Nordic Sustainability Landscape: Key Insights for Irish Companies Enterprise Ireland have published a short guide for Irish businesses looking to align with the sustainability expectations of Nordic companies. The guide identifies several strategies that can be adopted, including embedding sustainability into the core business models, addressing the full ESG spectrum (conducting a Double Materiality Assessment), staying updated, communicating transparently, and pursuing certifications and eco-labels such as B-Corp, ISO14001 and ISO26000 and Nordic Swan Ecolabel.   BioPharmaChem industry carbon emissions associated with energy consumption drops, report finds A new report by BioPharmaChem Ireland (BPCI) finds that the biopharmaceutical and chemical sectors have made significant progress toward sectoral sustainability goals over the past three years despite a 5.8 percent increase in production and strong employment growth. The Sustainability Strategy and Responsible Care Report 2025, which tracks industry progress in energy, emissions, data, and culture, has found that between 2022 and 2024 carbon emissions fell by 26 percent, water use decreased by 2.9 percent, and energy consumption declined by 4.5 percent. Renewable sources now supply over two-thirds of the industry's electricity, including on-site generation. While efforts to reduce Scope 3 emissions are ongoing, the report highlights that 53 percent of sites face challenges in gathering the necessary data, and calls on the Government to further improve competitiveness in Ireland by improving the capacity and reliability of the electricity grid, supporting greater availability of grid storage solutions, improved smart grid systems for better energy management, and streamlined regulatory and planning approval processes for renewable energy projects.   NORTHERN IRELAND/UK Northern Ireland’s Energy Strategy Action Plan publishes Northern Ireland’s  Energy Strategy Action Plan 2025 - March 2025 has published, setting out a roadmap for 2025 to advance the transition towards secure, affordable and clean energy for the region. This is the fourth annual action plan to be published following the launch of the Executive’s Northern Ireland Energy Strategy ‘Path to Net Zero’ in 2021, which sets out a pathway for energy to 2030. The Energy Strategy Action Plan 2025 is a key step to achieving the Strategy’s commitment to self-sufficiency in affordable renewable energy. It was published alongside an Energy Strategy Action Plan Report 2024, detailing progress on a range of actions carried out by the Department and Government partners in 2024.    Implementing the Dasgupta Review The UK independent think tank Green Alliance has published proposals to create a framework to factor nature properly into economic decision making. The report, The nature of our economy: implementing the Dasgupta Review, follows the Dasgupta Review, commissioned by the UK Treasury and published in 2021, which exposed the failure in mainstream economics to account for the true value of nature, a failure the report says ultimately will erode GDP and lead to long-term economic instability.     Transparency in supply chains: a practical guide (accessible) The UK Home Office has published statutory guidance aimed at increasing transparency in supply chains, and urges businesses to be vigilant to ensure they are not knowingly or unwittingly complicit in this abuse taking place in their operations and global supply chains. The guidance ‘Transparency In Supply Chains (TISC)’ states that "No part of the world is free from modern slavery and no industries are immune to the risk of modern slavery”. According to the most recent Global Estimates of Modern Slavery, there were an estimated 27.6 million people living in forced labour in 2021 (of which 3.3 million were children), estimated to generate £185 billion in illegal profits every year.   EUROPE Omnibus update MEPs have voted to approve the proposed “stop-the-clock” procedure recommended under the EU omnibus which proposed simplifications to sustainability regulations, including the Corporate Sustainability Reporting Directive (CSRD) and to delay the next wave of companies coming into scope by two years, and to delay the transposition of the  Corporate Sustainability Due Diligence Directive (CSDDD). On Thursday 3 April, the European Parliament voted to postpone the application dates for new EU laws on due diligence and sustainability reporting requirements. Member states will have an extra year – until 26 July 2027 – to transpose the due diligence rules into national legislation.  