In this week’s Sustainability/ESG bulletin, read about Ireland’s first national Bioeconomy Action Plan, and how studies show that Irish people are largely supportive of climate policies. Also covered is new funding available for solutions to bias and discrimination in AI systems, and a public consultation on zero emissions heavy goods vehicles in the UK, a report revealing the progress of climate action in the EU, the growth of climate risk assessments in national adaptation policies, and the usual roundup of updates, articles and events. Ireland’s first national Bioeconomy Action Plan publishes Minister for Agriculture, Food and the Marine Charlie McConalogue, T.D., and Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., have announced the publication of Ireland’s first National Bioeconomy Action Plan for 2023-2025. The Action Plan will have a strong focus on bringing sustainable scientific practices, technologies, and biobased innovation into use on farms and by biobased industries in Ireland. The ‘bioeconomy’ is the production, utilisation, and regeneration of biobased materials to provide sustainable nature based and biobased solutions across all economic sectors. EPA finds Irish people largely supportive of climate policies Insight reports published this week by the Environmental Protection Authority (EPA) have found that Irish people are largely supportive of climate change policies. Opposition that arises appears to be driven by practical concerns, rather than by climate-change scepticism, according to the study. The youngest adults (18-24 years) consistently exhibit significantly higher levels of concern, with young women most concerned about climate change. The reports – ‘Climate Change in the Irish Mind - Support for Climate Policies’ and ‘Climate Change in the Irish Mind - Climate Risk Perceptions’ – are both from the EPA's study ‘Climate Change in the Irish Mind’ which focuses on the national responses to risk perceptions and policy support. The reports provide a detailed examination of some of the findings of the baseline study published in 2021. UK funding and public consultation Innovate UK is working with the Centre for Data Ethics and Innovation (CDEI), part of the UK’s Department for Science Innovation and Technology, to invest up to £400,000 to drive the development of novel solutions to address bias and discrimination in artificial intelligence (AI) systems. The deadline for applications is 13 December 2023.   Separately, grants from the Department of Transport are being made available to businesses seeking to provide solutions to some of transport’s most pressing issues, including decarbonisation. Applications will stay open until Monday 27 November 2023. The Department has also launched a public consultation seeking views sought to inform the development of a zero-emission heavy goods vehicle and coach infrastructure strategy. The call for evidence closes on 14 December 2023. State of the Energy Union 2023: Further action needed to accelerate climate action The 2023 State of the Energy Union report published this week and found that the EU’s net greenhouse gas emissions decreased by approximately 3 percent in 2022, continuing a 30-year downward trend (having fallen by 32.5 percent compared with 1990). The report also revealed an increase in the volume of carbon removed from the atmosphere in the EU compared to the previous year. However, based on Member States' projections, the EU is currently not on track to reach its 2030 objective of removing 310 million tonnes of CO2 from the atmosphere per year, and the EU and its Member States need to significantly step up their implementation efforts and accelerate emissions reduction to stay on track to reach the 2030 -55 percent net greenhouse gas reduction target and climate neutrality by 2050. Climate risk assessments in national adaptation policies Climate risk assessments that take account of threats like heatwaves, droughts, floods and wildfires are increasingly being used to inform and improve national adaptation policies. This is according to the latest European Environment Agency (EEA) assessment of national adaptation actions published this week. The briefing, ‘Is Europe on track towards climate resilience? Status of reported national adaptation actions in 2023’, presented the current status of national adaptation actions across Europe. It found a gradually evolving adaptation policy landscape, sub-national adaptation policymaking progressing in all countries, governance-related challenges It also found that EU funds play a major role in financing adaptation action for most Member States. ‘Adaptation’ to climate change means taking action to adjust to its present and future impacts. Examples of adaptation measures include large-scale infrastructure changes, such as building defences to protect against sea-level rise, as well behavioural shifts, such as individuals reducing their food waste. Inequality in Europe Ireland has been given an overall gender equality score of 73 in an EU index published this week by the European Institute for Gender Equality (EIGE). The score represents a drop of 1.3 points since 2020 – the largest decline among the EU’s 27 countries. Ireland has dropped two places to rank ninth place overall. The index reportedly found that that gender inequalities are more ‘pronounced’ in Irish workplaces than they were in the last decade and when compared with pre-pandemic (2020) levels, and that both women and men in Ireland are less likely to choose low-carbon modes of transport than their counterparts elsewhere in the EU. Separately, a report published by the European Union Agency for Fundamental Rights (FRA) has found that people of African descent routinely face racial discrimination, harassment and violence in all aspects of their lives. 