In this week’s Sustainability/ESG Bulletin read about a sustainability workshop for small-to-medium businesses and accounting practices, a new report recommending that the Irish government connect people to the energy transition, the consultation on the ESRS exposure drafts, and the usual articles, resources and upcoming events.   Chartered Accountants Ireland SMEs and Small/Medium Practices Sustainability Workshop (ROI/NI) Chartered Accountants Ireland is delighted to announce it is once again running its sustainability workshop for small/medium enterprises (SMEs) and accounting practices. This interactive half-day session will focus on positive actions you can take to make your business or practice more sustainable, and help your clients to do the same. Aimed at SME owner-managers and accountants in small/medium practices, and consultants, the webinar will cover sustainability basics, green public procurement, access to sustainable finance, how to make your business or practice more sustainable to save costs and respond to stakeholder demands, and grant funding available to SMEs. The workshop will be delivered via Zoom on 12 September from 09.30- 12.30. Full details, including the booking page and CPD hours, are on the Chartered Accountants Ireland CPD calendar.  Sustainability-focused specialist qualifications Chartered Accountants Ireland has launched its Autumn/Winter programme offering, which includes sustainability-focused Specialist Qualifications: Diploma in Sustainability Reporting (Starting 25 September) Diploma in Auditing and Assuring Sustainability Reporting (Starting 25 September) Certificate in Sustainability Strategy, Risk and Reporting (Starting 7 October) NEWS NESC report recommends connecting people to the energy transition   A new report from the advisory council of the National Economic and Social Council (NESC) has advised that action must be taken to deliver the required large-scale transformation of Ireland’s energy system. The report, Connecting People to the Energy Transition, finds that while the energy transition is technically underway, its meaning and impact for individuals, households and communities remains unclear. The specific ‘ask’ of the people in Ireland regarding the transition has yet to be clearly defined. The report recommends action on five broad areas (including energy affordability, resilience, local production and scalability) in order to better connect people to a changing energy system so that it is just and inclusive.   EFRAG shares revised ESRS exposure drafts and launches 60-Day public consultation EFRAG, the EU Commission’s technical advisory body for sustainability reporting, has published the revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS). It has launched a public consultation to gather feedback from stakeholders across the EU corporate reporting ecosystem. The step follows the European Commission’s Omnibus initiative and its formal request to EFRAG in March 2025 to deliver a critical simplification to the ESRS adopted in 2023. The objective is to make sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) more manageable while preserving its relevance and alignment with the European Green Deal. The public consultation runs until 29 September 2025 and stakeholders – including preparers, auditors, civil society, investors, and national authorities – are invited to review the revised drafts and share their views. EFRAG will organise or co-organise outreach events throughout September and October, gathering further feedback ahead of its final technical advice to the European Commission, due by 30 November 2025. In parallel, EFRAG is also performing a cost benefit analysis and targeted field tests which are also open to participation from stakeholders. Resources A deep dive into the 6 big simplifications in the new ESRS (David Carlin's Risk & Resilience: Navigating a Changing World)  Did you know? There is a #ClimatePerks Community that supports a shift towards low-carbon leisure travel by offering employees paid time off for flight-free holidays. Business in the Community Ireland (BITCI) is the first organisation in Ireland to be onboarded, and is calling on other organisations to join them in what is becoming a  growing movement for climate-positive travel. “Why? Because although fewer than 1 in 5 people globally have ever flown, aviation is one of the fastest-growing contributors to climate change. We believe employers have a role to play in enabling more sustainable choices – and that’s exactly what this policy is about.  Whether it's taking the ferry to France or a scenic train through Europe, we're encouraging our team to choose cleaner travel options – without using up their annual leave to do so. This is more than a benefit – it’s a culture shift. We know that behaviour change spreads through social networks – including the workplace – so we’re starting conversations, sharing stories, and showing what climate leadership can look like in everyday decisions.” Find out more about Climate Perks  Articles Hedge Funds Flip on Green Energy and Start Betting Against Oil (Bloomberg - Subscription) Investments in climate risk mitigation deliver strong returns, CDP finds (FT – Subscription needed) Carbon credits: The dark heart of the climate ‘solution’ that simply does not work (Irish Times) In Hawaii, New Tourism Tax Aims to Offset Costs of Climate Change (Bloomberg) TNFD study lays bare financial materiality of nature risks (ICAEW Insights) Sustainability policies are a key deciding factor for half of jobseekers (Irish Independent)  Events Business for Biodiversity Ireland,  Webinar: Introducing the Nature-Based Enterprise This webinar on new market opportunities in nature-based solutions will bring together communities of nature-based enterprises, working with and for nature, delivering nature-based solutions helping to address business dependencies and risks from nature loss and climate change.  Whether you are interested in benefiting from nature-based solutions to climate adaptation, developing new products and services, you are a start-up business in this area, or you will have businesses like these in your supply chain, this webinar provides a good understanding of how your business can participate in the nature positive economy and go nature positive!  Virtual (Teams), 20 August, 12-1pm UN Global Compact (Swiss Network) Managing Risks in Supply Chains: When On-Demand Labour Becomes Forced Labour How does your business model and sourcing strategy cause or contribute to social and environmental risks along your value chain; and how exposed are your business activities to risks embedded in your purchased goods and services?  This series of webinars (convened by the UNGC’s Swiss Network) will take you through innovative approaches to conducting risk assessments and gaining actionable insights that can then be addressed through collaborative, data-driven approaches with measurable results. Using a case study approach the Equiception team will share their experiences in multiple economic sectors and regions of the world with a special focus on decent working conditions, forced labour and child labour.  