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Sustainability

Sustainability/ESG bulletin, Friday 15 March 2024

In this week’s Sustainability/ESG bulletin, read about Ireland’s new offshore wind industrial energy strategy, natural capital accounting and updates on sustainable travel in Ireland. Also covered is a call for evidence on Northern Ireland Climate Change Adaptation Programme, and climate risk in separate reports from The Scottish Fiscal Commission, the European Commission, and the Inevitable Policy Response, as well as the usual articles and upcoming events. IRELAND Institute shortlisted for Business & Finance ESG Award Chartered Accountants Ireland is delighted to have been shortlisted for a Business & Finance ESG Award in the Company Award (SME) category. Now in their third year, these Awards shortlist across 18 categories reflecting the evolving ESG landscape and showcasing the successes of ESG initiatives and examples of best practice. The Institute was proud to share details in our submission of the measures we have taken so far to embed sustainability in the Institute, both in Dublin and Belfast. New offshore wind industrial energy strategy introduced Last week Ireland launched a new offshore wind industrial strategy that aims to build a successful, vibrant, and impactful new offshore wind energy (OWE) sector in Ireland with significant value and creating up to 5000 jobs by 2030. The overarching objective of Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy is to maximise the industrial development opportunity arising from OWE production in Ireland so as to create clean, green, renewable industries of the future. The strategy has 40 actions for implementation in 2024 and 2025 and was developed in collaboration with other government departments and agencies. Some of the key actions to be advanced in this initial iteration include exploring the concept of Green Energy Industrial Parks, establishing an OffShore Wind Centre of Excellence, driving scale in the offshore wind supply chain and building on international strategic partnerships. Right to request remote/flexible working arrangements introduced The right to request remote working arrangements for all employees and the right to request flexible working arrangements for parents and carers was brought into operation last week. Following a public consultation, which the Institute fed into (you can read our submission here) the Code of Practice for Employers and Employees Right to Request Flexible Working and Right to Request Remote Working was also approved and published. The code is available on the WRC’s website Sustainable Finance The Department of Finance has published an update to the Ireland for Finance strategy, which looks to further establish Ireland as the recognised global location of choice for specialist international financial services. The 2024 Action Plan, published last week, details various key measures to realise this ambition, in collaboration with public and private sector stakeholders, including Chartered Accountants Ireland, where it highlights the Institute’s embedding of certain pillars of sustainable finance, for example, regulation, reporting and assurance, within its student and continuing professional education programmes, as well as outreach programmes. Separately, the Central Bank of Ireland recently published its Regulatory and Supervisory Outlook 2024 (RSO). One such risk identified is Climate and other environmental-related risks, i.e. physical climate risk, transition risk and litigation risk, which it describes as “no longer simply emerging risks but reflect[ing] present day realities that are getting more severe and impactful and unpredictable as time goes by”. On sustainable finance, the report notes that “[t]o support the transition to net zero, it is imperative that investors are fully informed, and in no way misled, regarding the stated sustainability credentials of financial products”, and identifies as particular areas of risk ‘ESG disclosures’ and ‘poor ESG data quality’. The Impacts of Electric Vehicles Uptake and Heat Pump Installation on the Irish Economy - December 2021 The Department of Finance has published a link to a paper examining the economic and environmental impacts of the adoption path of electric vehicles (EVs) and home retrofitting in the form of heat pumps (HPs) projected in the recent Climate Action Plan for Ireland. The paper’s results show that an increase in the carbon tax has substantial impacts on emission reduction. It also finds that EV adoption and HP installations can further reduce emissions but to a lesser degree than the carbon tax increase. The results prove the importance of simultaneous use of carbon taxation and electrification of transport and home heating, where carbon taxation increases the benefits of adopting low carbon technologies and adoption reduces the costs of carbon taxation. ‘What Can Natural Capital Accounting Do For Us?’ The National Economic and Social Council (NESC) held an event this week to discuss the potential of natural capital accounting in Ireland, examining the fundamental question: What Can Natural Capital Accounting Do For Us? Natural Capital Accounting (NCA) involves including environmental data in the national economic accounts and valuing the many benefits nature provides, like clean air, water and biodiversity. The event followed the recent publication of the NESC report “Natural Capital Accounting: A Guide for Action.” Research updates on travel in Ireland published Figures released by the Central Statistics Office (CSO) this week show a continued growth in the number of electric and plug-in hybrid vehicles licensed in Ireland. The number of new electric cars licensed increased by 7 percent from 4,583 in the first two months of 2023 to 4,896 in the first two months of 2024. Research released separately by the National Transport Authority (NTA) suggests that walking and cycling take 680,000 cars off the road each day in Ireland’s five largest cities (Dublin, Cork, Galway, Limerick/Shannon and Waterford). The figures were from NTA’s largest-ever survey of walking, wheeling and cycling in Ireland, which also found that the annual economic benefit from walking, wheeling and cycling in the five metropolitan areas each year is over €3bn. The above coincides with the opening of a public consultation from 12 March until 3 May on the development of Shared Mobility Hubs, where a range of shared travel options – including, for example, shared bikes, electric bikes or e-cars – come together and can be accessed in one place by people who need them. NORTHERN IRELAND & UK Call for evidence on Northern Ireland Climate Change Adaptation Programme Climate NI, on behalf of the Department of Agriculture, Environment and Rural Affairs (DAERA), are asking for a contribution to the next Northern Ireland Climate Change Adaptation Programme (NICCAP3). Information is being sought for planned or ongoing projects during the period 2024-2029 which will address the impacts of climate change in Northern Ireland. Adaptation action can take many forms, and the UK Climate Change Committee has grouped the risks into 13 different systems where action is required (e.g. water supply, buildings, nature, business etc.). Relevant projects should relate to one or more of these systems, be ongoing or planned during the period 2024-29, and reduce vulnerability to climate change in NI by protecting or enhancing an asset, area or group from the impacts of climate change; filling an evidence gap to improve understanding or decision-making; or improving governance, policies and procedures to enable either of the first two options. The call for evidence will close on Friday 12 April 2024. Climate risk and the cost of net zero – Scotland The Scottish Fiscal Commission has analysed the implications for the Scottish public finances of meeting Scotland's statutory emissions target to reach net zero by 2045, adapting to climate change and handling the damage it will cause. In its publication Fiscal Sustainability Perspectives: Climate Change, the Commission reported that unmitigated climate change (i.e. climate change that is allowed continue without any efforts being made to stop it) would have catastrophic impacts on individuals, businesses and the public finances. In line with the Paris Agreement, both the Scottish and UK Governments are committed to help limit global warming through their own emissions targets, but these actions will impose costs on the public sector, as will the need to adapt to and deal with damage from climate change. EUROPE A report released this week shows that the EU’s objectives under the European Green Deal are attainable if the actions planned are fully implemented.The 8th Environment Action Programme (EAP) mid-term review also points to the positive economic and social impacts of achieving the goals, for example, in terms of improving wellbeing, health, resilience, or security of supply. Many planned actions, such as legislative changes have been delivered, but it is too early to assess their impact on the environment as they are yet to be implemented on the ground. Europe is the fastest warming continent in the world, and climate risks are threatening its energy and food security, ecosystems, infrastructure, water resources, financial stability, and people’s health. According to the first European Climate Risk Assessment (EUCRA) on behalf of the European Environment Agency’s (EEA), many of these risks have already reached critical levels and could become catastrophic without urgent and decisive action. Responding to the publication of the report, the European Commission published a Communication on managing climate risks in Europe, which sets out how the EU and its Member States can better anticipate, understand, and address growing climate risks. It further presents how they can prepare and implement policies that save lives, cut costs, and protect prosperity across the EU. The European Parliament has adopted measures to reduce road transport emissions from passenger cars, vans, buses, trucks and trailers. Vehicles will need to comply with the new standards for longer, ensuring they remain cleaner throughout their lifetime. An Environmental Vehicle Passport will be made available for each vehicle and contain information on its environmental performance at the moment of registration (such as pollutant emission limits, CO2 emissions, fuel and electric energy consumption, electric range, battery durability). The European Court of Auditors is assessing whether European Union and member state policy frameworks and funding for climate adaptation address the effects of climate change effectively. Auditors are looking at the EU Strategy for Adaptation to Climate Change and EU-funded projects on climate change adaptation. Their findings and recommendations are expected in autumn. GLOBAL Unprepared investors at risk as national policies to halt nature loss and deforestation accelerate The policy forecasting body Inevitable Policy Response (IPR) has forecast that progress on nature and land use will ultimately make or break efforts to achieve net zero. The forecast, which was commissioned by the Principles for Responsible Investment (PRI), analysed the trajectory of national environmental policies and their impacts on companies and investors. It forecasts that half of global emission reductions by 2035 are set to come from the land use sector through a combination of policies to end deforestation, lower agricultural emissions, reduce food waste, restore degraded natural ecosystems, and scale nature-based solutions. Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector. If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles ‘The Batmans of this sustainability reporting saga’ Sustainability reporting revolution: UK & EU lead the charge (Acountancy Age) How to make your accountancy practice more sustainable (Accountancy Today) “Nature positive is not a destination – it’s a mindset, a way of working, a cultural shift” (The Currency) Upcoming Events CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual. Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre 20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Mar 15, 2024