45 percent of respondents said they experienced racial discrimination in the five years before the survey, and 34 percent felt racially discriminated against when looking for a job. The FRA is calling on EU countries to take urgent steps to tackle racial discrimination and harassment to ensure everybody is treated equally and with dignity. Did you know? A study has found that the power sectors in the Asia-Pacific, Europe and the US are “highly exposed” to stranded assets as stringent policies are implemented to limit global warming to 2C above pre-industrial levels. The study was part of a paper in the multidisciplinary journal Nature Communication. Articles High fossil fuel use putting UN climate targets out of reach: IEA (RTÉ) Advancing UN SDGs with Social Cost-Benefit Analysis (Institute of Project Management) ISSB standards: the right solution – article highlighting the benefits of the UK adopting IFRS Sustainability Disclosure Standards in response to TAC’s call for evidence (ICEAW) Carbon Capture Desperately Needs a Reality Check After Lost Decade (Bloomberg Green) Storm Babet floods show climate change is 'here and now' - Eamon Ryan (The Journal) Upcoming Events   Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Department of Enterprise, Trade and Employment, Building Better Business in the South-West Free business event in Cork, focusing on the opportunities and challenges presented by the green economy and digital transformation. In person: Thursday, 9 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 22 November 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read how business leaders are increasingly looking to Chartered Accountants as trusted advisors on ESG issues. Also covered is increased funding for projects in Ireland under the Just Transition Fund; CSO statistics showing one-third of Irish office buildings received an ‘E’ energy rating or lower; new national End-of-Waste Criteria for Ireland’s largest waste stream; how the European Banking Authority is revising capital rules to include ESG risks; and the usual roundup of technical updates, articles and events.   Trust in Chartered Accountants as ESG leaders Business leaders increasingly look to Chartered Accountants for guidance on environment, social and governance (ESG) issues. This was among the key findings from an Edelman research report that measures trust with Chartered Accountants among financial decision makers globally. Now in its fourth wave, the study focused on topical themes to the business world, including economic uncertainty, the cost-of-living crisis, combatting misinformation, digitalisation, automation, and the importance of ESG. The report was launched at a panel event run by Chartered Accountants Ireland, alongside a Chartered Accountants Worldwide research paper Trust: Making the Difference. Increased funding for projects in Ireland under the Just Transition Fund Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has announced a further €24 million for the Midlands region under Ireland’s EU Just Transition Fund (JTF) programme. Targeted at the wider Midlands region as it transitions away from peat extraction for energy use, the JTF programme provides funding to projects that invest in the development of local communities, create employment and help diversify the local economy. Further information is available on the website of Pobal, which is administering the scheme. One-third of office buildings in Ireland received 'E' energy rating or lower Figures released from the CSO this week on energy ratings of non-domestic buildings in Ireland for Quarter 3 of 2023 has found that over one-third (35 percent) of office buildings in Ireland received a Business Energy Ratings (BER) certificate of ‘E’ or below between 2009-2023.  BER audits were conducted for 1,754 non-domestic buildings constructed between 2020 and 2023. Almost two-fifths (38 percent) of these buildings received an ‘A’ rating, compared with 22 percent of non-domestic buildings constructed during 2015 to 2019. While the most energy efficient building types audited during 2009-2023 were schools and colleges (40 percent of these were awarded an ‘A’ rating), at least 14 percent of office buildings were among the least energy efficient building types, scoring the lowest rating (‘G’), with only 2 percent receiving an ‘A’ rating. EPA publishes national end-of-waste criteria The Environmental Protection Agency (EPA) has today published national End-of-Waste Criteria for elements of construction waste, which is Ireland’s largest waste stream. The criteria apply to ‘aggregates’ recycled from construction and demolition waste, including soil and stone, concrete, bricks and ceramics. The implementation of new criteria aims to reduce construction waste going to landfills and increase current low recycling rates. Further information on the criteria and other initiatives of the circular economy programme are available on the EPA website.   