The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for May 2025 confirming an Exchequer surplus of €4.0 billion to the end of May. This compares to a surplus of €0.8 billion recorded for the same period last year. Tax receipts collected to the end of May were €38.2 billion, which was €3.0 billion higher than the same period in 2024. Excluding the once off receipts from the Court of Justice of the European Union (CJEU) judgement in the Apple State Aid case, total receipts amounted to €36.4 billion, an increase of €1.3 billion on the corresponding period in 2024. Income tax receipts for the month of May were €2.8 billion which was €0.1 billion ahead of receipts collected in May 2024. On a year-to-date basis, receipts to the end of May of €14.5 billion were up by €0.6 billion (4.8 per cent), when compared to May 2024. Corporation tax receipts of €2.5 billion were collected last month which was a reduction of €1.1 billion on the same month last year.  As highlighted in the Fiscal Monitor certain exceptional factors which boosted May 2024 receipts are distorting the year-on-year comparison. On a cumulative basis, receipts of €7.4 billion were up by €1.1 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to May 2025 amounted to €5.7 billion, down on the same period last year by €0.6 billion. VAT receipts collected in the May of €3.5 billion represented an increase of €0.1 billion when compared to the same month last year. Cumulative receipts of €11.4 billion were ahead by 5.5 percent on end of May last year. Commenting on the figures, Minister for Finance, Paschal Donohoe said: “May is one of the more important months for tax revenues, and the steady growth in most tax headings points to an economy that is in a relatively good position. The most notable feature of the May Exchequer returns was in respect of corporation tax, which saw a marked year-on-year drop. While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield                                                                         In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland’s exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy.”

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The outcomes from the latest meeting of the HMRC forum, the Northern Ireland Joint Customs Consultative Committee (NI JCCC), which the Institute participates in, are now available to read. And finally, UK steel and aluminium exports have been temporarily spared from the US administration’s decision to double tariffs on these goods.   Latest NI JCCC meeting   The most recent meeting of the NI JCCC has taken place. Minutes from the meeting and the accompanying slides are available to read.  Miscellaneous guidance updates and publications  This week’s miscellaneous guidance updates and publications are as follows: Appendix 2 C21i: DE 1/11: Additional Procedure Codes,  Making an entry summary declaration,  Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS),  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  Safety and security declarations,  Safety and security import requirements: entry summary declarations,  Notices made under The Customs (Export) (EU Exit) Regulations 2019,  Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018,  Register to use the Import Control System 2,  Make an entry summary declaration using the Import Control System 2,  Data requirements for express operators who move consumer parcels from Great Britain to Northern Ireland,  How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland,  Sending parcels from Great Britain to Northern Ireland between private individuals,  Create a goods movement reference,  Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, and  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

In this week’s miscellaneous updates: HMRC has published the company car advisory fuel rates applicable from 1 June 2025,   The latest HMRC Stakeholder Digest is available, and   The Government has announced that the UK and Isle of Man will work together to “explore ways to further enhance information flows” to combat tax avoidance and evasion.   

Ahead of the publication of its annual report and accounts which usually takes place in July, last week HMRC published a provisional update on its phone performance. The update was published just the day before HMRC experienced a major phone outage on Wednesday 4 June. The outage happened on the same day that HMRC senior officials appeared before the House of Commons Treasury Committee.   According to the provisional update, in March 2025, HMRC handled 80.2 percent of calls, up from 71.5 percent for the year to 31 March 2025. The Department took 14 minutes and 44 seconds on average to answer a call, down from 18 minutes and 38 seconds for the year to 31 March 2025.  At HMRC’s Treasury Committee hearing, it was stressed that the phone outage on Wednesday was not related to the announcement of the loss of £47 million as a result of phishing attacks and that the lines themselves were not down but had instead been closed because the system used to handle incoming calls had experienced an outage. According to the appearance, the phone line set up for recipients of the phishing fraud letter was unaffected.  The news of the recent phishing scam and HMRC’s customer service levels were discussed at the Treasury Committee hearing in addition to:  HMRC's priorities for the next three to five years,  HMRC’s collection of taxes from wealthy individuals following the recent publication of a National Audit Office Report,  The exodus of wealthy taxpayers from the UK, and  HMRC delays in processing refunds.   HMRC’s new Permanent Secretary and CEO JP Marks appeared in front of Committee for the first time last week. A full transcript from the hearing has not yet been published but will be available here. 