Webinar, 28 August 2025 | 12:30-14:00 UN Global Compact Network, EU Omnibus Webinar - Briefing for Business on Supporting a Risk Based Approach The UN Global Compact Network are inviting UNGC participants to this briefing session, delivered by Shift, for companies that want to support and advocate for a risk-based approach to due diligence in the proposed EU Omnibus legislation. Register here.  Virtual, Thursday 28 August, 09:00  Business in the Community, Accredited carbon literacy training This Accredited Carbon Literacy Training session event is hosted by Business in the Community Northern Ireland, and aims to equip participants with the knowledge and skills to understand and act on climate change, helping organizations reduce their carbon footprint. The training is certified and designed to support sustainability leadership across sectors.  In person, Wednesday, 3 September 9:00 - 17:00, Craigavon Civic Centre, 66 Lakeview Rd, Craigavon BT64 1AL ICAEW, Sustainability in Practice A morning of expert-led discussion, practical exercises, and peer learning—all focused on helping you build and deliver impactful sustainability services. In person, 3 September, 8.30-12.00, Chartered Accountant Hall, Moorgate Place, London, EC2R6EA UN Global Compact Network, EU Sustainability Navigator Session 3 - Business Action Amid Uncertainty: EU Sustainability Insights During this session, sustainability experts will explore the latest EU policy shifts — clarifying common misinterpretations, outlining ways to ensure corporate action, impact and ambition remain high, and placing these debates within the wider global sustainability landscape. Join us to hear the latest on ongoing negotiations, to explore how EU sustainability policy discussions align with and respond to wider global political and economic shifts and how companies can lead, engage, and stay ahead in a fast-evolving policy landscape. Virtual, Thursday 4 September at 15:00 UN Global Compact, UN Women, Women's Empowerment Principles 101 Hosted by the UN Global Compact and in collaboration with UN Women, this webinar will provide an overview of the Women’s Empowerment Principles (WEPs) and how the WEPs provide a strong framework for companies to advance gender equality in the workplace, marketplace and community. Speakers will also provide practical guidance for implementation and insights into the benefits of advancing gender equality in business practices. Participants will have the opportunity to engage with experts and learn best practices to support women’s empowerment initiatives within their organizations. Virtual, Wednesday 10 September at 14.00 UN Global Compact (Swiss Network) Managing Risks in Supply Chains: Does High Quality Equal Compliance? The case of surgical goods made by children This is the third and last session of our three-part webinar series on 'Managing Risks in Supply Chains: A Series for Data-Driven Action'. This last session focuses on the case of surgical goods made by children. Are high-quality goods more likely to be produced in high-quality facilities? The value chain of surgical instruments proves otherwise. Children can be found grinding "Made in Germany" scalpels in informal sector workshops in Pakistan. Worse, this situation has been repeatedly exposed over three decades. What can companies learn from this case and how can public and private procurement and sourcing professionals avoid similar risks?  Webinar, 18 September 2025 | 12:30-14:00 Dublin Chamber, Sustainability Academy Workshops This autumn, for the first time, all Sustainability Academy workshops will take place in person at Dublin Chamber, 7 Clare Street, Dublin 2. Dublin Chamber is offering a special rate of €420 for those who register for the full series of five workshops (normally €495). This includes a free one-hour tailored advisory consultation with a sustainability expert from Goodbody Clearstream. Whether you're new to sustainability or looking to build on existing knowledge, this series provides a structured way to learn what matters and apply it in your role. Venue: Dublin Chamber, 7 Clare Street, Dublin 2 Sustainability 101 – ESG in Practice, Thursday 25 September, 9am-1pm Environmental Strategy Bootcamp – Carbon Footprint & Decarbonisation, Wednesday 8 October, 9am -1pm Strategic Sustainability Leadership, Wednesday 5 November, 9am -1pm Sustainable Business Practices – Strengthening Customer Connections, Wednesday 26 November, Time: 9am -1pm Internal Sustainability Integration – Building a Sustainable Workplace Culture, Thursday 4 December, Time: 9am -1pm   Climate Cocktail Club, Climate Carnival Blending business, innovation, finance, music, activism and science for bold brave leadership, this pioneering two-day event for changemakers aims to inspire, entertain and explore radical and creative solutions to drive planetary impact now. In person, 29 – 30 Sept | Ballintubbert House, Ballintubbert House, Stradbally, Co. Laois, R14 E954. Diversity Mark, Diversity Mark Annual Summit 2025 This event will explore how diversity and inclusion can drive sustainable business growth, gathering over 300 business leaders, executives, and inclusion advocates for a full-day programme featuring keynote speakers and breakout sessions. It aims to equip attendees with practical strategies to create more inclusive workplaces and foster meaningful change across sectors. In person, October 2025, Titanic Belfast # An Taisce, Climate Action Week Climate Action Week is Ireland’s largest pop-up climate festival, and has been coordinated by An Taisce since 2017. On behalf of the Department of Climate, Energy and Environment the 9th festival will bring nationwide spaces that champion local planet protectors and welcome solution seekers to events that tackle the climate crisis in exciting and empowering ways. 13 – 19 October 2025 Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Insomnia is a sleep disorder in which you have trouble falling and/or staying asleep. It is suggested that 42% of Irish adults have a mental health disorder, with insomnia cited as the most common disorder experienced by adults in Ireland at 15%. Here, the Thrive wellbeing team explains insomnia, the symptoms, causes and tips to help you get a better night's sleep. Insomnia means you have problematic sleep habits. How much sleep an individual needs varies from person to person, but on average adults need 7-9 hours of sleep per night. If you are experiencing constant tiredness throughout the day, you are probably not getting enough sleep. Symptoms Insomnia can affect people on a short-term basis (less than 3 months). Insomnia that lasts 3 months or longer is classified as long-term insomnia. Insomnia symptoms may include: Difficult falling asleep A pattern of interrupted or broken sleep that doesn’t refresh you Waking too early Daytime tiredness and sleepiness Find it hard to nap during the day even though you're tired