Green Agreements guidance launched by Competition and Markets Authority The UK Competition and Markets Authority has launched new Green Agreements Guidance for businesses. The guidance explains how competition law applies to environmental sustainability agreements between firms operating at the same level of the supply chain, to help them act on climate change and environmental sustainability. The guidance includes additional practical examples that businesses can use to inform and shape their own decisions when working with competitors on environmental sustainability initiatives. EBA revising capital rules to include ESG risks The European Banking Authority (EBA) has published a report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms. The report recommends targeted enhancements to accelerate the integration of environmental and social risks across ‘ Pillar 1’ (one of the three areas of focus of the Basel Framework which sets out capital requirements and risk measurements for global banks). The proposed enhancements aim to support the transition towards a more sustainable economy, while ensuring that the banking sector remains resilient. Commission adopts new ETS Auctioning Regulation The European Commission has adopted a new ETS Auctioning Regulation that sets out technical elements necessary for good organisation of auctions of greenhouse gas emission allowances under the EU’s Emissions Trading Scheme (ETS). The action follows the revision of the ETS Directive in the context of REPowerEU plan and the ‘Fit for 55’ legislative package to reduce Europe’s net greenhouse gas emissions by at least 55 percent by 2030. The main elements introduced in the new Regulation include the extension of the ETS scope, changes related to improvements regarding market oversight and transparency, and changes related to the rules regarding the notification of the voluntary cancellation of allowances by Member States under the ETS Directive. After a period of scrutiny by the European Parliament and Council the new regulation will be published in the Official Journal and enter into force thereafter. Accountancy bodies publishes report for public sector sustainability Three global accountancy bodies, ACCA, IFAC and IDI, have launched a publication on preparing for sustainability reporting in the public sector. The report, Preparing for Sustainability Reporting and Assurance - An introduction for the public sector globally, was launched at the World Investment Forum in Abu Dhabi, and outlines what sustainability reporting and assurance mean for the public sector, why they are important, and key principles for governments, SAIs and other public sector bodies to consider in this journey. Asset owners and investor engagement The Net-Zero Asset Owner Alliance (NZAOA) has released its third annual progress report. Increasing Climate Ambition, Decreasing Emissions. For the first time, the report by the 2019-founded alliance of global asset owners committed to ensuring their investment portfolios are carbon neutral by 2050, provides data on the membership’s absolute financed greenhouse gas emissions. It also reportedly shows a 3.5 percent decrease from 2021 to 2022 (from 221.2 mtCO2e to 213.4 mtCO2e) despite membership growth over that period. Separately, however, Climate Action 100+, the world’s largest investor engagement initiative on climate change, has found that of the most companies it assessed against its newly updated ‘Net Zero Company Benchmark’ are not moving fast enough to align with the goals of the Paris Agreement and reduce investors’ risk. The results, a summary of which can be found here, reveal that while there is long-term ambition among the companies it surveyed, there is a lack of detailed plans of short-term actions. These include targets to reduce greenhouse gas emissions, CAPEX allocation and climate policy engagement.   Technical Updates (From our colleagues in Professional Accounting) The European Parliament has voted to adopt the European Sustainability Reporting Standards (ESRS), paving the way for the standards to become effective, depending on a company size and nature, on a phased basis financial periods beginning on or after 1 January 2024. Several accounting standards boards, including in the UK and Australia, have jointly issued a letter to the International Sustainability Standards Board (ISSB) regarding its recent Agenda Consultation. The letter highlights common concerns, which include connectivity with accounting standards; strategic roadmap; and implementation priority. The Financial Stability Board (FSB) has published its annual progress report on climate-related disclosures, delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting. The Financial Conduct Authority (FCA) has welcomed the publication of the Transition Plan Taskforce (TPT) Disclosure Framework. Resources (From our friends in Accounting for Sustainability) New guidance has been published for pension fund chairs and trustees on managing nature-related risks and seizing opportunities for pension chairs and trustees: Managing Nature Risks and Investing in The Opportunities: Top Tips for Pension Fund Chairs and Trustees. Out now This month’s SustainabilityWorks Newsletter has issued, with news, top reads, videos, and sustainability jobs (subscribe here). Did you know? 77 countries had their hottest September on record, according to climate science initiative Berkeley Earth. Read more. Watch: Sustainable Supply Chains In this 15-minute chat, Institute's Sustainability Officer Susan Rossney chatted to Shane Faulkner,  KPMG's Sustainability Manager, about what why sustainable supply chains are important for SMEs, what questions SMEs might be asked by their customers and clients, and what they can do to prepare. Watch back here. Listen The cost of climate change: ‘almost