Application of the sustainability reporting directive will also be delayed by two years for the second and third waves of companies covered by the legislation. Large companies with more than 250 employees will be required to report on their social and environmental measures for the first time in 2028 for the previous financial year, while listed small and medium-sized enterprises will have to provide this information one year later. Sustainability a priority for MEPs for 2026 EU Budget MEPs have adopted their priorities for the 2026 EU budget on Wednesday, emphasising defence, prosperity and sustainability. Next year’s budget should focus on strategic preparedness and security, economic competitiveness and resilience, sustainability, climate, and the single market, as MEPs call for additional investment in research, innovation, enterprises, health, energy, migration, border protection, digital and green transitions, job creation and opportunities for young people. The Commission is expected to present its proposal for next year’s budget in June 2025. The budget needs to be agreed between the Council and the Parliament by the end of this year.   WORLD Corporate income tax and the Net-Zero Transition (From our colleagues in Tax) The OECD has published a working paper on the impact corporate income tax (CIT) design can have on investment by the private sector in clean technologies to help achieve net-zero climate goals. Setting out a conceptual framework of the key channels through which CIT can influence investment in clean technologies, it also identifies policy implications and potential policy options to enhance the alignment of CIT with climate policy objectives.   US SEC votes to stop defending climate disclosure rules The US Securities and Exchange Commission (SEC) has voted to end its legal defence of its climate disclosure rules which required large corporations to disclose the impacts of climate change on their businesses. In 2024 the Securities and Exchange Commission (SEC) had adopted rules to enhance and standardise climate-related disclosures by public companies and in public offerings. The vote reportedly allows the SEC to “effectively walk[] away from its regulation requiring companies to report on climate risks and greenhouse gas emissions, without actually having to rescind the rules”. Technical Roundup (From our colleagues in Professional Accounting) Following Omnibus proposals, the Chair of the Global Sustainability Standards Board has highlighted short-term pressures that exist to weaken regulations and why now is the time for the EU to show global leadership.   7 April: European Financial Reporting Advisory Group (EFRAG) is holding “VSME in Action: Empowering SMEs for a Sustainable Future” looking at how the standard can be implemented.   EFRAG and the CDP have published correspondence mapping between the CDP question bank and ESRS E1. The International Sustainability Standards Board (ISSB) has published the recording of 'The future of integrated reporting and integrated thinking', its eighth 'Perspectives on sustainability disclosure' webinar and its March 2025 podcast discussing the latest developments around the ISSB. The IFRS Foundation has published a ‘Roadmap Development Tool’ to support jurisdictions in the planning and design of their adoption roadmaps for ISSB standards. It has also released series of webcasts to support companies in identifying and disclosing material information about sustainability-related risks and opportunities.   Articles How suppliers should be supporting their customers’ carbon accounting (Accountancy Age)   Climate Mitigation vs Climate Adaptation: What's the Difference? (Climate Action for Associations)   Big businesses can’t afford to overlook SMEs in their supply chain (Edie)   Catastrophe Experts Tap AI to Tackle Soaring Insured Losses (Bloomberg)   The broken rung in the career ladder - why women continue to earn less (The Irish Times)   EU pushes for citizens to prepare three-day survival kits (RTÉ)   Can Ireland bridge the gap to net zero? (Accountancy Ireland - Briefly)   Proposed public sector accounting standards ‘could encourage greenwashing’ (ICAEW Insights)   Resources Enterprise Ireland are running Sustainability Kickstarter workshops for SMEs. Workshops will be held on the 10th April, 2nd May, 16th May and the 6th June.   Accounting for Sustainability (A4S) has published a 4th edition of its Navigating the Reporting Landscape guide. New content includes an update on regional developments, such as California’s Climate Disclosure Rules and the new proposals in the EU Omnibus, as well as changes to international standards, such as those on sustainability assurance.    