News

On Tuesday, 2 June 2026, the European Parliament Subcommittee on Tax Matters will host a public hearing to evaluate the impact and future of the Reverse Charge Mechanism in combatting VAT fraud. The subcommittee will also discuss the draft report on the EU’s approach to corporate tax policy in a changing international environment.

Revenue has recently published minutes from the meetings on 17 February and 20 March this year of the TALC BEPS - Pillar Two Administration Subgroup. The meetings provide several points of clarification regarding Pillar Two registrations, along with information on the testing, completion and filing of relevant tax returns.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Earlier this month the European Commission and the UK Government’s Specialised Committee on the Implementation of the Windsor Framework met in Brussels after which a Joint Statement was issued and HMRC has advised that phase six of the New Computerised Transit System (NCTS6) is scheduled for deployment on Monday 1 June 2026. NCTS 6 deployment updateTo support the deployment of NCTS phase six, Great Britain and Northern Ireland services will be unavailable between 7am and 9am on 1 June. HMRC’s guidance sets out the procedures to be followed during NCTS downtime. Miscellaneous guidance updates and publicationsThis week’s miscellaneous guidance updates and publications are as follows:Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS),Customs declarants and declaration volumes for international trade in goods,Data tables for customs declarants and declaration volumes for international trade in 2025,Customs declarants and declaration volumes for international trade in 2025,CDS Declaration Completion Instructions for Imports,Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS),UK import trade in goods by country of origin and country of dispatch, 2024, andExternal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

Residential Premises Rental Income Relief (RPRIR), provided for under section 480C(4) TCA 1997, includes a clawback provision whereby relief will be clawed back if, within four years of the first year in which relief is claimed, the landlord ceases to be a landlord of the qualifying premises on which RPRIR was claimed. Revenue has confirmed that where a clawback arises in respect of a 2024 RPRIR claim, the taxpayer or their agent should contact Revenue through MyEnquiries and the caseworker will amend the 2024 tax assessment as appropriate. Revenue will update the guidance manual on RPRIR in due course.

In a detailed update this week which you can read more about below, HMRC has asked us to share a message about Self-Assessment (SA) notices to file, linked to savings income, which have been issued to taxpayers who have also received multiple/conflicting HMRC letters. The message sets out what actions to take if you are affected.  In addition to the above, readers should also note the following:The Government’s legislative agenda for the 2026/27 parliamentary session was set out in the King’s Speech as part of the State Opening of Parliament which took place last week. The speech did not contain any announcements on fiscal policy, which is to be expected given the Government’s commitment to only one major fiscal event every year in the Autumn,HMRC has published a briefing explaining why ‘Bills of Exchange’ schemes that are being promoted as alternative ways of paying HMRC liabilities do not work as a valid form of payment. The schemes are particularly marketed to the recruitment and temporary labour sectors,HMRC has published Guidelines for Compliance (GfC) 17: Help with sharing group structure information,The Office of Budget Responsibility has published supplementary forecast information relating to the Autumn Budget 2025 announcement that national insurance savings on salary-sacrificed pension contributions are being capped from April 2029,The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and finally,Check HMRC’s online services availability page for details of planned downtime and the online services affected.Update on SA notices to file linked to savings income HMRC has been made aware of concerns raised by several of the Professional Bodies about taxpayers receiving SA notices to file that are linked to savings income as many of these taxpayers have also received multiple/conflicting HMRC letters. HMRC recognises the confusion that this has caused and apologises.What has happened Recent changes in how HMRC receives and uses bank and building society interest information enabled HMRC to identify around 120,000 taxpayers whose savings income for 2024/25 exceeded £10,000. Such taxpayers are required to file a SA return. This is the first time HMRC has undertaken bulk activity at this scale to bring this taxpayer group into SA. Subsequently, HMRC issued statutory SA notices to file for 2024/25 to these