A coalition of 50 investors, collectively representing €13.4 trillion in assets, have called on EU leaders to support a ‘robust and predictable’ EU Emissions Trading System. In a letter written to EU leaders, the group of investors (the Institutional Investors Group on Climate Change) stated that “competitiveness, energy security, resilience and climate neutrality [are] mutually reinforcing goals for a strong European economy.”While recognising the challenges arising from global fragmentation, the group also recognise the role investors have in managing risks and mobilising capital for Europe’s competitive clean transition: “In this context, one message is critical: a robust and predictable EU Emissions Trading System (ETS) must remain the bedrock of Europe’s clean industrial future.”The group point to the role the ETS has had in incentivising low-carbon innovation and creating investment opportunities across sectors – critical benefits for institutional investors with diversified, economy-wide portfolios – and assert that the ETS should remain the bedrock of Europe's clean industrial strategy, with the upcoming review offering an opportunity for evolution, not dilution. The group stress that the next phase of the ETS – one of Europe’s most effective policy tools – should strengthen that signal by preserving a clear long-term carbon price signal, supporting cost-effective decarbonisation and giving companies and investors the certainty needed to deploy capital into electrification, industrial transformation and strategic clean technologies. They also stress that ETS must form part of an overall policy package that addresses specific investment barriers and drivers. We urge the European Council to adopt a clear statement at its meeting of 18-19 June in support of a robust and predictable EU ETS that is strengthened as an investment signal.

The number of businesses operating in Northern Ireland increased by 1.9 percent over the year to March 2026, marking the twelfth consecutive year of increase following a period of decline from 2008 to 2014. This is according to the latest Northern Ireland Inter-Departmental Business Register (IDBR) statistics, which were released this week by the Northern Ireland Statistics & Research Agency (NISRA). The statistics also show that most businesses in Northern Ireland are micro-sized (89.4 percent or 73,880) and nearly four in 10 (38.5 percent or 31,830) have a turnover of less than £100,000, whilst 13.1 percent (10,870) have a turnover over £1 million. Construction saw the largest growth in percentage terms of the four headline industries over the year to 2026, and non-Northern Irish-owned businesses increased by 18.0 percent (355) over the five years to 2026. Also released by NISRA were the latest Northern Ireland Labour Market Statistics, showing that the number of employees receiving pay through HMRC PAYE in NI in May 2026 was 820,100 representing an increase of 1.3 percent over the year. Earnings data indicated that NI employees had a median monthly pay of £2,462 in May 2026, which was unchanged over the month and an increase of £94 (4.0 percent) over the year.  The statistical report and associated tables are available here.Finally, the Northern Ireland Economic Output Statistics, also published by NISRA, show that output in the services sector increased by 0.9 percent over the first quarter of 2026 and by 2.3 percent over the year. Retail output in NI saw a quarterly increase of 2.1 percent in Quarter 1 2026 and an increase of 1.8 percent over the year. Production sector output saw an increase of 2.1 percent over the first quarter of 2026 and increased by 7.6 percent over the year.The detailed statistical bulletins are all available on the NISRA website. 

The Central Bank has published its second Quarterly Bulletin of 2026. Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027, and weaker consumer spending is expected in 2026. However, continued growth in modified domestic demand is projected over the forecast horizon with investment related to multinational enterprise (MNE) playing a prominent role. GDP fell sharply in the first quarter of 2026, highlighting its sensitivity to the (onshore and offshore) activities of a small number of MNEs. A swift resolution to the conflict in the Middle East would see oil and gas prices fall below baseline assumptions, supporting modestly stronger MDD growth and lower inflation than in the central forecast.At the launch of the Quarterly Bulletin, Robert Kelly, Director of Economics and Statistics said: “The global economy continues to face challenges and heightened uncertainty arising from the conflict in the Middle East. With the disruption in the Strait of Hormuz continuing into its fourth month, despite news of a resolution, uncertainty remains.”