Sustainability

Sustainability/ESG bulletin, Friday 8 March 2024

In this week’s Sustainability/ESG bulletin, read about the final progress report on the Climate Action Plan 2023, the ‘4D’ megatrends in Department of Finance economic outlook, the announcement of funding of €34 million for a biodiversity data project, and the launch of a new client advisory panel on Sustainability and ESG by Enterprise Ireland. Also covered is the launch of a circular economy consultation in Northern Ireland and climate measures in the UK Spring Budget, as well as European and global sustainability developments, and the usual articles, resources and events. IRELAND Final progress report on the Climate Action Plan 2023 The Government has published the final progress report on the Climate Action Plan 2023. The Plan was the second annual update of its kind and the first to be prepared under the Climate Action and Low Carbon Development (Amendment) Act 2021. It tracks the actions that were due for delivery and reporting in Q4 2023 and puts the overall implementation rate for the plan at 65 percent, with 188 of 290 actions set out for the year completed. The report calls for the uncompleted actions to be urgently delivered and for challenges to climate action implementation to be dealt with. The delivery rates of committed actions for the year were not equal to the actions set out in the Climate Action Plan, which creates challenges for legally binding EU and national emissions reduction targets. A public consultation on the Climate Action Plan 2024 is open until 5 April. This Plan builds on the Climate Action Plan 2023 by refining and updating the measures and actions required to deliver the carbon budgets and sectoral emissions ceilings. 4D megatrends in Department of Finance economic outlook The Department of Finance has published a presentation by Chief Economist, John McCarthy, on Economic developments and outlook -short- and longer-term prospects for the Irish economy. The presentation includes, among other things, an analysis of the “Mega-trends” (the ‘4Ds’): demographics, decarbonisations, digitalisation and deglobalisation. The forecasts, which were set out by the Department of Finance in its autumn forecasts (Economic and Fiscal Outlook, October 2023), show the trajectory of carbon pricing and the need to mobilise new revenue streams as a result of the transition to carbon neutrality. Funding for biodiversity data project announced The Department of Housing, Local Government and Heritage has announced funding of €34 million for a project that aims to transform Ireland’s approach to biodiversity data. Biodiversity contributes an estimated €2.6 billion each year to the Irish economy through ecosystem services – such as water or air quality, soil fertility or pollination services – as well as benefits to human quality of life and mental health. Led by the NPWS and supported by the Department of Agriculture, Food and the Marine and Coillte Nature, the new LIFE Strategic Nature Project will bring biodiversity information from multiple sources together to enable enhanced decision-making and support better tracking of progress towards targets. Ireland's human rights obligations periodic review publishes The Department of Foreign Affairs has announced that the expert body responsible for examining Ireland’s implementation of the human rights obligations has published its Concluding Observations on the fourth periodic report of Ireland. The report, issued by the UN Committee on Economic, Social and Cultural Rights, was published following Ireland’s engagement in a review process in February which took account of Ireland’s progress in realising economic, social and cultural rights since the last review in 2015. Progress included adopting the Gender Pay Gap Information Act 2021, Pathways to Work (2021-2025), the Roadmap for Social Inclusion (2020-2025), and others. Recommendations on where further advancements can be made included advancing gender equality, improving data collection, furthering the business and human rights agenda, and combatting discrimination. Enterprise Ireland launches new client advisory panel on Sustainability and ESG Enterprise Ireland has launched new client advisory panels, including on Sustainability and ESG, to examine practical responses to the challenges and opportunities faced by Irish businesses within a rapidly evolving global trading environment. The panels, which will cover the four themes of Scaling, Entrepreneurship, Sustainability & ESG and Local Enterprise, bring together entrepreneurs and senior business leaders to advise on Enterprise Ireland strategy and service delivery. NORTHERN IRELAND Circular economy consultation launches in UK A new consultation has been launched by the Department of Agriculture, Environment and Rural Affairs on how Northern Ireland can improve recycling and waste management to achieve that ambition. Entitled ‘Rethinking Our Resources: Measures for Climate Action and a Circular Economy in NI,’ the 12-week consultation has 26 proposals for change, including the possibility of recycling a wider variety of materials in kerbside bins, enhancing food waste collections and reducing the amount of residual waste allowed. The consultation is open until 5pm on 30 May 2024. Funding for offshore wind and carbon capture in UK Spring Budget 2024 An extra £120 will be allocated to the Green Industries Growth Accelerator to build supply chains for offshore wind and carbon capture and storage, it was announced this week, as UK government published its ‘Budget for Long-Term Growth’. Find more coverage of the UK Spring Budget by Chartered Accountants Ireland here. EUROPE (From our friends in Accountancy Europe): A report has found that the majority of SMEs’ green finance practices are self-financed, with only 35 percent of the 1,232 surveyed having made use of external financing in sustainability investments. The report, published by the EU Platform on Sustainable Finance in January 2024, investigated how the EU’s Taxonomy and sustainable finance framework are helping financial and non-financial actors transition to net zero. Its dedicated section on SMEs presented findings and market trends on SMEs’ sustainable transition practices and show that a significant majority of the surveyed SMEs (58 percent) have already invested in sustainable projects. There are variations across sectors: 69 percent of manufacturing companies, 51 percent of services firms and 54 percent of trading companies have done so, with investments increasing with the size of the SME. The EU Parliament and Council have reached provisional agreement on new rules that ban products made with forced labour from the EU market. The new regulation would create a framework for enforcing this ban, including through investigations, new IT solutions and cooperation with other authorities and countries. The forced labour regulation focuses on products and will not place additional due diligence requirements on companies that do not use forced labour in their supply chains; however, it is often associated with the Directive on Corporate Sustainability Due Diligence (CSDDD) that was provisionally agreed between Parliament and Council, but that has so far not been given final approval from the Council. The European Parliament and Council have also reached a provisional agreement on revamped rules to reduce, reuse and recycle packaging, increase safety and boost the circular economy. The new measures aim to make packaging used in the EU safer and more sustainable, by requiring all packaging to be recyclable, minimising the presence of harmful substances, reducing unnecessary packaging, boosting the uptake of recycled content and improving collection and recycling. It sets packaging reduction targets (5 percent by 2030, 10 percent by 2035 and 15 percent by 2040) and requires EU countries to reduce, in particular, the amount of plastic packaging waste. Parliament and Council need to formally approve the agreement before it can enter into force. GLOBAL The fourth annual IFAC and AICPA & CIMA State of Play of global sustainability disclosure and assurance practice has published. The State of Play: Sustainability Disclosure and Assurance benchmarking studies captures and analyses the extent to which companies are reporting and obtaining assurance over their sustainability disclosures, which assurance standards are being used, and which companies are providing the assurance service. The publication shows that nearly all companies reviewed report at least some ESG information and an increasing majority of companies obtained assurance on at least some of that ESG information. Only three jurisdictions reviewed had assurance rates of 100 percent, however, indicating that there is still work to be done. Also from IFAC: In January 2024, IFAC's Small- and Medium-Sized Practices Advisory Group (SMPAG) heard a presentation about the journey an Italian SMP, Attolini, Spaggiari & Associati, has taken in becoming a B Corporation. Find out more here. A recently published update to the ‘Oxford Offsetting Principles’ is calling for ‘a major course-correction’ in carbon markets. The Principles, first published in 2020 by the University of Oxford, outline how offsetting needs to be approached to help achieve a net zero society. The revised Principles underscore the core components of the original Principles, calling for a major course-correction in carbon markets and offsetting practices, while also clarifying aspects of the Principles for net zero alignment in areas where authors felt further detail would be beneficial to users. Find out more here Technical RoundUp (From our colleagues in Professional Accounting) EFRAG has launched three educational videos dedicated to the ESRS Listed SME and Voluntary SME Exposure drafts, which were released for public consultation in January. IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The International Sustainability Standards Board (ISSB) has released its February 2024 update and podcast, which reflects on topical matters in the month. 1,000+ companies, investors and regulators met on 22 February at the IFRS Sustainability Symposium in New York City to exchange insights on the introduction of the ISSB. To support regulators as they plan their journey to adopt the Standards the IFRS Foundation has published the Preview of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards. Did you know? Did you know that this week in Ireland was National Tree Week? Many events around the country were supported by the European Commission, which has a #3BillionTrees Pledge by 2030. The EU also has a new For Our Planet campaign, which aims to encourage citizens and civil society to take action for our planet, including by planting trees. Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector. If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles Chartered Accountants and the UN Sustainable Development Goals (Accountancy Ireland - The Bottom Line) Green tax issues in Budget may not be enough to meet UK's net zero (AccountingWeb) SEC Scales Back New Pollution-Disclosure Rules for Companies (Bloomberg) Green audits are coming for a company near you (Financial Times) Upcoming Events NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh ICAEW, The EU Carbon Border Adjustment Mechanism (CBAM) - what does it mean for UK businesses? What will the EU's Carbon Border Adjustment Mechanism mean for UK businesses exporting to the EU? 13 March, 12:00 - 13:00 GMT, Zoom CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual. Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre 20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Mar 08, 2024