Difficulty paying attention, concentrating, or focusing on tasks Increased forgetfulness Irritability, depression, or anxiety What causes insomnia? Insomnia can be the primary problem but usually is a result of other factors that disrupt sleep. Therefore, treating the underlying causes can help improve insomnia symptoms. Common causes of insomnia include: Stress Irregular sleep schedule or poor sleeping habits Mental health disorders such as anxiety or depression Physical illness or chronic pain Travel or work schedules Lifestyle choices e.g., heavy reliance on stimulants such as alcohol, caffeine, or nicotine Age and life stage - older adults and those going through menopause have a higher susceptibility to chronic insomnia A combination of these factors can trigger or exacerbate insomnia, while poor sleep can initiate or worsen other health conditions, creating a vicious and complex cause and effect situation. Risk factors   During sleep, the body heals and restores itself, our brain forges new pathways and connections that helps with memory retention.  This is the time our bodies needs to carry out important functions to ensure we are running smoothly and effectively. When we continually don’t get enough sleep, it can have serious health effects over time. Science has linked poor sleep and insomnia to a multitude of health problems. A lack of sleep over time can increase the chances of developing a number of conditions such as a weakened immune system, obesity, high blood pressure, stroke, heart disease among other issues such as increased risk of accidents and errors, poor memory and performance and difficulty regulating our emotions. How you can treat insomnia yourself It's not always possible to prevent insomnia, but good sleep habits can help improve it and promote sound sleep. When trying to get your sleep cycle on track, the first place to start with is where you sleep. Make sure your room is dark and quiet, not too cold or warm and make sure your mattress, pillows and covers are comfortable. Create a good bedtime routine that helps you relax and get in the mood for sleep. Relax at least 1 hour before bed and only go to bed when you feel tired, limiting the use of technology and bright lights can help too. Try to maintain roughly the same schedule for sleeping, you should aim to go to bed and wake up at the same time every day, even on the weekends. Exercise regularly and get some sunlight most days. Sun exposure helps regulate the body’s internal body clock and promotes sleep at night, while exercise influences sleep efficiency on both a physical and mental level. Insomnia can seriously affect your mental and emotional health along with physical wellbeing. If your sleep is impacting your day-to-day life and a change in sleeping habits haven’t work, you should consult your GP. Thrive can also help you on your journey to better sleep. For advice, wellness coaching or counselling, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294

On 27 September 2025 taxpayers and agents will be unable to create or renew a ROS certificate due to essential maintenance by Revenue. Taxpayers and agents will still be able to access ROS services with existing ROS certificates during this period.

As part of a broader project to modernise its payment and banking processes, Revenue is updating its direct debit system.  Phase 1 of the project includes the cessation of the fixed direct debit (FDD) payment option, the expansion of the variable direct debit (VDD) for current VAT liabilities, and the introduction of a new Payment Hub on ROS. The new functionality for Phase 1 is now complete and is accessible via the ‘Payments and Refunds’ panel on the ROS home page. As a consequence of the cessation of the FDD option for VAT payments, VAT returns can no longer be filed on an annual basis. Revenue is contacting affected taxpayers, and their agents, as they approach the end of their annual VAT period to ensure a smooth transition to the VDD and revised filing requirements. All income taxpayers paying preliminary income tax by direct debit have been migrated by Revenue to the new direct debit facility on ROS. Revenue will shortly write to the relevant taxpayers, and their agents, to notify them of the new direct debit mandate number. Revenue has confirmed that no action is required by the taxpayer or their agent at this time. Revenue provided a note to the Institute setting out more information on Phase 1 and you can read that here.

UK Parliament has published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. For further information on company size thresholds please click to access the Institute webpage on UK company thresholds. The draft Regulations when enacted will require the directors' report to include items such as the payment period specified in a company’s standard payment terms in its qualifying contracts between it and its suppliers. Where there are variations to standard payment terms, details of the variations and notifications/consultations with suppliers before making the variation should also be reported. Details should also be included about payments made including percentages and total sums not made within the company’s payment period. See the draft Regulations for full details. “Qualifying contracts” are defined in the draft Regulations, and the definition relates to exclusion of contracts for financial services and other terms dealing with the choice of law of the contract. The draft Regulations are stated to come into force on 1 January 2026 and will have effect in respect of a company’s financial year beginning on or after 1st January 2026. 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.    

Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, the e brief describes the background to partnerships, the 3 types of partnership available under Irish law which are general, limited and investment limited partnerships. It also details the main types of partners, general partners, salaried partners, fixed share partners and limited partners and gives some information on joint and several liability.   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.

The Institute is delighted to announce that it has been awarded 'Investors in Diversity Bronze accreditation' by the Irish Centre for Diversity. Investors in Diversity Bronze affirms that we have built a strong foundation to embed #FREDIE™ (Fairness, Respect, Equality, Diversity, Inclusion & Engagement) across the operation and the Institute is equipped for the journey of becoming more equitable and inclusive. Investors in Diversity is Ireland’s premier FREDIE accreditation. The programme recognises existing efforts, and supports the journey of continuous improvement, by providing a holistic and structured framework to transform practices and culture. This affirms that the Institute has built strong foundations to embed diversity and inclusion across our business and is a significant first step on the structured path of this programme. We look forward to continuing this journey.