taxpayers in mid-March 2026. The notice to file gives taxpayers three months from the date of the notice to submit a return and pay any tax due. However, HMRC also recognises and apologise for the fact that the letters prominently reference the 31 January 2026 online filing deadline for 2024/25 returns, which has been confusing and has understandably caused anxiety as that date had already passed when the letters were issued. Unfortunately, the issue was compounded for around 14,000 taxpayers due to an IT issue. These taxpayers received: a Notice to File, and a Simple Assessment (PA302), and in some cases other notifications (such as P800s).In some cases, taxpayers have already: paid their Simple Assessment in full or in part, or received conflicting messages about whether they need to file a return. What action HMRC has taken For those taxpayers affected by the IT issue, HMRC has: identified and resolved the issue that caused dual notices, put in place work to withdraw the inappropriate notice, andupdated internal guidance so that advisers can support taxpayers contacting HMRC. For the wider population, HMRC has: reviewed the notice content and the concerns raised by taxpayers and representative bodies,ensured advisers are briefed to explain taxpayer obligations and the three‑month deadline, and segmented taxpayers based on any actions they have already taken (paid, part‑paid, returned, or no action). What taxpayers need to do For those affected by the IT issue:If a taxpayer has already paid their Simple Assessment, HMRC will withdraw the SA notice to file. These taxpayers will not be required to submit an SA return. Any late filing penalties applied will also be cancelled, andAny taxpayer who has not paid their Simple Assessment is required to file a SA return. The Simple Assessment will be withdrawn.  HMRC will be writing directly to affected taxpayers with clear instructions on what they need to do next. If no further action is required, this will be made explicit. For those not affected by the IT issue who have received a Notice to File (around 106,000), these taxpayers are required to file a SA return because their savings income exceeded £10,000. The statutory deadline to file is three months from the date of the notice, even though the letter also references 31 January. These taxpayers should file and pay any tax due in line with that deadline to meet their obligations

Finance Bill 2026 was published last week legislating for fuel support measures announced by the Government in April. The Bill confirms reductions in Mineral Oil Tax rates which will remain in place until 31 July 2026 and an increase in the maximum rate of repayment under the Diesel Rebate Scheme in the period between 1 January and 30 June 2026. Further details of the changes are included in our earlier newsletter item.

Revenue has published new guidance on the VAT and Customs treatment of second-hand or used motor vehicles coming into Ireland from Great Britain and Northern Ireland. Appendix one to the guidance provides a comprehensive summary of the various import scenarios and the related VAT and Custom Duty treatment.The guidance outlines the VAT Margin Scheme in Ireland and the UK Second‑Hand Motor Vehicle Payment Scheme, including scenarios involving direct imports from Great Britain and indirect imports via Northern Ireland. It also clarifies the VAT treatment of purchasing a second‑hand vehicle from Northern Ireland, in cases where the vehicle had previously been used in Northern Ireland and also where it had not been used there.Details of customs import rules and reliefs are also included in the guidance.

Tomorrow, Tuesday 19 May 2026, HMRC, together with key partners, is holding a key webinar looking at the next phase of the Trader Support Service (TSS). The TSS was due to end on several occasions over the last few years but is becoming a permanent service as recommended by Chartered Accountants Ireland. You can register for the webinar here.The webinar will look at the next phase of TSS, in addition to outlining how to get involved in the private beta user test phase, and it will signpost key milestones and the timeline for moving to the new service. It will also direct traders to further guidance and support to help them prepare. The deadline for registering for this webinar is 5pm today, Monday 18 May 2026. The webinar’s agenda comprises a short programme of updates and presentations as follows:an update from HMRC on the next phase of the TSS,an introduction from Netcompany who are the new providers,a TSS user overview from the Chartered Institute of Export and International Trade, anda facilitated audience Q&A session.This webinar is for anyone involved in the movement of goods between Great Britain and Northern Ireland, including current TSS users. Question can be sent in advance of the webinar by email to tss-support@netcompany.com.

