In this week’s EU exit corner, 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.

HMRC’s latest schedule of webinars is now available for booking. Spaces are limited, so take a look now and save your place. HMRC has also made available a YouTube video which contains an overview of how to report COVID-19 support payments and grants on Company Tax Returns, what happens if you’ve claimed too much and the records that must be kept.  If you have any questions, please send them to email HMRC prior to the webinar, including the title of the webinar in the ‘Subject’ line of your email. HMRC will answer as many questions as possible on the day. Using VAT484 form to report changes: register here This webinar will explain how to complete form VAT484 to report any changes to your client‘s VAT registered business. This includes changing business contact details, VAT return dates, business partners and cancelling VAT registration. Trade losses: register here This webinar will explain how trade losses can be relieved and will provide examples of the different loss relief provisions, time limits applicable to each claim and further points to consider. The Statutory Residence Test – response to COVID-19: register here   This webinar will cover:- residence; exceptional circumstances; response to COVID-19; common errors; record keeping; key messages and next steps.

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.

(From the Chartered Accountants Ireland Professional Accountancy Team's 'Technical Round Up', November 11, 2022) CDP, the not-for-profit which runs the global environmental disclosure platform for corporations, and the IFRS Foundation have announced that CDP will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform, in a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards. The ISSB have also made some other announcements in the past week, including; Details of discussions held on the reference to other standards to support interoperability with other sustainability related standards November 2022 supplementary update A summary of its main achievements, in the year following its creation at COP 26 in November 2021. Announcement of implementation steps that will help jurisdictions prepare for its implementation. The Irish government this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. You can read the press release here. The report highlights how education and training in sustainable finance to date has concentrated on the financial and capital markets, such as green bonds, regulatory developments, and sustainable investment funds, with a greater focus on the Irish retail financial services sector talent development a next key step. Click here for a copy of the report. In its recently released report “Getting to Net Zero: A Global Review of Corporate Disclosures” the International Federation of Accountants (IFAC) have highlighted the inconsistency and incomparability of target disclosures and have highlighted that COP27 is the perfect time to dig into what is being disclosed and to explore how emission disclosures can become more decision-useful.

The Financial Reporting Council (FRC) has published a set of principles that it will use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work that is outside of its primary regulatory perimeter as it transitions to the Audit, Reporting and Governance Authority (ARGA). In its response to the White paper on Restoring Trust in Audit and Corporate Governance, the Government (committed to) expanding the definition of a public interest entity (PIE) to also include companies with over 750 employees and a turnover of over £750m. Much of the scope of ARGA’s work is expected to be determined by this new definition, however, the Government also recognised there will be exceptional circumstances where ARGA should take regulatory action in areas of public interest that are not within this regulatory focus.   The principles the FRC has set out today form the basis of the public interest considerations ARGA will take into account when determining whether it would be appropriate to act. The FRC has also committed to producing a yearly report explaining how its regulatory scope applies to each of its functions and highlighting where it has taken any decision to go beyond it. View the public interest principles.   

  The US dominated COP27 today as US President Joe Biden visited the two-week-long international climate summit in Egypt for ‘Decarbonisation Day’. “Folks, it’s going to take all of us”, President Biden announced in his speech, saying that every nation had to do its part in order to permanently bend the emissions curve, and announcing new US support of $100m for adaptation. The Inflation Reduction Act, the landmark US climate bill passed earlier this year would “unleash a new era of clean energy and economic growth”, the president went on to say, echoing comments of US national climate advisor Ali Zaidi who described in an interview with Bloomberg that “100s of millions of metric tonnes  of opportunity” would result from the transition. “We are proving that good climate policy is good economic policy”, President Biden stated, describing how the US is the first government to require that major federal suppliers disclose their emissions and climate risk and set targets for themselves that are aligned with the Paris Agreement. Elsewhere at the summit countries launched a package of 25 new collaborative actions under a ‘Breakthrough Agenda’, a masterplan to accelerate decarbonisation of five major sectors - power, road transport, steel, hydrogen and agriculture. Under the agenda, governments representing over half of global GDP set out 12-month action plan to help make clean technologies cheaper and more accessible everywhere. In other news signatories to the Fashion Industry Charter for Climate Action agreed to a set of targets including halving emissions by 2030, switching to low-carbon materials and scaling renewable energy across their supply chain. COP27 continues with Adaptation & Agriculture Day on 12 November, and will resume on Monday 14 November with Gender Day. You can find the full agenda for the conference’s thematic days here. Chartered Accountants Ireland will continue to bring you updates for the event.   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.  