 In this week’s bulletin, read about the passage of Ireland’s Critical Infrastructure Bill, strong growth in renewable electricity—particularly solar—and the Central Bank’s assessment of domestic resilience amid rising inflation. Updates from Northern Ireland cover business growth, labour market trends, renewable energy growth, new air‑quality tools and progress in climate reporting. At EU level, new InvestEU financing and plans for a European Competitiveness Fund feature, alongside global investor calls to protect the EU ETS and major changes at CDP, as well as the usual resources, articles and events.IrelandCritical Infrastructure Bill passes both Houses of the OireachtasThe Critical Infrastructure Bill 2026 has passed both Houses of the Oireachtas, moving from the Seanad this week to be signed into law by the President. You can find out more about infrastructure and Ireland’s economy, and the role of Chartered Accountants Ireland, here. ‘Remarkable progress on renewable electricity’ highlighted by Minister O’BrienThe country's solar capacity has reportedly increased by almost 300 percent since 2023, according to a report published by Solar Ireland. Commenting at Solar Ireland’s annual conference, Minister for Climate, Energy, and the Environment Darragh O’Brien, described the sector’s contribution to a secure, sustainable, and affordable energy future for generations to come, saying “Ireland is making remarkable progress in our renewable electricity acceleration. Across the country we are seeing renewable projects being delivered at scale, and communities participating in our energy transition. A rooftop revolution is underway, as households take up Government grant supports to install rooftop solar.” Measures introduced by the Government to support solar deployment include the Microgeneration Support Scheme (MSS), the Small-Scale Renewable Electricity Support Scheme (SRESS), and the Renewable Electricity Support Scheme (RESS) which aim to help households, businesses, farms, and communities to participate in Ireland’s renewable electricity transition. Minister O’Brien has pledged that the grant for households installing rooftop solar panels, introduced in 2021 to encourage homes to install solar panels, will remain in place for the lifetime of the current government. Central Bank’s bulletin notes ‘domestic resilience’ despite rising inflationThe Central Bank has published its second Quarterly Bulletin of 2026. Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027, and weaker consumer spending is expected in 2026. Read more.UK/Northern IrelandIncrease in number of businesses operating in Northern Ireland The number of businesses operating in Northern Ireland increased by 1.9 percent over the year to March 2026, marking the twelfth consecutive year of increase following a period of decline from 2008 to 2014. This is according to the latest Northern Ireland Inter-Departmental Business Register (IDBR) statistics, which were released this week by the Northern Ireland Statistics & Research Agency (NISRA). Read more. Wind remains dominant source of renewable electricity generation in Northern Ireland The Energy in Northern Ireland 2026 report has been published, showing that renewable sources accounted for nearly half (47 percent) of total electricity consumption and half (50 percent) of all electricity generation. Wind remains the dominant source of renewable generation of electricity the region, accounting for 72 percent of total renewable generation volumes in 2025. Published biennially, the Energy in Northern Ireland report aims to provide a comprehensive and accessible overview of key statistics and information relating to energy in Northern Ireland. DAERA launches pilot air pollution assessment toolA free air pollution assessment tool, the UK Air Pollution Assessment Service (UK APAS), has been launched as a pilot in Northern Ireland. The tool aims to help the environment, save time, money and help reduce planning backlogs. Commenting, DAERA Minister Andrew Muir said: “Good air quality is vital for both our health and our environment hence the importance of finding and implementing new techniques or approaches to improve air quality”. The Minister went on to announce that the tool will provide robust scientific evidence for NIEA and the planning authorities to assess when considering new planning applications such as large strategic road networks. It can also be used as a design tool and to assess the benefits of any measures they are implementing to reduce emissions such as ammonia and nitrogen oxides.Milestone achievement in Climate Change ReportingThe Department of Agriculture, Environment and Rural Affairs (DAERA) has marked the successful completion of the first reporting cycles under the Climate Change (Reporting Bodies) Regulations (Northern Ireland) 2024. Under the Regulations, specified public bodies are required to submit climate change reports to DAERA outlining their greenhouse gas emissions, mitigation actions they are taking to reduce their emissions, their climate risks and what they are doing to adapt to the impacts of climate change. These first reporting cycles have generated a comprehensive evidence base on emissions data, climate risks, and actions across the wider public sector in Northern Ireland creating a clear baseline for ongoing improvement. Commenting, DAERA Minister, Andrew Muir said: “The public sector has a crucial leadership role in responding to climate change, both within its own operations and in supporting the wider transition to a net zero, climate‑resilient Northern Ireland. The work undertaken through these reporting cycles has created a strong foundation for future progress and is already helping to embed climate considerations into organisational decision‑making and planning.”Europe Agreement to see at €22 billion in strategic financing under InvestEU The European Commission and the European Investment Bank (EIB) Group have signed an agreement that adds €22 billion in strategic financing under the InvestEU programme, the EU’s flagship investment initiative. The newly allocated funds will accelerate transformative investments in critical areas, including in clean and biotechnology innovations, driving sustainable growth and green transition, digital advancement, fostering competitiveness and technological sovereignty and high-potential start-ups and scale-ups, empowering the next generation of European entrepreneurs. The expansion of the InvestEU programme aims to deliver benefits for SMEs, providing them with enhanced access to financing. In alignment with the Commission’s commitment to reducing administrative burden, all SMEs supported under InvestEU will also benefit from streamlined processes thereby ensuring faster, easier access to funding, along with reduced reporting requirements.  