To mark the official commencement date of Mandatory Tax Adviser Registration (MTAR) which starts from today, 18 May 2026, we have now launched our MTAR hub which contains a suite of resources to help members identify if they are in scope, when they need to register, and what actions they need to take. Further resources on the various sanctions available to HMRC on this legislation will be added to the hub in the coming months. In the meantime, we strongly recommend that any of our members based in the UK who regularly interact with HMRC on behalf of their clients check their obligations under MTAR and determine their registration timeline. Overseas advisers who are in scope will also need to register with HMRC at a date still to be determined.Last week HMRC published additional guidance and resources on MTAR as follows:Mandatory tax adviser registration — communications resources, andCheck if and when you need to register as a tax adviser with HMRC.HMRC has also published updated guidance for agents on how to protect your sign in details and reduce the risk of fraud when using HMRC online services. This has been published ahead of multi-factor authentication being switched on for agents in the coming months, the timetable for which is expected imminently from HMRC.

On 13 May, the Ulster Society hosted  webinar titled 'Safeguarding Innovation: A Practical Guide to Intellectual Property Rights and Risk Management for UK Businesses' in partnership with A&L Goodbody.This webinar aims to equip accountants with practical insight into identifying IP risks and opportunities within their clients’ businesses, recognising when specialist advice may be needed and, from the employment perspective, understand the importance of clear drafting at the outset, setting defined parameters and effective enforcement.A recording of this webinar is available to view, for free and on demandA pdf copy of the slides used in this presentation are available HERE:  Safeguarding InnovationAbout Eileen McKendry-GrayEileen is a Consultant in A&L Goodbody’s Belfast office, advising clients on legal strategy, governance, and complex commercial matters. Eileen’s practice focuses on commercial contracts and business services, with particular expertise in intellectual property, technology, software, media, and creative industries. About Gareth WallsGareth is a Partner of A&L Goodbody's Employment group in Belfast. Gareth represents a number of local, national and international brands in business support, strategic workforce planning and high profile tribunal matters. He also has significant experience advising stakeholders on complex redundancy, re-structuring and TUPE issues.   

Welcome to the latest edition of Technical Roundup. In developments since the last edition, Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. The Central Bank of Ireland recently published new research regarding ‘Beyond the Big Three: A Broader View of Competition in the Irish Loan Market’ drawing on granular loan-level data from the Central Credit Register.  Read more on these and other developments that may be of interest to members below. Financial Reporting The European Securities and Markets Authority (ESMA) has published its report on 2025 Corporate Reporting Enforcement and Regulatory Activities. This report, which is addressed to issuers, auditors and investors, discusses how national enforcers across the EEA supervised Corporate Reporting during 2025 and is intended to help strengthen the quality and transparency of corporate reporting going forward.The IFRS Foundation has published a revised version of its Due Process Handbook. This handbook sets out the procedures and processes applied by the organisation in developing and maintaining accounting and sustainability standards.The UK Endorsement Board has adopted IFRS 19 Subsidiaries without Public Accountability on 8th May 2026. The standard permits eligible entities to apply the recognition, measurement and disclosure requirements of IFRS Accounting Standards, but with reduced disclosure requirements. The standard is effective for periods beginning on or after 1 January 2027, with early application permitted.The UK Endorsement Board is inviting stakeholders to take part in their series of four one-hour online workshops which will discuss accounting for intangible assets.The International Accounting Standards Board (IASB) has published an Exposure Draft proposing narrow-scope amendments to the IFRS for SMEs Accounting Standard. Auditing and Assurance The International Auditing and Assurance Standards Board (IAASB) has released for public consultation an Exposure Draft that proposes revisions to International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information by the Independent Auditor of the Entity’s Annual Financial Statements. InsolvencyA new Directive aimed to harmonise certain aspects of insolvency rules within the EU has been published in the Official Journal of the European Union and is now in force. These new rules aim to make the EU more attractive to cross-border investors by reducing the difficulty of differing national insolvency rules. Each Member States has until 22 January 2029 to transpose the Directive into national law.Sustainability The European Commission have issued a call for views on the draft regulation for the Revised ESRS. The adoption of the revised European sustainability reporting standards represents a significant step towards simplifying sustainability reporting across the EU. Companies that remain within scope will benefit from clearer and more streamlined requirements, helping to reduce compliance burdens and costs while maintaining key policy objectives. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026. The European Commission have also issued a call for views on draft delegated regulation for the VSME. Companies in the value chain of a company subject to mandatory sustainability requirements often face requests for information from their reporting business partner. These value-companies include those with fewer than 1,000 employees on average during the financial year. This initiative aims to help value-chain companies and companies not subject to mandatory sustainability reporting requirements disclose sustainability-related information, thereby reducing their reporting burden. The consultation period is 4 weeks and responses are due by 3 June. Commission adoption is planned by the end of Q2 2026. The European Financial Reporting Advisory Group (EFRAG) is holding a SME Forum Informative Session on 20th May. At this session, representatives from the European Commission will present the draft VSME standard.The International Sustainability Standards Board (ISSB) has published the transcript of a speech that its Chair, Emmanuel Faber, held at the International Sustainability Conference in Beijing on 23 April 2026.Anti-money launderingChartered Accountants Ireland recently published a news item summarising some of the proposed changes to UK Money Laundering Regulations 2017. Chartered Accountants Ireland recently responded to AMLA’s public consultation on the draft Regulatory Technical Standards on Customer Due Diligence. Our response supports AMLA’s risk-based approach for CDD albeit highlighting that certain requirements are quite prescriptive and lack flexibility. Concerns regarding data collection obligations which may be challenging for obliged entities, particularly those in the non-financial sector were also highlighted. The Financial Action Task Force (FATF) published the mutual evaluation report for Singapore.Central Bank of Ireland (CBI)The CBI recently published new research regarding “Beyond the Big Three: A Broader View of Competition in the Irish Loan Market (PDF 1.9MB)” drawing on granular loan-level data from the Central Credit Register. This research provides an analysis of competition in the Irish loan market. The research notes that one-third of Irish firms including 40% of SMEs borrow from multiple lender types, indicating an active and competitive ecosystem rather than a captive market.Artificial Intelligence The European Parliament and Council negotiators reached a provisional deal on amending certain rules within the EU’s Artificial Intelligence (AI) Act as part of the digital omnibus package. The Department of Enterprise, Tourism and Employment (DETE) also published a press release following this provisional agreement on the digital omnibus package for the AI Act. The provisional agreement needs to be formally adopted by both Parliament and Council before it can enter into law. The co-legislators intend to adopt it before 2 August 2026, the start date for current rules on high-risk systems.CybersecurityThe National Cyber Security Centre (NCSC) in the UK is advising all organisations, irrespective of size, to plan and prepare for the vulnerability patch wave that is expected to address decades of technical debt.Other NewsThe Pensions Authority has announced the introduction of eXtensible Business Reporting Language (XBRL) reporting for pension schemes; trustees are advised to begin preparing for future XBRL-based reporting including assessing their operational readiness.The Pensions Authority has published its 2025 supervisory activities report. While the Authority note that the findings set out in this report are not exhaustive, it expects all trustee boards and their advisers to consider these findings and evaluate their own practices to establish if any improvements are required.The Financial Conduct Authority (FCA) in the UK is launching a review of the claims management market following concerns that consumers are being failed by some claims management companies (CMCs) and law firms.The Global Preparers Forum (GPF) is inviting applications from experienced financial statement preparers to join as members from 1 October 2026.Accountancy Europe has responded to the joint consultation by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) on their proposed Strategy and Work Plan for 2028–2031.For further technical information and updates please visit the Technical Hub on the Institute website.        This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein. 

