In this week’s Sustainability/ESG bulletin, read our ongoing coverage of COP28. Also covered is information for those considering seeking authorisation as sustainability assurance providers (SAPs), new guidance for retailers on energy and sustainability supports, Ireland’s progress against Sustainable Development indicators, gender balance in Irish business, natural capital accounting updates, and renewable energy statistics and the need for tree planting in Northern Ireland. A thought leadership article on the role of accountants in sustainable agriculture is also featured, and we have the usual articles, podcasts and events. COP28 - the global climate summit The United Nations’ annual climate summit, COP28 continues in Dubai. Chartered Accountants Ireland has compiled useful resources about the summit on our COP28 page, including our daily updates and weekly roundups. Sustainability Assurance Providers – Update from Chartered Accountants Ireland Chartered Accountants Ireland Professional Standards has created a webpage providing information for those considering seeking authorisation as sustainability assurance providers (SAPs). The page contains links to FAQs on the topic. This content will be kept under review and updated when appropriate. New general guidance for retailers on energy and sustainability The Department of Enterprise, Trade and Employment (DETE) has published general guidance for retailers about government schemes and supports in relation to energy and sustainability, including an extension to the Accelerated Capital Allowances Regime for Energy Efficient Equipment to 2025. This is a tax incentive to encourage investment in energy efficiency technology. You can find more on climate action and energy supports for business on the DETE website. 2022 Regional EU Sustainable Development Indicators published for Ireland Ireland’s Central Statistics Office (CSO) has published Regional EU Sustainable Development Indicators for Ireland 2022. The report, which assesses Ireland’s progress towards social, economic, and environmental goals, found that, among other things, Ireland’s average income inequality was less than that of the EU in 2022, and that renewable energy accounted for 12.5 percent of final consumption in Ireland in 2021, rising from 8.5 percent in 2014.   The Economic Cost of Congestion in the Greater Dublin Area 2022-2040 Analysis has been published by the Department of Transport that considers the economic cost of congestion within the Greater Dublin Area (GDA) from 2022 to 2040. It indicates that congestion will increase significantly over the coming decades due to population and economic growth, and that additional levels of ‘modal shift’ to sustainable transport modes or reduction in transport demand would be required to reduce the increase in the cost of congestion. Gender balance in Irish business The sixth annual report of the Balance for Better Business Review Group published this week, and reveals that Irish businesses have made significant progress in achieving gender balance at board level over the past year. However, it also found that Irish businesses have further work ahead to achieve gender balance in senior leadership roles. Employment for people with disabilities Minister for Social Protection, Heather Humphreys TD, has announced funding to support and improve employment opportunities for disabled people. The WorkAbility: Inclusive Pathways to Employment Programme is a new employment-focused programme which aims to support disabled people to enter education and employment. The programme will begin in January 2024, with grants available of up to €200,000 per year. National Centre for EV skills announced A national centre for electric vehicle skills is to be developed at Longford-Westmeath ETB to train people to repair and maintain electric cars, electric bikes, scooters, trucks, buses, vans and heavy goods vehicles. The centre, which was announced by Minister for Further and Higher Education, Research, Innovation and Science Simon Harris, T.D., is to be a critical component of the State’s response to the green transition. Separately, the European Commission has proposed to the Council a specific one-off extension – until 31 December 2026 – of the current rules of origin for electric vehicles and batteries under the EU-UK Trade and Cooperation Agreement (TCA). The rules were designed in 2020 to incentivise investment in the EU's battery manufacturing capacity. To reaffirm political commitment and strategic support to further foster battery production in the EU, the Commission has further announced it will provide funding of up to €3 billion, for three years, to the most sustainable European battery manufacturers.  Natural capital accounting update The Environmental Protection Agency (EPA) has published a summary report on the INCASE project, an EPA-funded research project running from March 2019-2023 set up to develop natural capital accounts for different sites in Ireland. INCASE, which stands for the Irish Natural Capital Accounting for Sustainable Environments, prepared accounts for four catchments across Ireland using the UN System of Environmental-Economic Accounting-Ecosystem Accounting (SEEA-EA). The accounts mapped the stocks and flows of ecosystem and geosystem services, highlighting challenges, knowledge and data gaps, and recommends a framework to operationalise Natural Capital Accounting in Ireland.  