These improvements aim to make InvestEU more efficient, accessible and responsive to evolving market needs and policy priorities.Council of the EU agrees position on new and innovative fund to boost EU’s competitivenessThe Council of the European Union has adopted its partial negotiating position on the regulation establishing the new European Competitiveness Fund (ECF). The Fund, which is a central pillar of the next EU multi-annual budget (MFF), is designed to help address the EU’s innovation gap with its main global competitors. It aims to reduce dependencies and increase the overall competitiveness of the European economy. Under a single rulebook and a single application gateway, the Fund will channel EU investment to the strategic technologies and industries necessary for Europe to strengthen its global position, as well as drawing on private investment alongside public funding to maximise the impact of every euro. The Council’s position clarifies synergies with other EU funds such as Horizon Europe, with specific measures included for SMEs. It also introduces improvements to the original Commission proposal to strengthen the role of member states in the governance of the fund.WorldInvestor coalition calls on EU leaders to maintain a ‘robust and predictable’ EU Emissions Trading SchemeA coalition of 50 investors, collectively representing €13.4 trillion in assets, have called on EU leaders to support a ‘robust and predictable’ EU Emissions Trading System. In a letter written to EU leaders, the group of investors (the Institutional Investors Group on Climate Change) stated that “competitiveness, energy security, resilience and climate neutrality [are] mutually reinforcing goals for a strong European economy.”  Read more. CDP announces transformation into two separate organisations CDP (formerly the Carbon Disclosure Project), the global environmental disclosure system, has announced that it will be transforming into two separate organizations: CDP, a commercial entity backed by global investment firm Permira, which will continue to provide environmental data and disclosure services to companies worldwide; and CDP Foundation, a charitable organisation that will drive the strategic principles for disclosure based on the latest environmental science. For disclosers and data users, CDP insists that this means a more focused CDP with greater capacity to invest in the tools, data services and insights they rely on to assess risk, build resilience and inform sustainability strategy.  The CDP Foundation will lead on “translating frontier science into action-ready disclosure methods”, informing the evolution of CDP’s question bank. Resources Reflecting climate risks in IFRS 9 disclosuresSenior finance professionals from the banking sector came together at an ICAEW event to discuss how climate risks are reflected in their expected credit loss reporting under IFRS 9. Find key takeaways here. Climate, nature and marketsA Q&A with David Carlin and Naoko Ishii on aligning climate, nature and markets: why disclosure alone isn't enough and what needs to change to drive real business action on sustainability. Report finds four in five UK businesses hit by climate disruptionA new report, From Risk to Reward: How UK Businesses are Building Resilience to Deliver Long-Term Value, on how UK businesses are responding to escalating climate risks and clean tech opportunities has found that the vast majority of businesses in the UK have experienced climate-related disruption over the past two years, with many reporting climate risks have negatively affected their commercial performance through higher costs across their operations and supply chains. Based on a survey conducted by research firm OnePoll between April and May this year, the report explores three key themes. Under the theme of Risk it finds that climate impacts are landing on balance sheets across every sector and every size of business. Under Resilience it reveals that a ‘dangerous nature blind spot’ is widening, with too many businesses failing to recognise that their operations depend on healthy natural systems to function. Finally, under the theme Reward is notes how sustainability is paying off, with businesses reducing emissions reporting measurable uplifts in revenue, brand image and operational efficiency. Nature is our best air conditioningInterview with Aleksandra Kazmierczak, EEA expert on Climate Change and Human Health on nature-based solutions help economies adapt to extreme heat and/or flooding events. Articles Why is Scope 3 so complicated for financial services? (ICEAW Insights) Inside a push to build cleaner data centres without draining the grid (Business Post)Your AI habit is wasting precious resources. Here’s how to use it responsibly (The Conversation)Events Irish Green Building Council, Designing for Decarbonisation: Supporting High-Performance Project Delivery with EXEEDExplore how to close the “performance gap” that many projects face between their ambitious energy and carbon targets at design stage and the reality once buildings are operational. In this practical session, you will learn how the EXEED programme supports verified energy performance, why early-stage design decisions are critical to long-term outcomes, how a structured, data-driven approach reduces risk and improves delivery and lessons from Roadstone’s real-world experienceVirtual, 25 June 2026, 1:00 – 2:00 PMUN Global Compact Network, Blended Finance as a Business Tool: What It Is, Why It Works and How to StartBlended finance is emerging as an increasingly important tool for mobilising investment and scaling impact. This session, based on insights from the UN Global Compact CFO Coalition for the SDGs’ new Business-Led Blended Finance Playbook, explores how companies can move beyond being passive recipients of blended finance to becoming active participants in designing and leading transactions. Through expert guidance and real-world case studies from CFO Coalition participants, attendees will gain practical insight into how blended finance works, why it matters for business, and how companies can begin exploring opportunities within their own organisations.30 June 2026 | 14:00 | 60 minutesUN Global Compact Network, Women’s Empowerment Principles 101Hosted by the UN Global Compact in collaboration with UN Women, this introductory session provides an overview of the Women’s Empowerment Principles (WEPs) and how they offer a practical framework for companies to advance gender equality in the workplace, marketplace, and community. Speakers will provide practical guidance on implementation and share insights into the business benefits of advancing gender equality. Participants will have the opportunity to engage with experts and learn best practices for supporting women’s empowerment within their organisations. Live translation available in Spanish, French and Portuguese. 2 July 2026 | 14:30 | 60 minutesUN Global Compact Network, The New Net Zero Standard: What It Is, What’s Changed and What It Means for CompaniesThe Science Based Targets initiative (SBTi) has released its updated draft of Corporate Net-Zero Standard Version 2, changing how companies worldwide will set and manage climate targets. This first session in a two-part series, delivered by the UN Global Compact Academy in partnership with SBTi, equips companies with everything they need to understand the new standard. 7 July 2026 | 14:00 IST / 9:00 ET | 60 minutes UN Global Compact Network, Adjusting to Version 2 in Practice: What Implementation Actually Looks LikeBuilding on the first session, this second instalment provides a step-by-step walkthrough of what adopting and implementing Net-Zero Standard Version 2 actually looks like in practice — including critical dates and deadlines, and how to plan your transition before Version 1 is phased out.9 July 2026 | 14:00 IST / 9:00 ET | 60 minutes Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