In this week's bulletin read about major developments shaping energy policy and practice, from offshore wind investment, new warnings on energy security and fossil fuel dependence, updates on energy affordability measures, and insights on skills, demographics and the UN Sustainable Development Goals. Also covered is the latest European State of the Climate report highlighting accelerating physical climate risks, developments in EU emissions trading and Carbon Contracts for Difference, EFRAG’s sustainability reporting priorities and further implementation guidance to support consistent sustainability reporting, as well as the usual articles, resources and events.IRELAND‘Sizable international interest’ in investing in Ireland’s offshore energy developmentThe Minister for Climate, Energy and the Environment Darragh O'Brien has described Ireland’s offshore wind potential as attracting “sizable international interest in investing in our offshore energy development.” The Minister was commenting at the launch of a report published this week by the Offshore Wind Delivery Taskforce, at which he underscored the need for Ireland to develop renewable energy, particularly offshore wind energy. Also stressed was the need for collective action: “The scale of our move away from fossil fuels is such that we need ongoing engagement and collaboration between government, industry and citizens – as we look to realise our renewable energy ambitions.”The report presented key achievements, highlights, and challenges faced in 2025 across the Taskforce's 9 cross-government workstreams, alongside actions to be delivered in 2026 in Ireland’s journey towards becoming a global leader in offshore energy.  Key milestones include significant progress across Ireland’s ports, completion of Ireland's offshore wind industrial strategy 'Powering Prosperity', and the implementation of the Offshore Wind Skills Action Plan. Separately, Minister O'Brien signed two Memorandums of Understanding (MoUs) on energy cooperation at the WindEurope conference in Madrid, reinforcing Ireland’s commitment to strengthening regional collaboration and accelerating the transition to a clean, secure energy system. The first MoU, agreed with the Government of Spain, establishes a framework for both countries to explore the potential development of a future electricity interconnector between Ireland and Spain. The second MoU with the United Kingdom extends the existing Ireland-UK Memorandum of Understanding on energy transition, which is due to expire in June 2026. Both agreements come as Ireland prepares to assume the Presidency of the Council of the European Union in the second half of 2026, when it will progress a number of key legislative files, including the European Grids Package, which aims to support the delivery of a cleaner, more secure and more affordable energy system across Europe.Ireland’s energy import dependency was 80% in 2024, the fourth highest in the EUData released by the CSO on resources used in the enterprise economy and the waste and recycling practices of Irish enterprises has found that 80 percent of energy consumed in Ireland is imported. In 2024, Ireland’s total primary energy requirement remained heavily fossil fuel dependent, with 81 percent from fossil fuels.While the report suggests that, Ireland’s economy is becoming less resource-intensive and is consuming less material per unit of economic activity, it also stressed that decreasing energy consumption and shifting away from imported fossil fuels could support a more resilient, sustainable and competitive economy: “For enterprises, improved energy efficiency may reduce operating costs, improving competitiveness, while enterprises that depend less on fossil fuels may be less exposed to volatility in energy prices and supply disruption.” Ireland unnecessarily exposed to global energy shocks, report findsThe Climate Change Advisory Council has warned that limited additional renewable capacity leaves Ireland unnecessarily dependent on imported fossil fuels and exposed to global energy shocks. In its report Annual Review 2026 - Electricity, which was published this week, the Council also reminded the Government of the importance and urgency of delivering on their Programme for Government commitment to end Ireland’s reliance on fossil fuels by accelerating the transition to secure, domestically generated renewable electricity, particularly wind and solar. The Critical Infrastructure Bill was singled out as needing to designate electricity grid reinforcement projects for prioritised delivery – with clear timelines, accountability and transparency – but should not remove the climate obligations that apply to all public bodies under Irish law. The Government’s Critical Infrastructure Bill is currently progressing through Committee Stage and will shortly proceed to the Seanad for debate before being signed into law. The Council also says Regional Renewable Energy Strategies, which translate national targets into county-level plans, must be adopted by the end of 2026, and that electricity resilience must now be treated as a core element of national climate adaptation planning, with investment in backup power solutions and