Renewable electricity consumption -  Northern Ireland   A total of 47.4 percent of total electricity consumed between October 2022 and September 2023 was generated from renewable sources located in Northern Ireland. The ‘Electricity Consumption and Renewable Generation in Northern Ireland: Year ending September 2023’, published this week, details the percentage of electricity consumption in Northern Ireland generated from renewable sources and includes information on the type of renewable generation. Of all renewable electricity generated within Northern Ireland over the 12-month period October 2022 to September 2023, 83.8 percent was generated from wind. Separately, a study has found that more than 200 neighbourhoods across Northern Ireland could be missing out on the health benefits of trees. The Tree Equity Score, applied to the UK for the first time, has found that more than 178,000 trees were needed for all areas of Northern Ireland. Trees play a key part in addressing the ‘urban heat island effect’ and reduce extreme heat, filter pollution and prevent other environmental hazards, such as flooding. Economic losses of €52.3 billion in 2022 caused by weather- and climate-related extremes The annual update of the European Environmental Agency (EEA) indicator on economic losses shows that weather- and climate-related extremes caused €59.4 billion of economic losses of assets in 2021 and €52.3 billion in 2022. The indicator tracks damage to assets from weather- and climate-related extremes in Europe, and tracks losses between 1980 and 2022 (amounting to €650 billion across EU Member States). Statistical analysis revealed that economic losses are more likely to increase over time, as severe weather- and climate-related extreme events are expected to intensify further. A dashboard with more detailed insights into the information is available on Climate-ADAPT. European Commission on the energy solidarity contribution  (From our colleagues in the Tax Team) In a new report, the European Commission analyses the solidarity contribution applied on the unexpected surplus profits for the fossil fuel industry which arose during the 2022 energy crisis. The report sheds light on market developments in the fossil fuels sector covered by this emergency intervention since the measure was adopted in autumn 2022.  New EU rules to make sustainable products the norm The EU Parliament and Council have reached provisional agreement on revising the EU’s ecodesign framework for sustainable products. This framework aims to improve various aspects of products throughout their lifecycle to make them more durable and reliable, easier to reuse, upgrade, repair and recycle, and use less resources, energy and water.  Specific product requirements will be outlined by the Commission through secondary legislation. Following the completion of work at technical level, Parliament and Council need to formally approve the agreement before it can come into force. Separately, the EU launched the Global Renewables and Energy Efficiency Pledge alongside 118 other countries at the World Climate Action Summit at COP28 in Dubai. The initiative sets global targets to triple the installed capacity of renewable energy and to double the rate of global energy efficiency improvements by 2030. Delivering these targets will support the transition to a decarbonised energy system and help to phase out unabated fossil fuels. To support the delivery of the Global Pledge, the EU plans to invest €2.3 billion from the EU budget to support the energy transition. Accounting bodies call on profession to building capacity International Federation of Accountants (IFAC) is calling on the accountancy profession to help build capacity and advance on education. At this year’s COP, the IFRS Foundation’s new Knowledge Hub was launched to help fill the “knowledge gaps” in the short-, medium- and long-term to achieve the goal of a harmonized system for high-quality sustainability-related financial information, a global baseline established via the ISSB Standards. Newsletters (From our friends in Dublin Chambers) The EU Accessibility Act is coming into effect in June, 2025 with implications for all businesses. A new issue of the Profit with Purpose Magazine has published, addressing offsetting, AI, regulation, climate anxiety and more.  