 The Critical Infrastructure Bill 2026 has passed all stages in both Houses of the Oireachtas this week, moving from the Seanad to be signed into law by the President. About the BillThe legislation is designed to address delays in the development of major pieces of national infrastructure, including (but not limited to) infrastructure necessary for the delivery of transport, energy, water, waste management systems. Once enacted, the legislation will allow Government to designate a specified project or programme as a ‘critical infrastructure project’ or a ‘critical infrastructure programme’. This will mandate all relevant public bodies to prioritise its functions in relation to that project, avoid delays, reduce approval times, cooperate and coordinate with other public bodies, and allocate resources accordingly. The Bill, somewhat controversially, disapplies Section 15 of the Climate Action and Low Carbon Development Act, which requires public bodies to perform their functions in a manner consistent with the Climate Action Plan and other national climate objectives and strategies, insofar as practicable. Opponents of the Bill argue that the law limits the ability of the public to use climate legislation as the basis for judicial review, with proponents asserting that the legislation is needed to deliver critical renewable electricity projects and public transport needed to meet Ireland’s 2030 climate targets.The critical role of infrastructure Infrastructure delivery is key to unlocking economic growth and to delivering Ireland’s economic, environmental and social goals. Ireland needs approximately €250bn in investment to deliver critical infrastructure over the next ten years (the UK is expected to require £1tn over the similar timeframe). But the delivery of infrastructure is not an issue that should be reserved solely for the public sector and Government. The private sector has an enormous role to play. State funding must be augmented by private investment in infrastructure, and attracting this investment requires stronger national and international advocacy from government, businesses, and society to support a positive image of Ireland.Chartered Accountants Ireland and infrastructure Chartered Accountants Ireland advocates for a collective expression of confidence in Ireland’s ability to deliver infrastructure. Our members, as trusted business leaders, bring financial rigor, governance and professional accountability to projects, identifying and quantifying risks, mobilising private sector investment and ‘speaking the language of finance’.  As experts in financial planning, efficiencies, sequencing, and financial modelling, Chartered Accountants have the training to bring credibility and ensure value outcomes in key infrastructure projects. As part of our policy work Chartered Accountants Ireland is developing a formal position on infrastructure, with a particular focus on the need to mobilise private finance to support delivery. In our Pre Budget Submission, we call on the Government to prioritise investment in critical infrastructure particularly in the areas of housing, energy, water, and transport to reduce business costs, improve productivity, and support sustainable growth. This work aligns with the objectives of the Accelerating Infrastructure Taskforce. To inform our approach, we have been engaging with stakeholders across business and wider society to gather insights that will shape a constructive, solutions-focused contribution on behalf of our 40,000 members. We welcome member perspectives. Please email: grant.sweetnam@charteredaccountants.ie or susan.rossney@charteredaccountants.ie to contribute.