Sustainability

Sustainability/ESG bulletin, Friday 1 March 2024

In this week’s Sustainability/ESG bulletin, read about the Institute’s Sustainability Officer Susan Rossney’s contribution to Ireland’s 5th National Climate Stakeholder Forum. Also covered is the EPA’s study Climate Change in the Irish Mind, statistics on Ireland’s progress on social, economic, environment, education and health metrics, the requirement for credit unions to consider gender in board appointments and sustainability updates from the latest InterTradeIrelands’ Business Monitor. The European Parliament’s approval of the Nature Restoration Law and other updates from Europe are also included, along with the usual resources, articles, and upcoming events. IRELAND Chartered Accountants Ireland speaks at the 5th National Climate Stakeholder Forum Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., this week hosted the 5th National Climate Stakeholder Forum (NCSF) in the Convention Centre Dublin. The NCSF is a central pillar of the National Dialogue on Climate Action (NDCA), Ireland’s national programme to engage, enable and empower stakeholders and citizens across society to take climate action. Chartered Accountants Ireland was represented at the Forum by Institute’s Sustainability Officer Susan Rossney, who spoke about the risks and opportunities presented to business by climate change. ‘Climate Change in the Irish Mind’ report publishes Ireland’s Environmental Protection Agency (EPA) this week launched its second Climate Change in the Irish Mind report. The report, which first published in 2021, provides an overview of the Irish public’s beliefs, attitudes, policy preferences and behaviours regarding climate change. This edition shows that 79 percent of Irish people say climate change should be either a “high” or “very high” priority for Government, and that most people in Ireland believe climate action will provide opportunities to create new jobs (56 percent) and improved quality of life (74 percent). 95 percent of participants were in favour of spending receipts from carbon tax on funding improvements to transport infrastructure, with other popular spending options including the developing new clean energy sources, helping to pay for energy efficiency improvements in low-income households, and funding programmes to help Irish communities prepare for and adapt to the impacts of climate change. CSO publishes Measuring Ireland’s Progress 2022 Figures released by the Central Statistics Office (CSO) this week have shown that Ireland's greenhouse gas emissions were 12.3 tonnes per capita in 2021, which was the second highest in the EU27 after Luxembourg (14.7 tonnes per capita). They also reveal an increase in the amount of municipal waste generated in Ireland, along with a rise in the proportion of that waste recovered (recycled, composted, or incinerated for energy) over the same period. The figures were published in Measuring Ireland's Progress 2022, the twentieth annual report in a series that aims to provide an overall view of the social, economic, environment, education and health situation in Ireland, and how Ireland compares in these areas with other European countries. Budgeting for Climate Change – the Irish Fiscal Advisory Council conference The Irish Fiscal Advisory Council recently held its eighth annual conference on long-term public finance issues, in which it revisited the theme of budgeting for climate change. The programme and conference materials are available here, and include presentations on the most likely transition path and policy implications of carbon budgets, green budgeting in the EU, what climate change means for Ireland’s public finances, and fiscal implications of climate change for the UK. Requirement for credit unions to consider gender in board appointments Credit unions will be required to consider gender in the identification of prospective candidates for appointment to boards of directors from 8 April 2024. This is further to the provisions set out in the Credit Union (Amendment) Act 2023, which was signed into law in December 2023 and is being commenced in phases. No date has been set yet for commencement of the provisions for environmental, social and governance policy to be included as a policy for the board to approve or for the change to approval of policies every three years. Read more in this analysis from Chartered Accountants Ireland. Chartered Accountants Ireland publishes policy paper on climate goals Chartered Accountants Ireland last week published a position paper Achieving Our Climate Goals. The paper acknowledges that Ireland’s transition to a net-zero nature-positive economy and society requires significant societal change. Businesses will play a key role but only with the right policy framework in place. The paper, which is part of our Next Financial Year series of position papers, groups our recommendations under three headings: communication and awareness-raising; training and education; and targeted financial supports. Watch coverage on RTÉ last week. NORTHERN IRELAND The latest Business Monitor from InterTradeIreland reveals that sustainability and net-zero are important to two-thirds of businesses surveyed, but only 20 per cent actually have a plan, with 17 percent developing one. The survey of over 750 companies found that of those businesses that don’t yet have a net-zero plan in place, 7 in 10 don’t foresee themselves developing one in the next 5 years. Commenting Martin Robinson InterTradeIreland’s Director of Strategy described it ‘short-sighted’ for SMEs not to start to think about sustainability, commenting that “The transition to a low-carbon world is lifting technology investment and is attractive to funders… Increasingly, larger companies and public sector organisations are seeking green credentials from smaller companies in their supply chains…. At this point, business should start to explore the support available.” The study also found that businesses are now more aware of the circular economy as a means to reuse resources and to reduce cost and wastage, with 63 percent of firms saying they incorporate circular economy principles, with a further 15 percent working towards this. EUROPE The European Parliament has voted to approve the Nature Restoration Law to restore degraded ecosystems in all Member States, help achieve the EU’s climate and biodiversity objectives and enhance food security. To reach the overall EU targets, Member States must restore at least 30 percent of habitats covered by the new law (from forests, grasslands and wetlands to rivers, lakes and coral beds) from a poor to a good condition by 2030, increasing to 60 percent by 2040, and 90 percent by 2050. On adoption by Council, the law will be published in the EU Official Journal before entering into force 20 days later. The European Commission has called on Ireland to improve its National Energy and Climate Plan to ensure collective achievement of the EU’s 2030 targets. An assessment recently published by the Commission included recommendations to assist Ireland, as well as Belgium and Latvia, in raising their ambitions in line with EU targets for 2030. A report into investment barriers in the European Union published by the European Investment Bank (EIB) Group has identified factors that risk slowing down investments in climate-adaptive infrastructure. Also published by the European Investment Bank this week was an overview of its contribution to climate action and environmental sustainability. The publication details the EIB’s activities in the sector, highlighting key projects and illustrating the Bank’s input in financing and advising countries, regions and cities. (From our colleagues in Tax and Public Policy): Director-General Gerassimos Thomas has published an opinion piece on the Carbon Border Adjustment Mechanism (CBAM) and how carbon pricing supports the long-term investment needed for the green transition. In the article, he notes that since the introduction of the EU Emissions Trading System in 2005, there has been a 37 percent reduction in power and industrial emissions up to 2021, with EU GDP growing more than 50 percent in the same period. The CBAM is the next phase in the EU’s commitment to a greener, brighter future for Europe and its global trade partners. GLOBAL The Coalition of Trade Ministers on Climate met this week to identify ways for trade policy to drive decarbonisation efforts and contribute to sustainable development. The Ministerial-level global forum was set up in January 2023, and is dedicated to trade and climate and sustainable development issues. It aims to foster global action to promote trade policies that can help address climate change through local and global initiatives. Did you know? Chartered Accountants Ireland has launched two new Diplomas in Sustainability, starting in March 2024? Diploma in Sustainability Reporting Diploma in Auditing and Assuring Sustainability Reporting. Here is a link to the YouTube recording of the recent information session on the new Diplomas. Articles Three ways AI could help you reach your sustainability goals in 2024 (Accountancy Ireland) Old laptops, smartphones and tablets gathering dust in a drawer? Here’s how to put them to good use (Irish Times) Climate study says Midleton 'dodged a bullet' during 2023 flood (Irish Times) Irish public very aware of climate change, but confusion over causes and solutions persists (Irish Independent) Government acted unlawfully by approving climate plan, High Court told (Belfast Telegraph) Climate change should be prominent on Northern Ireland Executive agenda (Irish Times) European Parliament passes Nature Restoration Law despite political backlash (Irish Times) EU countries already hitting some of their sustainable energy targets for 2030 (The Guardian) What the ‘just transition’ means for green investors (Financial Times) Upcoming Events Trinity Business School, Trinity Business Forum 2024 SustainAIbility: Climate Change and AI; Implications for Business and Society An opportunity to engage in a critical conversation on how AI and climate change are reshaping business and society. Be part of Trinity Business Forum 2024, where we confront these challenges and seek sustainable solutions together. 7 March, 13:00 - 18:30, In person, Trinity Business School, Dublin NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh ICAEW, The EU Carbon Border Adjustment Mechanism (CBAM) - what does it mean for UK businesses? What will the EU's Carbon Border Adjustment Mechanism mean for UK businesses exporting to the EU? 13 March, 12:00 - 13:00 GMT, Zoom CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual. Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 27 March, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Mar 01, 2024