Technical Round-Up (From our colleagues in Professional Accounting) The Financial Conduct Authority (FCA) has confirmed a substantial package of measures to improve the trust and transparency of sustainable investment products and minimise greenwashing. With an estimated $18.4 trillion of ESG-orientated assets now being managed globally, the FCA is putting in place new Sustainability Disclosure Requirements and an investment labels regime after detailed engagement with a range of stakeholders, including industry, other regulators and consumer groups. >Articles The drive to educate markets on climate reporting (ICAEW) ESB and SSE given green light to progress offshore wind projects (Business Post) Sustainable agriculture – the role of the accountant (Chartered Accountants Ireland) A recap of the past week at COP28 (Bloomberg Green) – *recap appears when you scroll down to ICMYI* Thought Leadership: Sustainable agriculture – the role of the accountant Chartered Accountants Ireland’s Thought Leadership team has published an article by Dr Michael Hayden, FCA, and Assistant Professor of Accounting at Maynooth University, on how the accountancy profession can contribute to assisting farmers and food producers meet sustainability targets. Sustainable agriculture – the role of the accountant is relevant not only for food and agricultural businesses but are equally for how the accounting profession could rise to the challenge of assisting businesses in other sectors of the economy meet the increasing demand to strive for improved sustainability.  Podcast COP28: what does transition planning mean for accountants? (ICAEW) Upcoming Events   Accounting for Sustainability (A4S) at COP28 A4S, which aims to inspire action by finance leaders to drive a fundamental shift towards resilient business models and a sustainable economy, will bring the voice of the finance and accounting community to COP28 through a series of in-person and virtual events. Find out more here. Accountancy Europe, ESRS Webinar Co-hosted by Accountancy Europe and EFRAG, this event aims to assist stakeholders in the implementation of ESRS under CSRD. Webinar: 12 December, 10:00 - 12:00 (Brussels time) Edie: post-COP28 debrief webinar This webinar  will deliver a thought-provoking panel discussion featuring a variety of corporate climate leaders and NGOs, to summarise what happened at COP, to assess what the final agreement could mean for businesses and what it means moving forward. Webinar: 13 December, 11:00 – 12:00 Sustainable Energy Authority of Ireland (SEAI): Webinar to launch the Energy in Ireland report Free webinar with a panel of speakers presenting on the report’s key findings with a Q&A session afterwards. Webinar: 13 December, 11:30 – 13:00 UN Global Compact Network UK Collecting Scope 3 Data Webinar Series 2024 The UN Global Compact Network UK are hosting an interactive four-part webinar series in 2024 to support businesses to efficiently collect Scope 3 emissions data from across their value chain. This series will explore how companies can collect Scope 3 data using a variety of tools, surveys, and software and will feature case studies and insight from businesses on good practice in this area. Collecting Scope 3 Data: Supplier Engagement: 1 February, 10:00-11:30 GMT Collecting Scope 3 Data: Upstream Emissions, 8 February, 10:00-11:30 GMT Collecting Scope 3 Data: Downstream Emissions, 15 February, 10:00-11:30 GMT Collecting Scope 3 Data: Employee Engagement, 22 February, 10:00-11:30 GMT Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd or 4th Wednesday of every month Next: 24 January 2023  In person: Time and location tbc If you would like to attend please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre. 

The Professional Standards 36th edition of the Regulatory Bulletin has now been published.  Please click on the link provided to access this publication.

On 5 December the Ulster Society hosted the next event in our popular series - Inspiring Excellence in partnership with Danske Bank. In this webinar Nigel Botterill, Serial Entrepreneur and Sunday Times Best Selling Author, discussed the impact of AI for business and how to address the opportunity it presents. A recording of this webinar is available to view, for free and on demand, HERE A copy of Nigel's slides are available to view HERE

Chartered Accountants Ireland has issued its response to the IAASB’s proposed standard ISSA 5000 general requirements for sustainability assurance engagements. This standard is intended to be a standalone global sustainability assurance standard which is suitable for any sustainability assurance engagement. It is also intended to be framework agnostic and should apply to multiple sustainability reporting standards, including the European Sustainability Reporting Standards as well as the International Sustainability Reporting Standards S1 and S2. Whilst acknowledging its overall support for the development of an overarching standard and the need for there to be a single international standard adopted locally, the Institute highlighted some of the following key points and concerns for the IAASB to consider when finalising the standard; Clarity regarding the requirements in a limited assurance vs reasonable assurance engagement. The need for guidance for non-accountant practitioners to apply the standard. The difficulties regarding consistent application of certain aspects of the standard (including materiality, understanding of internal controls, misstatements evaluation and providing assurance over consolidated sustainability reports. The challenges that arise when a practitioner uses external experts or other practitioners when carrying out its assurance engagement. The need for fraud considerations to be more tailored to a sustainability assurance engagement.