We want to remind members of their obligations under Section 623 of the Companies Act 2014. This section notes that a liquidator shall lodge any monies in respect of unclaimed dividends to an account set out by the Minister for Finance.  A person claiming to be entitled to any dividend out of a lodgement made may make an application to the court. After a period of 7 years, the amount remaining unclaimed shall be paid to into the Exchequer.

In Irish news, the Institute held an event with elected members to our launch Pre-Budget 2027 submission and the Irish Government has launched the Irish presidency of the Council of the EU. In UK news, the Institute has responded to the consultation on close company participator reporting and read our latest update on Making Tax Digital (MTD) for Income Tax. In International news, the EU FISC subcommittee on tax matters travels to Paris to discuss the international tax landscape.Irish1. The Institute met with elected members to present and discuss the proposals in our Pre-Budget 2027 submission.2. Ireland’s presidency of the Council of the EU was launched by the Irish Government last week together with a dedicated website for the Irish presidency.UK3. In our response to the close company participator reporting consultation, the Institute outlines to Government that any dual reporting of close company transactions must be avoided.4. You can read about averaging relief and the latest HMRC taxpayer awareness letters in our MTD for Income Tax update.International5. A delegation from the EU FISC subcommittee will travel to Paris this week to discuss international tax challenges including the implementation of the Side-by-Side agreement and the taxation of the digital economy.Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s Cross-border developments and trading corner.   

Next week, the FISC Subcommittee will hold a session to share views on 'Cooperation in the fight against VAT fraud in the EU' with the European Chief Prosecutor (EPPO), the European Anti-Fraud Office (OLAF) and the Chair of Eurofisc.  Discussions will focus on strengthening administrative and judicial cooperation, improving exchange of information and access to VAT data, and enhancing the effectiveness of existing fraud detection tools and prevention mechanisms in the EU. 

This week a delegation from the FISC Subcommittee on tax matters will travel to Paris to discuss upcoming international tax challenges, including the implementation of the Side-by-Side agreement and the taxation of the digital economy.  Other matters to be addressed by the delegation during the visit include the taxation of ultra-high-net-worth individuals, energy taxation, VAT fraud, the fight against tax evasion, and tax simplification. 