When we think of wellbeing, we usually think physically and mentally but there is another important aspect to add to the mix, financial wellbeing. Financial wellbeing is a term used to describe our ability to confidently manage our money, how prepared we are for the unexpected, and how we can save and plan for the future. It is an aspect of wellbeing that is often overlooked, but financial wellness can dramatically impact our quality of life. Financial difficulties can impact anyone including accountants. Here we look at financial wellbeing, its impacts on our mental health, and how we can improve our financial wellbeing. Financial Wellbeing and Mental Health With the current economic factors at play, financial worries are a main concern for the vast majority of the population and financial worries can have a major impact on our mental health. While it is true money can’t buy happiness, multiple studies from around the world show that finances are one of the most common causes of stress and anxiety, which can impact our health, work, relationships, and many other aspects of our life. According to research conducted by PWC, almost half of Irish consumers are concerned about their personal financial situation. A national survey carried out by Aware found that financial worries were the number one cause of concern with 57% stating it was impacting their mental health. Laya healthcare’s workplace wellbeing index found that of the one in four people who reported poor mental health, two-thirds cited financial concerns as the cause, more than any other problem. These few figures highlight just how prevalent financial concerns are and how much of a toll they can take on our mental health. Feeling anxious, experiencing low mood, or losing sleep if you are struggling to control your finances is a totally normal response but in the long term can have a devastating impact on our lives, even fuelling and escalating our financial trouble.    How to invest in your financial wellbeing If you want to ease money worries or simply want to feel more in control of your finances, there are thankfully many simple and easy ways to do just that. Spending sprees The first step is to look at your current spending habits and identify just where your money is going. By reviewing your bank and credit card statements, you can tally your outgoings and expenses. Categorise the type of spend into different groups, this can help you identify areas where you may be overspending and where you can make changes. We can all overspend sometimes or have weeks that are more expensive, but when it becomes a habit, it can be hard to break.  By tracking your expenses, you can get a better overall picture of your spending habits and triggers. Money aspirations Write down your financial goals and consider what you want to achieve in the short and long term, this could be clearing off a credit card, buying a house or building a rainy-day fund. Having financial goals give you a clear objective to work towards and can help keep you motivated to save and stay on track. Budget   Creating a monthly budget is a sure-fire way of getting control of your finances. Figure out the amount that goes on your essentials expenses and then budget for the week and month ahead. For help with this, there is a wealth of free online budgeting tools and templates at your disposal. In debt to you Once your budget is going to plan, if you have accrued any debt now is the time to begin clearing it. Sort your debt from the highest interest rate to the lowest interest rate and use any extra cash to begin clearing off these debts, starting with the higher interest rate and continue moving your way down the rates.   Saving grace It can feel like any money you earn is eaten up by expenses and there is simply no money left for saving. Even when money is tight, it is important to begin setting money aside for the future. If you don’t already, set up a savings account and transfer any remaining money over at the end of the month. Even if it is just small change. Or another approach, termed ‘paying yourself first’ is set up an automatic transfer of money into your savings account as soon as you get paid.   Seek advice If financial troubles persist despite your best efforts, you may consider seeking external financial advice. A financial advisor can view all aspects of your financial wellbeing with you and identify areas and aspects where you can make changes. Supports available to you A common misconception is that financial professionals should be in good financial health due to their professional background. However, like anyone in society, accountants from all walks of life can struggle with poor financial wellbeing for a multitude of reasons. From the work of CA Support, we see the causes and impact financial difficulties have on chartered accountants. Perhaps a period of illness, unemployment or upheaval has created a financial burden and we know financial problems can often deteriorate quickly. If you are struggling with financial difficulties, CA Support provides emergency assistance to Institute members, students and families experiencing turmoil. Or if you are in a healthier position, you may consider donating to CA Support to help support members and families in our community who are less fortunate. Improving your financial wellbeing can take time and effort but by building small and healthy habits, you can alleviate money-related stress and anxiety. However, if you are struggling with any emotional toll, the Thrive wellbeing team is also here to help.

  In this week’s Sustainability/ESG Bulletin read about a new report into Ireland’s energy vulnerabilities, the ‘climate protection gap’ in Ireland’s Action Plan for Insurance Reform, high-level ESG data evaluating Irish business, Ireland’s accession to the Equal Pay International Coalition, and a report showing strong motivation among SMEs to increase sustainability. Also covered is the consultation on Northern Ireland’s 4th Carbon Budget, the European Commission’s adoption of the ‘VSME’, a call for evidence on climate resilience, the future long-term EU budget, the ICJ’s ruling in one of the world’s largest climate cases, and the usual podcasts, articles, resources and upcoming events.   Chartered Accountants Ireland Chartered Accountants Ireland has launched its Autumn/Winter programme offering, which includes sustainability-focused Specialist Qualifications: Diploma in Sustainability Reporting (Starting 25 September) Diploma in Auditing and Assuring Sustainability Reporting (Starting 25 September) Certificate in Sustainability Strategy, Risk and Reporting (Starting 7 October)   IRELAND NESC reports finds Ireland’s fossil fuel import-dependency ‘a strategic vulnerability’ A report from the advisory council of the National Economic and Social Council (NESC) is warning that Ireland’s fossil fuel import-dependency is a strategic vulnerability, and that cost-competitiveness challenges must be addressed if Ireland is to become a significant net exporter of renewable energy. The report, which examines how Ireland’s energy trade will evolve over the energy transition, recommends moving away from reliance on imported fossil fuels towards a more complex and interdependent European energy system based on renewables. Department of Finance publishes Energy, Environmental and Vehicle Tax paper The total yield from energy and vehicle taxes was €5 billion in 2024, representing 5.2 percent of overall tax receipts for 2024. This is according to the Energy, nvironmental and Vehicle Tax paper of the Tax Strategy Group (TSG), published by the Department of Finance ahead of this year’s Budget. The