Trusted data is becoming a cornerstone of competitiveness as more organisations embrace analytics and AI. Eoin O'Reilly explains why Data plays a crucial role in almost every aspect of our lives. How our food is produced, how we interact with public services, how we manage our finances, how healthcare is delivered—all are critically dependent on data and how organisations use it. While the ability to leverage data is rapidly becoming a competitive differentiator for organisations, their challenge lies in the degree to which they can trust the data they use. Trust in information is becoming increasingly important as a new wave of artificial intelligence (AI) innovation blurs the lines between internal and external data. Published in December, The EY Ireland Trusted Data Report 2023, surveyed eight public and private sector organisations to establish how far advanced they are on data usage, AI adoption and data trust. Irish organisations demonstrated a strong understanding of the need for trust across the data lifecycle, the survey found, while progress had been made on key elements of the trust journey. Data that isn’t subject to continuous oversight cannot be fully trusted. It must be subject to constant verification and validation from the point of collection all the way along its journey to its use in analytics and AI. Data trust continuum As organisations embrace the increased use of analytics and AI, more must be done to extend and formalise the data trust continuum. With the rise of AI and generative AI (GenAI), in particular, the issue of data trust has assumed even greater significance. A breach of trust at any point on the continuum can have potentially devastating consequences for the organisation and society. Strong governance and data management are critical for data trust. There needs to be a more holistic approach to building data trust in organisations. This starts with determining how data aligns with business strategy and runs through to data control across the data lifecycle and its responsible use. Organisations need to develop a comprehensive framework that balances strategic vision with the appropriate management of risks and controls. EY’s survey reveals that organisations are at various points on their data trust journeys, with the strategic focus shifting to how data can be leveraged to add value to the business. They have robust data governance and compliance frameworks in place, but there is acceptance that these are merely the starting point on their journey along the data trust continuum. Irish organisations recognise and appreciate the crucial importance of data trust for their business operations. While there is a significant variation in the data maturity of organisations, they understand the need for continuous management and data monitoring at every point along the trust continuum. They are taking a wait-and-see attitude to AI, but they must take care that this does not mean they miss out on valuable opportunities. Eoin O'Reilly is Partner and Head of Data, Analytics & AI at EY Ireland. You can more about the EY Ireland Trusted Data Report 2023 here.

With tech-enabled fraud on the rise in Ireland, businesses must carefully assess and manage potential risks, writes Sara McAllister Ireland is a hub for data storage and technology organisations and, as such, we are at the fore of innovation and transformation. There is a flipside, however. As this industry grows and technology evolves, so too do risks associated with fraud. Businesses and organisations in Ireland have become a greater target for fraudulent activity by criminals looking to exploit vast amounts of data created, shared and uploaded every single second. The challenge now is how best to identify, monitor and manage this risk. The National Risk Assessment 2023, published by the Irish government earlier this year, points to Ireland being especially vulnerable due to the scale of technological infrastructure developed here. Its exploitation by bad actors could cause significant disruption. A rise in the volume of fraudulent attacks carried out in Ireland speaks to the appetite of those looking to exploit weaknesses in infrastructure, industry or organisations. With this heightened focus on Ireland, business and organisational leaders here may find themselves under pressure to assess, manage and prepare for risks attached to operations, both in-house and outsourced. Artificial intelligence As new technologies come on stream, the focus on risk reduction will need to move at a faster pace. Advances in artificial intelligence (AI) have helped scale businesses via real-time automation, but this technology comes with its own risks. Ultimately, it is a double-edged sword. On the one hand, AI has been a game-changer in areas like audit and forensics, allowing businesses to deploy ‘needle in a haystack’ algorithms to identify anomalies and exposures. This is one of the reasons we are seeing an improvement in the detection of fraudulent activity. On the other hand, AI has allowed bad actors to identify new opportunities to carry out fraudulent attacks, penetrating weaknesses in the new and novel AI technology businesses are learning to use. Hybrid and remote work Most businesses have introduced remote and hybrid working processes in recent years, and many will continue to review these policies in line with changing business needs. A key consideration in this context is the risk associated with social engineering threats, which rely on human error and can be much more difficult to detect than other fraud-related risks. Where employees work remotely, evidence suggests they are less likely to consider the legitimacy of communications they receive by email, for example, and may be more inclined to respond to fraudulent requests that appear to have been sent by colleagues or superiors within their organisation, creating vulnerabilities across entire business networks as a result. Security training and awareness is the first line of defence against social engineering, yet many organisations fail to sufficiently consider the risks associated with employees working on-site and remotely. Fraud trends Several other trends are raising concern