In this week’s Public Policy bulletin, read about the Irish Government’s introduction of the National Living Wage as well as the constitutional challenge upheld by the Supreme Court to the ratification of the EU-Canada Trade deal (CETA). We also take a look at the Fiscal Advisory Council’s assessment of the proposals of the Commission on Tax and Welfare as well as the latest Northern Ireland Labour Market Report and the European Commission’s Autumn 2022 Economic Forecast. Tánaiste announces introduction of National Living Wage Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, this week announced the Government’s introduction of a national living wage for employees. The national living wage will be set at 60 percent of hourly median wages as recommended by the Low Pay Commission Report on the Living Wage.  Under the Government’s plans, the living wage will be introduced over a four-year period and will be in place by 2026, at which point it will replace the National Minimum Wage. The first step towards reaching a living wage will see the implementation of an 80c increase in the National Minimum Wage from 1 January 2023 to €11.30 per hour. This will be followed by gradual increases to the National Minimum Wage until it reaches 60 percent of hourly median earnings. By 2023, it is estimated that 60 percent of median earnings would equate to approximately €13.10 per hour. Supreme Court rules ratification of Comprehensive Economic Trade Agreement (CETA) between Ireland and Canada unconstitutional In a significant judgment, the Supreme Court last week ruled in favour of a constitutional challenge brought by Green Party TD Patrick Costello against the Government’s plans to ratify the EU–Canada Comprehensive Economic Trade Agreement (CETA). In a majority ruling of 4–3, the court held that the Constitution of Ireland precludes the government and the Dáil from ratifying CETA as Irish law now stands. Originally agreed between Canada and the EU in 2016, the CETA is primarily a trade treaty designed to significantly reduce tariffs and increase trade between the two parties. Having provisionally come into force in 2017, all EU national parliaments are required to ratify the deal before it can take full effect. In its current form, CETA tribunal awards are “in substance converted almost automatically into judgments enforceable in this State”, depriving the High Court of its capacity to supervise such awards and ensure they comply with the Constitution and EU law, Mr Justice Gerard Hogan said. However, as Justice Hogan went on to note ““this fundamental constitutional objection would accordingly be cured” if certain amendments to the Arbitration Act are effected by the Oireachtas. Following the judgment, the Government reaffirmed its commitment to ratify CETA in full after allowing a period of time to reflect on the implications of the court’s decision.    Read a copy of the Supreme Court’s judgment here. Fiscal Advisory Council estimates additional €15 billion in Exchequer Revenues could be generated if Commission on Taxation proposals implemented Following the issue of the Report of The Commission on Taxation and Welfare in September, the Irish Fiscal Advisory Council has this month advised that, if implemented, the proposals of the Commission would raise an additional €15 billion in Exchequer revenues. In an Analytical Note assessing the potential impact of the Commission’s proposals, the Council’s “broad brush estimates suggest an increase in total revenues of around 5.3% of Gross National Income”. However, while the report of the Council notes that the Commission’s net revenue-raising proposals “offer one potential strategy” to address the challenges the State currently faces, the Council expressly “does not take a view on whether or not this is the right approach”. The report of the Commission set out a strategy for raising Exchequer revenues and contained 116 recommendations to this effect which are currently under consideration by the Government. Latest Northern Ireland Labour Market Report published This week, the Northern Ireland Statistics and Research Agency (NISRA) published its most recent Labour Market Report. According to the report, the number of employees receiving pay through HMRC PAYE in NI in October 2022 was 781,300, a 0.2 percent increase over the month and a 2.5 percent increase over the year. Earnings from the HMRC PAYE indicated that NI employees had a median monthly pay of £1,967 in October 2022, an increase of £10 (0.5 percent) over the month and an increase of £117 (6.3 percent) over the year. In addition, the report noted that October 2022 saw the second consecutive monthly increase in the claimant count. The seasonally adjusted number of people on the claimant count was 36,100 (3.8 percent of the workforce) – marking an increase of 1.4 percent from the previous month’s revised figure and still higher than the pre-pandemic count in March 2020 (by 21.1 percent). As also set out in the report, the Department for the Economy recorded 60 redundancies in October – bringing the annual total number of redundancies to 940, the lowest twelve-month total in the time series (since 2000). European Commission’s Autumn 2022 Forecast Ireland's GDP is expected to grow by 7.9 percent in 2022, then to moderate to 3.2 percent in 2023 and 3.1 percent in 2024 on the back of lower purchasing power and uncertainty weighing on investment, according to the European Commission’s Autumn 2022 Economic Forecast. Net exports, particularly of multinational corporations, are however expected to remain resilient and be the main driver of growth. Inflation is expected to peak at 8.3 percent in 2022 and to remain