paper considers taxation as a lever for climate action and provides updates on energy and vehicle taxes across five chapters: Mineral Oil Tax, Carbon Tax, Electricity Tax, EU and International Measures, and Motor Vehicle Tax. Ireland for Finance Strategy 2026-2030 - Consultation Paper The Department of Finance has opened a public consultation on a new Ireland for Finance Strategy 2026-2030, in line with commitments under the Programme for Government, which includes a particular focus on the further development of the sustainable finance sector. Stakeholders are now invited to submit their views on how Ireland can maintain and grow its position as a leading global hub for specialist international financial services. The public consultation period will run until 19 September 2025. The ‘climate protection gap’ in the Government’s Action Plan on Insurance Reform The Government has published a new Action Plan on Insurance Reform with a range of priorities aimed at lowering insurance premiums. The Plan seeks to deepen reform across six key pillars, reflecting both long-standing structural issues and the new risks and opportunities facing today’s economy: transparency & affordability; competitiveness & availability; legal reform; fraud; climate protection; and innovation & skills. The Plan describes climate change as presenting a significant challenge, with increasing frequency and severity of extreme weather events highlighting the urgent need to reduce the ‘climate protection gap’. This is defined by the European Commission in reference to the share of non-insured economic losses in total losses after a climate-related catastrophe event. In recent years, it has also been used to refer to the notional gap between likely climate-related impacts and existing resilience measures. Describing the need for the insurance sector to be “not just reactive to climate risk, but a proactive force for climate resilience and adaptation”, the new Action Plan on Insurance Reform commits the Government to working with the EU and international partners to align capital frameworks with climate resilience; and with all relevant stakeholders to increase access to coverage in vulnerable areas. It also commits to continuing to integrate climate-related risks into supervisory and consumer protection frameworks. Finally, it calls on insurers themselves to lead by developing new products, investing in green assets, and supporting nature-based solutions. Business in Ireland 2023 - Environmental, Social, Governance of Enterprises The Central Statistics Office (CSO) has published high-level ESG data evaluating business in Ireland in 2023 against Environmental, Social, Governance of Enterprises metrics. The release reports that Irish enterprises are making progress in terms of increasing the use of clean energy, but there is more to be done in reducing the use of fossil fuels to lessen environmental emissions. In 2023, transport fuels, solid fuels and petroleum fuels accounted for 54 percent of business energy use, meaning there is a significant journey to go to achieve Ireland's National Climate Ambition of a 51 percent reduction from the 2018 figure by 2030.   The release describes the regulatory landscape regarding sustainability reporting, in particular, but notes “What seems clear though is that the ‘science has not changed’” and states that enterprises will be expected to play their part in terms of sustainability, for reasons of market share, risk-management and the Government’s emphasis on the policy goal of decarbonisation. Ireland joins the Equal Pay International Coalition (EPIC) Minister of State for Small Business, Retail and Employment Alan Dillon has announced Ireland’s accession to the Equal Pay International Coalition (EPIC). This is a multilateral partnership working to reduce the gender pay gap at global, regional and national levels. EPIC is led by the International Labour Organization (ILO), UN Women, and the Organisation for Economic Co-operation and Development (OECD). It brings together governments, employer and worker organisations, academia, civil society and private sector entities to tackle the gender pay gap through coordinated action. Strong motivation among SMEs to increase sustainability A report from the Strategic Banking Corporation of Ireland (SBCI) reveals strong motivation among SMEs to increase the sustainability of their business. The research conducted for the SME Outlook Report 2025 found that costs, access to finance and tariffs are biggest worries for Irish SMEs, who are prioritising energy efficiency over other sustainable investments. Solar panels remain the most popular green investment among SMEs, but evidence that many businesses are shifting towards more complex investments (such as building-integrated systems for heating and ventilation) suggests that more SMEs are taking a strategic approach to sustainability, focusing on lowering energy costs and improving sustainability at an operational level.   UK/NORTHERN IRELAND Consultation on carbon budgets to provide certainty to investors and business DAERA has launched a consultation on Northern Ireland’s Fourth Carbon Budget which suggests an average annual reduction of 77 percent against a 1990 baseline across the budgetary period 2038-2042. A carbon budget is the maximum amount of greenhouse gases that can be emitted in a given 5-year period and is expressed as an annual average percentage reduction level over that period. The first three carbon budgets for Northern Ireland were published in December 2024, covering the period from 2023 to 2037. Commenting, Minister Andrew Muir MLA, said that "Whilst 2038 is 12 years away, it is important to set out a trajectory now, not only to meet the legal requirements set out in the Act, but to provide certainty to investors, businesses and to allow for gradual transition which can be delivered in a fair and just way as we work to reduce our emissions.” The 16-week consultation will run until 17 November 2025.   EUROPE Commission adopts recommendation on voluntary sustainability reporting for SMEs The Commission has adopted a recommendation on voluntary sustainability reporting for small and medium-sized companies (SMEs). The voluntary standard for SMEs - the VSME – was developed by EFRAG, the Commission’s technical advisory body for sustainability reporting. Designed for companies with fewer than 250 employees, the VSME standard aims to reduce administrative burden on SMEs by making it easier for them to respond to requests for sustainability information from large companies and financial institutions which are subject to mandatory reporting under the Corporate Sustainability Reporting Directive (CSRD), and which have such SMEs in their value chains. It also aims to help SMEs improve access to finance through better ESG transparency, managing sustainability risks and opportunities effectively, and contributing to a more sustainable and inclusive economy. EFRAG has created information modules, ready-to-use digital tools and templates, explainer videos, digital templates, and guidance, which is has published on the official EFRAG VSME webpage. ‘Climate factor’ to be introduced by European Central Bank The Governing Council of the European Central Bank (ECB) has announced that it will add climate change considerations to its lending operations to better manage financial risks related to the climate crisis. In a press release, the ECB explained it will introduce a “climate factor” which could “reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset can be impacted by these uncertainties”. This, the ECB says, will act as a buffer against the possible financial