electricity infrastructure needed to ensure the Electricity sector can better withstand future extreme weather events.Energy Affordability Action Plan to be submitted to government in Q3 2026In an update to Cabinet this month, Minister for Climate, Energy and the Environment Darragh O'Brien has confirmed that the National Energy Affordability Taskforce (NEAT) is working on an Energy Affordability Action Plan to be submitted to government in Q3 2026. This Action Plan will be focused on short, medium and longer-term measures to support households and businesses to meet their energy costs, and will be built around 4 key pillars. These are: addressing the price of energy, sustainable demand and enhancing flexibility, addressing energy poverty and customer protections, and energy affordability for businesses.  NEAT was established in June 2025 to identify and implement measures to enhance energy affordability for households and businesses. Its expanded remit now encompasses both the longer-term Energy Affordability Action Plan and a coordinated national response to the energy shock arising from the ongoing conflict in the Middle East.Regulations give effect to scale of fees for environmental judicial reviewsMinister for Climate, Energy and the Environment Darragh O’Brien and Minister for Public Expenditure, Infrastructure, Public Services Reform and Digitalisation Jack Chambers have signed regulations to give effect to introducing a scale of fees for environmental judicial reviews.  The regulations, which will come into effect on Monday, 18 May 2026, were provided for in Section 294 of the Planning and Development Act, passed by the Oireachtas in 2024. Up to this point, if a judicial review was taken on environmental law grounds, where the review was upheld, a public body was liable for legal costs of the successful applicant. This brought about unpredictable costs for the taxpayer and often negative environmental outcomes, such as the stalling of renewable energy projects. The regulations identify the type of judicial review proceedings to which they apply and specify a scale of costs to be awarded to applicants, subject to judicial discretion for a successful applicant. Population growth and ageing in Ireland: What It means for workThe Expert Group on Future Skills Needs (EGFSN) has published a new report, ‘Skills Needs for Ireland in the Long-term’, setting out how demographic change is likely to shape Ireland’s labour market and skills requirements in the decades ahead. The analysis indicates that Ireland’s population is expected to grow significantly while also ageing, pointing to projections from the Department of Finance and the CSO — creating both opportunities for economic growth and challenges for labour supply, skills availability and workforce participation. The paper was authored by Diarmaid Smyth and issued by the Chair of the EGFSN, Colm Kelly, PwC Global Leader, Corporate Sustainability, council member of the World Business Council for Sustainable Development, a Commissioner for the Business Commission to Tackle Inequality. Ireland’s UN SDG indicators for Goal 8 Decent Work and Economic Growth publishesThe Central Statistics Office (CSO) has published Ireland's UN SDGs indicators data for Goal 8 Decent Work and Economic Growth. The data showed average hourly earnings rose by 3.4 percent to €31.22 in Q4 2025, from €30.18 in Q4 2024. Employees in larger enterprises were more likely to earn more. Average hourly earnings in Q4 2025 were €34.72 in firms with more than 250 employees compared with €26.91 in firms with less than 50 employees. The unemployment rate was similar for males and females, at 4.4 percent and 4.3 percent respectively, but the male unemployment rate of 10.1 percent was higher than the female unemployment rate of 9.4 percent among youths aged 15-24 years in this period. This is the eighth publication on Ireland's UN SDGs in a series from the Central Statistics Office (CSO), monitoring and reporting on how Ireland is progressing towards meeting its targets under the 17 Sustainable Development Goals (SDGs) from the United Nations (UN). Ireland raises €2 billion through syndicated tap of 2043 Irish Sovereign Green BondThe National Treasury Management Agency (NTMA) has announced this week that Ireland raised €2 billion through the syndicated tap of the existing 2043 Irish Sovereign Green Bond. The funds were raised at a yield of 3.642 percent. Commenting, NTMA Director of Funding and Debt Management Dave McEvoy said: “Investor appetite for Irish Government bonds remains strong, and we have now raised almost 70% of the mid-point of our €10 billion to €14 billion bond funding range for the year. This leaves us well positioned heading into the second half of 2026”.NORTHERN IRELAND/UKPublic consultation on investment programme to support sustainable economic growthThe Northern Ireland Office is seeking views from stakeholders to inform the development of the Northern Ireland Local Growth Fund, a multi‑year investment programme supporting sustainable and inclusive economic growth. The consultation focuses on priorities for future funding, including infrastructure, skills, innovation and place‑based investment, with