high at 6.0 percent in 2023 before eventually moderating to 2.8 percent by 2024. While the Forecast projects that most Member States will enter into recession during the last quarter of the year (due to the ongoing uncertain economic environment) momentum accrued in 2021 together with strong growth in the first half of this year are set to lift real GDP growth in 2022 as a whole to 3.3 percent in the EU (3.2 percent in the euro area) - well above the 2.7 percent originally projected in the Commission’s Summer Interim Forecast. While the Commission predicts inflation will continue to contract economic activity into the first quarter of 2023, growth is expected to return to Europe in spring. Digital Services Act: EU’s landmark rules for online platforms enter into force This week saw the launch of the EU’s new set of rules for a safer and more accountable online environment as provided for in the Digital Services Act (DSA). The DSA applies to all digital services that connect consumers to goods, services, or content including online marketplaces. One of the key purposes of the DSA is to increase protections for consumers transacting online. Under the provisions of the Act, all online intermediaries will have to comply with wide-ranging new transparency obligations to increase accountability and oversight with a special regime applying to platforms with more than 45 million users. However, smaller platforms and start-ups across the EU will benefit from a reduced set of reporting obligations and special exemptions from certain rules. Following the entry into force of the DSA this week, online platforms will have until 17 February 2023 to report the number of active end users on their websites to the Commission. Read the Commission’s press release here.                    

In this week’s EU exit bulletin, we bring you the latest guidance updates and publications relevant to EU exit. We also update you on recent developments in relation to the Protocol on Ireland / Northern Ireland. The Department for the Economy in Northern Ireland has published a paper “Attracting foreign direct investment to Northern Ireland in the context of our post EU exit trading relationships” and the National Audit Office has published a report on regulation post EU exit.   Update on the Protocol The House of Lords scrutiny of the Northern Ireland Protocol Bill has continued in recent weeks with Committee Stage now completed. Report Stage, which provides an opportunity to closely scrutinise elements of the Bill and make changes, has not yet been scheduled. Four days of committee stage took place on 25 October, 31 October, 2 November and 7 November. Members speaking on day four of committee stage put forward amendments (changes) to discuss.  These amendments covered a range of subjects, including:- removing ministerial power to engage in any conduct in relation to any matter dealt with in the Protocol (clause 18); the position of the negotiations with the EU and seeking further clarity on them from the Government; engagement with the UK's devolved Administrations regarding international agreements; and the role of the Northern Ireland Assembly in respect of the role of the European Court. Members said they would return to some of these issues at Report Stage. You can catch up with Committee Stage for the Bill on Parliament TV and read the Lords Hansard transcript. Miscellaneous updated guidance etc.   The latest guidance updates, and publications relevant to EU exit are as follows:-   How to set up an account to defer duty payments when you import goods; Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service; Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service; External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service; and Claiming preferential rates of duty between the UK and EU.

The European Financial Reporting Advisory Group (EFRAG) has approved the final version of the European Sustainability Reporting Standards (ESRS) at its meeting on 15 November, subject to editorial changes. Earlier this year, EFRAG launched a public consultation on the thirteen Exposure Drafts forming the ESRS. The consultation period, which ended on 8 August, received a large response from a broad range of stakeholders (including the Institute). Since August, EFRAG has considered these responses and made changes to the original draft standards. This has culminated in the approval of the final version of the standards by EFRAG on 15 November. The standards will now be sent to the European Commission to be considered for adoption. The standards have been updated based on stakeholders comments and feedback, with one of the key changes being the removal of the "rebuttable presumption" related to materiality which was contained in the original draft standards. The news of the finalisation of ESRS comes a week after the European Parliament adopted the Corporate Sustainability Reporting Directive (CSRD). The CSRD will now be considered by the European Council on 28 November, where it is expected to be signed into EU law. Following this, member states of the EU will be required to enact legislation locally to bring the requirements of CSRD into effect in their state. It is hoped that the ESRS and CSRD will help to ensure that companies report more transparently and consistently on their sustainability-related impacts, opportunities and risks and this is intended to be a significant update on the 2014 Non-Financial Reporting Directive. The rules of ESRS and CSRD are expected to apply for periods commencing on or after 1 January 2024 for larger companies, with the requirements being phased-in in subsequent years for smaller companies.