for businesses, too, beyond AI and hybrid working. Synthetic identity theft uses legitimate and fabricated information to exploit vulnerabilities and remains problematic for businesses as it is increasingly difficult to detect. Account takeover fraud remains prevalent and, as the number of personal online and social media accounts increase, so too do attacks by criminals attempting to gain access to personal data or bank details, often through stolen information. Crypto currency fraud, albeit less mainstream, also fundamentally exploits technology control weaknesses to attempt to steal coins, such as Binance Smart Chain, Ethereum and Bitcoin. Necessary risk assessment The heightened risk landscape is part of a changing cybersecurity picture where digital technology is constantly being attacked and weaknesses are identified and accessed by criminals to exploit data and information for their own gain. Fraud risk must always be a key factor for consideration when managing shared infrastructure, data breaches, preventing unauthorised access and engaging with third-party providers, among others. Industry and political stakeholders are acutely aware of the challenges in this space. Without the proper risk assessment, governance and control mechanisms in place, any single attempt at fraud could potentially put a business at the centre of a perfect storm with a highly damaging aftermath.  Sara McAllister is Partner and Head of Business Risk Services at Grant Thornton

Female representations on Irish boards is up, but more progress is needed in the key decision-making roles of CFO, CEO and Chair, writes Meliosa O’Caoimh Female representation on the boards of Irish companies is improving, but progress is slower at the senior leadership level – particularly in key decision roles, such as Chief Financial Officer, Chief Executive and Chair.  This is according to the new annual report of the Balance for Better Business Review Group, which shows a 21 percent rise in female representation in ISEQ-listed companies over a five-year period. Now in its sixth year, the report also puts the current proportion of women on the boards of ISEQ 20 companies at 39 percent, exceeding the 33 percent target set for 2023.  The percentage of women on boards across other listed companies stands at 28 percent, also above the 25 percent target set for 2023. Private companies with Irish ownership have remained steady at 22 percent since 2021, up from 17 percent in 2019. Seeing a consistent year-on-year increase in gender balance on boards marks important progress, and the companies driving this change should be proud. Companies with more diverse boards are shown to outperform those with less diversity.  Progress at the senior executive level is also critical to both business success and safeguarding the board-level talent pipeline, however. Achieving gender balance in senior roles across all areas of decision-making is dependent on robust and business-led strategies, including succession planning, career pathways and the monitoring of progress through targets and data. Balance for Better Business is an independent business-led review group established by the Government. Its latest annual report included the results of research commissioned by the 30% Club with the support of the Department of Enterprise, Trade and Employment.  Two roundtable discussions on both the financial services sector and executive search were held as part of its research. The financial services roundtable brought together representatives from industry to focus on the challenge of achieving greater gender balance in roles with profit and loss or revenue-generating responsibilities.   Research in Ireland revealed that challenges emerge as early as a professional’s very first career choices and can have an impact across an organisation’s career processes and work design. Specific actions highlighted in this research include: extending graduate recruitment gender targets to include graduate first-role placements; mandated job rotation as part of early career development; and  replacing outdated stereotypical business development approaches with initiatives that are more appropriate to a modern workforce and gender-balanced customer base.   The research also highlighted the value of tracking targets and gender progress across each business area, rather than simply focusing on the company average, to demonstrate where action can be taken.  The executive search roundtable, hosted in partnership with Ibec, focused on the current processes for Chair and board appointments as well as C-suite appointments at the highest level.  Here, it was found that large private companies are more likely to have succession plans in place, while smaller organisations are less likely to benefit from existing succession plans.  Key recommended actions for boards and C-suites included:  adopting the 30% Club/Ibec Resourcing Code as the standard for nomination committees covering board and executive leader appointments;  advocating for succession planning in all roles across all boards; and  the adoption of ‘pathway to board’ type career resources.  Meliosa O’Caoimh is Chair of 30% Club Ireland

IAASA has published a thematic paper discussing the use of data analytics in Ireland’s statutory audit market, available here. IAASA’s paper provides an overview of the areas where auditors perform data analytical audit procedures and supports in place for auditors in using data analysis tools. IAASA’s paper also discusses challenges faced by auditors when using data analytics and looks at plans for further development and roll out of data analytics in audit. IAASA’s paper identifies key considerations for audit committees and sets out the focus of audit regulators with regard to data analytics, both from an international and an Irish perspective. The appendices to IAASA’s paper provide some examples of data analysis supports and the use of data analysis in audit areas. IAASA’s YouTube channel also now includes a video that shares key observations set out in the paper, available here. IAASA has also published some factsheets summarising insights from this paper. The factsheets on data analytics are available here.