Events Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 9 April, 08:30 – 14.00, Virtual Cork District Society Chartered Accountants Ireland, Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs Paul O'Donovan and Associates, in collaboration with VBC, invite you to their April conference; "Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs". Tickets are free but registration is required. In person, Clayton Hotel, Cork city, Tuesday 15 April 2025,8.15am - 1.00pm 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 this week’s Sustainability/ESG Bulletin read about Ireland’s Department of Finance’s Climate Change Risk Matrix, recommendations from the Climate Change Advisory Council for a National Climate Damage Register and DEARA’s Corporate Plan  2025-2027 towards a just transition to net zero. Also covered is how the UK economy faces $141bn of stranded fossil fuel asset risks, the UK’s Planning and Infrastructure Bill, new resources on climate transition plans, CBAM and SME sustainability reporting, and the usual articles, resources and upcoming events.   Institute news Approval to carry out sustainability assurance engagements (Ireland) – Update for Institute firms In recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward. Our Professional Standards team has the following update for members. Institute shortlisted for ESG award Chartered Accountants Ireland has been shortlisted for the ESG Company Award (SMEs) in the Business & Finance Media Group ESG Awards 2025, in partnership with Grant Thornton Ireland. Congratulations to all our fellow nominees across over 15 categories and we look forward to the Awards on 10 April! Ireland news Department of Finance publishes Climate Change Risk Matrix Ireland’s Department of Finance has published a Climate Change Risk Matrix setting out climate-related economic risks impacting individual businesses and households and the economy. Alongside the physical and transition risks posed by climate change, the matrix lists financial risks grouped into strategic risks, credit risks, market risks, underwriting risks, operational risks and liquidity risks. The matrix was published on the same day the Department of Finance updated its Macroeconomic Climate Modelling, describing its work with other government Departments, agencies and stakeholders to achieve the targeted reductions in overall greenhouse gas emissions by 2030, and reach net-zero emissions by no later than 2050. Climate Change Advisory Council recommends National Climate Damage Register The Climate Change Advisory Council has launched the first publication of its 2025 Annual Review series which examines Ireland’s changing climate, projected future changes and the critical need to adapt. It finds that Ireland must be better prepared for – and able to respond to – rapidly emerging extreme weather events. It also recommends that a ‘National Climate Damage Register’ be established to monitor and record the economic, social and environmental impacts of extreme weather events.  Northern Ireland/UK news Nearly half electricity consumption in Northern Ireland from renewable sources in 2024 A report published by Northern Ireland’s Department for the Economy shows that 43.5 percent of total metered electricity consumption in the region in 2024 was generated from metered renewable sources (81.7 percent of which by wind) located in Northern Ireland. This represents a decrease of 2.3 percentage points on the previous 12-month period. The report aids reporting on performance against the commitments in the Energy Strategy ‘Path to Net Zero Energy’ and the Climate Change Act target which is to “ensure that at least 80% of electricity consumption is from renewable sources by 2030.” DAERA launches Corporate Plan 2025-2027 Minister Andrew Muir has launched his 10-point DAERA Corporate Plan for 2025-2027. The plan sets a clear strategic direction for the Department of Agriculture, Environment and Rural Affairs (DAERA) on a path towards a just transition to net zero, while supporting the region’s agri-food and fishing sectors, improving water quality and the environment, and supporting rural communities. Its theme is ‘Towards 2050’, and it aims to deliver a net zero nature positive future, supporting sustainable agriculture and thriving rural communities. Among the 10 key pledges in the Plan are to bring forward the Carbon Budget Regulations to set carbon budgets, publish the Climate Action Plan, publish and work to deliver a new Nature Recovery Strategy and a new Waste Management Strategy, and to continue to fulfil obligations to implement the Windsor Framework. UK economy faces $141bn of stranded fossil fuel asset risks A new report from the UK Sustainable Investment and Finance Association (UKSIF) and analysts Transition Risk Exeter (TREX) has found that the UK economy faces $141bn of stranded fossil fuel asset risks. The report, Stranding: Modelling the UK's Exposure to At-Risk Fossil Fuel Assets calculates that global economic exposure to fossil fuel asset stranding risk amounts to $2.28trn (£1.77trn) by 2040. UK government introduces Planning and Infrastructure Bill The UK government has published wide-ranging proposals to overhaul the country’s planning system, including measures aimed at boosting housebuilding and energy infrastructure. The Planning and Infrastructure Bill seeks to support delivery of the government’s Clean Power 2030 target by ensuring that key clean energy projects are built as quickly as possible. It also sets out further details about its previously announced Nature Restoration Fund (NRF). The Bill will progress to the second reading in the House of Commons on 24 March 2025.  