Against the backdrop of recession and the highest monthly increase in inflation in over 40 years, Chancellor Jeremy Hunt delivered today’s Autumn Statement. The focus was on bridging a gap of some £55 billion in public finances with a combination of tax rises (£25 billion) and public spending cuts (£30 billion). The freezing of some allowances until at least April 2028 combined with cuts in allowances for dividends and capital gains and a lowering of the 45 percent additional rate income tax threshold were the main personal taxes announcements. Citing tax avoidance behaviour in the area of research and development (“R&D”) tax relief for small and medium sized enterprises (“SMEs”), relief for SMEs is to be reduced, although the relief available under the “large” company regime is to be increased. According to the announcements, Northern Ireland will receive an additional £650 million in funding from Westminster. Next Monday’s edition of Chartered Accountants Tax news will feature the tax announcements in more detail. Read the Institute’s Press Release reacting to the Autumn Statement. The analysis herein is based on the publications of HMRC and HM Treasury. Personal taxes The personal allowance, inheritance tax nil rate bands, employee’s national insurance contributions (“NICs”) Upper Earnings Limit and Upper Profits Limit thresholds and the level of the income tax higher rate band were all due to be maintained at their current level until April 2026. These have now been frozen for a further two years until April 2028; effectively resulting in a tax increase by remaining unchanged. The threshold above which the 45 percent additional rate of income tax commences is to be lowered from £150,000 to £125,140 from 6 April 2023, costing such taxpayers a maximum of £1,243 in additional income tax every year. The level of the £2,000 dividend allowance which taxes dividends at 0 percent is to be reduced from £2,000 to £1,000 from 6 April 2023 and further reduced to £500 from 6 April 2024. The capital gains tax (“CGT”) annual exemption will be reduced from its current level of £12,300 to £6,000 from 6 April 2023 and to £3,000 from 6 April 2024. The Chancellor did not make any changes to the rates of CGT. Business taxes As part of the ongoing review of the R&D reliefs, the Government is reforming these reliefs. According to the Chancellor’s speech and accompanying documents, there is significant error and fraud in the small and medium-sized enterprises (“SME”) scheme, with the generosity of the relief making it a target for fraud. By contrast, the separate R&D expenditure credit (“RDEC”) under the “large” regime is better value but has a rate that is less internationally competitive. The Government is therefore rebalancing the rates of each relief. For qualifying expenditure on or after 1 April 2023, the SME additional deduction will decrease from 130 percent to 86 percent, and the SME payable tax credit rate will decrease from 14.5 percent to 10 percent. However, the taxable RDEC rate will increase from 13 percent to 20 percent. The employer’s NIC threshold will be maintained at its current level of £9,100 until April 2028 however it was confirmed that the employer’s allowance will remain at £5,000. The current VAT registration and registration thresholds of £85,000 and £83,000 respectively will stay at these levels until the end of March 2026. And finally, it is confirmed that the government will implement the OECD Pillar 2 rules, to deliver a global minimum corporate tax rate of 15 percent for accounting periods beginning on or after 31 December 2023. Energy profits levy From 1 January 2023, the Energy Profits Levy on oil and gas companies will increase from 25 percent to 35 percent, with the levy remaining in place until the end of March 2028. A new, temporary 45 percent levy will be introduced for electricity generators. According to the Government publications, together these measures will raise over £55 billion from 2022/23 until 2027/28. Additional Compliance Resource for HMRC The Government is also investing a further £79 million over the next 5 years to enable HMRC to allocate additional staff to tackle more cases of serious tax fraud and address tax compliance risks among wealthy taxpayers. This investment is forecast to bring in £725 million of additional tax revenues over the next 5 years.  

