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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.

As US-EU trade tensions continue to escalate, now is the time for Irish businesses to prepare for any potential disruption by assessing their potential exposure and supply chain risks, writes John O’Loughlin On Wednesday, 26 February, during his first cabinet meeting, US President Donald Trump announced tariffs would be imposed on the European Union (EU), stating, “We have made a decision, and we’ll be announcing it very soon. It’ll be 25 percent.” Although no concrete implementation timeline has been disclosed, nor whether these rates will apply universally to all goods or only to certain industries, Trump indicated that levies would be applied “generally”, implying they would “be on cars and all other things”.  Digital services tax memo On 21 February, Trump signed a memorandum directing the US Trade Representative to renew investigations initiated during his first term and assess whether US companies are being adversely affected by countries levying Digital Service Taxes (DSTs). The findings of these reports may result in tariffs being imposed on these countries. Britain, France, Italy, Spain, Turkey, Austria and Canada have been specifically noted within the memo as having DSTs and being subject to this investigation. The administration will also review EU and British policies that may undermine free speech or foster censorship. The Trump administration will also examine EU and British policies that could undermine free speech or encourage censorship. Previous tariffs were suspended to facilitate negotiations for a global tax deal, which have since stalled. Irish and EU reactions Given the heightened risk of a trade war between the US and the EU that has now emerged, companies in Ireland have been increasingly vocal about the potential impact. Glanbia noted that the risk of tariff wars “could potentially impact the importation of key raw materials and/or negatively impact on the group’s international sales channels”. Paul Merriman, founder of AskPaul and CEO of Fairstone Ireland, highlighted that “those who trade in pharmaceuticals and chemicals will see the most notable change as Trump has stated he wants to push manufacturing back onto US soil”. Key actions for businesses US import tariffs on EU goods now seem to be an imminent reality. Key actions businesses in Ireland can and should take include: Assessing your customs data to understand your exposure; Determining the customs origin of goods shipped to the US to see if they are considered to be EU-originating; and Gaining oversight of your end-to-end supply chain, including having the right data, to assess the impact on material sourcing and exposure for tariffs on component parts. Preparing for the future Keeping up to date with the policies and tariff measures implemented by Trump is crucial to evaluating the potential impact of these tariffs and risks to your supply chain. While the exact details of the US President’s EU tariffs are yet to be clarified, understanding your product portfolio and the implications these measures may have on your imports is a vital first step.  John O'Loughlin is Partner for Global Trade & Customs at PwC Ireland You can read John’s earlier article on the global threat of US tariffs at www.accountancyireland.ie

  In this week’s Sustainability/ESG Bulletin read about a new guide on how accountants can integrate nature into their work, a report on costs facing Ireland for non-compliance with climate targets, the Climate and Environmental Expenditure for 2025 and sustainability in IDA Ireland’s new five-year strategy. Also covered is sustainability in Northern Ireland’s Programme for Government 2024-2027, the UK’s new National Biodiversity Strategy and Action Plan, Accountancy Europe’s analysis of the Omnibus proposal, the conclusion of COP16 in Rome, and the usual articles, resources and upcoming events.   Ireland news New guide for accountants on nature Chartered Accountants Ireland has welcomed the publication of a new guide on how accountants can integrate nature into their work. Why nature matters to accountants addresses the urgent need for accountants to understand and integrate nature-related issues into their work and highlights the financial impact of nature-related issues. It is relevant for accountants in any global region or jurisdiction, and in business and practice. Providing tailored guidance for board members, senior managers, analysts, report preparers, and external auditors, it will help accountants getting started with nature in these roles and for those further along their nature journey or maturity pathway. The guide was developed and prepared by ICAEW for the Global Accounting Alliance (GAA), of which Chartered Accountants Ireland is a member. It launched on World Wildlife Day, 3 March to emphasize the importance of reversing global nature loss to business resilience and economic prosperity. Ireland could face ‘staggering’ costs for non-compliance with climate targets A joint report from two Government advisory councils – the Irish Fiscal Advisory Council (IFAC) and the Climate Change Advisory Council – has warned that Ireland could face costs of between €8 and €26 billion if it misses legally binding climate targets. The report also warns that Ireland is currently on track to overshoot 2030 greenhouse gas emissions target for transport, buildings, small industry, waste and agriculture by around 57 percent.  