"We need COP to deliver a bullet train to speed up climate action" Simon Stiell, UN Climate Change Executive Secretary COP28. As COP28 prepares for a rest day on Thursday in advance of the week-long negotiations that will get underway on Friday in Dubai on the language of the final COP agreement, focus shifted onto a new arrival in the UAE. While unlikely to attend the summit, President Vladimir Putin arrived in Abu Dhabi on his first trip to the Middle East since the invasion of Ukraine, reportedly to garner support in the from two major oil producers. Of potentially greater concern to many delegates at this COP, however, is the global stocktake. At this COP governments will take a decision on the stocktake, which is the process for countries and stakeholders to see where they’re collectively making progress towards meeting the goals of the Paris Climate Change Agreement – and where they’re not. “We can only overcome the climate crisis by ditching business-as-usual” Stiell stated.  “All governments must give their negotiators clear marching orders: we need highest ambition, not point-scoring or lowest common denominator politics.” Pointing out that only 50 countries have National Adaptation Plans, Stiell went on to describe the starting text of the Global Stocktake as just a “grab bag of wish lists and heavy on posturing”, urging government to deliver more and go further. “The tools are all there on the table, the technologies and solutions exist. It’s time for governments and negotiators to pick them up and put them to work.” The Global Stocktake – FAQ What is the global stocktake? The Paris Agreement 2015 committed countries  to take serious action on the climate crisis. Parties to the Agreement, some 196 countries, signed up to keep global warming to 1.5°C above pre-industrial levels. The global stocktake was set up to monitor progress against this target. Essentially, it is a global-scale audit of the world’s progress towards the goals of the Paris Agreement. When does it take place? Under the Paris Agreement, countries are to check their progress in 2023, and every five years after that. The first-ever Stocktake is set to conclude at this COP in Dubai. Three events have already taken place at this COP to discuss the stocktake. What do we know so far? A technical report from the stocktake published in September 2023. It shows that we are off track to limit global warming to 1.5°. Our situation is urgent, and countries need to take action to mitigate and adapt and implement. What is meant by ‘mitigate’, ‘ adapt’ and ‘implement’? Mitigate: we need to drastically reduce greenhouse gas emissions (e.g. by replacing fossil fuels with renewable energy sources). Adapt: we need to change our economics and societies to cope with the effects of climate change. These include heatwaves, wildfires, rising sea levels, air pollution, increased sickness, migration and biodiversity loss. Implement: we need to mobilize accessible and affordable climate finance at scale, essentially making the international financial system - including its governance - fit-for-purpose. Why is the stocktake important? The stocktake itself is not as important the global response to it. However, the manner in which countries respond to the results of the stocktake is what will make the difference in the form of higher ambition and accelerated action. Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

As you head towards qualification as a Chartered Accountant it is time to start to planning your new career as a professional and so here are some key actions you might consider for 2024. Start now and don’t leave it too late since it could be hard to predict what the jobs market will look like next year.    As a ‘newly qualified’ facing into the market in 2024 you will need to be proactive, agile, career focused and very attuned to what the market is doing so you don’t miss the boat. Hopefully the market remains strong for ACA’s in 2024 but to give you an edge we have put together this checklist that you can incorporate into your activities in the months ahead : LINKEDIN : Tick the ‘open to new opportunities’ check box in my LinkedIn settings Get my LinkedIn profile up to 100% completion  Follow companies of interest on LI  Send a polite connection request with message to 10 targeted profiles in LinkedIn each day. Review the profiles of my peers and predecessors on LinkedIn to see what steps their career paths have taken. Join groups on LinkedIn like Chartered Accountants Ireland and sector/skillset relevant groups MARKET MAPPING : Market map the sectors that appeal to you Set up job alerts messages on relevant job websites such as Irishjobs and LinkedIn Open a spreadsheet to track your applications and to facilitate following up on them Check the Irish times 1000 list of companies and examine each sector Research