London-wide Ultra Low Emission Zone One Year Report A report covering the first year of the expanded Ultra Low Emission Zone (ULEZ) scheme to tackle air pollution in London has found that all phases of the ULEZ have had an impact on improving air quality. London’s more deprived communities are seeing greater benefits from the ULEZ, with some communities experiencing an estimated 80 percent reduction in people exposed to illegal levels of pollution. The London-wide zone measures 1,500 km2 and covers nine million people, making it the largest zone of its kind in the world.  Why Reaching Net Zero Is Getting Cheaper in the UK A report has found the net costs of the UK reaching Net Zero will be around 0.2 percent of UK GDP per year on average. The statutory report was published by the UK’s Climate Change Committee (CCC) to provide advice to the UK government on the Seventh Carbon Budget (2038-2042). It states that upfront investment, much of which is expected to come from the private sector, will lead to net savings during the Seventh Carbon Budget period, and that Net Zero will increase economic security against fossil fuel price shocks, which have caused around half of the UK’s recessions since 1970. It should also create opportunities for new jobs in areas such as heat pump installation, and growing markets such as green finance, as well as reducing air pollution and lowering energy bills than continued reliance on fossil fuel technologies. Europe News Policy brief recommends anticipatory governance measures for Europe A Joint Research Centre (JRC) policy brief has published on the need for ‘anticipatory governance’ for Europe to prepare for the impacts of global warming.  The brief – Earth System Tipping Points are a threat to Europe – finds that global warming rapidly approaching 1.5 °C means that widespread and ‘systemic risks’ of crossing several Earth System Tipping Points (ESTP) are becoming an emerging security threat for Europe. The anticipatory governance measures recommended by the policy brief include early warning monitoring systems and ESTP-tailored risk assessments for Europe to support preparedness strategies through resilience building and adaptation planning. This policy brief offers recommendations to the European Union, its member states and international institutions on the actions needed to cover the anticipatory governance gap. World news The Sustainability Standards Board of Japan released its finalised sustainability disclosure standards, based on the standards developed by the IFRS Foundation’s International Sustainability Standards Board.   The International Federation of Accountants (IFAC) has finalised revisions to the International Education Standards to embed sustainability throughout aspiring professional accountants’ training. These updates reinforce the accountancy profession’s role in supporting high-quality sustainability reporting and assurance while upholding integrity and professional quality.   The global network of Chartered Accountants, Chartered Accountants Worldwide (CAW), has announced it will join the Global Capacity Building Coalition, an initiative that aims to build climate capacity in emerging markets and developing economies. The partnership represents a major step in CAW's ongoing mission to empower Chartered Accountants globally. Resources Climate Transition Plans Davy Horizons has published A simple guide to business to: Climate Transition Plans, i.e. plans that define a business’s approach to cutting emissions and aligning operations with national and EU climate objectives, such as Ireland’s Climate Action Plan and the EU’s Green Deal. The guide is a step-by-step overview of how businesses can develop an effective climate transition plan based on international frameworks and best practices including from Carbon Disclosure Project (CDP) and the International Transition Plan Network (ITPN). EU Carbon Border Adjustment Mechanism (CBAM) The OECD has published a policy brief What to expect from the EU Carbon Border Adjustment Mechanism? on the EU policy designed to address the risk of carbon leakage. The Carbon Border Adjustment Mechanism (CBAM) works by levelling the playing field between EU and foreign producers by making importers of carbon-intensive products pay the same carbon price they would have faced, had imported products been produced in the EU. Separately, Accountancy Europe has published a paper focusing on the proposed changes for the CBAM as part of its analysis of the European Commission’s recent Omnibus proposal focusing on the CSRD, the sustainability reporting standards, the CSDDD and CBAM.   