A new survey has shown that most professionals are happy at their work, but remuneration is still the predominant reason people move on. Paul McClatchie delves into the results. The rising cost of living, combined with the talent shortage, is a sure-fire recipe for pay inflation.  However, a new survey by recruitment company Engage People shows mixed fortunes in the financial and legal sectors regarding remuneration over the past year.  Despite this, however, most professionals surveyed appear to be happy at their work.  While 63 percent expect a salary increase over the next 12 months, almost a quarter (23%) of the 795 people questioned did not get a pay increase in the past year. Eleven percent was the average increase in salary for those who did. Sixty-one percent saw their hours impacted by COVID-19, and 47 percent took a COVID-related pay cut. Of those, the average drop in pay was 12 percent. Anecdotally, the flexibility to work from home has saved employees money and contributed to a better work/life balance. So, a short-term impact on compensation hasn’t upset too many in the professions. On top of base salary, many professionals will have a car allowance and fuel cards. Most get an employers’ pension contribution, meaning total remuneration is generally higher than basic pay. In terms of bonuses, 75 percent of respondents in accountancy, banking, financial services and legal roles say they received a bonus last year, and 67 percent of those were satisfied with the level of bonus. For junior positions, 26 percent of base salary was the average bonus, where earnings were predominantly under €35,000.  Ten to fifteen percent was the mean annual bonus in the accounting area, with higher bonuses in banking relationship manager and sales roles. Although 82 percent of respondents claim to have worked some form of weekly overtime for up to three hours a week, just 41 percent received paid overtime. Again, overtime was more common in junior-level roles, up to a €40,000 base salary. Fifty-five percent anticipate their company’s staff numbers will grow over the next 12 months. The lure of a new role Despite the possible pay cuts and overtime, 84 percent of the professionals responding confirmed they are happy with their current work-life balance. However, the grass is always greener. Fifty-eight percent of professionals in financial and legal roles are satisfied or very satisfied in their current role, but almost two-thirds (62%)  admit they would leave their role if the right opportunity came up.  Pay remains the top motivation to move, and a 10 percent salary increase was the average expected by those surveyed to leave their job for a new role. However, 58 percent also said that they would turn down an offer if their current employer were to make a suitable counteroffer. The survey also identified career progression opportunities, the people in the company, and the company culture as reasons people will move to a new role. In terms of desirable benefits employers can offer, the top answers concerned flexible working, including both hybrid working and flexi-time. The offer of career breaks and a company car or a car loan were the next most sought-after perks. Paul McClatchie is the Founder and CEO of Engage People.