The European Commission recently published reports looking at each Member State’s economic and social developments and challenges, and assessing the extent to which these are addressed by national policies. In the report on Ireland, the Commission highlighted the solid growth and resilience of the Irish economy, noting that public finances are in a strong headline position. In terms of current barriers to private and public investment, the report highlights infrastructure deficits, labour and skill shortages, and high costs of doing business as the main challenges.

Last week, the European Commission set the EU budget at €193.26 billion for 2026. The budget is aimed at supporting strategic objectives, including support for Ukraine, competitiveness, migration management, security and defence, and strategic investments, while maintaining momentum on green and digital priorities. The budget is complemented by approximately €105.32 billion in disbursements under NextGenerationEU,which is a fund to help repair the immediate economic and social damage caused by the coronavirus pandemic and make the EU fit for the future.

Last week HMRC contacted the Institute ahead of the announcement that taxpayers have been targeted by criminals creating and/or accessing their online HMRC accounts to set out what had happened and what action it was taking. HMRC’s security systems detected unauthorised access to some online accounts (particularly inactive accounts), and the creation of new credentials, which has ultimately resulted in approximately £47 million in fraudulent tax repayments being paid out. This loss has been directly suffered by HMRC and not individual taxpayers.  Between 4 and 25 June 2025, HMRC is contacting affected individuals by letter to explain the incident, including how they can restore access to their online accounts if necessary. The full briefing received by the Institute from HMRC is available here. In discussions with HMRC we were also made aware that a much larger sum of over double the amount lost in fraudulent repayments was stopped by HMRC during this incident.    The letters being sent also explain how the person can contact HMRC if they have any concerns. Only those individuals with affected accounts are being contacted. Anyone receiving contact from HMRC can check if the letter is genuine on GOV.UK.   According to HMRC, it has protected the affected accounts by deleting the associated log-in credentials i.e. the government gateway user ID and password. Any incorrect information has also been removed from the individuals’ tax records, and a check has been performed that no other details were changed.   HMRC provided more information on this incident during an evidence hearing of the House of Commons Treasury Committee last week. According to this, the criminals involved used information obtained from non-HMRC sources via phishing attacks on individuals as opposed to this being a cyber breach of HMRC systems. The attack has impacted on around 100,000 individuals, mostly in PAYE, at a cost of £47 million in fraudulent repayments. Overall, in its evidence to the Committee, HMRC says that it protected the loss of nearly £2 billion in criminal attacks in 2024/25.  Often the taxpayer did not have an active online tax account hence the criminals set up new accounts and credentials. HMRC has also said that work on this issue has been ongoing for some time, with some arrests made in 2024. Discussions with HMRC also highlighted that the majority of the taxpayers involved are not represented by an agent and comprise 0.22 percent of all online tax accounts.  

On Thursday 29 May, Chartered Accountants and Sia launched our new Virtual Reality training programme aimed at developing Professional Scepticism skills in junior and trainee auditors. The launch provided us with the opportunity to break down barriers and perceptions that exist around VR in Learning & Development and allowed us to demonstrate what is possible when you take a chance on innovation!  Trish O’Neill, Head of Member Innovation at Chartered Accountants Ireland said: “When you spend so much time working on the finer details of a project you can forget the importance and potential impact of the final result. For the past year I have worked closely with Aisling Mooney, Catherine O'Doherty, and Charles Lonjaret on developing our second Virtual Reality programme. On Thursday 29 May we had the pleasure of sharing our VR design experience with colleagues and members from Chartered Accountants Ireland and Sia”. Speaking at the launch, Aisling Mooney, Learning Design Specialist at Chartered Accountants Ireland, shared some insights on the benefits of learning through immersive technology, saying that it “gives learners a consequence-free space to make mistakes, get real-time feedback, refine their approach, and even test the outcome of a wrong approach. This promotes active skill application and helps learners build confidence in their skills, which is essential for a well-rounded professional accountant”. The atmosphere at the launch was full of positivity and excitement and it was a great reminder that what the team has created is quite exceptional. Gary O'Sullivan, Managing Partner UK & Ireland at Sia noted that "it is the only one of its kind in the world!". Eamonn Siggins, Chief Integration Officer at Chartered Accountants Ireland remarked that “teaching professional scepticism through immersion in virtual reality is innovation in action.” More about the programme: We have created an on-site audit simulation training programme designed to help junior and trainee auditors develop their Professional Scepticism skills. Through Virtual Reality, learners are immersed in realistic audit scenarios, allowing them to practice professional scepticism in a safe environment where they are able to make mistakes, learn from their mistakes, and try again without the risk of real-life repercussions. By combining cutting-edge technology with deep industry expertise, we’ve created a global first in professional accounting education. For anyone with trainee accountants looking to improve their Professional Scepticism skills, we would be delighted to bring this training experience to your organisation. You can contact Trish O’Neill on patricia.oneill@charteredaccountants.ie to learn more. This initiative was made possible thanks to funding from Skillnet Ireland and our Network Manager Niamh Sheehan.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland, are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.  