Institute reacts to Autumn Statement announcements  17 November 2022 – Today’s Autumn Statement did little to support businesses and their employees through the tough times ahead, according to Chartered Accountants Ireland. The Institute, which represents over 5,200 members working in businesses and practices across Northern Ireland, commented as the Government announced its ‘Autumn Statement’ in Westminster, with the Chancellor acknowledging that the UK is in recession after the biggest monthly increase in inflation in over 40 years.  Commenting, Dr Brian Keegan, Director of Public Affairs, Chartered Accountants Ireland said,  “Businesses in Northern Ireland are feeling the effects of this inflationary crisis particularly acutely. These businesses are also dealing with continued uncertainty over trading arrangements in the context of the ongoing Protocol negotiations along with the absence of devolved government.  “We saw during the COVID-19 pandemic that the Government can react speedily at a time of crisis. As this crisis deepens, more needs to be done by the Government to develop and deliver much needed supports through the tax system. For many businesses, these could be a vital lifeline for survival and, ultimately, job protection.  “For example, the Government could reintroduce extended relief for trading losses, as it did during the pandemic. This would enable businesses to claim relief for losses much earlier which would generate vital tax refunds and improved cash flow. “Tax policy and the tax system can, and must, be used to not only build strong and sustainable economies but to provide crucial support via targeted interventions.” ENDS     

  In this week’s bulletin we bring you news of offshore wind auctions under the Renewable Energy Support Scheme, sustainability supports available for the tourism, community and voluntary sectors, and tax deductions for landlords for retrofitting. Also read about events at COP27, which draws to a close this weekend, and the usual news, resources and events.    COP27 Look back on the resources produced by Chartered Accountants Ireland on the two-week international climate summit which concludes today in Sharm El-Sheikh. COP27 which brought together countries from around the world to accelerate moves to tackle the climate crisis. Offshore wind auction under Renewable Electricity Support Scheme In what has been described as a seminal moment in the delivery of offshore wind in Ireland, the Irish Government has approved the Terms and Conditions of ORESS 1, the first auction for offshore wind under the Renewable Electricity Support Scheme. The offshore auction is expected to provide a route to market for up to 2.5GW of offshore renewable energy to the Irish grid, enough to power 2.5 million Irish homes with electricity. Final auction results will be published by June 2023, and at least three offshore energy auctions are currently planned for this decade. Energy supports announced for community and voluntary sector Minister for Rural and Community Development, Heather Humphreys TD, and Minister of State, Joe O’Brien TD, have launched a new €10 million fund to provide once-off support to community and voluntary organisations which fall outside the parameters of other energy support schemes being delivered by Government (such as the Temporary Business Energy Support Scheme (TBESS)).  The scheme will open for applications on Monday 21 November and close on Friday 2 December 2022 with payments expected to commence before the end of this year and into early 2023. Full scheme details are now available here. Tourism businesses urged to engage with sustainability supports Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media Catherine Martin, TD, has advised businesses in the tourism sector to engage with Government supports to make their businesses more sustainable. Speaking at Fáilte Ireland's first national conference on driving climate action in tourism businesses at Croke Park this week, Minister Martin referenced the sectoral emissions ceilings that have been fixed for each sector, including the tourism sector, and the supports available to businesses to help with decarbonisation projects. In addition to the €3 million additional funding in Budget 2023 to allow Fáilte Ireland to continue its work in the area of sustainability, the Minister also pointed to Fáilte Ireland’s new Climate Action Roadmap and the Government’s ClimateToolkit4Business. Landlords to get tax deduction for retrofitting The Minister for Finance, Paschal Donohoe TD, has announced a new tax deduction for small-scale landlords who undertake retrofitting works while the tenant remains in situ. The measure will provide for a tax deduction of up to €10,000 per rented residential property against Case V rental income, for certain retrofitting expenses, for a maximum of two rental properties. Read more from