Sustainability

Sustainability/ESG bulletin, Friday 23 February 2024

In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s new policy paper Achieving our Climate Goals which featured on RTÉ News. Also covered in Irish news is a new project for SMEs to implement effective sustainability measures, the Government’s call for SDG Champions, ESRI’s finding on active travel schemes, and details of flood supports for businesses in Northern Ireland. You can also read about European developments, including the first EU-wide voluntary framework for the certification of high-quality carbon removals, and a report showing that the largest global companies are providing more detail and breadth in their sustainability reporting. The technical updates, along with the usual resources, articles, and upcoming events are also covered. IRELAND Chartered Accountants Ireland publishes policy paper on climate goals Chartered Accountants Ireland has published a position paper Achieving Our Climate Goals, putting forward recommendations for accelerating Ireland’s transition to a net-zero nature-positive economy and society. This transition requires significant societal change in which Businesses will play a key role. However, they can only deliver with the right policy framework. Achieving Our Climate Goals, with is part of our Next Financial Year series of position papers, groups our recommendations under three headings: communication and awareness-raising; training and education; and targeted financial supports. Addressing the climate challenge calls for a whole-of-government approach. We encourage the Government to consider these proposals and lead on this critical issue. RTÉ news clip. Non-Executive Directors attend event on 'net zero' An Post hosted the first Chapter Zero Ireland event of 2024 in their new Headquarters at the Exo Building in Dublin Port. Chartered Accountants Ireland were delighted to support the event which attended by non-executive directors of Irish medium and large sized companies, PLC’s and State Bodies. Members of Chartered Accountants Ireland who are non-executive directors can apply for free membership of Chapter Zero Ireland using this link. 2024 Basic Income Support for Sustainability scheme opens for applications The Department of Agriculture, Food and the Marine has opened the application process for the 2024 Basic Income Support for Sustainability (BISS), Complementary Redistributive Income Support for Sustainability (CRISS), Eco-Schemes and the other related schemes. The BISS is designed to provide a direct income support to Irish farmers to underpin their continued sustainability and viability. The closing date for BISS applications in 2024 is Wednesday 15 May 2024. Farmers and advisors are urged to avail of the early opening of the application process rather than waiting until nearer the closing date. New project for SMEs to implement effective sustainability measures Business owners and advisers have reportedly been invited to take part in a new €1.6 million international Target Circular project to help SMEs implement effective sustainability measures. The project is a collaboration between institutions in Ireland, Finland, Norway, Iceland and Sweden, and is led by the Hincks Centre of Entrepreneurship Excellence, with the support of Circular Bioeconomy Cluster Southwest, at MTU. It builds on recent research into how businesses can use a more scientific approach to decision-making. Report sees Ireland rank 8/14 of EU countries on UN SDGs A report from Social Justice Ireland (SJI) has shown that Ireland ranks 8th out of 14 comparable EU countries in this year’s Sustainable Progress Index. The report, Measuring Progress: Sustainable Progress Index 2024, ranks 14 comparable EU countries based on their delivery of the UN’s Sustainable Development Goals (SDGs) and ranks countries in the categories of economy, society and environment. Ireland is ranked 9th out of the 14 countries on the economy ranking, 7th on the social index, and is towards the bottom of the ranking on the environment, highlighting the major challenges Ireland face in meeting the environmental goals set out in Agenda 2030. Call for organisations and groups to be Sustainable Development Goal Champions The Department of the Environment, Climate and Communications is now seeking Expressions of Interest for participants in the 2024–25 Sustainable Development Goal (SDG) Champions Programme. The programme aims to help raise awareness of the importance of the SDGs as the cornerstone of a fair, prosperous and sustainable future for all. Applications will be accepted in written or video format up to 5pm on Monday, 1 April 2024, and further information on the SDG Champions Programme, and how to apply, can be found on the department's website. ESRI research finds that active travel schemes have more positive effects than people expect New research from the ESRI has found that the impact of active travel schemes is often more positive than people expect. The study, undertaken by the ESRI’s Behavioural Research Unit, reviewed international evidence on the effects of infrastructure changes designed to promote cycling and walking, including the impact on communities and public opinion. Knock-on effects on local food and retail businesses tend to be positive or neutral, while such schemes can also reduce traffic congestion. NORTHERN IRELAND Flood support programme for businesses in Northern Ireland The Department of the Economy has made available details of a flood support programme for businesses affected by recent flooding, as well as two hardship schemes to provide support for businesses and some other non-domestic premises that were impacted by the flooding but were not eligible for the previous £7,500 payment or the Enhanced Flood Support Scheme. The Enhanced Flood Support Scheme will provide further support to businesses that were directly flooded following the severe weather in late October and early November. It will be delivered by district councils and is in addition to the £7,500 grants and rates relief that has been provided to date to affected businesses. Net zero target forms part of Minister’s vision for Northern Ireland economy Northern Ireland's Minister for the Economy, Conor Murphy, has highlighted carbon emissions reduction in a statement last week setting out his vision for the future of the Northern Ireland economy. Speaking in the Assembly, the Minister set out four key priorities as part of a new Economic Mission, which included creating good jobs, promoting regional balance, improving productivity and reducing the region’s carbon emissions. The Minister commented: “Reaching Net Zero by 2050 is a legal requirement and a moral obligation to the wellbeing of future generations. Done right, the transition can also generate prosperity for all.” The statement comes as farmers in Northern Ireland acknowledge that climate change is having a local impact, with more frequent heavy rainfall events, increasing numbers of storms and more erratic weather patterns. EUROPE The European Commission has welcomed provisional agreement between the European Parliament and the Council on the first EU-wide voluntary framework for the certification of high-quality carbon removals. This new framework will certify carbon removals and carbon farming to ensure that they are transparent and trusted, preventing greenwashing and creating new business opportunities. Once the European Parliament and Council have formally approved the agreement, the new legislation will be published in the Official Journal of the Union and enter into force. A European Environment Agency (EEA) briefing has found that recycling, repair, re-use or reducing material consumption through circular business models can provide important additional reductions in greenhouse gas emissions helping to boost Europe’s climate change mitigation efforts. The European Commission has announced it is investing over €233 million in 12 new Strategic Projects across Europe, including in Ireland, under theLIFE programme to support the implementation of the EU's environmental and climate ambitions under the European Green Deal. Provisional political agreement has been reached between the European Parliament and the Council on the revised Ambient Air Quality Directive. Once adopted, the new law will set 2030 EU air quality standards aligned more closely with the WHO global air quality guidelines. Once the deal has been adopted by Parliament and Council, the new law will be published in the EU Official Journal and enter into force 20 days later. EU countries will then have two years to apply the new rules. GLOBAL Report shows more detail being provided in sustainability reporting A report has been published by the International Federation of Accountants (IFAC) with AICPA & CIMA that shows the largest global companies are providing more detail and breadth in their sustainability reporting, and also are obtaining a greater scope of assurance on those disclosures. The report, The State of Play: Sustainability Disclosure and Assurance 2019-2022, Trends and Analysis, finds that progress is being made but highlights the need for companies worldwide to move toward a global system of sustainability disclosure requirements. OECD publishes policy paper on climate adaptation by local governments A policy paper, Climate adaptation: Why local governments cannot do it alone, has been published by the Organisation for Economic Co-operation and Development (OECD), providing an overview and a discussion of the roles and responsibilities for climate adaptation across levels of government. The paper argues that co-operation across levels of government is needed to strengthen adaptation at the local level. Did you know? The International Ethics Standards Board for Accountants (IESBA) are hosting a series of global webinars on the proposed International Ethics Standards for Sustainability Assurance and Reporting. This Code of Ethics will be applicable by all sustainability assurance providers, regardless of professional backgrounds, as well as professional accountants involved in sustainability reporting, whether in business or in public practice. The first webinar took place on 22nd February 2024, with a further two scheduled for 27 February and 5 March. Technical Roundup (From our colleagues in Professional Accounting) EFRAG, the European Financial Reporting Advisory Group has released the first set of technical explanations to assist stakeholders in the implementation of the ESRS. Last year, EFRAG launched its ESRS Q&A platform to collect and answer technical questions. The platform is a useful resource for CSRD reporters and will be updated with further responses in future. Sustainability Diplomas Chartered Accountants Ireland has launched two new Diplomas in Sustainability in March 2024: Diploma in Sustainability Reporting Diploma in Auditing and Assuring Sustainability Reporting. Here is a link to the YouTube recording of the recent information session on the new Diplomas. ARTICLES SMEs need significant Govt support to meet climate goals, says Chartered Accountants Ireland (RTÉ) Global carbon markets value hit record $949 bln last year - LSEG (Reuters) The uninsurable world: what climate change is costing homeowners (Financial Times) World needs 'trillions' for climate action, says COP28 president (RTÉ) TV Series - An Optimist's Guide to the Planet “A show about solutions and the people and the people behind them" A series about people across the globe who are helping drive humanity toward a brighter, more sustainable future, with Nikolaj Coster-Waldau (aka Game of Throne’s Jaime Lannister). ( Watch trailer) UPCOMING EVENTS A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00 ISFCOE Unpacking COP28 and looking forward to COP 29: How Transition Finance Underpins our Net Zero and Nature Positive Future Convening leaders from the public and private sectors for a series of high-level dialogues, this event will reflect on recent COP28 outcomes while looking forward to COP29 in Baku in mid-November (and October’s Biodiversity COP16). Discussions will delve into the financial solutions, products and architecture required to support the meeting of net zero and nature positive targets, while maintaining social and economic balance. 27 February, 09:15 – 16:15 NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00 National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 28 February, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Feb 23, 2024