the companies and sectors that are of interest to you Make a list of sectors that interest you and are currently offering job opportunities Consider contract and interim roles Send 5 speculative applications per week to organisations of interest. NETWORKING : Review back issues of Accountancy Ireland or other business publications as research and for networking suggestions Reconnect with the practice where you trained; partners may have clients with requirements now Brainstorm a personal network list of contacts to go through and reconnect with in the weeks ahead Create a spreadsheet of potential contacts to keep track of your progress Analyse closely the organisations and business parks your locality to see what organisations might be recruiting Check the websites of IDA and Enterprise Ireland, Chamber of commerce and others Are the Big 4 firms doing Breakfast networking meetings online now that you could attend? List out the top 10 Buoyant sectors in the current market and research employment opportunities CV : Create a few different versions of my CV. Short / long, sector-specific etc Tweak my CV each week and save new version as I research specs. Seek feedback on my CV from a number of professional sources RECRUITERS : Research 3 reputable recruiters to partner with and build relationships Seek recommendations of recruiters to approach and get a warm introduction where possible Check in with your recruiter regularly for an update either by mail or brief call PERSONAL DEVELOPMENT: Use the Chartered Accountants Ireland Career Pathway tool to clarify your development needs Select a CPD or upskill course to start soon. Speak to my mentor and discuss plan / Get an independent experienced mentor. Review the Chartered Accountants Ireland website for articles and webinars Use the time to get devise a clear plan that reflects what is important to me in terms of a career roadmap and preferences in relation to: salary / location / work life balance / benefits / bonus / hours flexibility / WFH / promotion prospects. INTERVIEW PREPARATION : Start practicing your interview technique F Build a one page bulleted ‘strengths and weaknesses’ skill-set list Develop a bank of examples that you can outline in interview that will showcase your skills and competencies (use the STAR format) SELF -CARE AND WELLBEING :  Allocate time to connect with family and friends F Build exercise and relaxation into your weekly schedule Try to make some time for your own hobbies and interests each week. As always your Careers Team is here for you now that you are embarking on qualification so get in touch with me for CV advice, Interview prep, Career Consultation or any of the above info. Dave Riordan (ACA)  [ dave.riordan@charteredaccountants.ie ] Recruitment Specialist & Career Coach | Careers Team – Chartered Accountants Ireland Chartered Accountants House | 47 Pearse St, Dublin 2, Ireland Phone: +353 1 637 7251 | Mobile: +353 87 9674285                 

  Tuesday's focus at COP28 was energy and industry, the just transition, and Indigenous Peoples.  While controversy still surrounds remarks made by COP President about fossil fuels, and reports of the host country’s own plans to increase its own oil production, there was also coverage of high-level agreements at this year’s global climate summit: The second report of the Independent High Level Group on Climate Finance has been released at COP28. 'A climate finance framework: decisive action to deliver on the Paris Agreement' was co-authored by Nicholas Stern and presents a framework which it says can mobilise the estimated $2.4 trillion a year in investment required by 2030. The UK, France and a number of other countries and banks - including the World Bank and European Investment Bank (EIB) – have agreed to include more climate-resilient debt clauses in their lending. Climate-resilient debt clauses (CRDCs) allow vulnerable countries to pause debt repayments when climate disaster strikes, affording them ‘breathing space’ to recover. Welcoming the announcement, Prime Minister of Barbados Mia Mottley stated “I want to thank you for the extraordinary courage to do the right thing.  We can always bring back our debt, but we cannot bring back our society.”   