our Tax Team. UK and EU sign joint declaration on energy The United Kingdom and the EU are among the signatories to a joint declaration from energy importers and exporters on reducing GHG from fossil fuels, joining the United States, Japan, Canada, Norway and Singapore.” In the pledge, the countries committed to support domestic and international action to achieve emissions reductions across the fossil energy value chain, such as adopting policies and measures to achieve rapid and sustained reductions in methane and CO2 emissions, supporting robust measurement, monitoring, reporting, verification, and mobilizing technical assistance and financing for methane and CO2 mitigation in the fossil energy sector. The  EU and Egypt have since taken the further step of establishing a strategic partnership on renewable hydrogen. Fit for 57? The European Commission’s Vice President Frans Timmermans has told delegates at COP27 that the European Union will be able to cut greenhouse gas emissions by 57 percent from 1990 levels by 2030,instead of the 55 percent originally planned. There is some criticism, however, that the increase in ambition does not represent a much-needed reduction in emissions, but is a reflection of the EU’s decision to count ‘carbon sinks’, which to date have not been factored into the carbon accounting. Reaching the target will reportedly require the implementation of new laws proposed ahead of COP27, including a 2035 ban on selling new fossil fuel cars. The Commission also recently proposed a new temporary emergency regulation to accelerate the deployment of renewable energy sources. From our Professional Accountancy Team The European Financial Reporting Advisory Group (EFRAG) has approved the final version of the European Sustainability Reporting Standards (ESRS) at its meeting on 15 November, subject to editorial changes. Read more here. Resources A new tool, the Doughnut Design Tool for Business has been created to help businesses engage with ‘Doughnut Economics’. This is an economic mindset underpinned by the concept of social and planetary boundaries. The tool, which helps businesses run facilitated workshops, is accompanied by a paper, What Doughnut Economics Means for Business. The paper contains background context and further detail on the core concepts as well as additional examples of business design. Articles Global CO2 emissions from fossil fuels hit a record high in 2022 (Carbon Brief) The UN Environment Program intends to launch a public database of global methane leaks detected by space satellites (Reuters) Fantasy football: what a carbon-neutral world cup might look like? (Bloomberg) The subtle danger climate change poses to ‘highly vulnerable’ Ireland (The Irish Times) ECB's Panetta says green transition may help cut inflation (Reuters) Counting the rising costs of climate (Reuters) Upcoming events Institute of Chartered Accountant England & Wales, ICAEW Climate Summit, 21-25 November 2022 (Virtual). With growing climate concerns an ever-present consideration for companies around the world, what can – and should – finance professionals be doing to support efforts towards net zero, sustainability and green finance? This week of virtual sessions will join experts and professionals from across sectors to engage on this biggest of issues. Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London "Rethinking our economic models, focused on social & circular" - Kate Van Der Merwe, Chris Gordon, & Claire Downey - The Dublin City Centre Business Network Group’s November 2022 Breakfast Briefing is taking place on Friday, 25th November from 7:30am- 8.45am (one hour of CPD) in Chartered Accountants House, Pearse Street, Dublin 2. Contact membersservices@charteredaccountants.ie to book your place. Biodiversity COP15 Part 2, 7-19 December You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our onlineSustainability Centre.  

In Irish news, landlords get a tax deduction for retrofitting and committee stage amendments are proposed to Finance Bill 2022. In UK news, it’s the last chance to have your say on the consultation examining potential tax devolution for Northern Ireland and HMRC has increased its rate of interest for late payments and repayments. On the International front, ECOFIN approved the revised Code of Conduct on Business Taxation. Ireland The Minister for Finance announced a new tax deduction for small-scale landlords who undertake retrofitting works while the tenant remains in situ. Committee stage amendments to Finance Bill 2022 were proposed by the Minister for Finance. UK Have your say on the consultation examining potential tax devolution for Northern Ireland. HMRC has increased its rate of interest for late payments and repayments.   International Revised Code of Conduct on Business Taxation approved by ECOFIN.  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.          