SME sustainability reporting Accountancy Europe has published a recording of a webinar from November 2024 on recent developments in sustainability reporting for SMEs. The webinar focuses in particular on the draft voluntary SME standard produced by the European Financial Reporting Advisory Group (EFRAG). Analysing some of the metrics in more detail, the webinar covers the types of assistance that accountants can provide for their SME clients. Environment indicators The OECD has released a new web format for Environment at a Glance Indicators. These indicators provide key messages on major environmental trends in areas such as climate change, biodiversity, water resources, air quality, circular economy and ocean resources. The new format provides real-time interactive on-line access to the latest comparable OECD-country data on the environment and allows users to play with the data and graphics, download and share them, and consult and download thematic web-books. Articles Stand up for the future we want (Sustainable Views – Subscriber only) Sustainability assurance: understanding ISSA 5000 (ICAEW Insights) 27% of us have a ‘green job’ and some don’t even realise it (Irish Times) ESG is now a financial imperative. Here's why (World Economic Forum) Global and European accounting bodies unite on tech and ESG standards (Accountancy Age) UK watchdogs scrap diversity and inclusion rules for financial firms (Financial Times) Proportion of women on Iseq 20 leadership teams falls (Business Post) Ministers to force firms to reveal ethnicity pay gap (The Times – Subscriber) Including ‘Assess’ in your nature strategy: what, why and where? (Business for Biodiversity Ireland) Ireland needs official to advise on adapting to climate change - report finds (RTÉ) Events   Chartered Accountants Ireland, Directors’ duties and responsibilities – what you need to know (ROI/NI) Sean Tierney, Senior Forensic Accountant, will be presenting on the essential duties and responsibilities of company directors, discussing what it means to be a company director, the various types of directors, and the key obligations involved. Dee Moran, Head of Professional Accounting at Chartered Accountants Ireland will also facilitate a Q&A session following the presentation. FREE. Virtual, (Zoom), 25 March 2025, 10.00-11.00am.   Institute of Chartered Accountant England and Wales (ICEAW), 2025: ESG – how should the financial statements reflect sustainability? Gain a practical understanding of how to reflect ESG principles in financial reporting for your organisation. Virtual, 14 & 24 March 2025, 9.30-12.30     EPA, Climate Change Lecture Series - Transformation in a Changing Climate: Insights from the IPBES Transformative Change Assessment Virtual, 26 March, 2025, 7pm   European Environment Agency, Systemic risk governance at the time of the triple planetary crisis This webinar explores the issue of sustainability governance by focusing on emerging practices of systemic risk assessment and responses. The event, introduced and facilitated by Catherine Ganzleben and Lorenzo Benini (EEA), will feature two presentations followed by a panel debate. Virtual, 1 April, 2025 from 2:00 PM to 4:00 PM   Chartered Accountants Worldwide, Difference Makers Discuss Special: Global Challenges and the Drive for Sustainability with Carmine Di Noia (OECD) In our upcoming episode of Difference Makers Discuss, Ainslie van Onselen, Chair of Chartered Accountants Worldwide and CEO of Chartered Accountants Australia and New Zealand, will be speaking with Carmine Di Noia, the Director for Financial and Enterprise Affairs at the OECD. This special conversation will dive into the crucial global challenges we face today and the role of finance professionals in tackling them. Virtual, 3 April, 18:00 - 18:30 pm BST   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 9 April, 08:30 – 14.00, Virtual   Cork District Society Chartered Accountants Ireland, Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs Paul O'Donovan and Associates, in collaboration with VBC, invite you to their April conference; "Navigating Tomorrow: Finance, Sustainability & Strategy for Irish SMEs". Tickets are free but registration is required. In person, Clayton Hotel, Cork city, Tuesday 15 April 2025,8.15am - 1.00pm   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.  