  In this week’s Sustainability/ESG Bulletin read about Ireland’s first National Climate Change Risk Assessment, new sustainability coaching platforms and funding opportunities, Northern Ireland’s Green Skills Action Plan, secondary EU legislation for Net Zero Industry Act, a global SME Sustainability Information Survey, Central Bank warnings of GDP losses from extreme weather events, as well as the usual resources, articles, podcasts and upcoming events.     Chartered Accountants Ireland Chartered Accountants Ireland and other businesses join call to action   Chartered Accountants Ireland took part in a call to action on Pearse Street this week, urging Dublin City Council and local stakeholders to make Pearse Street greener, more vibrant and more engaging for street users - and to take meaningful action on the climate and biodiversity crises. In support of the initiative, Lord Mayor of Dublin, Emma Blain, and Green Party leader Roderic O’Gorman TD were in attendance, underlining the importance of collaboration between civic leaders and local communities to reimagine urban space. Read more here.   ⭐Last chance to enter: Chartered Star! ⭐ There are only days left to enter for your chance to become the 2025 Chartered Star! Expand your network, embrace new opportunities, be inspired and be part of a global community of change makers.  The 2025 Chartered Star competition celebrates the amazing work done by the Chartered community in support of the UN SDGs, whether that’s volunteering in your personal life, driving change in your workplace or through leveraging your ACA qualification. Along with the title of Chartered Star, the winner will attend the One Young World in Munich this November. Apply before midnight, this Sunday 8 June.  IRELAND NEWS The Environmental Protection Agency (EPA) has published its greenhouse gas emissions projections for the period 2024-2055, which indicate that planned climate policies and measures, if fully implemented, could deliver only up to 23 percent emissions reduction by 2030 compared to 2018. This falls short of the reduction target of 51 percent set out in Ireland’s Climate Act. The transport, industry and the buildings (residential) sectors are projected to be the furthest from their sectoral emission ceilings in 2030. Commenting, Laura Burke, Director General, EPA said that the figures highlight “the economy-wide effort needed to decarbonise our society” and the need for focus to shift from policy aspiration to practical implementation.”    Ireland’s first National Climate Change Risk Assessment publishes The EPA has also published the first National Climate Change Risk Assessment which assesses where, when and how climate risks are likely to impact Ireland. The risk assessment is intended to support the development of Sectoral Adaptation Plans by key government departments, and will guide the development of Local Authority Climate Adaptation Plans, and inform other national-level adaptation responses, such as that by the Central Bank of Ireland. It identifies 115 risks spanning all sectors of Ireland’s economy, environment and society, including risks to financial systems, energy, transport and communications, water security, public health, food production and supply chains, and ecosystems. Four priority risks identified are Flooding, Extreme Wind, Coastal Erosion and Flooding and Heat, all of which will require additional action in the next five years.   Bank of Ireland launches Sustainable Business Coach online platform for SMEs Bank of Ireland has launched a new Sustainable Business Coach online platform, a free tool designed to support SME business customers with sustainability planning and identifying ESG priorities. Underpinned by a globally recognised framework based on the UN’s Sustainable Development Goals, the platform is designed as an ESG questionnaire, with businesses answering a series of multiple-choice questions and thee resulting assessment providing a summary of their current sustainability position with key action areas. Action areas include greenhouse gas (GHG) emissions, employee engagement, energy usage, procurement and water & waste management. The platform was launched following research conducted by Bank of Ireland which revealed that most SMEs are unclear on how to implement sustainable growth plans; over 70 percent were concerned about the impact ESG requirements could have on their own enterprises.   Open Call for expression of interest to deliver Series 2 of the Growth and Sustainability Loan Scheme The SBCI has launched an Open Call for Expression of Interest to identify and select finance providers to deliver Series 2 of the Growth and Sustainability Loan Scheme (GSLS), the long-term low-cost scheme to support eligible businesses when investing in their growth and resilience or climate action and environmental sustainability. Proposals submitted to SBCI must conform to the requirements of the Call. Finance providers interested in presenting a submission must read the Guidance Document first. The closing date for receipt of Expressions of Interest is 17 June 2025.   