From tribe-based banking to embedded finance, Nick Root reveals what you can expect to see in the year ahead in fintech The financial technology sector is rapidly evolving, with traditional methods of banking now being replaced with digital solutions to make things faster, easier, and more streamlined for both businesses and consumers.   Here are the top trends in fintech in 2023. Virtual bank cards  Hailed as the future of financial spending, virtual bank cards are at the forefront of a revolution in business expense management. Since 2017, searches for the digital bank Revolut have increased by 143 percent, receiving an average of 1.3 million monthly searches globally.   Looking at Google Trends, we can also see that the term ‘virtual card’ has increased by 216 percent in the last five years and is currently at its peak. But how are they being used by businesses?  Perhaps the biggest reason virtual cards are increasing in popularity is that they offer more robust security measures, helping eliminate misuse by hackers and fraudsters.  They also reinvent the way companies handle employee business expenses. Every employee has a unique card, which means anyone can easily see who is spending what. Funds can also be assigned to team budgets, and purchases can be limited so that nobody spends more than what’s allocated. Embedded finance  The success of embedded finance will be predominantly down to distribution, trust, and improved user experience.   Banking as a service defines an ecosystem in which licensed financial institutions offer non-banking companies access to their services, typically through APIs. It enables clients to embed financial services into their products or build new financial services from scratch. The emergence of API-led banking services means distribution is no longer an issue. That layer of friction has now been removed, with any digital company able to offer a financial service without the headache and complexity that providing financial services used to bring.   Buy-now, pay-later 2.0  While buy-now, pay-later (BNPL) has raised concern recently, the online trend allowing customers to split their payments into interest-free instalments continues to surge.   Traditionally, BNPL services were used to split payments for high-value items, but they soon became associated with online fast fashion brands, targeting Gen Z and Millennial shoppers. In recent weeks, BNPL was further criticised after Swedish fintech company Klarna partnered with the fast-food delivery app, Deliveroo, allowing customers to ‘eat now, pay later.’  And although many mainstream banks are steering towards virtual cards, in January 2022, Klarna launched its first physical credit card, allowing customers to pay in-store and online.   In 2023, although it is expected to expand further, in Ireland, BNPL providers must go through the Central Bank to be approved. BNPL will also be regulated in the UK, as the government plans to enact legislation requiring lenders to carry out affordability checks before approving loans. The financial promotion rules for BNPL are also set to change to ensure advertisements are explicit and do not mislead consumers.   Contactless wearables  The Internet of Things is making waves in the fintech sector, allowing consumers to pay for goods and services faster than ever with wearable technology.  Alongside smartphones, bracelets and smartwatches are now used to make payments instead of bank cards.  The Apple Watch is one wearable that took the world by storm, showcasing an upward trend in 2022. Smart rings are also on the rise, with searches for the revolutionary wearable increasing by 180 percent globally.   Regtech  A new buzzword you may have heard in 2022 is Regtech – but what is it, and why does it matter?   The rise in digital products means there is an increased risk of data breaches, cyber hacks, and money laundering – but that’s where Regtech comes in. Regtech is a group of organisations that solve challenges arising from a technology-driven automated economy.   The Regtech industry is expected to disrupt the regulatory landscape by providing advanced tech solutions to compliance issues that arise in the fintech sector.  Tribe-based banking  The term ‘digital tribe’ has become popular in recent years, used to describe online communities that share a common interest, and are usually connected through social media or other online platforms.   In the past, people from diverse communities have been uncomfortable with legacy banks because they have not been represented, don’t feel empathised with, and aren’t open to communication.  Banks need to be more authentic and receptive to communication in this new era. People from these communities will soon be looking for a bank that gives them a sense of representation and openness. Nick Root is the CEO of Intergiro.

