In this week’s sustainability/ESG bulletin, read about how businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that they have completed a carbon footprint exercise and are taking steps to reduce energy use and environmental impact; our upcoming Ask the Expert interview on calculating your carbon footprint; a new round of funding under the Circular Economy Grant Scheme; how Northern Ireland businesses can add their voices to consultation on a proposed Energy “One Stop Shop”; and a proposal under the European Green Deal for rules for cleaner air and water, as well as the usual podcasts, articles and events.
Did you know?
The Temporary Business Energy Support Scheme (TBESS) will assist eligible businesses with their electricity or natural gas (energy) costs during the winter months. Under Revenue’s guidelines, businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that it has completed a carbon footprint exercise and is taking steps to reduce its energy use and environmental impact. Find out more here.
Need help calculating your carbon footprint?
It can be hard for businesses to know where to start when calculating carbon their footprint. In a short ‘Ask the Expert’ interview on 10 November, Joe Borza, CEO and founder of Irish company Energy Elephant will talk to Institute’s Sustainability Officer Susan Rossney about measuring your carbon footprint, how you can reduce emissions and how to make better energy decisions. Register free here.
Circular Economy Grant Scheme opens for applications
A call for applications has been announced for the 2022 funding round of the Circular Economy Innovation Grant Scheme (CEIGS). €650,000 is available to support innovation and circular economy projects by social enterprises, voluntary and community organisations, and businesses with fewer than 50 employees, while up to €100,000 is available for individual projects that demonstrate exceptional impact. Some €490,000 in CEIGS funding was awarded to 10 applicants under the 2021 funding round for the Scheme, which was established in April 2021 by Minister of State at the Department of the Environment, Climate and Communications, with responsibility for the Circular Economy and Communications, Ossian Smyth, TD. Applications for this round are open until 16 December 2022.
European Green Deal: European Commission proposes rules for cleaner air and water
The European Commission has proposed stronger rules on ambient air, surface and groundwater pollutants, and treatment of urban wastewater. The proposed new rules will reduce by 75 percent in ten years the number of premature deaths in Europe which result from pollution (currently at 300,000 deaths). The proposals are a key advance for the European Green Deal’s zero pollution ambition of having an environment free of harmful pollution by 2050. They also respond to specific demands of the Conference on the Future of Europe.
Northern Ireland businesses can add their voices to consultation on proposed Energy “One Stop Shop”
Northern Ireland Economy Minister Gordon Lyons has announced the launch of a new public consultation on the development of an Energy “One Stop Shop”, which aims to be a single point of contact where businesses, as well as consumers and communities, can receive information, advice and support about energy issues. The consultation proposes that the One Stop Shop will begin by offering core services of information and advice and will continue to phase in additional services as specific policies and schemes are developed. The consultation closes at 5pm on 20 January 2023 and can be found on the DfE website.
From our colleagues in Professional Accounting...
The International Sustainability Standards Board (ISSB) unanimously confirmed this week that companies will be required to use climate-related scenario analysis to inform resilience analysis. They voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures.
The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term 'climate-related scenario analysis'.
Please see here for further details.
Resource
ICAEW’s Corporate Finance Faculty in collaboration with Deloitte have published ESG in Deals and Investment, a new guide outlining best practice on incorporating ESG considerations into deal making, and looking into some of the practical considerations for those involved in transactions. It offers access to the latest thinking and best practice to help businesses, advisers and investors to form and refine relevant ESG considerations.
Podcast
FCA and member of the Institute’s Expert Working Group on Sustainability Laura Heuston from SustainabilityWorks spoke to Daniel Murray for the Business Post’s podcast 5 Degrees of Change about how sustainable finance can help drive change in the private sector and the impact of changing career.
Articles
- Moral Victories: The benefits of sustainable investing: ‘We need to develop a common language around what sustainability is’ (Business Post)
- Temperatures in Europe have increased more than twice global average – report (Irish Times)
- ‘The number of people who think climate change still isn’t an issue is shocking’ – Michael D’Arcy (Business Post)
Upcoming events
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Calculate your carbon footprint: ‘Ask the Expert’ interview with Energy Elephant, 10 November 2022, 12.00-12.25, Zoom.
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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)
- 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.
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