SEAI National Energy Research Funding Call - 2025 Call Open The Sustainable Energy Authority of Ireland (SEAI) has announced that applications are now open for the 2025 SEAI National Energy Research, Development & Demonstration (RD&D) Funding Programme. Up to €19 million is available in Government funding through the Department of Climate, Energy and the Environment and co-funders including, Met Éireann, Climate Change Advisory Council Ireland, and Department of Agriculture, Food and the Marine. The 2025 call is open for applications from all research disciplines, and from public and private sector organisations, either applying individually or as part of a consortium. The deadline for submissions is 12 noon (Irish Standard Time) 1 July, with awards notified in Q4 of 2025.   NORTHERN IRELAND/UK Northern Ireland’s Green Skills Action Plan launches Northern Ireland Economy Minister Dr Caoimhe Archibald has launched a Green Skills Action Plan, developed in conjunction with an industry-led expert working group. The Action Plan provides a framework to guide government, employers, educationalists and individuals on what is required to deliver the skills and green jobs for the future. Commenting, Gordon Parkes, Executive Director People and Culture for NIE Networks and Chair of the Green Skills Delivery Group, said that the plan “presents a once in a generation opportunity to create an integrated green skills system that works effectively for individuals, business and the economy.”   How to support SMEs to cut carbon and costs The UK’s Federation of Small Businesses has published a policy report  New Growth - how to support small businesses to cut carbon and costs on the road to net zero. The report, which was supported by Zurich UK, highlights the pivotal role small businesses play in driving the transition to a sustainable economy and emphasises the need for tailored support to help SMEs decarbonize, especially those eager to embrace sustainability, but facing challenges such as limited knowledge, financial constraints, and regulatory complexity. Together, FSB and Zurich call for collaborative efforts to unlock the green economy’s potential and ensure small businesses are equipped to lead the charge toward net zero.   EUROPE European Commission launches secondary legislation for Net Zero Industry Act The European Commission has issued four new pieces of secondary legislation and a communication relating to the Net-Zero Industry Act (NZIA) which it states will help the EU's industry to become more resilient and competitive and will reduce its carbon footprint. The rules clarify which manufacturing projects can benefit from specific provisions in the Act, such as on permitting, strategic project status and on non-price criteria. They will help scale up the manufacturing of net-zero technologies that reduce greenhouse gas emissions and leverage the competitive advantage of the EU's clean tech industry.   EU Parliament supports proposals to simplify EU carbon leakage instrument The EU Parliament has endorsed the Commission’s proposal to simplify the EU carbon border adjustment mechanism (CBAM). The proposed changes are part of simplification efforts to reduce the administrative burden for SMEs and occasional importers. The proposal would exempt the vast majority (90 percent) of importers − mainly small and medium-sized enterprises and individuals − who import only small quantities of CBAM goods. The CBAM environmental objectives remain achievable, as 99 percent of total CO2 emissions from imports of iron, steel, aluminium, cement and fertilisers would still be covered by the rules. Parliament is now ready to start negotiations with Council on the final shape of the legislation.   European Commission endorses assessment of Ireland’s €115.5 million payment request The European Commission endorsed a positive preliminary assessment of Ireland's second payment request for €115.5 million under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU. The payment request supports six reforms and five investments that will benefit citizens and businesses in Ireland, focusing on enterprise emissions reduction, sustainable transport, carbon taxation, digitalisation in schools, businesses, and public administration, as well as ICT skills, healthcare, pensions, and housing. Flagship measures in this payment request include an investment to support the electrification of Cork rail, and an investment to support industry decarbonisation. The Commission has sent its preliminary assessment to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion, on receipt of which - and the adoption of a payment decision by the Commission - the payment to Ireland can take place.   