With cyber threat levels on the rise and their complexities growing, it is time to bring cybersecurity into the boardroom, says Puneet Kukreja According to the EY Ireland Global Information Security Survey 2021, 90 percent of Irish cybersecurity leaders reported an increase in disruptive cyberattacks over the previous 12 months. This issue goes beyond the chief technological officer’s remit and should be a company-wide concern, including the organistion’s board. The board plays an important role in overseeing and supporting how an organisation enhances its cybersecurity controls and practices in a world where threat levels are on the rise. Below are seven critical areas that boards need to focus on to better align themselves with the organisation’s cyber strategy and ensure that the organisation’s cybersecurity needle is moving in the right direction. 1. Understand the business Boards and their sub-committees are now required to undertake key oversight activities related to cyber risks across critical business processes and systems. For this, they should be aware of the budget allocated to cybersecurity programmes and understand whether the organisation’s cybersecurity function is adequately funded and resourced. The board should also be aware of the key responsibilities for security and data privacy across the enterprise. They need to be aware of the potential exposure of known blind spots. 2. Acquire knowledge of technology It is important for the board to gauge if it has the required knowledge and expertise in technology. It is imperative for the board to understand how the rapidly evolving ecosystems of cloud, cyber and data protection, internet of things and privacy overlap with its role in corporate governance and risk management. 3. Understand the cyber environment The board needs to have a clear knowledge of how a cyber threat can be responded to in a rapid manner. It is critical for the board to have a view of the full range of cyber risks facing the organisation and the potential to improve its existing cybersecurity control and practices. It needs to ask if management can implement the required risk management protocols to reduce the mean time to exposure and if the organisation has an effective incident response and recovery function in place. It is also important for boards to know if the systems targeted in a cyber event are managed internally, externally or sourced from the cloud. 4. Facilitate response readiness Boards must help document a cyber threat management framework. This framework should be regularly tested against the ‘cyber kill chain’ approach, a phase-based model used to describe the stages of a cyberattack which helps construct response plans for organisations. 5. Have exposure to cyber wargames Has the board and its sub-committees been exposed to a cyber incident response training exercise, or received training on how will the organisation respond if an attack occurs? One key action that boards can take is to bring cybersecurity-related skills and experience into the boardroom through the appointment of non-executive directors with previous experience in technology-related roles. 6. Keep third-party agreements ready Boards need to ensure that cyber incident response agreements are in place with third-party suppliers of technology and subject matter experts who can be mobilised in the event of a cyberattack. Boards also need to understand how the cyber risk exposures of all stakeholders are assessed and determined. 7. Be adept at media management If systems are compromised and sensitive data stolen, it could potentially impact an organisation’s reputation. The board should understand how the organisation will respond to the media and stakeholders following a cyberattack or breach. Take a holistic approach With remote and hybrid work being the new normal, continuous assessments and improvement of cybersecurity controls and practices across the organisation should be the focus of the board. For this, boards can mandate organisation-wide continuous training and education around cyber threats. It may also be useful to accompany this with a cyber awareness programme. An eye on internal control framework and cybersecurity monitoring procedures is needed, as well. The role of the board is assuming greater importance as cybersecurity risks and threats grow. Boards must now play a more constructive role in advising on post-incident response plans and in managing them from a business continuity perspective. Cybersecurity activity should not be seen as purely defensive. A company’s ability to adjust and strengthen its cyber resilience will position it for a more secure future. Puneet Kukreja is Cyber Leader in EY Ireland