The costs, described by the report as ‘staggering’, could potentially be more than halved if the Government follows through on its Climate Action Plan, although the report warns that the Plan is not being delivered at the scale or the speed required. The report recommends several actions that would cost less than one-tenth of capital spending planned by the Government out to 2030, and which could dramatically reduce the costs burden, as well as transform Ireland into a healthier, more sustainable, and energy-secure society, reduce reliance on imported fossil fuels, and also boost economic activity and employment in related sectors. Parliamentary Budget Office publishes Climate and Environmental Expenditure 2025 The Parliamentary Budget Office has published its Climate and Environmental Expenditure 2025 in which it details relevant budget allocations for climate action. Within the Revised Estimates for 2025, just over €9 billion has been identified as being climate and environment-related – an increase of almost €2 billion on 2024. €6.996 billion relates to climate ‘favourable’ measures i.e. actions that have a positive impact on Ireland’s transition to a low carbon, climate-resilient and environmentally sustainable economy. The remaining €2.124 billion is identified as being climate ‘unfavourable’ i.e. measures that impede these actions. The report concludes with recommendations that Departments set ‘clear and separate’ performance metrics linked to all climate-related spending – including the use of carbon tax revenues – to help Members of the Houses of the Oireachtas and the public better understand how the allocation of these funds works. IDA Ireland’s new five-year strategy for sustainable growth and innovation IDA Ireland has unveiled its new five-year strategy, Adapt Intelligently: A Strategy for Sustainable Growth and Innovation, 2025-29 with four key strategic objectives: Strengthen long term investment, Scale cutting-edge innovation, Drive sustainable change and Maximise regional opportunities. Under ‘driving sustainable change’ the strategy describes client companies as ‘instrumental in shaping a green and digital global economy’, and Ireland as ‘having the potential to be a prime location for green-powered and digitally enabled enterprises’. The new strategy, which is aligned with the Programme for Government and the White Paper on Enterprise, also identifies four key growth drivers – digitalisation and AI; semiconductors; health; and sustainability.   Northern Ireland/UK news Northern Ireland publishes programme for government The NI Executive has launched its Programme for Government 2024-2027, Our Plan: Doing What Matters Most. Growing a globally competitive and sustainable economy and protecting the environment are among its immediate priorities, and its targets include achieving self-sufficiency with clean and affordable energy and becoming a net exporter of renewables. Proposed measures include helping local businesses cut their energy bills by investing £15 million in the Energy and Resource Efficiency Support Scheme and investing a further £75 million via the Invest to Save Fund into the public sector’s transition to net zero, in addition to publishing a Circular Economy Strategy and a Green Growth Strategy. Unlocking business value through sustainability integration New research from the Sustainability Value Creation Partnership reveals that businesses with deeply integrated sustainability strategies unlock greater value, driving innovation, boosting sales, enhancing reputation, and improving cost control. However, while two-thirds of leaders recognize sustainability’s importance to commercial success, only 37 percent report full integration within their organizations. Read more from Accounting for Sustainability. UK National Biodiversity Strategy and Action Plan The UK government has published its National Biodiversity Strategy & Action Plan (NBSAP) in which it commits to achieving all 23 targets of the Global Biodiversity Framework (see below) at home. The document sets out how the four countries of the UK will work together to address biodiversity loss, drawing on the commitments made by the UK and the UK’s Overseas Territories and Crown Dependencies to summarise and emphasise a collective ambition and determination to work together to address biodiversity loss.   Europe News Accountancy Europe publishes its analysis of the Omnibus proposal Accountancy Europe’s has issued three factual analysis of the European Commission’s (EC) recent Omnibus proposal focusing on: Corporate Sustainability Reporting Directive (CSRD) sustainability reporting standards (ESRS), and Corporate Sustainability Due Diligence Directive (CSDDD). These papers aim to give stakeholders an initial overview of the key proposed changes expected to reshape sustainability reporting and due diligence practices across Europe. The papers can be read alongside Accountancy Europe’s statement on the EC Omnibus sustainability proposal. European Commission adopts Union of Skills The European Commission has adopted a package of initiatives to improve high quality education, training and lifelong learning in the EU. The Union of Skills aims to deliver higher levels of basic and advanced skills, provide opportunities for people to regularly update and learn new skills, facilitate recruitment by businesses across the EU and attract, develop and retain top talent in Europe. The plan is accompanied by an Action Plan on Basic Skills and a STEM Education Strategic Plan to improve skills in science, technology, engineering, and maths, promote STEM careers, attract more girls and women, and boost preparedness in the face of digital and clean-tech transitions.   