impact of uncertainties related to climate change. The measure is due to be implemented in the second half of 2026. EFRAG’s report finds low level of reporting on climate transition plans Initial feedback on reports from the so-called ‘first-wave’ of companies in scope of the CSRD have been published in a report from EFRAG. The report found that, among other things, there is a low level of reporting on climate transition plans, with most omitting information on key elements like funding. Only 55 percent disclose a climate transition plan at all, while only 70 percent commit to 1.5°C targets for Scope 1 & 2 emissions, and only 40 percent for Scope 3 emissions. Over 90 percent considered just three topical standards to be material: Climate Change (E1), Own Workforce (S1), and Business Conduct (G1) and biodiversity remains underreported, with fewer than 30 percent of preparers including biodiversity metrics. Call for evidence on European climate resilience and risk management initiative The European Commission has published a Call for Evidence on climate resilience. Running until 4 September, the call is aimed at receiving input from stakeholders and citizens to fill knowledge and evidence gaps in areas such as climate risk assessments and disclosure, regulatory frameworks and standards, governance and oversight, incentives and enforcement, financial frameworks, cross-border cooperation and consistency, sector policy commitments and contributions, stakeholder engagement and participation, emerging socio-economic trends, and technological innovation. The responses will feed into the Commission’s preparations for a new European climate resilience and risk management integrated framework, which is due for publication by the end of 2026.  Large majority of Europeans consider climate action economically necessary and beneficial A large majority of Europeans continue to view climate change as a serious global threat, with 85 percent of citizens identifying it as a major problem. This is according to the 2025 Eurobarometer report on climate change, the collection of cross-country public opinion surveys conducted regularly on behalf of the EU Institutions. The 2025 report found that support for EU climate policy remains strong across the EU, with 81 percent backing the EU-wide goal of climate neutrality by 2050. A growing share of Europeans (38 percent) reported feeing personally exposed to environmental and climate-related risks. Citizens also see climate action not only as necessary but beneficial—both economically and socially, with over three-quarters (77 percent) agreeing that the cost of damage caused by climate change outweighs the cost of transitioning to a climate-neutral economy. 88 percent support greater investment in renewables and energy efficiency, 75 percent believe reducing fossil fuel imports will enhance energy security and benefit the EU economically, and citizens see national governments (66 percent), the EU (59 percent), and business and industry (58 percent) as best placed to tackle climate change. “Green is the defining color of China-EU cooperation” at EU-China Summit The 25th EU-China summit took place in Beijing, China, last week at which the EU reiterated its commitment to deepen its engagement with China and to enhance cooperation in order to address joint global challenges. The parties issued a joint press statement on climate change in which they agreed that ‘green is the defining color of China-EU cooperation’, and that both parties would step up efforts to address climate change. Commenting, President of the European Commission Ursula von der Leyen described the statement as a ‘big step forward’: “We both see the opportunities to work closer together in sectors such as emissions trading, carbon capture and storage or the circular economy. And our cooperation can set a global benchmark. Together, the EU and China must uphold the Paris Agreement now more than ever.” European Commission proposes new long-term EU budget The European Commission has presented its proposal for a future long-term EU budget and revenue system. It is proposing a Multiannual Financial Framework (“MFF”) amounting to almost €2 trillion which aims to be more flexible, simpler, adaptable to local needs, and able to give a competitiveness boost to the region. Opinion is reportedly divided on certain elements of the proposal, for example, a proposal to pool a number of existing funding programs into a single "Competitiveness Fund", with fears of money previously ringfenced for climate and nature being redirected to industrial programmes instead.  The decision on the future long-term EU budget and revenue system will be discussed by Member States in the Council, acting by unanimity, with the consent of the European Parliament, and where relevant, ratification by national parliaments for the revenue.  WORLD International Court of Justice issues landmark opinion on climate change In one of the world’s largest climate cases, the UN’s highest court, the International Court of Justice (ICJ) has ruled that States have an obligation to protect the environment from greenhouse gas (GHG) emissions and act with due diligence and cooperation to fulfil this obligation. Arguing that “a clean, healthy and sustainable environment is a precondition for the enjoyment of many human rights,” the Court found that countries that fail to meet their obligations under international climate treaties are in breach of international law. During his presentation of the opinion, ICJ President Yuji Iwasawa stated that "states must cooperate to achieve concrete emission reduction targets” and described climate change as “an existential problem of planetary proportions that imperils all forms of life and the very health of our planet.” Commenting, United Nations Secretary-General António Guterres described the advisory opinion as “a victory for our planet, for climate justice, and for the power of young people to make a difference.” Although not legally binding, the case will have global implications for climate litigation, potentially opening the door for countries impacted by climate change to litigate against larger nations to force more climate action. It may also reportedly have consequences for businesses, if a call for states to take action to reduce emissions serves to reinforce climate policy measures already in motion.   Earlier this year, a paper published in the science journal Nature detailed the scientific and legal implications of an ‘end-to-end’ attribution linking fossil fuel producers to specific damages from warming. The paper offered, for the first time, a robust framework linking emissions from specific fossil fuel companies to extreme heat events and associated economic losses, potentially enabling courts to assign accountability for damages, something historically seen as too diffuse. Just 36 companies have reportedly been identified as responsible for half of global emissions. SBTI launches Financial Institutions Net-Zero (FINZ) Standard The Science Based Targets initiative (SBTi) has launched its Financial Institutions Net-Zero (FINZ) Standard, guiding banks and investors in setting net-zero targets across lending, investment, insurance, and capital markets. To align, institutions must commit to net-zero by 2050 or earlier and identify ‘in-scope’ financial activities representing at least 5 percent of revenue. The standard prioritises fossil fuels, requiring institutions to publish policies to end project finance explicitly linked to fossil fuel expansion by 2030. Despite scrutiny of net-zero efforts, the FINZ Standard reinforces SBTi’s commitment to helping financial institutions