Sustainability

Sustainability/ESG bulletin, Friday 16 February 2024

In this week’s Sustainability/ESG bulletin, read about a new €21 million grant scheme to boost Ireland’s EV charging infrastructure. Also covered is a public consultation on Ireland’s Draft National Energy and Climate Plan, a report into Ireland's progress on UN SDG goals, a call for ‘all-island’ approach on energy and climate, and an International Energy Agency pledge to strengthen energy security and accelerate clean transitions. You can also read about European developments and the usual resources, articles, and upcoming events. IRELAND €21 million grant scheme to boost EV charging infrastructure The Minster for Transport, Eamon Ryan T.D. has announced the launch of a new €21m scheme to accelerate the development of high-powered Electric Vehicle (EV) charging infrastructure across Ireland’s road network. The scheme targets publicly available facilities within 3km driving distance of the motorway/dual-carriageway network, such as service area operators, hotels, and retail outlets. Future schemes, which will be rolled out over the coming year, will continue to target other parts of the road network as well as recharging at destinations and in neighbourhoods. Further information is outlined in the scheme brochure which is available on EV Scheme, and all submissions are to be made via eTenders before noon on 10 April 2024. Consultation on Ireland’s Draft National Energy and Climate Plan A public consultation has been launched on an updated draft of Ireland’s National Energy and Climate Plan (NECP). The NECP, which covers 2021 to 2030, focuses on the actions Ireland is taking to meet its EU 2030 targets for greenhouse gas emission reductions, renewable energy, energy efficiency and electricity interconnection, as mandated by EU Regulations and Directives. The aim of this consultation is to engage stakeholders and gather valuable feedback that will inform and shape a final version of the NECP. The closing date for submissions is 5.30pm, on 7 March. Report into Ireland's progress on UN goal to eliminate poverty The latest report on Ireland’s progress against the United Nations Sustainable Development Goals (UN SDGs) has published, with data on 13 indicators for Ireland, divided over four chapters: Poverty, Housing, Environment, and Financial Support. The publication, which was developed by the Central Statistics Office (CSO) in collaboration with the Department of Social Protection, shows an increase in a number of key indicators in Goal 1, such as financial support, but also in consistent poverty and ‘at risk of poverty’. Slight drop in number of new electric cars licensed in Ireland Figures from the Central Statistics Office (CSO) show a 1 percent drop in the number of electric cars licensed for the first time: 14 percent in January 2024, compared with 15 percent in January 2023. There was no change to the number of diesel cars licensed and a 37 percent increase in the number of used cars licensed. Migratory species at risk of extinction One in five migratory species is at risk of extinction, according to a new report by the United Nations. The news comes as the Government-backed national platform, Business for Biodiversity Ireland platform, calls on Irish businesses of every size and sector to come together to accelerate action for nature by signing up to their members’ hub. IRELAND AND NORTHERN IRELAND Report calls for ‘all-island’ approach on energy and climate The Confederation of British Industry (CBI) Northern Ireland and business membership organisation Ibec have jointly published a report calling for an ‘all-island’ approach to energy security and climate challenges. The report is titled ‘Shared Energy Futures Report’, and its key recommendations include embracing new opportunities for All-island collaboration and policy alignment on energy and climate action, providing greater regulatory and policy certainty for investors in the green transition, and cooperating to address skills gaps, supply chain constraints, and shared transition challenges. EUROPE The Internal Market and Environment committees adopted their position on the rules on how firms can validate their environmental marketing claims (Read more) EU co-legislators have reached provisional agreement on a revamp of EU economic governance, making it clearer, investment friendly, more tailored to each country’s situation, and more flexible (Read more) The Transport Committee is pushing for “greener” trucks and buses, with MEPs saying that zero-emission trucks and buses could be longer and heavier to reduce the number of trips they make and to help the climate transition (Read more) Accountancy Europe has published its February 2024 Sustainability Newsletter (Read it here) GLOBAL International Energy Agency pledges to strengthen energy security Energy and climate ministers representing close to 50 countries have pledged to strengthen energy security and accelerate clean transitions to keep 1.5 °C target alive. The major gathering of high-level energy decision makers at the meeting the International Energy Agency (IEA) was co-chaired by France and Ireland. In addition to discussing membership talks with India and the launch of a critical minerals security programme, IEA ministers recognised the significant focus on energy in the outcomes of COP28 and directed the IEA to take a leading role in ensuring their implementation. OECD publishes policy paper on climate adaptation by local governments A policy paper, Climate adaptation: Why local governments cannot do it alone, has been published by the Organisation for Economic Co-operation and Development (OECD), providing an overview and a discussion of the roles and responsibilities for climate adaptation across levels of government. The paper argues that co-operation across levels of government is needed to strengthen adaptation at the local level. Did you know? $2.4 trillion in funds will reportedly be needed each year by 2030 to keep global climate goals “within reach”. RESOURCES Sustainability Diplomas Chartered Accountants Ireland is launching two new Diplomas in Sustainability in March 2024: a Diploma in Sustainability Reporting and a Diploma in Auditing and Assuring Sustainability Reporting. Watch back: Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships Click here to find links to our webinar on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements, with speakers David Codd and Paul Power. Carbon accounting – a software guide Chartered Accountants Australia and New Zealand (CAANZ) has published a Carbon Accounting Software Guide which explores the two predominant tracking methods of tracking and reporting on carbon emissions - Spend Tracking and Activity Tracking. ARTICLES Carbon Brief explores how a new government in Northern Ireland might approach tackling climate change (Carbon Brief) Over a third of electricity was produced by wind power last month (RTÉ News) Surge in borrowing to buy electric cars, while green loans for home improvements also up (Irish Independent) Investors Wrestle With the ‘Scope 3 Conundrum’ (Bloomberg Green) How ESG is shaking up accountants’ careers (ICEAW) UPCOMING EVENTS Chapter Zero Ireland Chapter Zero Ireland - a focus on transport journeys and biodiversity The next Chapter Zero Ireland event will be hosted by An Post on 21 February at their Exo Building Headquarters in the Dublin Docklands. The event will present a unique opportunity to gain insights on An Post’s transport journey and how, as a non agri-food business, they are making progress in biodiversity. The session will also feature breakout sessions to allow delegates to share their own perspectives on how boards are thinking about biodiversity. Chartered Accountants Ireland are very proud to be a partner of Chapter Zero Ireland, a community of non-executive directors committed to leading crucial boardroom discussions on the impacts of climate change. Non-executive directors can apply for free membership of Chapter Zero Ireland using this link. Accountancy Europe Supporting SMEs with sustainability information Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition 21 February, 17:00 - 19:00 Brussels time A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00 ISFCOE Unpacking COP28 and looking forward to COP 29: How Transition Finance Underpins our Net Zero and Nature Positive Future Convening leaders from the public and private sectors for a series of high-level dialogues, this event will reflect on recent COP28 outcomes while looking forward to COP29 in Baku in mid-November (and October’s Biodiversity COP16). Discussions will delve into the financial solutions, products and architecture required to support the meeting of net zero and nature positive targets, while maintaining social and economic balance. 27 February, 09:15 – 16:15 NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00 National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 28 February, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Feb 15, 2024

Sustainability

Sustainability/ESG bulletin, Friday 9 February 2024

In this week’s Sustainability/ESG bulletin, we invite readers to take our survey on climate action where we want to to understand your knowledge of supports available for businesses. You can also read about our recent webinar on collaboration between finance and IT teams to create effective sustainability reporting programmes, and two new diplomas from Chartered Accountants Ireland on Sustainability Reporting and Sustainability Assurance. Also covered is Ireland’s Business for Biodiversity members hub, Irish business and human rights, more investment in safe walking and cycling in Ireland, Invest NI's Grow Green programme, European developments, a software guide to carbon accounting, and the usual resources, articles, and upcoming events. IRELAND Chartered Accountants Ireland – The Climate Survey Chartered Accountants Ireland is running a short survey to understand our members’ knowledge of the Irish Government climate targets and the supports available for businesses to help achieve them. Link to survey Watch back: Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships Click here to find links to our webinar from 7 February 2024 on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements. Speakers David Codd and Paul Power discuss how to establish effective collaboration between the finance and IT teams, what pitfalls to avoid and how to build a strong partnership to deliver an effective sustainability reporting programme. Call for Irish businesses to sign up to Business for Biodiversity members’ hub The Business for Biodiversity Ireland platform is calling on Irish businesses of every size and sector to come together to accelerate action for nature by signing up to their members’ hub. The Government-backed national platform's membership function – free until 31 March 2024 – includes an easy-to-follow roadmap which aims to demystify the multitude of biodiversity frameworks, guidance documents and tools for businesses facing new rules on reporting their impacts on nature. Irish business and human rights Trinity Business School’s Centre for Social Innovation has published its latest Irish business and human rights benchmark report into the 50 largest companies in Ireland. The report finds that voluntary action is not driving uptake, with corporate uptake of the UN Guiding Principles for Business and Human Rights (UNGPs) “remaining a work in progress”, with 52 percent of companies assessed scoring 30 percent or less. The Government’s National Action Plan on Business and Human Rights is currently being drafted. Separately, the Irish Human Rights and Equality Commission has told the UN that Ireland is violating the economic, social and cultural (ESC) rights of “entire sections” of Irish society. In its report submitted recently to the UN Committee on Economic, Social and Cultural Rights as part of Ireland’s fourth periodic review, the Commission raised particular concerns over housing and homelessness crises, extreme poverty, income and wealth inequalities and the climate. Ireland to be referred to CJEU on water plans The European Commission has decided to refer Ireland and five other countries to the Court of Justice of the European Union (CJEU) for failure to finalise the revision of their water plans. In a separate decision, the European Commission has called on Ireland to comply with the Urban Wastewater Directive. Ireland has two months to respond and address the shortcomings raised by the Commission, failing which the Commission may decide to issue a reasoned opinion. €1 billion investment by Government since 2020 to prioritise safe walking and cycling The Government has announced investment of €290m in funding to local authorities across Ireland to support the rollout of walking and cycling infrastructure in 2024. This brings to over €1bn the Government’s total investment for active travel infrastructure since 2020. This investment has seen more than 600km of cycling, walking and wheeling infrastructure delivered since 2020 under the NTA Active Travel Programme. The full list of Active Travel projects receiving funding can be found here. NORTHERN IRELAND Ambition To Grow | Go Green programme Invest NI is looking to support ambitious, innovative businesses in the Green Economy offering a product or tradeable service that can create new employment opportunities and grow sales outside Northern Ireland. Through its Ambition to Grow | Go Green programme, it is calling for applications from Northern Ireland businesses that have a focus on sustainable activities. Details of funding levels and eligibility criteria can be found here. EUROPE The European Commission has recommended that the EU reduce greenhouse gas emissions by 90 percent by 2040, compared to 1990 levels. This is an interim target to be achieved by 2040, a ‘steppingstone’ between its 2030 emissions reduction target of 55 percent and its overall goal of ‘climate neutrality’ goal by 2050. By 2022 the bloc had reduced emissions by 32.5 percent compared to 1990. Following a legislative proposal made by the next Commission after the summer’s EU election, the European Parliament and EU members will need to reach agreement before any 2040 target can become enshrined in law. The European Commission this week adopted an Industrial Carbon Management Strategy which presents a framework of the actions necessary to establish a Single Market for CO2. Industrial carbon management involves the use of a range of technologies to capture, store, transport and use CO2 emissions from industrial facilities, as well as to remove CO2 from the atmosphere. The European Parliament and the Council have reached provisional political agreement on the Net-Zero Industry Act (NZIA). The Act is part of the Green Deal Industrial Plan, which sets out how the EU will scale up manufacturing capacity for the net-zero technologies and products required to meet EU's ambitious climate targets. Today's agreement is now subject to the formal approval of both EU co-legislators, and once adopted, will enter into force after its publication in the Official Journal of the EU. The European Parliament and the Council have also reached provisional political agreement on proposed common rules to promote the repair of goods for consumers. Once adopted, the new rules will introduce a new ‘right to repair' for consumers, both within and beyond the legal guarantee, which will make it easier and more cost-effective for them to repair products instead of simply replacing them with new ones. Separately, the European Parliament published an infographic showing facts and figures on E-waste in the EU. GLOBAL Carbon accounting – a software guide Chartered Accountants Australia and New Zealand (CAANZ) has published a Carbon Accounting Software Guide which explores the two predominant tracking methods of tracking and reporting on carbon emissions - Spend Tracking and Activity Tracking. The article describes the pros and cons of each approach, and how to embrace carbon accounting. Did you know? Chartered Accountants Ireland is launching two new Diplomas in Sustainability in March 2024: a Diploma in Sustainability Reporting and a Diploma in Auditing and Assuring Sustainability Reporting. Join us for a virtual open day, including a Q&A, where you can find out more from lead tutor Dr Louise Gorman, Trinity College Dublin. Date: Wednesday 14 February Time: 12.00pm – 1.00pm Register your place now: Webinar Registration - Zoom Resources Entrepreneurship for All Platform A training platform initiative developed by the European Union is now offering three levels of expertise (Beginner, Intermediate, or Advanced), centred around the four pillars of Entrepreneurial Competences; Financial Literacy for Entrepreneurs; Sustainability Competences for Entrepreneurs; and Digital Competences for Entrepreneurs. Find out more here. EENergy Grant Aid Now Open The EEN has launched supports for SMEs in their efforts to improve their energy efficiency including for their buildings, processes and production lines. Find out more here. Articles “Wake-up call”: Big firms’ flakiness on human rights puts them in Brussels’s firing line (The Currency (Subscriber Only)) The Corporate Sustainability Reporting Directive: Getting to grips with double materiality (Accountancy Ireland) Upcoming Events Accountancy Europe Supporting SMEs with sustainability information Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition 21 February, 17:00 - 19:00 Brussels time A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00 A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 GMT Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00 National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. When: Wednesday, 28 February, 14:00-15.30 Where: Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Feb 09, 2024