  16 November was Biodiversity Day at COP27, and headline news was the arrival of Brazilian President-elect Luiz Inacio Lula da Silva (Lula) at the summit. In his speech, President-elect Lula said that climate change will have the highest profile in his government, and that he will prioritize efforts to fight deforestation in the Amazon rainforest. In a separate statement the architects of the Paris Agreement urged leaders to step up action to address the accelerating loss of nature by delivering an ambitious and transformative global biodiversity agreement at COP15, with the necessary finance and technical support to drive immediate action on the ground. The theme of Biodiversity Day echoes an event from Finance Day, which took place during the first week of the international climate summit. The International Finance Corporation (IFC) issued the world's first guidance to help investors, financiers, companies, and governments identify investments that protect and rehabilitate biodiversity and ecosystems. The Biodiversity Finance Reference Guide is a market framework for biodiversity finance, a fast-growing domain of green finance that aims to support activities that conserve and restore biodiversity and ecosystem services. The guide was described by Makhtar Diop, IFC's Managing Director as “a compass for businesses and investors seeking to align their activities with the goals of sustainable growth and a healthy planet.” Look beyond COP27, the impacts of climate change on biodiversity is also the topic of another COP, COP15 Part 2, on 7-19 December. At this COP – officially titled Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD) – the parties will review the achievement and delivery of the CBD’s Strategic Plan for Biodiversity 2011-2020. Did you know about…biodiversity and accounting for nature? Biodiversity is the variety of life on earth on which our societies and economies depend on it. It is rapidly rising up the corporate agenda as more and more companies understand the need to protect it. Every business relies on biodiversity, which, for businesses, means everything from clean air and water, fuel, food, raw materials, minerals, fibers, pollination of crops, climate regulation for a stable climate, and much more. For example, agribusiness relies on the diversity of wild relatives of major food crops, as a resource to ensure crop resistance to disease and pests. Business also rely on biodiversity for the wellbeing of their staff, their consumers, in their own operations and along their supply chains. Biodiversity is increasing in importance to business, and businesses will be expected to know about biodiversity action and to engage with it. They are also coming under increasing pressure to support protection of biodiversity. Biodiversity and Chartered Accountants Ireland On March 3, 2022, Chartered Accountants Ireland joined a profession-wide commitment to reverse nature loss. Working together as part of the Global Accounting Alliance (GAA), the CEOs of 10 of the world’s leading accountancy institutes signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis. You can find out more about biodiversity and natural capital and resources for accountants at the Chartered Accountants Ireland website’s Biodiversity - Accounting for Nature   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Irish regulations passed in February 2022 provided for a central database of information to be supplied by credit institutions on safe-deposit boxes and bank and payment accounts. The regulations were brought into force to give further effect to the EU fourth and fifth Anti-Money Laundering Directives. The regulations are the European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022. (SI No .46/2022) (the Regulations). They were further amended in September 2022, and they authorise the Central Bank of Ireland to establish and maintain a central register of information on safe-deposit boxes and bank and payment accounts. Under the Regulations a member of FIU Ireland (which is defined by reference back to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010) can carry out searches and retrieve information from the database. It is expected that these rights of access will be extended in future to other entities such as the Revenue Commissioners, but this will have to be by further legislation in the area. In March 2022 the Institute as part of CCAB-I issued updated Anti Money Laundering guidance (TR01-2019) and we reported that the Irish Central Bank was finalising technical requirements for the central database. By way of update, it has recently launched a webpage Ireland Safe Deposit Box Bank and Payment Accounts Register (ISBAR). It sets out the information to be contained on the register and says that the register ensures that flows of money can be properly traced to individuals, entities and illicit networks at an early stage. Technical guidance documents and a reporting template are also accessible on the page. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.   Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.      

    Day 15 of COP27 was dedicated to Energy, and to ‘ACE and Civil Society’. At the opening session of the Energy thematic day, the COP27 Presidency launched the Africa Just & Affordable Energy Transition Initiative (AJAETI). The initiative will engage the International Energy Agency (IEA) and International Renewable Energy Agency (IRENA) to provide possible pathways and scenarios for African countries for the most rapid and sustainable achievement of access. Elsewhere, coal was very much in the news, with the announcement of what was described the largest climate transaction in history: a $20 billion of climate finance to end the use of coal in Indonesia. The deal will allow Indonesia’s emissions to peak 7 years earlier than had been planned. Less positive coal news involved India and China, who at last year’s COP26 in Glasgow were responsible for a last-minute intervention to water down the language of the final agreement, changing