scope to embed low‑carbon development, environmental resilience and long‑term sustainability into local growth initiatives. Views are invited from businesses, local authorities, community and environmental organisations, and other interested parties. Responses must be submitted by 5.00pm on Friday, 26 June 2026 via the official government webpage.UK SME Climate Hub launches Climate Action PlannerThe UK SME Climate Hub has launched a free tool that helps SMEs create climate action plans outlining how they will reduce greenhouse gas emissions and prepare for the impacts of climate change. Sponsored by the UK Government’s Department for Energy Security and Net Zero, the Climate Action Planner, tool helps SMEs by allowing them to quickly identify practical steps  to take to reduce emissions, cut costs, and build resilience. The tool pulls from a library of over 750 actions and creates a personalized Climate Action Plan in about 60 minutes. EUROPEWarming continent compounding pressures on economic outputThe European State of the Climate Report 2025 has highlighted that Europe is warming twice as fast as the global average, making it the fastest warming continent, and, as UNEP’s David Carlin reports, compounding pressures on the systems that underpin economic output, with ever more regular risks need to be priced into asset valuations and sovereign fiscal planning. Power grids, inland shipping, agricultural supply chains, and industrial cooling will all be affected, and consequences of European rivers running below average include negative impacts on hydropower, nuclear power, freight logistics, and industrial water use: “For the financial sector, physical risk is becoming a driver of insurance retreat, credit risk in climate-exposed sectors, and revaluation of assets.”Germany announces €5bn Carbon Contracts for Difference auction for heavy industry Germany has announced a new auction worth up to €5 billion to support heavy industries in cutting emissions through Carbon Contracts for Difference (CCfD). Targeting sectors such as steel, cement, chemicals and glass, the scheme will bridge the cost gap between traditional production and greener alternatives like hydrogen and carbon capture over 15 years. It follows a 2024 round that allocated €2.8 billion to 15 projects. Although funding is lower than the planned €6 billion, the initiative signals continued government backing. Firms can bid until 7 September, pending European Commission state aid approval.Commission presents updated EU Emissions Trading System benchmarks for consultationThe European Commission has proposed the updated European Union Emissions Trading System (EU ETS) benchmark values for 2026-2030, which will now be open to public and Member State consultation before adoption. The benchmark update aims to determine the level of free allocation of allowances for European industry. The update to the benchmark values for the period 2026-2030 is required under the ETS Directive. It complements the proposed amendment to the ETS Market Stability Reserve presented on 1 April, which will adapt and better equip the reserve to respond to future market developments, including potential tightness in supply in the coming decades. With the proposed benchmarks, industry will, on average, continue to receive free allocation covering around 75 percent of its emissions. These measures should also be seen in the broader context of the EU ETS review due in July 2026, which aims to ensure that the ETS remains fit for the future and continues to support European industry in its decarbonisation transition.EFRAG submits Sustainability Reporting Work Programme 2026EFRAG has submitted its Sustainability Reporting Work Programme 2026 to the European Commission. This sets out its strategic priorities and planned activities. Some of the key priorities include the development of N-ESRS for non-EU groups, the continuation of the SME ecosystem, implementation support, advancing interoperability and accelerating digitalization. Separately, EFRAG added a new VSME Educational Video to its Knowledge Hub which explores the different functionalities of the VSME section of the Knowledge Hub.WORLDISSB releases new TIG resourceThe International Sustainability Standards Board (ISSB) has released a new Transition Implementation Group (TIG) resource to support the implementation of the IFRS S1 and S2 standards. The resource presents responses to questions submitted to the TIG that were categorised as questions that can be answered applying the words in the ISSB Standards where a specific paper on the question was not prepared for discussion by the TIG. This resource will be updated as implementation questions that fall within this category are received and reported to the TIG.DID YOU KNOW? The SEAI Energy Awards 2026 are now open for applications. These awards recognise and reward excellence in all aspects of energy efficiency and renewable energy. Organisations across Ireland apply every year to one of 11 categories.RESOURCESPodcast: Can businesses mitigate rising energy prices? (ICAEW Insights – 13mins) Greenfields Energy Group’s co-founder Liam Conway discusses energy impacts of the Iran War and outlines the best ways for businesses to protect themselves from global energy shocks.  