Sustainability

Watch back: Webinar – CSRD – Building Finance & IT partnerships

Our webinar on 7 February 2024 covered how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements. Speakers David Codd and Paul Power, described how to establish effective collaboration between the finance and IT teams, what pitfalls to avoid and how to build a strong partnership to deliver an effective sustainability reporting programme. ***Watch back here *** Links to resources mentioned in the webinar: Question and Answers Factsheet from Chartered Accountants on the Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards. Webinar: CSRD and SMEs in value chains, Chartered Accountants Ireland at Climate Finance Week Ireland 2023. Webinar: Further your knowledge about the European Sustainability Reporting Standards, 8 June 2023 Dee Moran, Chartered Accountants Ireland, and Orla Carolan, Director in Grant Thornton demonstrate how to navigate the content and disclosures included in the first set of ESRSs. Watch Webinar Webinar: Further your knowledge about the Corporate Sustainability Reporting Directive (CSRD), 23 May 2023 Dee Moran interviewed Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Corporate Sustainability Reporting Directive (CSRD) and what future developments might mean for Irish organisations. You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Feb 08, 2024

Sustainability

Sustainability/ESG bulletin, Friday 2 February 2024

In this week’s Sustainability/ESG bulletin, read about the new Desposit Return Scheme, new funding available for sustainable disruptive technologies, the survey for signatories to the Women in Finance Charter, the report from the Platform on Sustainable Finance, ESG policies in credit unions, Renewable Energy and Net Zero in Northern Ireland, the ECB stepping up its climate work and the new EU law against greenwashing as well as technical roundups, resources, articles, and upcoming events. IRELAND Deposit Return Scheme launches in Ireland The Deposit Return Scheme is now launched across Ireland, meaning that anyone buying a plastic bottle, or an aluminium or steel can with the Re-turn logo will pay a small refundable deposit, which can be returned in full when they bring it back to participating shops and supermarkets. Full details of how the scheme works is on this video (4 min). Funding of €6.8 million announced for sustainable disruptive technology Funding of €6.8 million has been announced for a project under Call 6 of the Disruptive Technologies Innovation Fund (DTIF) in Ireland. The €500 million fund was established under the National Development Plan (NDP) in 2018, and is managed by the Department of Enterprise, Trade and Employment with administrative support from Enterprise Ireland. This brings to €371 million the amount that has been awarded to projects across six DTIF Calls. All projects under Call 6 are expected to demonstrate a positive contribution to the sustainability targets in the Climate Action Plan. Sustainable infrastructure investment manager fund closes The leading listed private equity and sustainable infrastructure investment manager Foresight Group has announced the second close of the AIB Foresight SME Impact Fund. This Fund provides investments of €2-€5 million to companies across Ireland and Northern Ireland, and provides operational guidance, support on implementing sustainable best practices and creating high-quality, local jobs across Ireland. The Ireland Strategic Investment Fund (ISIF) made a commitment of €25 million to the Fund and has so far committed over €600 million as part of its €1 billion climate investment programme. EPA publishes 2023 highlights The Environmental Protection Agency (EPA) has published EPA Highlights 2023, showcasing its work in addressing environmental challenges across Ireland. Highlights include a recorded drop in Ireland’s greenhouse gas emissions in 2022, but a projected shortfall of 21 percent in overall emissions reduction by 2023. Upcoming events for 2024 noted in the publication include the Reporting of annual EU Emissions Trading System results in April, and September’s Circular Economy Conference. Women in Finance Charter survey open The ESRI, the data partner for Ireland’s Women in Finance Charter, has announced it is now collecting, analysing, and reporting on data from signatories to the Women in Finance Charter. Data from this survey will feed into the Women in Finance Chater 2024 report. Firms that signed the Charter committed to achieving greater gender balance across their organisations, setting targets appropriate to the company, and formulating an action plan to achieve these targets. The closing date for the survey is 2 February. Sustainable finance report shows positive impact A new report published by the Platform on Sustainable Finance, an advisory body to the European Commission, shows that the EU sustainable finance framework is being picked up by different market actors as an effective toolkit to navigate the transition to net zero, and has already had a positive impact on the ground. The Platform on Sustainable Finance will present the report “A Compendium of Market Practices” during a webinar on Tuesday 6 February, 13:00 – 14:20 (Brussels time). Credit Unions and ESG policy An amendment to the Credit Union Act 1997 (1997 Act) will see environmental social and governance (ESG) policy for the first time being included as a policy for the boards of credit unions in Ireland to approve, review and update. The new Act amends section 55 of the 1997 Act where the board has obligations to approve review and update plans policies and procedures at least every three years, instead of annually. The amending Act – the Credit Union (Amendment) Act 2023 (2023 Act) - was signed into law in December 2023 but has not yet been commenced. NORTHERN IRELAND Renewable Energy and Net Zero in Northern Ireland A Northern Ireland Affairs Committee inquiry into Renewable Energy and Net Zero in Northern Ireland was held this month into barriers to renewable energy across the region. Recent figures have shown that Northern Ireland is not on track to meet this target, as renewable energy expansion has stalled in the last year. MPs were reportedly concerned that the sector will fail to meet its legally-binding target of 80 percent of energy consumption from renewable sources by 2030, and there were calls for reform to legislation and support for renewable energy development. 2024 Responsible Business Awards in Northern Ireland open for entries Entries are now being accepted for the Responsible Business Awards in Northern Ireland 2024. The Awards showcase transformational stories of businesses taking real action to build thriving communities and innovate to tackle pressing social issues and to repair and rebuild our planet. The 2024 Awards are open for entries until 26 April. EUROPE EU Sustainable Investment Summit Speakers from across the world gathered in Brussels on 24 January to take part in EU Sustainable Investment Summit, the European Commission’s flagship annual event on sustainable investment. The summit discusses the delivery of the green transition in the European Union and beyond. This is the fourth such summit, which began in 2021 following the launch of the European Green Deal – which sets the objective for Europe to become the first climate-neutral continent by 2050 – and the European Green Deal Investment Plan, which aims to unlock the investments and finance needed to achieve this goal. ECB steps up climate focus The European Central Bank (ECB) has decided to expand its work on climate change, identifying three focus areas that will guide its activities in 2024 and 2025: implications of green transition, physical impact of climate change, and nature-related risks for the economy and financial system. The work planned for these focus areas will complement the ECB’s current climate-related actions in its ongoing tasks, including monetary policy and banking supervision. A comprehensive overview of the planned work programme for 2024 and 2025 is available in the Annex and more information can be found on the ECB’s website. New EU law against greenwashing MEPs have adopted a new law banning greenwashing and misleading product information. Under the new Greenwashing Directive, generic environmental claims (such as “environmentally friendly”, “natural”, “biodegradable”, “climate neutral” or “eco”) and other misleading product information will be banned, and only sustainability labels based on approved certification schemes or established by public authorities will be allowed. It will ban claims that a product has a “neutral, reduced or positive impact on the environment because of emissions offsetting schemes”, and it will make producers and consumers focus more on the durability of goods. The Directive is meant to work together with the Green Claims Directive, currently being discussed at committee stage in Parliament, and which will be more specific and elaborate the conditions for using environmental claims in greater detail. The Greenwashing Directive now needs to receive final approval from the Council and be published in the Official Journal after which Member States will have 24 months to transpose it into national law. Technical Roundup (More from our colleagues in Professional Accounting) EFRAG has launched a public consultation on the sustainability reporting standards for listed SMEs and for non-listed SMEs who wish to voluntarily report on their sustainability activities. This consultation will remain open until 21 May 2024. The International Ethics Standards Board for Accountants (IESBA) has launched two exposure drafts on ethical considerations in sustainability reporting and assurance. The Exposure Drafts cover International Ethics Standards for Sustainability Assurance as well as Using the Work of an Expert. Comments are requested by 30 April. The International Sustainability Standards Board (ISSB) has released its January 2024 podcast. Emmanuel Faber and Sue Lloyd (Chair and Vice-Chair of the Committee) discuss recent developments and their priority areas for the upcoming year. The International Federation of Accountants (IFAC’s) recent episode of “The Fast Future with IFAC” includes excerpts from a presentation to IFAC's SMP Advisory Group on topics related to sustainability. Resources Accounting 4 Sustainability (A4S) Academy opens The A4S Academy is now open for applications. The 18-month online learning and implementation programme is for senior finance leaders to embed sustainability. It equips finance teams with the skills needed for their businesses to succeed in the face of environmental and social risks and opportunities. Energy audit The Sustainable Energy Authority of Ireland (SEAI) is promoting a voucher of €2000 for eligible businesses to seek a professional energy audit. The eligibility criteria, along with a more comprehensive overview of the scheme, are available on the SEAI website. Opportunities and approaches for Sustainable Public Procurement A new resource on Sustainable Public Procurement is available online for practitioners and policy makers. The guide describes opportunities and approaches for Sustainable Public Procurement and is intended to be of use to procurement practitioners and budget-holders in the public sector, as well as to policy developers interested in how public procurement can be used strategically to address key sustainability policy objectives. Micro-qualifications for sustainability training Green Further Education and Training micro-qualifications are now available to employees who want to contribute to sustainability in the workplace. Created by industry for industry, the programmes provide short, stackable accredited qualifications tailored to fit employees’ schedules at little or no cost to employers. Programmes are delivered nationwide by the Education and Training Board network under the Skills to Advance initiative and are funded by SOLAS. Articles Businesses called to embrace corporate social justice (RTÉ) Ireland can reduce impact of extreme climate events by transforming economy, experts suggest (Irish Times) Warrior accountants: leading the green revolution? (Financial Times) Upcoming Events Platform on Sustainable Finance, Launch of report “A Compendium of Market Practices” Webinar, 6 February, 13:00 – 14:20 (Brussels time). Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships Webinar on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements. Wednesday, Zoom, 7 February 2024 12:00 – 12.45 Sustainable Energy Authority of Ireland (SEAI) Energy Management: Creating an Energy Action Plan Free online workshop next week teaching the basics of implementing energy management within your business. 8 February, 14:00-16:00. Accountancy Europe Supporting SMEs with sustainability information Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition 21 February, 17:00 - 19:00 Brussels time A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00 A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 GMT Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00 National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. When: Wednesday, 28 February, 14:00-15.30 Where: Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Feb 02, 2024

