This week's public policy bulletin provides an update on an increase in the occupational pensions scheme fee rates for 2022, as well as the publication of a new HSA Strategy Statement for Ireland. In other news, confidence is high amongst Northern Ireland businesses, the International Sustainability Standards Board is recruiting board members, and ‘extreme weather’ and ‘climate action failure’ top the list of in the World Economic Forum’ global risks report.
Occupational pensions scheme fee rates increase
Ireland’s Pensions Authority has published its occupational pension schemes fee rates for 2022, which have increased with effect from 1 January 2022. The increase, according to the Pensions Authority, are necessary to meet the Authority’s staffing and IT costs arising from the implementation of the EU IORP II Directive and the implementation of forward-looking risk-based supervision. Revised rates can be found here.
No new applications from data centres until 2028
No new applications will be accepted by Eirgrid for data centres in the wider Dublin area until 2028, it has been reported. While construction of previously approved data centres in the wider Dublin will be progressed, no other data centres will be connected to the national grid. The decision follows a consultation by the Commission for Regulation of Utilities (CRU), which introduced specific conditions for data centres to connect to the grid, including building their own back-up power supplies on site. This means that any new centres can only go ahead if they have completely independent power supplies. Data centres will still be able to secure connection requests outside of Dublin on a case-by-case basis.
Focus on green and ‘gig’ economy in new HSA Strategy Statement
The Minister of State for Business, Employment and Retail, Damien English, TD, has this week launched Ireland’s Health and Safety Authority’s new Strategy Statement for 2022 – 2024. The Strategy, which was developed in collaboration with key stakeholders and through public consultation, sets out the Authority’s continued goals to promote, regulate and influence the culture of safety and health in the workplace. It highlights key goals in tackling current and emerging challenges and opportunities in Ireland’s workplaces including the introduction of remote/hybrid working, advancements in technology and the green economy, the ‘gig economy’, and the particular needs of vulnerable workers and migrant groups.
To coincide with the Strategy Statement 2022-2024 the Authority has also published a Programme of Work which details the key priorities for 2022, including high-risk sectors and hazards which cause fatalities, incidents, injuries and ill health.
Confidence high amongst NI businesses, report finds
The latest Northern Ireland Chamber of Commerce and Industry Quarterly Economic Survey (QES) in partnership with BDO published this week shows that confidence is high amongst NI businesses, despite significant continuing pressures, with most expecting to grow in 2022 and recruiting new staff. The report shows that key economic indicators were positive in Q4 21, signalling improving trading conditions. It also pointed to a high degree of confidence among Northern Ireland business, with 70 percent of Northern Ireland members expecting their business to grow in 2022. More than 35 percent of businesses reported increases in sales to the UK, and 74 percent expected to raise prices in the next three months – the highest figure on record. However, problems persist in recruiting staff, with 86 percent, of the 72 percent of businesses which are trying to recruit, facing recruitment difficulties.
International Sustainability Standards Board begins recruiting
The Climate Disclosures Standards Board (CDSB) has announced that it will close operations this month as it consolidates into the International Sustainability Standards Board (ISSB), the new standard-setting body of the IFRS. The ISSB was first announced at COP26 in November and will be develop a comprehensive global baseline of sustainability disclosure standards, in close cooperation with the International Accounting Standards Board (IASB). In December, the IFRS Foundation trustees appointed Emmanuel Faber as chair, and will shortly announce the appointment of vice-chairs. The trustees have now started a search for additional board positions, up to the full complement of 14 members.
New EU SME Fund to cover patents for the first time
The EU Commission and the European Union Intellectual Property Office (EUIPO) have launched the new EU SME Fund this week. The fund, which has a budget of €47 million, offers vouchers for EU-based SMEs to help them protect their intellectual property (IP) rights in their COVID-19 recovery and green and digital transitions. For the first time the new EU SME Fund is now also covering patents, allowing SMEs to apply for the reimbursement of the registration fee to patent its invention in a Member State. A special session will be dedicated to the SME Fund at next month’s EU Industry Days (8-11 February 2022).
‘Extreme weather’ and ‘climate action failure’ top lists of global risks
The World Economic Forum’s Global Risks Report published this week and identified ‘extreme weather’ and ‘climate action failure’ as the most significant risks facing the global economy. The report, which tracks global risks perceptions among risk experts and world leaders in business, government, and civil society, examines risks across five categories: economic, environmental, geopolitical, societal, and technological. It showed that environmental risks – particularly ‘extreme weather’ and ‘climate action failure’ – have the potential to yield the most damage to people and the planet, followed by societal challenges.
The reports also states that governments, businesses, and societies face mounting pressure to transition to net-zero economies; however, there are barriers to collaboration and cooperation. Some countries because some favour an aggressive and rapid transition, which would alleviate long-term environmental consequences but could have severe short-term impacts, such as putting millions of carbon-intense industry workers out of jobs or triggering societal and geopolitical tensions. Other countries favour a slower but more orderly transition, which would prolong environmental degradation, structural fragilities and global inequalities.
You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our Sustainability Centre.
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