CRH has been announced as the Overall Winner of this year’s Chartered Accountants Leinster Society Published Accounts Awards, in addition to winning the ‘Euronext Dublin (Large Cap > €1bn)’ Award category. The awards, which are sponsored by Euronext, took place in the Shelbourne Hotel for the first time since 2019, with special guest MC Andrew Maxwell. Chairperson of Chartered Accountants Leinster Society, Ann-Marie Costello said: “This evening showcases the best of Irish corporate reporting. These awards have evolved over the last number of years and recognise companies for their achievements across areas such as Sustainability, Diversity & Inclusion and Branding, Communication and Digital, not just the financial reporting itself. The continued improvements in the quality of reporting, and in particular, the increased focus on addressing the needs of all stakeholders, is evident in this year’s entries. In particular for me this year, it’s been wonderful to see so many new entrants to the PAA, and indeed first-time winners across a number of the categories. Congratulations to all our worthy winners” Alan D’Arcy, Chair of the Published Accounts Awards, said: “We are living in an environment where business and society are becoming increasingly interlinked.  Shareholders and stakeholders are looking beyond the financial reporting aspects of an annual report and sustainability and ESG reporting are now more important than ever. The Published Accounts Awards play a pivotal role in raising the bar for Irish companies and it is encouraging to see so many of them adopting best practice when it comes to their annual reports.” Of the judging process, Lisa Gilligan, Vice Chair of the Published Accounts Awards commented: ‘All the judges agreed, the standard of Diversity & Inclusion reporting coming through in annual reports has improved vastly over the last number of years and is evident in the running of their businesses. A number of shortlisted companies are now providing more information in this area, including gender pay gap reports and specific Diversity & Inclusion reporting, which was great to see. ‘ Published Accounts Awards judge Shauna Greely, former Chartered Accountants Ireland President, commented on the improvement in Diversity & Inclusion reporting, ‘I have seen significant focus and improvement in Annual Reports on many areas, with a particular call out for the information included on Diversity & Inclusion and Sustainability across all companies.  I would particularly commend those companies who are leading the way and voluntarily disclosing information eg gender pay gap, in advance of this becoming mandatory’ Daryl Byrne, CEO, Euronext Dublin, who sponsored this year’s awards, commented: “High-quality financial reporting is essential for investors and other stakeholders and is an important contributor to well-functioning securities markets, and even more so in challenging economic conditions.  Euronext is delighted to sponsor the Published Accounts Awards which recognizes and celebrates companies who have excelled in their financial reporting and communications with investors and stakeholders.” A total of 25 public and private companies, and 12 not-for-profit organisations competed as finalists across fourteen distinct award categories. CRH took home the big award of the night, the Overall Winner Award as well as scooping the Euronext Dublin (Large Cap > €1bn) Award. Among the category winners were ESB who were delighted to hold onto the award for Statutory or Unquoted Entity (IFRS) for an eleventh year in a row, as well as scooping the Sustainability & ESG Reporting (Unquoted Entity) Award for a second year running. DCC took home the ‘Company listed on a Foreign Market’ Award again this year, and in the ‘Euronext Growth Award’ category Uniphar claimed first place. Glenveagh Properties were awarded top place in the Euronext Dublin (SME < €1bn) category, and Coillte GCA were the winners of the Statutory or Unquoted Entity (Non-IFRS) Award. The Sustainability & ESG Reporting (Listed Entity) Award went to Kerry Group, the award for Branding, Communication & Digital went to Dog’s Trust; the Diversity & Inclusion (Not for Profit) Award was scooped up by Barnardos, with the Diversity & Inclusion (Listed or Unquoted Entity) Award going to Central Bank of Ireland. In the ‘Not-For-Profit’ Award categories, Jigsaw took home the award for the Large category and Aidlink topped the list of Small / Medium charities. The full list of award winners is as follows:   Award Winner Euronext Dublin (Large Cap > €1bn) CRH plc Euronext Dublin (SME < €1bn) Glenveagh Properties plc Company Listed on a Foreign Market DCC plc Euronext Growth Award Uniphar plc Statutory or Unquoted Entity (IFRS) ESB Statutory or Unquoted Entity (Non-IFRS) Coillte CGA Large Not for Profit Jigsaw Small / Medium Not for Profit Aidlink Sustainability & ESG Reporting Award (Listed Entity) Kerry Group Sustainability & ESG Reporting Award (Unquoted Entity) ESB Diversity & Inclusion Award (Listed or Unquoted Entity) Central Bank of Ireland Diversity & Inclusion Award (Not for Profit) Barnardos Branding, Communication & Digital Award Dogs Trust Overall Winner CRH plc