Businesses call on EU to set 90 percent 2040 emissions-reduction target Over 150 businesses and investors have signed a joint letter calling on the EU to set a greenhouse gas emissions reduction target of at least 90 percent by 2040. The letter, which was coordinated by the Cambridge Institute for Sustainability Leadership’s Corporate Leaders Group Europe, states that “Businesses are ready to play a key role in translating climate targets into concrete action with the support of enabling measures and policies” . The science-based target reflects the urgency and benefits of near-term action, one that will bring economic opportunities and competitiveness benefits while increasing energy security for citizens and businesses, and improving the EU’s resilience to shocks. The signatories further argue that the target - and climate more broadly – should be considered as a central element of the EU’s overall strategy to achieve these objectives, thereby allowing the EU to lead the global race of development of sustainable industrial ecosystems and industries.    EU on track to meet 2030 emissions goal thanks to strong progress on renewables A European Commission assessment of member states’ updated National Climate and Energy Plans (NECPs) reportedly said the EU is “well on track” to reduce emissions by 54 percent by 2030, just one percent shy of its legally binding 55 percent target. Civil society groups, however, point to shortcomings in the NCPDs, saying that many lack the necessary ambition and policies to deliver the emissions reductions required, particularly in the field of energy efficiency. Ireland is among a coalition of NGOs from countries including France, Germany, Italy, Sweden, Bulgaria, Cyprus, and Malta which is reportedly calling on the European Commission to launch legal action against their governments for the shortcomings in their climate plans, which they consider to be not just policy failures but breaches of EU law.   WORLD Central Banks warn of GDP losses from extreme weather events The group of Central Banks and Supervisors that comprise the Network for Greening the Financial System (NGFS) has warned that extreme weather events could cause severe regional GDP losses, with effects on the global economy, and that delaying efforts to transition to a low-carbon economy could generate a global net economic loss. The warning was issued as NGFS unveiled its new short-term scenarios tool to assess the impact of climate shocks and policy shifts in the near term, adding to its established long-term models. The scenarios, released on 7 May, are the first publicly available tool offering a dedicated framework to analyse the potential near-term impacts of climate policies and climate change on financial stability and economic resilience.   Institutional investors leading the way in ESG Private capital managers have emerged as some of the strongest advocates of ESG, according to latest biennial ESG study carried out by BNP Paribas. The study sought the views of 420 institutional investors, including asset owners, asset managers and private capital firms, across 29 countries. The findings show that institutional investors remain committed to sustainable investing, with growing recognition of holistic approaches and links between climate, biodiversity and social impact being approach is key to their investment strategies.   International Standard on Sustainability Assurance (UK) 5000 The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. Read more from Chartered Accountants Ireland.   IFAC and Edinburgh Group Global SME Sustainability Information Survey IFAC & Edinburgh Group Global are inviting you to complete a short survey (10-15 minute) of small- and medium-sized entities (SMEs) about sustainability information. Your response will contribute to global insights that help us to better understand the extent to which sustainability-related information is being prepared by SMEs, used by SMEs in internal decision-making, or provided to supply chains, lenders, or other stakeholders. With the data we gather, we’ll be able to better support SMEs with best practices and advocate for appropriate SME sustainability-related reporting and assurance rules and regulations. This will advance the accountancy profession’s pursuit of high-quality disclosure and assurance of sustainability-related information. The survey is open until June 30, 2025 and please see this short video for more information.   Resources   Business Briefing on Anti-Greenwashing Regulation & Mitigation Risk This playback of a special online business briefing from Ibec on complying with anti-greenwashing regulation and mitigating risk with subject matter experts from A&L Goodbody covers different types of greenwashing, the existing legislative and regulatory framework for green claims, and incoming legislation on the topic.   Open call for participants in ‘The Business of Nature Positive’ at Trinity Business School A call is now open for businesses to engage with Trinity Business School’s new module The Business of Nature Positive. Run by Dr Catherine Farrell, Assistant Professor of Business & Nature at Trinity College Dublin and BFBI Business Programme Lead with Business for Biodiversity Ireland, the module is its second year, following successful engagement by students with businesses from a broad range of sectors in Ireland. Participating is an opportunity for businesses to learn more about sustainability reporting. Chartered Accountants Ireland participated in the programme in 2025.   