ARTICLESDavid Carlin “AI is coming to your sustainability team. Ask these four questions first.” (Normative IO)EU Parliament SFDR Draft Proposes Tougher ESG Fund Labelling Rules (ESG Today)82% of Companies Maintaining or Accelerating Climate Goals, as Decarbonization Efforts Extend to Supply Chain: PwC (ESG Today) The case for flexible working: ‘We lose one-third of women in their child-rearing years’ (Irish Times)Q&A: Why does gas set the price of electricity – and is there an alternative? (carbonbrief)Dismantling of climate law will reduce scrutiny of large infrastructure projects (Irish Times)Ireland’s housing gap is a scale problem, not a demand problem (Business Post)‘Go further’ on EV charging point rules for new builds, ministers told (Business Post)Ireland could fund renewable projects elsewhere as part of EU deal to meet climate targets (Irish Times)Electric vehicle sales rise again in April and are now 73% ahead of same time last year (Irish Times)Colombia hosts first meeting to quit fossil fuels as energy crisis worsens (Financial Times)Chinese Truck Drivers Are Going Electric as Gas Prices Soar (Bloomberg)Climate change set to leave a bitter taste for tea drinkers (RTÉ News )EVENTSUN Global Compact, AI and Human Rights: Practical Strategies for Responsible AdoptionAs AI becomes embedded in business operations, the question of how to align AI development and deployment with international human rights standards is becoming increasingly urgent. This 90-minute live session — the first in a new Human Rights and AI webinar series — explores practical strategies for responsible AI adoption, balancing innovation, risk and responsibility.19 May 2026 | 14:00  | 90 minutesSustainable NI – Free E-DATA sustainability webinar for SMEsSustainable NI is delivering two practical webinars as part of the E-DATA project to help small and medium-sized enterprises (SMEs) use sustainability to improve performance and reduce costs. The sessions will focus on simple, data-driven actions that can help businesses become more efficient, competitive, and better prepared for changing market and regulatory demands.Virtual | Wednesday, 19 May 2026 | 12:00 pm–1:00 pmVirtual | Wednesday, 26 May 2026 | 12:00 pm–1:00 pmUN Global Compact, EU Sustainability Navigator: Finance and EU Sustainability — Mobilising Capital for ImpactThe financial sector is increasingly a decisive force shaping corporate sustainability ambition and real-economy outcomes. This second session of the 2026 EU Sustainability Navigator series examines how banks, investors, insurers, and rating agencies are translating regulatory expectations into capital allocation, stewardship, and client engagement — and what this means for real economy companies.Participants will gain clarity on how financial institutions are interpreting sustainability disclosures, integrating due diligence expectations, and using sustainability performance to inform financing terms, investment decisions, and risk assessments.20 May 2026 | 14:00  | 60 minutesICAEW, What determines the price of energy - factors, forecasts and futureThis webinar will explore the latest trends in energy prices, examining why volatility persists and what this means for businesses planning for the short and long term. Equip your organisation with the insight and tools needed to navigate today’s fast‑changing energy landscape effectively by gaining a clear overview of the UK’s current energy mix and how it is expected to evolve over the coming years, driven by policy, market forces and the transition to net zero. Also considered will be the practical implications of these changes for organisations, helping you better understand the risks, opportunities and strategic considerations shaping the future energy environment.Virtual, 20 May 2026, 13:00 - 14:00 Grant Thornton, Global Perspectives on ISSB Standards and Relevance for EU BusinessesGrant Thornton invites you to a webinar exploring global perspectives on the sustainability standards issued by the International Sustainability Standards Board (ISSB) and their relevance for EU businesses. The session will cover an overview of IFRS S1 and S2, practical implications for organisations, insights from initial reporters, and upcoming jurisdictional adoptions. Drawing on Grant Thornton’s multijurisdictional ISSB engagements, speakers will address priorities and next steps for entities in regions where ISSB is expected to be adopted, as well as managing multiple reporting expectations. Speakers include Janice Daly, Partner, Grant Thornton Ireland, and Samantha Sing Key, Partner, Grant Thornton Australia. Virtual, 21 May 2026, 11:00 am ISTUN Global Compact Network Canada, Annual Sustainability Reporting Peer Review Group (ASPiRe) — Now Open for RegistrationThis structured peer review programme offers an exceptional opportunity for sustainability and communications teams to strengthen the quality and credibility of their sustainability disclosures — including Communications on Progress (CoPs). Registration Deadline: 5 June 2026 | Programme: July–October 2026 Sustainability CentreYou can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.