  'Youth' is the theme of Day 5 at COP27, the second of the 11 'themed days' in the two-week-long international climate summit taking place this year in Sharm el-Sheikh, Egypt. Among the stark warnings about the future of the planet, news also broke that more than 600 fossil fuel lobbyists were in attendance at the conference, an increases of more than 25 per cent from last year, reportedly outnumbering any country’s delegation with the exception of the UEA. The previous day – ‘Finance Day’ – had been dominated by news of a possible warming in the relations between the US and China, although China did bring forward its date for peaking carbon emissions for building materials from 2030, reportedly disappointing the building materials sector as a whole, which wants to reach peak emissions by 2025. John Kerry’s carbon credit plan to drive climate finance in developing nations was also met with criticism, but the US climate envoy pointed out that private finance is required to pay for the transition as no government can afford to. Staying with the US, former Vice President Al Gore continued to stress that the markets are more powerful than any attempts by the US Republican party to bring about what he terms a ‘sustainability revolution’: “whatever politicians in different countries want to opine on, we’re seeing business and investors and markets move towards solutions for the climate crisis.” Although much coverage around this COP is devoted to the resistance by the developed economies to paying ‘loss and damage’ to developing countries, there have been some positive announcements such as France and Germany signing €600 million loan agreements with South Africa to assist the country in its efforts to reduce reliance on coal and transition to cleaner energy sources. Leading global experts from the natural and social sciences also presented a report on the latest climate change-related research this year and responds to clear calls for policy guidance during this critical decade. A key focus of the report -  10 New Insights in Climate Science  - was the limits of humankind to adapt to the inevitable impacts of climate change, which include ever more frequent and severe drought, storms and floods. Some useful resources An overview of the last 30 years of COPs by Guardian reporter Fiona Harvey (YouTube) The Minister for Foreign Affairs Simon Coveney emphasised the “moral obligation” on the world to act on climate (The Journal)   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.  

  In this week’s bulletin we bring you news of an Irish Government report into sustainable finance talent needed by the Irish financial services sector, published the same week as a UCC report finding Irish businesses 'underprepared' for net zero transition. Read about a proposal to oblige Ireland’s heat sector to include renewable heat; the establishment of a dedicated planning and environmental division of the High Court; an EU proposal for new temporary energy regulation for renewal energy sources; a report into the risks facing citizens and businesses from heatwaves in Europe; and an IFAC report highlighting the lack of comparability in corporate climate reporting. You can also find out how to measure your business carbon footprint, what is happening at COP27 and what events to watch out for. COP27 – “Together for implementation – just and ambitious" With the world’s international climate conference COP27 now well under way in Sharm El-Sheikh in Egypt, Chartered Accountants Ireland will be closely monitoring progress until the conference closes on 18 November. For members who want to follow the proceedings and get insights into their applicability for the accounting profession, see our daily news round-ups on our website, and on LinkedIn and Twitter. You can find out more our COP27 webpage, which also includes our glossary of climate terminology "Climate Essentials for Accountants". All of this and more is available for free to download at the Chartered Accountants Ireland Sustainability Centre. Irish Government launches report on sustainable finance talent Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. Released to coincide with COP27 Finance Day on 9 November, the Sustainable Banking and Finance Report identifies the skills gaps, education and training needs for Ireland’s retail financial services in the area of sustainable finance, and makes a number of key recommendations as to how to progress the sustainable finance agenda. Decarbonising Ireland’s heat sector It was announced last week that Minister for the Environment, Climate and Communications, Eamon Ryan TD, will introduce an obligation on the heat sector to include renewable heat by 2024. Ireland’s renewable energy share in the heat sector last year was 6.8 percent, compared to the European Union average of 22 percent. A scoping exercise will be carried out to develop options for the proposed structure of the scheme, including an examination of proposed obligation rates, scalability, and costs to the consumer. Report finds Irish businesses 'underprepared' for net zero transition A new report by UCC’s Sustainable Futures Project has reportedly found that Irish businesses are ‘significantly underprepared’ when it comes to making the transformative changes required to transition to a net zero future. "The Sustainability Transformation: Assessing the Readiness of Irish Businesses", which included a national survey of 380 small and medium-sixed firms and larger enterprises across industry and service sectors, was commissioned by Microsoft Ireland. It found that businesses might underestimate the scale of ambition and action that are required to build a path to net zero emissions