Sustainability

Sustainability/ESG bulletin, Friday 26 January 2024

In this week’s Sustainability/ESG bulletin, read about a consultation on Ireland’s National Adaptation Framework, Ireland’s fourth National Biodiversity Action Plan and a report on Ireland’s approach to natural capital accounting. Also covered are funds for climate action in Ireland and Northern Ireland, the declining cost of pollution in Europe and tax updates, technical roundups, newsletters, articles, podcasts and upcoming events. Consultation on Ireland’s National Adaptation Framework A public consultation on the National Adaptation Framework under Ireland’s Climate Action and Low Carbon Development Act 2015-2021 is open until 19 February to gather feedback from relevant stakeholders and members of the public on the draft National Adaptation Framework. The framework specifies the national strategy for the application of adaptation measures in different sectors and by local authorities to reduce the vulnerability of the State to the negative effects of climate change and to avail of any positive effects that may occur. Accounting for nature Ireland’s fourth National Biodiversity Action Plan (NBAP) has launched, the first such plan to be backed by legislation. The plan, ‘Actions For Nature’ addresses key recommendations from the Citizen’s Assembly on Biodiversity Loss and includes actions such as expanding National Parks, tackling invasive species, strengthening efforts on wildlife crime and working with communities. It sets out how to reverse the decline in biodiversity in Ireland, which poses serious threats to societal wellbeing and economic development. Separately, the National Economic and Social Council (NESC) has published a report to inform Ireland’s approach to natural capital accounting. The report, Natural Capital Accounting: A Guide for Action, recommends three areas of action that can be taken to help develop natural capital accounting and to help embed it into the wider policy making system: capacity building; putting a spotlight on ecosystems services; and further integrating natural capital accounting into policy decisions. EPA publishes Ireland’s Climate Change Assessment (ICCA) The Environmental Protection Agency (EPA) has published Ireland’s Climate Change Assessment, the first comprehensive and authoritative assessment of the state of knowledge of climate change in Ireland. It aims to identify opportunities that may arise from the planned transition to a climate neutral, biodiversity-rich, environmentally sustainable and climate resilient economy and society. The report finds that Ireland needs to be resilient to ongoing and future climate change impacts, and that implementation of climate adaptation measures is currently too slow and fragmented. It also finds that immediate and sustained transformative mitigation and adaptation actions are likely to yield substantial benefits for health, wellbeing and biodiversity in Ireland while reducing vulnerability to the adverse impacts of climate change. Community Climate Action ‘mega fund’ launches A €27 million fund for Community Climate Action has been launched for local organisations working to build low carbon communities. The ‘mega fund’ comprises both the national Climate Action Fund allocation of €24 million and an allocation of €3 million provided by the Government’s Shared Island Fund to support cross-border and all-island community climate action initiatives. The climate funding programme, which will be administered by local authorities, will be flexible enough to provide lesser amounts as needed to smaller and medium sized local action programmes. Energy in Ireland Report Ireland’s energy demands are increasing, and emissions are not reducing fast enough, according to the annual Energy in Ireland report published by the Sustainable Energy Authority of Ireland (SEAI) in December 2023. According to the report, Ireland imported 81.6 percent of its energy in 2022, and 85.8 percent of energy came from fossil fuels. While energy emissions in 2022 were found to be the lowest of any year in the last quarter century (not counting 2020 which was strongly impacted by COVID 19), the pace of emission reductions is not sufficient to meet our national climate obligations. Multi-million-pound package for UK businesses to cut their emissions The UK government has announced a multi-million-pound package to help businesses cut their emissions and energy bills. The funding – which amounts to over £190 million – comprises £6 million for winners of the Local Industrial Decarbonisation Plan competition and £185 million under a new phase of the Industrial Energy Transformation Fund, to be made available later this month. Speaking about the announcement Head of Green Economy Development at Invest Northern Ireland, Rachel Sankannawar said it will “bolster our efforts to unlock the economic possibilities of a low carbon future for Northern Ireland… enhance our competitiveness globally …[and] support us to boost our productivity and contribute to reducing our emissions.” More information on how to apply to the next phase of the Industrial Energy Transformation Fund is available here. Decline in cost of pollution from European industry Updated analysis by the European Environment Agency (EEA) shows that while air pollution from large European industry continues to cause significant damage to the environment, climate and people’s health, the cost of air pollution has declined by about a third during the past decade. Analysis published shows that just a small fraction of the most polluting facilities — many of them coal power plants — causes half of the total damage. The EU energy sector accounted for the vast majority — about 80 percent — of the total decrease, achieved mainly by adopting best available techniques (BAT) and shifting to renewables and less polluting fuels largely as result of EU action. Sustainability a business imperative at Davos Sustainability as a business imperative was reportedly among the themes as this year’s World Economic Forum meeting, which took place from 15-19 January in the Swiss mountain resort of Davos. Business leaders and politicians, along with key figures from academia and the not-for-profit sector, attended the meeting, which was titled “Rebuilding Trust”. The event focused on the four themes of security and cooperation, jobs and growth, AI, and climate and nature. Tax News (From our colleagues in the Tax Team) The European Commission has published the default values for determining embedded emissions during the Carbon Border Adjustment Mechanism (CBAM) transitional period (which runs to the end of 2025). These values will be revised regularly from the first reporting period (Q4 2023). CBAM is the EU’s key tool for combatting carbon leakage and is a central part of the Fit for 55 Agenda. Revenue has updated the Tax and Duty Manual which provides guidance on the income tax exemption of certain profits from the microgeneration of electricity by an individual their main residence. Following the extension to 31 December 2025 of the scheme for accelerated capital allowances for energy-efficient equipment, as provided for in section 285A TCA 1997, Revenue has updated the relevant Tax and Duty Manual. Technical Round-Up (From our colleagues in Professional Accounting on 19 January and 5 January ) IFRS and GRI have published a summary of interoperability considerations for greenhouse gas (GHG) emissions. IFAC has published “A Literature Review of Competencies, Educational Strategies, and Challenges for Sustainability Reporting and Assurance”. ISSB has issued its December 2023 update and podcast and has published amendments to the SASB Standards (intended to enhance their international applicability). EFRAG has issued a call to SMEs for participants to test forthcoming exposure drafts on voluntary sustainability reporting standards for non-listed SMEs and ESRS for listed SMEs. published three draft Implementation Guidance documents, open for public comment until 2 February announced, with the Taskforce on Nature-related Financial Disclosures (TNFD), a cooperation agreement and shared commitment to enhance corporate transparency related to biodiversity and ecosystems. On 22 December 2023, the ESRS Delegated Act and Annexes were published in the EU Official Journal (see EFRAG’s page) Sustainability Newsletter (from our friends in Accountancy Europe) European Parliament and Council stroke deal on CSDDD European Commission provides additional guidance on EU Taxonomy Disclosures European Council reaches position on ESG ratings proposal European Securities and Markets Authority’s consults on draft guidelines on enforcement of sustainability information International Ethics Standards Board for Accountants (IESBA) exposure draft on International Ethics Standards for Sustainability reporting and assurance International Organization of Securities Commissions (IOSCO) IOSCO lays out its strategic priorities at COP28 Articles ESG and sustainability – what’s the difference?(Briefly from Accountancy Ireland) Your IT team’s vital role in sustainability reporting (Briefly from Accountancy Ireland) Listen In this podcast, Sinead Kelly, Tax Director at PwC helps demystify ESG and describes upcoming policy changes. Upcoming Events UN Global Compact Network UK Collecting Scope 3 Data Webinar Series 2024 The UN Global Compact Network UK are hosting an interactive four-part webinar series in 2024 to support businesses to efficiently collect Scope 3 emissions data from across their value chain. This series will explore how companies can collect Scope 3 data using a variety of tools, surveys, and software and will feature case studies and insight from businesses on good practice in this area. Chartered Accountants Ireland CSRD – Building Finance & IT partnerships Finance professionals are working hard to understand the implications of the CSRD, and to implement the necessary reporting for their businesses. But their colleagues in IT also have a vital part to play. This webinar will examine how to establish effective collaboration between the Finance and IT teams, what pitfalls to avoid and how to build a strong partnership to deliver an effective sustainability reporting programme Wednesday, Zoom, 7 February 2024 12:00 – 12.45 Accountancy Europe Supporting SMEs with sustainability information Small and medium-sized enterprises (SMEs) report that their larger value chain partners and finance providers are increasingly asking them for sustainability data to fulfil regulatory requirements. The Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D) leave most SMEs out of their scope, but their indirect impact in small businesses – which often operate with limited know-how and resources – is still significant. 21 February 2024 (17:00 - 19:00) Brussels time Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next: Wednesday, 21 February, 14:00-15:30 Online via Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Jan 26, 2024