Articles Irish businesses still see benefit in sustainability initiatives, survey says (Irish Times) TNFD guide affirms nature as a director’s duty (ICEAW Insights) How your business interfaces with nature - Data and language of the double materiality assessment (Business for Biodiversity Ireland) New Leaving Cert course aims to encourage climate activism (RTÉ News) Bank Watchdogs Flag Near-Term Risks of Delaying Climate Efforts (Bloomberg) Sustainability-focused funds surpass €6 trillion (Law Society Gazette) The business case for a 90% 2040 emissions reduction target (Sustainable Views – Subscription) Class is the missing link in employers’ diversity drives (The Financial Times - Subscription) European Union warned not to row back on 2040 climate goals (The Irish Independent)   Podcast Outrage + Optimism: The End of Oil: Inside the Hidden Decline of Fossil Fuels | Earth Day Special (54 mins)   Events   Chartered Accountants Ireland, Why Nature Matters to Accountants Join Rosie Duncombe FCA, Dr Catherine Farrell, and Institute team members Dee Moran and Susan Rossney as they discuss nature in decision-making to build business resilience and competitive advantage. This free webinar will also cover the Global Accounting Alliance’s starter guide, Why nature matters to accountants. Virtual, Zoom, Tuesday 17 June, 12:00pm–12:45pm   Dublin Chamber, Business Energy Upgrades: Drivers, Funding & other Tools for SMEs Reducing energy use and energy-related costs makes perfect sense: it saves money, protects against energy costs volatility and enhances businesses' reputations. It also improves building occupants' comfort and helps everyone in the fight against climate change. Join us at this event to discover the range of funding supports and practical resources available to help businesses implement energy upgrades. As part of the event there will be a suite of resources launched including Energy Upgrade: Decision Making Toolkit, Case Studies for different building typologies, Technical Advice Report Guide for SMEs, and a Financial Handbook. In person, Venue: Dublin Chamber, 7 Clare Street, Dublin 2, Wednesday 18 June 2025, Time: 9.30am – 11.00am.   UN Sustainable Development Solutions Network (SDSN), Sustainable Development Report (SDR) 2025 launch The UN SDSN will launch its report which this year has a unique focus on reforming the Global Financial Architecture (GFA) and scaling up global financing flows to support the SDGs through 2030 and beyond. The launch event will present key findings from the SDR 2025, including the updated SDG Index and Dashboards, and will feature insights from high-level leaders and experts on transforming the GFA to better serve sustainable development. Virtual, Tuesday, 24 June, 2024, 8:00 AM to 9:45 AM EST.     SEAI, Introduction to Energy Management Training for SMEs The SEAI is running an Introduction to Energy Management Training for SMEs workshop aimed at the owners, senior managers and facilities managers of small and medium enterprises who have recently started out on their energy saving journey. This is a free 2-hour online workshop which supports SMEs in creating an Energy Action Plan. Virtual, Thursday 12 june 14.00-16.00.   Business Post, Sustainability in the Built Environment - Scaling the Decarbonisation of our Built Environment One-day summit bringing together leading researchers, practitioners and policymakers to explore innovative strategies for reducing the carbon footprint of our built environment. Featuring strategies and solutions for scaling up building decarbonisation, our agenda will explore innovation, policy, technology, best practices and the challenges and opportunities ahead to drive meaningful progress. In person, 17 June 2025, Croke Park.   Enterprise Northern Ireland, Funding for Growth: Transitioning Your Business to Net Zero The third session in a three-part in-person series for Micro and Small Businesses, which also includes events on Accessing Debt Finance and Grant & Equity Finance, this session will cover the importance of net-zero in future-proofing your business, support available to help finance your transition to net-zero, and how small businesses are leading the charge to net-zero In person, Thursday 26 June 2025, 9:30am to 1:30pm, Venue: Craigavon Industrial Development Organisation, Portadown, Cost: Free   Grant Thornton: CSRD – Where are we and what comes next? Our expert panel will explore the implications of these changes on the Corporate Sustainability Reporting Directive (CSRD), how companies are adapting, and the evolving political landscape influencing ongoing negotiations. In person, Grant Thornton, 13-18 City Quay, Thursday, 3 July, 9:30 - 11:30am   Dublin Chamber, International Roundtable on Circular Economy with ECOPath The ECOPath Project supports SMEs in adopting Circular Economy practices to strengthen and implement their ESG performance. It equips SME staff with the knowledge and skills needed to reduce their company’s environmental impact through circular approaches. Join EcoPath Project and SMEs from Sweden, Germany, Spain, and Croatia to discuss these approaches, and the curriculum developed so far and have your say. The curriculum will look at: Applicable regulatory frameworks in relation to ESG and SMEs; Identify key principles of the ESG framework; Distinguish between the environmental, social and governance dimension of sustainable reporting; Compare the most common sustainability frameworks (incl. CE, ESRS, CSRD, SDG, CSR, ESG, GRI) Virtual, Webinar, Wednesday 9 July, 10.00-11.30.   