Bill Gates has praised innovation at this year’s COP when he was among those attending the Climate Innovation Forum. The former CEO of Microsoft attended alongside Arvind Krishna, CEO of IBM, Kate Brandt, Chief Sustainability Officer of Google and other world leaders in the technology sector, who convened to explore cutting-edge solutions to tackle the global climate crisis. Solutions discussed included artificial intelligence (AI), satellite technology, big data, clean energy, industrial decarbonization, low-carbon hydrogen, and more. The world’s largest independent carbon crediting standards have announced a collaboration to increase the impact of activities under their standards. The pledge, published by the non-profit organisation IETA, outlines a number of activities which will help amplify the impact of carbon markets. Separately, the US regulator, the Commodity Futures Trading Commission (CFTC), is expected to propose the first federal guidelines for voluntary carbon credit derivatives, in a bit to “bring order to a market for the offset of emissions described as the ‘wild west’”. The value of the carbon trading market worldwide could reportedly expand to $100bn by 2030, up from $2bn in 2022. COP28 in numbers 36.8 billion: the number of metric tons of carbon dioxide that will be emitted this year from burning fossil fuels. 1.1: the percentage increase in those emissions on 2022. 1.4: the percentage increase in those emissions on 2019, before the Covid-19 pandemic.  6: the percentage increase in those emissions since the year of the Paris Agreement, according to research by the Centre for International Climate Research (Cicero) 0: the number of new power plants that should be built anywhere in the world fired by coal (the world's ‘dirtiest fuel’) according to US climate representative, John Kerry. The US has now committed to closing its existing coal power plants and not building any more of them in the future, and have joined the Powering Past Coal Alliance along with seven other countries, although it had to defends its climate leadership despite record oil and gas production (Financial Times) 60: the percentage by which much oil companies must commit to reducing their Scope 1 and 2 emissions by 2030, according to the Executive Director of the International Energy Agency Fatih Birol says 94: the percentage of oil-producing countries to have no pledges on phase out oil exploration, according to a new report from the Net-Zero Tracker. 2,456: the number of fossil fuel representatives at COP28, the largest ever to have attend the climate summit. Quote of the day “Absolutely not.” — Saudi energy minister Prince Abdulaziz bin Salman, on whether he would be happy to see a COP28 agreement on a “phase-down” of fossil fuels (Financial Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

As relations with the West continue to cool, China is facing economic challenges reminiscent of the Irish economy in 2008, writes Cormac Lucey Tensions are growing between the China and the US as the latter leads the West in a sharp reversal of a policy of openness and commercial integration, which continued despite concerns about military espionage and intellectual property theft.  Now, the US is reducing its interactions with China, and a wave of reshoring/friendshoring is underway in the West. Under current President Xi Jinping, China has been picking territorial fights with its neighbours and Xi has reportedly asked his military to complete preparations by 2027 to seize Taiwan by force.  Meanwhile, senior Chinese political and business leaders are disappearing suddenly with alarming frequency and non-Han ethnic minority groups, such as the Uyghurs and Tibetans, have been subject to terrible oppression.  The Chinese economy is not faring much better. When I look at China’s economic position, I think we may now be witnessing ‘peak China’.  First, the country’s enormous property/debt bubbles are beginning to deflate. Coming into 2024, China is in a similar position to Ireland circa 2008. Its economic underpinnings are dangerously fragile, the first tremors of deflation are being felt and the authorities are insisting that everything is okay.  Over the past 15 years, China’s total debt levels (public plus private) have doubled relative to economic output (GDP).  According to Numbeo, a website that analyses the cost of living across different countries, rent yields in Beijing range from 1.45 percent (city centre) to 1.69 percent (suburbs). These yields are way below the lowest levels witnessed in Ireland at the peak of our property bubble.  They are lower than Chinese interest rates, meaning that buy-to-let landlords using debt to fund their purchases will face interest charges that exceed their rental income (negative carry).  Thanks to its now defunct ‘one child per family’ policy, which ran from 1979 to 2015, China faces a demographic implosion over the coming decades. The UN forecasts that its population will decline from 1.4 billion this year to 1.3 billion by 2050 – and below 800 million by 2100.  Today, China faces the same demographic and debt-deflation challenges that confronted Japan three decades ago.  For all the messiness and dysfunction of the West, democracy does force a society’s problems onto the political agenda rather than allow them to be suppressed, and it facilitates innovation over stagnation.    Cormac Lucey is an economic commentator and lecturer at Chartered Accountants Ireland