Sustainability

ESG and sustainability – what’s the difference?

In the complex landscape of corporate decision-making, understanding the differences between ESG and sustainability is crucial, writes Dan Byrne Corporate decision-making today involves a lot of talk about the environment, social and governance (ESG) and sustainability – precisely, how your company will fit into both movements. No one wants to discover they don’t know the difference between the two in the middle of a board meeting. While the two ideas share a lot of overlapping principles, they are different. It is essential to understand these difference because, once you sit down with colleagues to oversee core strategic decisions, you must have robust knowledge about the relevant topics. The difference between ESG and sustainability Sustainability is a principle dictating that, while we must look after the needs of our current society, it cannot be to the detriment of future generations. The concept of sustainability is so broad that it inevitably means different things in different boardrooms. The common thread in most organisations is that sustainability principles guide stakeholder expectations and, as a result, company strategy. ESG isn’t a principle; it’s a framework for measuring specific impacts and risks. It is a tool that can help investors and stakeholders to understand where their money is going. Why the confusion? There is a lot of overlap between ESG and sustainability, so organisations often file them under the same heading. In practice, companies embracing ESG will often commit to not harming the planet (environment), its people (social) or themselves (governance). While this should always be approached with the understanding that ESG is an investment metric and tool for analysing risk, it can be easy to generalise to the point that ESG is instead viewed as a sustainability metric or simply another name for sustainability itself. This is particularly true when companies focus on the “E” part of ESG. It’s popular across multiple industries and wins the backing of key stakeholder groups. An organisation’s focus on the environment creates a natural overlap with sustainability activities. Avoiding confusion in the future If you are in a board meeting and find yourself hovering around both topics, be sure not to hint that they’re the same with these tips: Remember that ESG is a collection of metrics; sustainability is a principle; If you’re talking about ESG, you will likely end up talking about numbers, quantities, reporting and investment opportunities. If you’re talking about sustainability, it’s expected more in the context of organisational goals, culture and policies; and Sustainability, in many respects, is the end goal. ESG is a pathway and a framework that will allow you to get there. Dan Byrne is a writer with the Corporate Governance Institute

Jan 19, 2024

Sustainability

Sustainability & Annual Dinner 2024

The much-anticipated Chartered Accountants Ireland Annual Dinner takes place tonight (Friday), at the Convention Centre Dublin. How does the largest professional accountancy body on the island of Ireland, intent on building a more sustainable Institute and profession, put together an event for over 700 people and embrace sustainability? Institute Sustainability Officer Susan Rossney takes a closer look. The venue The Convention Centre Dublin (CCD) is the world’s first carbon-neutral constructed convention centre. It is also one of Europe’s most environmentally friendly venues. Members can learn more about its waste-management, eco produce, heating, cooling and lighting on its website. It is one of only three venues in Ireland to hold the ISO 20121 accreditation in Event Sustainability Management Systems, which it secured in 2021. The accreditation was awarded by SGS, the awarding body in Ireland on behalf of ISO, an independent, non-governmental international organisation with a membership of 165 national standards bodies. ISO counts all actions, from relying on tap water instead of plastic bottles to encouraging use of public transport. The CCD also holds Quality Standard ISO 9001 and Environmental Standard ISO 14001, as well as British Security Standard BS7499. Each client of the CCD has the option to make a positive impact on the environment by investing in projects run by the Irish initiative Grown Forest. Chartered Accountants Ireland availed of this option when booking the Annual Dinner, by investing in biodiversity projects, which includes the planting of 40 native Irish woodland trees within its woodland borders. Our speakers Sonya Lennon Multi-award-winning entrepreneur and designer Sonya Lennon is dedicated to the value of gender equity in Ireland. With a master’s degree in business equity, diversity and inclusion, Lennon’s high-profile advocacy work includes campaigning for gender pay gap legislation and childcare reform. Founder of social enterprises WorkEqual and LIFT Ireland, Lennon’s focus on social sustainability is also matched by her focus on environmental sustainability. “Climate change is a consideration with everything” she announced in June 2023, going to say that Lennon Courtney is “entering a new phase as a company, one with sustainability at the forefront in all its forms.” Johnny Sexton Following a sensational rugby career, Johnny Sexton recently took up the role of Chief of Staff for the Ardagh Group, the sustainable packaging company. In interviews Sexton has emphasised wellbeing in the workplace, mental resilience, and the ability to switch off and to stay motivated for the 'always on' generation, in both sport and business. He is also an investor in plastics-free drinks company, DASH, a certified B-Corporation that prioritises reducing food waste. MC Dearbhail McDonald MC for the evening is journalist, author and broadcaster, Dearbhail McDonald. Alongside her achievements in journalism and media – including several awards for her contribution to public affairs journalism – Dearbhail also cofounded the Equality Expert Group (EEG), a collective of experts drawn from a variety of fields, public and private, seeking to support equality and diversity in Irish social, economic and cultural life. Dearbhail’s 2019 documentary ‘Fertility Shock’, RTÉ, addressed the future of work, diverse workforces and the impact of fertility trends on economic growth. Members will also have seen Dearbhail in this week’s documentary ‘The Last Priests and Nuns in Ireland’, which examined the role of nuns in Ireland to see how they have shaped Irish lives, including her own, for better or for worse. Find out more about sustainability at Chartered Accountants Ireland in this two-minute video with Sustainability Officer, Susan Rossney.

Jan 19, 2024

Sustainability Centre

Sustainability/ESG bulletin, Friday 31 May 2024

Sustainability/ESG bulletin, Friday 24 May 2024

Sustainability/ESG bulletin, Friday 17 May 2024

Chartered Accountants Ireland joins global accountancy bodies in net zero commitment

Sustainability/ESG bulletin, Friday 26 April 2024

Nature is everyone's business

Sustainability/ESG bulletin, Friday 19 April 2024

Sustainability/ESG bulletin, Friday 12 April 2024

Sustainability/ESG bulletin, Thursday 28 March 2024

Sustainability/ESG bulletin, Friday 22 March 2024

Sustainability/ESG bulletin, Friday 15 March 2024

Sustainability/ESG bulletin, Friday 8 March 2024

Sustainability/ESG bulletin, Friday 1 March 2024

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Sustainability & Annual Dinner 2024

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