align with global climate goals. The Science Based Targets initiative (SBTi) is responsible for aligning corporate environmental sustainability action with global climate goals. Earth Overshoot Day – 24 July Earth Overshoot Day fell on 24 July this year, according to the international nonprofit Global Footprint Network. Earth Overshoot Day is the day on which when humanity’s demand for ecological resources and services in a given year exceeds what Earth can regenerate in that year. Country Overshoot Days mark the date when the planet’s annual ‘biocapacity’ budget would be used up if everyone on Earth lived at the same level of consumption as the residents of that particular country. Ireland’s overshoot day was 17 May, the United Kingdom’s was 20 May. Resources The ISSB Update has published, summarising the July 2025 International Sustainability Standards Board (ISSB) meeting. A second post from sustainability consultancy SustainabilityWorks explores what the EU’s Clean Industrial Deal really means for business Nature intelligence company Natcap has published interviews with 13 sustainability leaders show what’s really driving action on nature in 2025, how nature is no longer a compliance exercise but a core business risk, and where the roadblocks remain, from data gaps to “framework fatigue.” Podcasts ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd share insights (16 min, 47 seconds) Outrage + Optimism: The ICJ Climate Opinion Explained (53 minutes) “And it was unanimous!”  The International Court of Justice has just delivered a landmark advisory opinion on climate change and human rights - could this transform global climate action and accountability? Articles ESG Mid-Year Update: Who Still Cares, and Why You Should (FTI Consulting) Why business won’t abandon sustainability as a long-term play (Reuters) ESG assets surpass $3.5tn globally for the first time amid challenges (FT – Sustainable Views - Subscription) Are we underestimating progress on climate action? (Blog - Institute for Human Rights and Business) EU and China say ‘green is the colour of co-operation’ in climate leadership pledge (FT) Major nations agree on first-ever global fee on greenhouse gases with plan that targets shipping (Associated Press) Voluntary carbon market turns corner amid behind-the-scenes reform (Sustainable Views - Subscriber) One Pacific Nation’s Court Case Opens New Era for Climate Lawsuits (Bloomberg Green) EU budget plan would deal ‘devastating blow’ to nature (Politico.eu) Action needs to be taken to reverse recent decline in women securing leadership roles in Irish business (Irish Times)    Events Business for Biodiversity Ireland,  Webinar: Introducing the Nature-Based Enterprise This webinar on new market opportunities in nature-based solutions will bring together communities of nature-based enterprises, working with and for nature, delivering nature-based solutions helping to address business dependencies and risks from nature loss and climate change.  Whether you are interested in benefiting from nature-based solutions to climate adaptation, developing new products and services, you are a start-up business in this area, or you will have businesses like these in your supply chain, this webinar provides a good understanding of how your business can participate in the nature positive economy and go nature positive!  Virtual (Teams), 20 August, 12-1pm UN Global Compact (Swiss Network) Managing Risks in Supply Chains: When On-Demand Labour Becomes Forced Labour How does your business model and sourcing strategy cause or contribute to social and environmental risks along your value chain; and how exposed are your business activities to risks embedded in your purchased goods and services?  This series of webinars (convened by the UNGC’s Swiss Network) will take you through innovative approaches to conducting risk assessments and gaining actionable insights that can then be addressed through collaborative, data-driven approaches with measurable results. Using a case study approach the Equiception team will share their experiences in multiple economic sectors and regions of the world with a special focus on decent working conditions, forced labour and child labour.  Webinar, 28 August 2025 | 12:30-14:00   Business in the Community, Accredited carbon literacy training This Accredited Carbon Literacy Training session event is hosted by Business in the Community Northern Ireland, and aims to equip participants with the knowledge and skills to understand and act on climate change, helping organizations reduce their carbon footprint. The training is certified and designed to support sustainability leadership across sectors.  In person, Wednesday, 3 September 9:00 - 17:00, Craigavon Civic Centre, 66 Lakeview Rd, Craigavon BT64 1AL,   ICAEW, Sustainability in Practice A morning of expert-led discussion, practical exercises, and peer learning—all focused on helping you build and deliver impactful sustainability services. In person, 3 September, 8.30-12.00, Chartered Accountant Hall, Moorgate Place, London, EC2R6EA   UN Global Compact (Swiss Network) Managing Risks in Supply Chains: Does High Quality Equal Compliance? The case of surgical goods made by children This is the third and last session of our three-part webinar series on 'Managing Risks in Supply Chains: A Series for Data-Driven Action'. This last session focuses on the case of surgical goods made by children. Are high-quality goods more likely to be produced in high-quality facilities? The value chain of surgical instruments proves otherwise. Children can be found grinding "Made in Germany" scalpels in informal sector workshops in Pakistan. Worse, this situation has been repeatedly exposed over three decades. What can companies learn from this case and how can public and private procurement and sourcing professionals avoid similar risks?  Webinar, 18 September 2025 | 12:30-14:00   Diversity Mark, Diversity Mark Annual Summit 2025 This event will explore how diversity and inclusion can drive sustainable business growth, gathering over 300 business leaders, executives, and inclusion advocates for a full-day programme featuring keynote speakers and breakout sessions. It aims to equip attendees with practical strategies to create more inclusive workplaces and foster meaningful change across sectors. In person, October 2025, Titanic Belfast  Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In Irish news this week, the Budget 2026 Tax Strategy Group papers have been published, and the Department of Finance has published the Summer Economic Statement together with the revised National Development Plan. In UK news today, the Institute takes a closer look at last week’s ‘L-day’ announcements, and HMRC publishes its Transformation Roadmap. In International news, the European Commission has announced a public consultation on VAT rules for the travel and tourism sectors. Irish 1. Read about the annual papers published by the Tax Strategy Group in advance of Budget 2026. 2. The Government has recently published its Summer Economic Statement 2025 and the revised National Development Plan.   UK 3. Read about the key ‘L-day’ announcements by the UK Government including the launch of three technical consultations on related draft legislation. 4. HMRC has launched its Transformation Roadmap outlining the development of new services, including a new online service for all PAYE taxpayers. International 5. The European Commission has launched a public consultation to gather information aimed at modernising the VAT rules for the travel and tourism sectors. 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 post EU exit corner here.