On Monday evening 10 March, Institute President and Deputy President Barry Doyle and Pamela McCreedy started a series of US engagements on behalf of Chartered Accountants Ireland.  Approximately 150 Chartered members based in New York and the surrounding region assembled in the Consulate General of Ireland, New York, to attend the Institute’s panel discussion and member networking event on the current economic climate for FDI from the US into Ireland. The Institute’s newest overseas members chapter, for members in New York, was also launched by the President, accompanied by Minister Jennifer Carroll MacNeill. The weeks leading up to the event were characterised by geopolitical uncertainty, and given this context, the Institute was privileged to have such a well-placed panel of speakers at the event. Feargal O’Rourke FCA – Chair of IDA Ireland; Liz Munnelly FCA – CFO of Kerry North America; and John Feeney, Head of Corporate and Commercial Banking joined MC Caitríona Perry, chief presenter for BBC News in Washington, for an engaging and informative conversation at a time of increased focus on the long-established bilateral trade relationship between Ireland and the Unted States.   The event was opened by Gareth Hargadon, Deputy Consul General of Ireland in New York, and we want to thank Gareth and the team for their warm welcome again this year. Minister Carroll MacNeill spoke of the Institute’s status as an all-island body allowing Chartered Accountants Ireland members to access key business and economic positions as “trusted, ethical leaders” who occupy an important position in the island’s US-EU and US-UK relationships – allowing potential to influence and shape policy which cannot be underestimated. She noted the breadth of Irish businesses paving the way in the US across a variety of sectors, from Therapie Beauty Clinic to Kerry Group. President Barry Doyle spoke to members about the importance of Irish Chartered Accountants’ role in American organisations, steering businesses and strengthening relationships across the Atlantic. Barry’s key message was the vast potential offered by the global nature of the accounting qualification. New York resident and Chartered Accountants Ireland Council member Conall McGonagle – CFO and CAO of The Ireland Funds referenced the fact that New York is home to a complete cross section of members, and he and Barry Doyle launched the New York member chapter, providing members in the region key touchstones with the Institute and each other. The chapter – like the other 14 overseas member chapters around the world – will offer a central point of contact for members arriving in the city as well as those who already call it home. The panelists set the scene of the reality on the ground for businesses operating between the Irish and American markets, at a time of increased turbulence and uncertainty. The message was however positive, with Feargal O’Rourke noting Ireland’s all-time-high employment rate, something that is very appealing to US FDI investors. Echoing his sentiments at last November’s launch of a Chartered Accountants Ireland Guide to FDI in Ireland paper, he noted that Ireland maintains its position as a good place to invest for a wide variety of economic and social reasons. Continuing in this positive vein, Elizabeth Munnelly encouraged all businesses – regardless of their size – to explore the Irish market, citing Kerry as an example of a company that started out small and now employs 6,000 staff. John Feeney focused on domestic investment, reassuring potential investors to Ireland that there is funding available for infrastructure projects, emphasizing that Ireland must continue to create the right environment to attract investment. Members in the room were highly engaged and there were plenty of questions from the floor on everything from FDI to defense spending to tariffs.  During the week, the President and Deputy President also met with Mark Koziel – President and CEO of AICPA (Association of International Certified Professional Accountants) to congratulate him on his new role. The President also met with AICPA’s Susan Coffey as well as Lee White, CEO of IFAC, to ensure we strengthen the Mutual Recognition Agreement. During the meeting, they discussed IFAC’s key priorities, and ways in which IFAC plans to collaborate with other accountancy bodies to support the growth of the profession. Barry and Pamela, along with Global Member Manager Gillian Duffy, continue their outreach in Washington DC forging and strengthening relationships with stakeholders and members there. With over 750 members in the USA, the United States continues to be a draw to Irish Chartered Accountants at all stages of their career. The role members play in supporting both US and Irish businesses is critical to their success with senior business leaders such as Donald Gaynor, Elizabeth Munnelly and Alan Ennis making an impact on the US and Irish economies. Initiatives like the Morrison Visa – now in its 30th year – are just one avenue to help Irish people to access America and continue this tradition of success. Likewise, the ACA qualification is dubbed a “global passport” for good reason. Ireland remains uniquely placed to support growth, and with Irish Chartered Accountants held in such high esteem within business communities, they can provide trusted leadership in changing times. Members who wish to become involved with the New York member chapter – or any other member chapter – should contact Gillian Duffy. Photos from the event can be viewed here.