Environment and climate change a concern of European 16–30-year-olds Forty percent of 25,863 participants in the latest Eurobarometer Youth Survey have identified ‘rising prices and the cost of living’ as a concern, with one third of respondents saying the EU should focus its attention on the environment and climate change over the next five years. The majority of the participants, aged 16-30, for whom social media is the main information source, are also aware of the risks of online disinformation, with 31 percent believing the economic situation and job creation should be a priority.   World news COP16 concludes in Rome The extended session of COP16 concluded in Rome on Friday 28 February, with participants reaching a significant new agreement to address the global nature crisis. Governments agreed on the strategy to raise the funds needed to protect biodiversity and achieve the action targets of the Kunming-Montreal Global Biodiversity Framework (KMGBF), an international agreement aimed at addressing the global biodiversity crisis. The session brings to a successful close the business of the UN Biodiversity Conference, COP16. That meeting was suspended in Cali, Colombia in 2024 after failing to find common ground on a financing deal. UN Global Compact reaffirms support for mandatory human rights and environmental due diligence The world’s largest corporate sustainability initiative, the UN Global Compact, has reaffirmed its support for mandatory human rights and environmental due diligence, a crucial issue as businesses navigate evolving sustainability requirements. The Compact’s newly available Decent Work Toolkit for Sustainable Procurement helps companies, procurement professionals and suppliers align purchasing decisions with decent work principles to enable procurement staff and their suppliers to take action to improve labour conditions for supply chain workers. Report finds financial institutes remain committed to net zero A report from the global non-profit Institute for Energy Economics & Financial Analysis (IEEFA) has found that financial institutions remain committed to their net-zero pledges, despite what it describes as “diffidence towards collaborative action” (a possible reference to the recent exodus of US banks from the Glasgow Financial Alliance for Net Zero). The report, Cautious Urgency Can Resuscitate GFANZ 'Transition-Informed' Indexes, also predicts an expansion in the market for net-zero-aligned indexes. Resources Sustainability trends 2025 2025 is already seeing changes that are reshaping our future. Read about what to expect from sustainability in 2025 in this roundup by Institute Sustainability Advocacy Manager, Susan Rossney, with contributions from experts in reporting, assurance, tax, skills, procurement and more. Climate Ambition Accelerator (Limited Places) The UN Global Compact Network UK is making places available for Irish companies to take part in its Climate Ambition Accelerator. This offers participants a structured pathway and a clear roadmap to set and achieve science-based net-zero targets, align a corporate strategy with a 1.5°C future and to connect with experts & peers to drive climate action. Did you know? A report commissioned by Wind Energy Ireland, Good for your Pocket - How renewable energy helps Irish electricity consumers, has found that scaling up of renewable energy sources in Ireland since 2000 has cut spending on fossil fuels by €7.4 billion and prevented the production of more than 47 million tonnes of CO2 up to the end of 2023. Articles EU firms give cautious welcome to ESG deregulation amid fears of weakened standards (Business Post)   Euro ‘omnibus’ proposal reveals softer CSRD and CSDDD (ICEAW Insights)   European Commission proposes simplification of sustainability reporting rules (Chartered Accountants Ireland)   Trump’s return prompts companies to stifle climate talk with ‘greenhushing’ - Businesses that used to tout carbon-cutting are switching their message (Bloomberg)   Don’t Call It ESG, Call It Resilience - A new taxonomy around environmental, social and governance investing comes as political pressure mounts on investors (Wall Street Journal)   One in seven Irish firms have no women in senior roles (Irish Examiner)   Stand up for the future we want (Sustainable Views – Subscriber only)   Podcasts Zero: Why (Almost) Everyone Hates ESG Right Now (Bloomberg, 26 mins) Reporter Frances Schwartzkopff tells Akshat Rathi why the EU is rolling back some ESG legislation. And reporter Saijel Kishan explains that many companies today are still keeping their ESG plans in place — but just not talking about it.   Why ignoring women endangers the climate | International Women's Day 2025 (Outrage + Optimism, 50 mins) Are women the key to solving the climate crisis? Why are they - and their children - so disproportionately affected by the issue? And how can men step up to support change? To mark International Women’s Day, Christiana Figueres is joined by top climate scientist Dr Katharine Hayhoe. Events 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   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 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.