by 2050, with only 22 percent having committed to a net zero target. This is in spite of the Government’s aim to reduce emissions nationally by 51 percent by 2030 and to become carbon neutral by 2050. Role of finance function combatting climate change impact “Finance and accounting professionals need to move beyond simply measuring and reporting the impact of climate change, environmental regulation, supply chain pressure and rising energy costs. They must focus on understanding those implications and integrating them into financial management and business planning.” In this article by Sustainability: Finance at the heart of decision making, authors Nina Johansson and Henning Diederichs discuss the goal of climate reporting and the challenges facing finance professionals in collecting data from different professions (climate scientists, engineers, meteorologists, etc). Dedicated Planning and Environment division of High Court to be established It was announced this week that the establishment of a dedicated Planning and Environment division of the High Court has received Government approval. The new court, which was committed to in the Programme for Government will be established “as soon as possible” without the need for amending primary legislation. Commenting, Minister for Justice Helen McEntee, TD, said that it is envisaged that the court will operate in a similar manner to the Commercial Court and will work in tandem with reforms to planning legislation, to bring about improvements in the ability to process cases and in costs, and to be consistent with Ireland’s obligations under EU environmental law. EU proposes new temporary emergency regulation for renewable energy sources The European Commission has proposed a new temporary emergency regulation to accelerate the deployment of renewable energy sources. The new Council Regulation will apply for one year while the Renewable Energy Directive (currently discussed by the co-legislators) is being adopted and transposed in all Member States. It will target specific technologies and types of projects which have the highest potential for quick deployment and the least impact on the environment. Probability increases of dengue and malaria in Europe With increasing heatwaves the spread of climate-sensitive infectious diseases like dengue and malaria represent a new emerging threat for Europe. A new report from European Environment Agency (EEA)’s Climate change as a threat to health and well-being in Europe: focus on heat and infectious diseases focuses on the impact high temperatures are having on the European population, especially as over a fifth of it is aged 65 and over. The report describes ‘heat-aware working conditions’, that employers could consider, listing examples on p.32 of the report, of specific plans developed by Member States for the protection of the working population from heat events. IFAC report highlights lack of comparability in corporate climate reporting A new report Getting to Zero: A Global Review of Corporate Disclosures based on 2020 corporate reporting has been released by the International Federation of Accountants (IFAC). It found inconsistency and incomparability in how corporates are reporting on how they are reducing their carbon emissions, which may pose challenges for investors, regulators, and other stakeholders who require actionable information. The report analyses disclosure trends in emissions reduction targets and transition plans of the 40 largest exchange-listed companies in 15 jurisdictions, for a total of 600 companies. Calculate your carbon footprint Revenue’s guidelines for eligible businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) state that they must tick a box declaring that they have completed a carbon footprint exercise and are taking steps to reduce its energy use and environmental impact. In this short ‘Ask the Expert’ interview on 10 November, Chartered Engineer Joe Borza gave simple steps to  calculate your carbon footprint using the free Government resources. Joe also shows how businesses can make better energy decisions and reduce their costs and emissions. You can watch the interview here.  Some useful resources Tangible progress on climate finance options lifts the mood at Cop27 (Irish Times) A new report from The Rockefeller Foundation and Boston Consulting Group (BCG) finds that the term climate finance is used loosely with varying definitions resulting in difficulties calculating finance flowing into climate areas. Despite this shortcoming the research was able to show that only about 16percent of the necessary climate finance to reach net-zero is being deployed The Taskforce on Nature-related Financial Disclosures (TNFD) recently released v0.3 of its beta framework for nature-related risk & opportunity management and disclosure - it is now open for feedback! (A4S on LinkedIn) Upcoming events SEAI SME Business Briefing webinar, 17 November, 10am. Learn how your business can save energy and money, and how you can fund your energy investments. COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   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   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.