SEAI, Decarbonising Transport Conference and Exhibition SEAI will hold their third annual Decarbonising Transport Conference and Exhibition on the 9th of September at Johnstown Estate, Enfield, County Meath.  If you work in, or are interested in transport, come along to find out the latest happening in this space and how leaders in the sector are tackling the challenge. Keep an eye on SEAI’s communication platforms as our speakers are introduced over the coming months In person, Tuesday, 9 September, 2025     Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Green Pearse Street group of nearly 20 businesses calling for thoughtful planning 10 days after traffic changes present new opportunities for major thoroughfare     Thursday 5 June 2025 – A local group, Green Pearse Street, comprising nearly 20 businesses, is calling on Dublin City Council and local stakeholders to make Pearse Street greener, more vibrant and more engaging for street users - and to take meaningful action on the climate and biodiversity crises. The call comes on World Environment Day, just ten days after new traffic management changes were introduced on the street, allowing only public transport, taxis and cyclists to turn left onto Pearse Street from Westland Row. In support of the initiative, Lord Mayor of Dublin, Emma Blain, and Green Party leader Roderic O’Gorman TD were in attendance, underlining the importance of collaboration between civic leaders and local communities to reimagine urban space. To demonstrate how a section of Pearse Street can be transformed into a more social and eco-friendly space, the group showcased potential areas for urban planting and seating, bringing greenery onto the pavement in front of Trinity’s Biomedical Sciences Institute. This simple intervention illustrates how public areas can become more welcoming while supporting biodiversity. Members of the group also highlighted spaces - including basements and railed-off areas in front of buildings - where Dublin City Council and private businesses could introduce planting to foster microhabitats and attract pollinators. Green Pearse Street is calling on the Council to take further action to prioritise urban seating and greening - measures that would benefit not only the local environment, but also the economy and community wellbeing.   Lord Mayor of Dublin, Emma Blain said: “Dublin City is more than a network of roads, it’s a living, breathing community. It is crucial that our streets be accessible to cyclists, pedestrians, and public transport as well as to cars and other road users. Clean air and space for nature are equally vital. Together, we can create a healthier, more vibrant city where nature and community flourish, inspiring everyone to live and move in harmony”. Susan Rossney, Sustainability Advocacy Manager with Chartered Accountants Ireland said: “Businesses are integral to the wellbeing of our society, economy and environment, but nature and biodiversity are equally vital for the survival of businesses. 55% of the world’s GDP – equivalent to an estimated US$58 trillion – is dependent on nature and biodiversity.” “At a time when climate and biodiversity action is threatened, the public and private sectors need to work harder than ever to protect it. Getting started can be daunting, but groups like Green Pearse Street can share practical tips on how to set up and maintain green teams, what plants are good for pollinating insects and even how to connect with Dublin Simon to donate bottles and cans under the Deposit Return scheme.” Commenting, Dr Miriam Fitzpatrick, lecturer and researcher in architecture and urban design, said: “If Dubliners dream of a safer, greener, more civic city life, the street is where that dream begins. Green Pearse Street is hoping to lead the way. Pearse Street reflects the broader condition of Dublin’s city centre, shaped more by traffic flow than care for health or hospitality. Progress has come from local efforts, with many local businesses introducing planting. However, individual gestures are not enough. Four lanes of traffic, inadequate lighting, barriers to access, actively hostile edges and a lack of places to sit continue to define the street.” “Streets and parks are low-intensity battlegrounds. Without leadership, residents and businesses must guide themselves. This is not a celebration; it is a call to action. Pearse Street could be a vital link from the thriving docklands to the city’s historic heart; it deserves to be more liveable and green.” ENDS About Green Pearse Street Green Pearse Street is a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green. It's aims are to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, reduce traffic to support walking and cycling, and create a more social space for people.   