The Irish Fiscal Advisory Council (IFAC) has published its June 2026 Fiscal Assessment Report outlining that although the economy remains strong overall, high energy costs pose risks to future growth. The report also highlights that while headline figures appear robust, they conceal underlying weakness in public finances, with a continued reliance on corporation tax receipts paid by a small number of multinational taxpayers. The report outlines that the planned pace of net spending growth is faster than the sustainable growth rate of the economy with most corporation tax receipts being spent rather than saved. As Government plans to run modest surpluses in the years ahead, IFAC notes that the Government will need to borrow to finance some of its planned contributions to its savings funds. IFAC recommends that Ireland should have its own domestic fiscal rule, as the Medium-Term Fiscal and Structural Plan is not a good guide for budget decisions. Opportunities to prepare for the future challenges of population ageing and climate change which will place significant pressure on the public finances are being missed. The report outlines four key recommendations for budgetary policy:  Ensure that budgetary policy helps to smooth fluctuations over the economic cycle.  Deliver larger surpluses to better position the Government to address future pressures. Establish a domestic fiscal rule to provide a clearer framework for budgetary decision-making.  Enhance the accuracy and transparency of budgetary forecasting. 

Last week, the Taoiseach, Micheál Martin TD launched the Irish Presidency of the Council of the European Union together with a dedicated website for the Irish Presidency (Éire2026.eu or Ireland2026.eu). The central themes of the Irish Presidency include competitiveness, values and security, with the Taoiseach confirming that Ireland will advance the ‘One Europe, One Market’ roadmap, encompassing priorities such as simplification, fair and open trade, decarbonisation and digital transformation.  The key tax priorities during the Irish Presidency include the following: Prioritise work on the tax simplification agenda and significantly progress and aim to conclude the recast of the Directive on Administrative Cooperation (DAC). Progress work on the expected Tax Simplification Omnibus which seeks to simplify several corporate tax directives, including the two Anti-Tax Avoidance Directives. Progress work of the Code of Conduct Group (Business Taxation), including updating the EU list of non-cooperative jurisdictions for tax purposes in October 2026. Ensure ongoing monitoring of the OECD Global Minimum Tax (Pillar Two rules) and implementation of the Side-by-Side solution at EU level, including timely assessment of any impacts arising. Encourage the swift implementation by Member States of further simplification measures agreed at the OECD. Engage with global partners on international tax matters, including through OECD and UN fora. Progress work on the proposed extension of the Carbon Border Adjustment Mechanism (CBAM) regulation and on the proposal for a Temporary Decarbonisation Fund (TDF). Pursue agreement among Member States on the Tobacco Tax Directive. Progress work amending the EU VAT Framework and progress any proposals made by the Commission during the Presidency. 

The skills and professional judgement we develop as Chartered Accountants allow us to address problems ranging from the most rudimentary to the most advanced. We are very fortunate that the profession is represented so well across society, but there is a particular sense of pride when we can celebrate the election of Chartered Accountants to public office in Dáil Éireann. So, last Wednesday, ahead of the launch of our Pre-Budget 2027 Submission, we invited the current Chartered Accountants who represent the public at Dáil Éireann into Pearse Street to present this year’s submission to them. We were fortunate to be joined on the day by Joe Neville TD and Edward Timmins TD. What followed was a detailed and technical discussion on our proposals, as well as a broader discussion on how Chartered Accountants can support robust decision-making from a financial perspective across government and wider society.  We are grateful that all our elected members took the time to respond to the invitation, albeit some were unable to attend as are the obligations and duties that follow public life. We will follow up with the other elected members separately in the coming months to share our insights and proposals and to further develop how the Institute can best support the wider development of tax policy. In terms of the Institute’s own advocacy efforts, the opportunity to meet with members who live advocacy day-in, day-out through their commitment public life is always an honour and a privilege for us. Ultimately professional services is about supporting economic activity and navigating regulatory challenges on behalf of businesses, individuals and families. So, when we engage with our members who represent the public at Dáil Éireann and government generally, we see this commitment to serving the public interest in its fullest expression.