the commitment to “phase down” rather than “phase out” coal power. Coal reportedly accounts for 70 percent of electricity generation in India, while renewables count for only about 12 percent. Coal is the most polluting of the fossil fuels, and climate scientists insist that it must to be phased out by 2040 to avoid the worst effects of climate change. However, India has put forward the argument that Europe and the US turned back to fossil fuels as the energy crisis deepened and remained unsanctioned, whereas developing countries which rely on coal are unduly pressured to transition from it, at their economic expense. China has also come under criticism for its plans to build more coal plants this year as a short-term measure to address electricity shortages in the country. A different type of energy was the topic of a panel on Offshore Wind as a Key Solution to the Climate and Energy Security Crises, featuring the  Global Offshore Wind Alliance. Ireland’s Minister for Transport, Climate, Environment & Communications Eamon Ryan TD, who is leading Ireland’s delegation to COP27 for the second week joined speakers on the panel. Finally the European Commission’s Vice President Frans Timmermans has told delegates that the European Union will be able to cut greenhouse gas emissions by 57% from 1990 levels by 2030, instead of the 55% originally planned. Did you know about … ACE ACE is a term adopted by the United Nations Framework Convention on Climate Change (UNFCCC). It stands for Action for Climate Empowerment. It aims to integrate civil society into decision-making processes, and its inclusion in the COP27 programme builds on the momentum of COP26 where a work programme specifically focussing on this engagement. Its over-arching goal to empower all members of society to engage in climate action, through the six elements: Education Public awareness Training Public participation Public access to information International cooperation. Why ACE matters? Implementation of all six ACE elements is crucial to the global response to climate change. Sustainable lifestyles, sustainable patterns of consumption and production, are fundamental to reducing greenhouse emissions and enhancing resilience to the inevitable effects of climate change. Success will require broad collaboration between all levels of government and all sectors of society. Read more here https://unfccc.int/ace   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

On 15 November the Ulster Society held a webinar in partnership with Action Mental Health looking at how we can better understand our mental health and deal with issues such as burnout and stress. In this webinar David Babington introduced Action Mental Health and its services, as well as an overview of regional challenges for the charity sector before Rachael Power talked about:  •    The mental health spectrum •    Creating a positive culture towards mental health through shared language and understanding  •    Burnout within the workplace and how to avoid it  •    Examples of tools to help when feeling burnt out or stressed •    Signposting  A recording of the webinar is available to view for free and on demand HERE A pdf copy of David's slides is available to view HERE A pdf copy of Rachael's slides is available to view HERE Rachael can be contacted here: T: 028 9442 5347 E: rpower@amh.org.uk W: www.amh.org.uk  

The theme of Alcohol Awareness Week 2022 is change, something that most people find challenging, but change is ever present. We can all easily slip into patterns and routines, and drinking more than we should or using alcohol as a coping mechanism is one. However high levels of alcohol consumed regularly can undermine our physical and mental health. One of the biggest challenge is to force a change in our mindset and seek alternative tools.  If you are finding you are inclined to drink more heavily and frequently, then perhaps it is an opportunity to explore alternative coping strategies. Being mindful and observing a low-risk relationship with alcohol can make a big difference to your anxiety levels and mood. Below are some tips to get you started: Stick to the weekly low-risk alcohol guidelines If you can stick to these guidelines it will reduce alcohol related problems The recommended weekly low-risk alcohol guidelines are less than: 11 standard drinks for women 17 standard drinks for men Drinks should be spread out over the week –no more than 2 standard a day for men, or 1 standard a day for women. Have 2-3 alcohol-free days per week. For more on these guidelines and what is a standard drink check out the HSE site. The Ask About Alcohol  drinks calculator also provides fact-based non-judgmental information about how drinking affects health, wallet and weight. Be aware of your mental health & wellbeing An awareness of how you are feeling can help you identify behaviours and any self-destructing tendencies. Do you use alcohol to ward off or cope with a bad day, stress or low mood?  If so, it is important to look for alternative ways to deal with our mental health and wellbeing.  Connecting with others is essential as it gives us purpose and a sense of belonging. Get out and about, walking and being outside is so good for our mental health. Keep a routine that works Most of us not only like routine, but we need it, so find a routine that works for you and reap the benefits. Keeping structure to your day and evenings will really help you to stay focused. Find alcohol free alternative tools Explore new options and find something you enjoy and works for you. Reaching for that drink each evening can become a bad habit and one which could be hard to break. Reconnect with hobbies or interests you once had or learn a new skill and try some relaxation or mindfulness. Take a news break Turn off the endless newsfeed for a few hours. Anxiety, depression, and alcohol are linked, so give yourself a break and take sometime out from social media and all news feed. You will be amazed how quickly your mood can change once these distractions are removed.