Retirement doesn’t mean you have to scale back on how active you are. If anything, you can be busier than ever, thanks to the wealth of opportunities that are out there. Part-time jobs and volunteering are great for helping you stay busy if you’re retired. Not all retirees want to just put their feet up and relax. They don’t necessarily just want to spend their retirement pursuing their hobbies or pastimes either. There are many more activities out there to help keep them busy and give them more of a purpose. What’s more, not everybody who retires can afford to live off their savings and pensions. Part-time jobs are ideal for providing the additional income that’s needed to supplement savings and pensions. Believe it or not, there are numerous opportunities - paid and voluntary - available to retired people these days. In fact, some retirees even go on to start a brand new career! Retirement doesn’t have to be restrictive. Focus on how you want to spend it and what you need to do in order to achieve your goals within the next chapter of your life. Types of part-time work Self-employment If you’re considering working for yourself, but aren’t sure what to do, then start by considering your hobbies. Whether it’s crafts, furniture restoration, gardening, or DIY, lots of people set up small businesses and start new part-time or self-employed careers when they retire. Given the digital era in which we now live, the internet has opened up so many doors. This means that if you used to be a secretary, you could provide remote typing or bookkeeping services to companies who don’t have the resources to employ a full-time member of staff to carry out this work. Alternatively, you may enjoy car boot sales and have an eye for a bargain that you can easily resell online, making yourself some extra money in the process. The options, and opportunities, are endless! If you quite like the idea of working for yourself, make a list of all of your skills, personal qualities and interests. This will enable you to see if there’s a gap in the market you can tap into. The additional income you make will also help with your financial budgeting and retirement planning. Staff employment By law, older workers, who may have retired or be close to retirement, should not be categorised into doing certain types of work. Anti-discrimination legislation means that retired people, or those nearing retirement, can continue in the jobs they have done for most of their working life way beyond conventional retirement age. Because it’s unlawful to discriminate on the grounds of age, you should have the same chance of gaining employment as everybody else. What about ex-work colleagues? Networking provides you with possibly the best chance of finding work if you want to continue working part-time within your chosen field. Most people are familiar with the likes of B&Q and Tesco, who have long maintained a policy of actively encouraging retired people to work. However, all companies now need to also take a proactive approach to considering older applicants when it comes to their recruitment processes. Voluntary work Sometimes, people who have retired, simply want to give something back and help others, so get involved with voluntary work. They can do this by themselves or with their partner if they’re retired too. There are many benefits to volunteering for all involved. For retirees, it’s a chance to make new friends and learn new skills. It can also be incredibly rewarding, as well as provide you with some purpose and structure to your day. Taking part in voluntary work is both mentally and physically rewarding. It has been recognised for helping combat depression, boosting self-confidence, staying fit and healthy and cultivating happiness, among numerous other things. Many charities and volunteer groups actively encourage retirees to get involved due to their maturity; wealth of experience and enthusiasm for the cause: charity shops are always on the look-out for staff, or perhaps a voluntary organisation can make use of any administration skills you may have if you enjoy physical labour and working outdoors, there are countless voluntary projects related to conservation out there you may want to take on an active role within your local community, so you could become a local councillor if you’re a good communicator and ‘people person’, helping out with disadvantaged young people or providing telephone support via the Samaritans might be just the thing for you if you drive, you may be able to find work collecting the clothes bags that are left out for charities or by taking people to and from hospital Your local council, local newspaper and library are good places to start enquiring about voluntary work. There are also plenty of online resources too. Simply type into a search engine (e.g. Google) 'voluntary work' in your local region. Volunteering is an opportunity for you to be involved in something you really enjoy doing. Whether it’s a hobby or continuing your previous role or existing voluntary work. A final few words about staying busy during retirement Retirement doesn’t have to mean staying in and having minimal interaction with people. There are numerous different avenues you can explore, from starting a self-employed business based on your hobbies and interests and taking part in voluntary work, to still working for an employer on a part-time or job share basis. The more you search for ways to spend your retirement, the more we guarantee you’ll find…. For advice, wellness coaching or counselling, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294. Article reproduced with the kind permission of CABA, the organisation providing lifelong support to ICAEW members, ACA students and their close family around the world.

HM Treasury in the UK has issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. The areas where there will be change are listed in the response and reproduced below. • Enhanced due diligence on complex transactions • Enhanced due diligence on high-risk third countries • Due diligence on pooled client accounts • Due diligence triggers for certain non-financial firms • Onboarding of customers in bank insolvency scenarios • Information sharing between supervisors and other public bodies • Supervisor cooperation with Companies House • Currency thresholds currently in euros • Regulation of sale of ‘off-the-shelf’ companies by Trust and Company Service Providers • Registration and change in control for cryptoasset service providers • Registration requirements for the Trust Registration Service In addition, improvements in sectoral guidance in some areas will be sought and  HM Treasury and the Department for Science, Innovation and Technology will jointly produce guidance on using digital identities for MLRs identity verification checks. The response states the intention to publish a draft Statutory Instrument in the coming months for technical feedback, before laying in Parliament later this year time permitting. Readers can access the consultation response on MLRs here. 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.