Members of Green Pearse Street include Allies and Morrison, Chartered Accountants Ireland, Cloud Picker Coffee, Dublin Chamber, Grant Thornton, Henry J Lyons, Hibernia, Honey Truffle, IPUT Real Estate, Jobcare, McCanns, O'Neills Victorian Pub and Townhouse, Pearse Street Management, PLM Group, St Andrews Resource Centre, The Lombard Pub & Townhouse Accommodation, The Podcast Studios, Travel Lodge, Trinity College Dublin, and William Fry.   Working in two parallel streams, the Green Pearse Street group includes action at individual organisation level, and on the collective level to create street-wide change for businesses, local communities, tourists, and other street users. In the longer-term, the group will campaign for the optimisation of this significant streetscape to make greater provision for Dubliners and visitors to the city to stop and enjoy the surroundings, helping urban areas like Pearse Street achieve a 30% biodiversity net gain by 2030.   Coordinated work by businesses along the street has already commenced. Measures include planters at ground and roof/balcony level to provide food for pollinating insects; the construction of living walls/green roofs; the installation of bird boxes/feeders to provide space for nesting and foraging; and a programme of local community engagement.  UCD Masters students in an urban design module have carried out two consecutive studies on the quality of street life and street edges. Their analysis points to challenges and changes that can make the street a more welcoming place to be.   Key facts In 2023, Green Pearse Street surveyed over 750 users of Pearse Street to generate insights into their perceptions of visiting, as well as living and working on Pearse Street. 96% of those approached on the street identified a need for change (of some variety, ranging from small to larger scale). Only 6% rated the current street layout as very good or excellent, with 24% rating it as poor. Popular recommendations on changes to the street include addition of more greenery (91%) more social spaces (benches and tables) (77%), and a safe cycle lane (64%).       

Mark Lawther pledges to champion innovation and support Northern Ireland’s economic growth.  Mark Lawther has been elected Chairman of Chartered Accountants Ulster Society at its 118th Annual General Meeting. The Ulster Society represents over 5,700 Chartered Accountants across Northern Ireland and is a district society of Chartered Accountants Ireland, the largest professional body on the island of Ireland. Mr Lawther is a partner in EY Northern Ireland’s Assurance practice with over 15 years of audit experience. He supports a range of clients across Northern Ireland and the UK from indigenous entrepreneurs, PLC’s and multinational businesses and is actively involved in the EY Entrepreneur of the Year Programme. Addressing members at the AGM, Mr Lawther paid tribute to outgoing Chairperson Gillian Sadlier, praising her leadership in championing the strengths of Northern Ireland business and her campaigning on the issue of skills. Mark Lawther said: “It is a real honour to be elected Chairman of Chartered Accountants Ulster Society. I’m proud to serve this community and excited for the year ahead. I want to highlight the vital role that our members play in harnessing innovation and driving change – and the tremendous impact that has for our economy. “Northern Ireland’s capacity for innovation is one our greatest strengths, and Chartered Accountants have a key role to play in that story. At a time of geopolitical uncertainty, we want to ensure that we highlight the positives of living, working and doing business here in Northern Ireland.” With a strong focus on technology, Mr Lawther said that Chartered Accountants are rewriting the traditional role of the accountant, finding themselves at the heart of innovation, leveraging AI, data analytics and new technologies. He said: “As Chartered Accountants, we are redefining our profession – leading on innovation and contributing meaningfully to the businesses and communities we serve. “Our members provide the leadership which drives innovation in both the public and private sectors, boosting productivity and enhancing competitiveness across our region. In the year ahead, we will continue to be a trusted and progressive voice for our members across Northern Ireland.” Mr Lawther also recognised the importance of teamwork and thanked his family, mentors and his EY colleagues for their support, particularly during this period of exciting growth and as they open their second Northern Ireland office; based at Ebrington Plaza in the North West.