like driving another budget through public finances’ (Irish Times, Inside Business Podcast) 38:51 Articles New electric car sales up 52% so far this year – CSO (RTÉ) UK boards prioritised experience over diversity last year, says headhunter (Financial Times) EU climate ministers back ‘polluter pays’ principle in agreed declaration for Cop28 negotiations (Irish Times) California requires companies to report carbon emissions (BBC News) New World Bank president signals that time is up on billion euro subsidies for fossil fuels (Euronews) More than 50,000 companies to report climate impact in EU after pushback fails (Financial Times) Green Fees Overtake Fossil Fuels for Second Straight Year (Bloomberg) Upcoming Events   SustainExchange: What can you and your organisation do to help avert the climate crisis? Panel discussion: Hybrid (in person/virtual): Tuesday 24 October. Women in Business (Northern Ireland) Women in Finance A session on women in finance which will focus on work in finance departments, small scale accountancy or working for yourself. Members and non-members are welcome to join this online event. Part of Women in Business wide-ranging programme of female entrepreneurship events over the upcoming months, including sectoral networking, webinars, and training courses for essential skills. Virtual: Wednesday, 25 October, 10-11.30am. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation)   Chartered Accountants Ireland: ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: Thursday, 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) Climate Finance Week Ireland 2023 Week-long summit. In person and virtual: Monday, 20 November – Friday, 24 November iQuest & Business Post Events: The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin ICAEW Climate Summit Week-long summit Virtual: 13-17 November. Innovate UK's showcase for climate tech event in Northern Ireland Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 8 November Due to popular demand, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in November 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about the green measures announced in Budget 2024; how cost remains the main barrier to sustainability in Irish businesses; updates on the Circular Economy; the issuance of ESB’s third green bond; developments in Europe, and the usual roundup of technical updates, articles and events. Green measures announced in Budget 2024 Budget 2024 was announced this week on Tuesday 10 October. The Chartered Accountants Ireland team of experts analysed, interpreted and prepared informed, reliable commentary on the impact of this year's Budget on business in Ireland. Among the measures announced was the establishment of two funds to support climate-related initiatives over the medium and long term. Described as a ‘a gamechanger’ in addressing monetary gaps up to 2030, and a way of ‘firewalling’ major climate investment projects well into the next decade, these are: a Future Ireland Fund: a long-term savings fund with forecasted levels of contributions of c. €70 billion, or c. €6 billion per year (0.8 percent of GDP) up to 2035, to deal with future recognised expenditure pressures including ageing, climate and the digital transitions an Infrastructure, Climate & Nature Fund: a fund due to reach €14 billion by 2030, of which the climate and nature component is worth over €3 billion, to ensure that the State would have resources to support capital expenditure for projects between 2026-2030 in the event of a future downturn. The General Scheme for the funds has now been published. Further measures announced in Budget 2024 include €380 million for residential and community energy upgrades, including the Solar PV Scheme, measures related to microgeneration of electricity, reliefs related to battery electric vehicles (EVs), and the annual increase in carbon tax up from €48.50 to €56.00 (Read more) Research finds cost remains barrier to sustainability for Irish businesses The Green Business Sentiment Index, published by SSE Airtricity this week, has found that only half of businesses surveyed say that sustainability and climate change impact decision-making, down from 71 percent in 2021. The research, which was carried out among a national representative sample of 359 business owners in Ireland, aims to measure and track any change in attitude among businesses towards sustainable practices and decarbonisation since the Index was last published in 2021. The research found that cost remains the main barrier for businesses in reducing carbon footprint, and just 25 percent of Irish businesses agree that being ‘greener’ attracts more customers, down from 42 percent in 2021. 11 percent state that climate change is not at all important for businesses, whereas just 7 percent stated this in 2021, and at least 90 percent believe that it is primarily the responsibility of the Government to tackle climate change. More positively, 19 percent of businesses have incorporated solar panels into their business practices, 38 percent have incorporated smart metering into their environmental practices and the use of electric vehicles (EVs) by businesses is at its highest to date, at 15 percent. EPA publishes Circular Economy Programme Annual Report for 2022 The EPA has published a report setting out its key activities related to implementing, regulating and measuring the circular economy and waste in 2022. The Circular Economy Programme Annual Report for 2022 noted that of the €322 million spent on contracts in 2020 over €25,000, only 17 percent (€53 million), included green criteria. The EPA noted that this is “a missed opportunity to purchase more resource-efficient, less polluting goods, services and works within the marketplace.” ESB Raises €1 Billion Funding in Bond Market – including its third Green Bond The ESB Group has announced it raised €1 billion in bonds which will be used to fund its capital investment programme to deliver a net-zero future. The funds were raised through the issuance of two €500m benchmark bonds. These include a 12-year 4.25 percent fixed-rate green bond which will be allocated exclusively to finance eligible green projects, and a 5-year 4.00 percent fixed-rate bond. The issuance of the third Green Bond in five years follows on from the publication of ESB’s updated Green Bond Framework in September 2023, which reflects changes in sustainable finance best practice including aligning with the EU Taxonomy Regulation (a classification system for environmentally sustainable economic activities). Supports for women-led businesses – Northern Ireland A programme has been launched by Invest Northern Ireland (Invest NI) that aims to support women-led businesses to access support, create jobs and sell innovative products or services outside Northern Ireland. The Ambition to Grow | Supporting Women programme, supported by Women in Business Northern Ireland, will provide grant support of up to £30,000 to eligible small and medium-sized businesses that have a woman in a key decision-making position. The funding is aimed at helping to create new employment within the business and assisting with the costs of targeting markets outside Northern Ireland, technical development activities, and upskilling existing and new employees. The deadline for applications Friday, 10 November 2023. Completion of EU ‘Fit for 55' legislative package The two final pillars of the ‘Fit for 55' legislative package to deliver the EU's 2030 climate targets were adopted this week. With the adoption of the revised Renewable Energy Directive and the ReFuelEU Aviation Regulation, the EU now has legally binding climate targets covering all key sectors of the economy. The 'Fit for 55' package was tabled in July 2021 to respond to the requirements in the EU Climate Law to reduce Europe’s net greenhouse gas emissions by at least 55 percent by 2030. The final legislative package is expected to reduce EU net greenhouse gas emissions by 57 percent by 2030. The Commission also published Questions and Answers on the EU's Effort Sharing Regulation and boosting natural carbon sinks, and on Making our energy system fit for our climate targets. Separately, the European Parliament’s Committee on the Environment, Public Health and Food Safety (ENVI) has adopted its proposals to lower pollutant emissions and set battery durability requirements for passenger cars, vans, buses and trucks. Speaking about the proposals, Rapporteur Alexandr Vondra (ECR, CZ) said: “We have successfully struck a balance between environmental goals and the vital interests of manufacturers. It would be counterproductive to implement environmental policies that harm both Europe’s industry and its citizens.” Technical Updates (From our Professional Accounting team) EFRAG has announced it is recommencing the drafting of sector-specific ESRS standards. The ESRS standards are the standards s and are inviting external participants to interact with them as it commences drafting. The sectors where it is seeking participants are as follows: Agriculture, Farming and Fishing Food and Beverage Services Mining, Coal and Quarrying Motor Vehicles Oil and Gas Power Production and Energy Utilities Road Transport Textiles, Accessories, Footwear and Jewellery The International Sustainability Standards Board has congratulated the Task Force on Nature-related Financial Disclosures (TNFD) on the publication of its recommendations during New York Climate Week 2023.  The TNFD recommendations can help companies communicate nature-related risks and opportunities to investors and other stakeholders. The ISSB September 2023 Update has been issued, highlighting preliminary decisions of the International Sustainability Standards Board (ISSB). Projects affected by these decisions can be found on the work plan. The ISSB have also released their September 2023 podcast. The UK Endorsement Board has published two reports as a result of its Climate-related Matters Research Project: Climate-Related Matters: Summary of Connectivity Research A Study in Connectivity: Analysis of 2022 UK Company Annual Reports Accountancy Europe - Sustainability update – October 2023 (from our friends in Accountancy Europe) Accountancy Europe’s response to ISSB’s Agenda Consultation Ongoing trilogue negotiations on CSDDD EC seeks to adjust EU SME definition for inflation EC adopts DA on ESRS IAASB proposes a global standard for sustainability assurance IOSCO endorses ISSB standards Watch: Sustainable Supply Chains In this 15-minute chat, Institute's Sustainability Officer Susan Rossney chatted to Shane Faulkner,  KPMG's Sustainability Manager, about what why sustainable supply chains are important for SMEs, what questions SMEs might be asked by their customers and clients, and what they can do to prepare. Watch back here. Articles Less Than 1 in 3 Boards Have a Strong Understanding of ESG Risks Affecting Their Companies: PwC Survey (ESG Today) European sustainability reporting developments: what do they mean for UK companies? (ICAEW) Lego’s ESG dilemma: Why an abandoned plan to use recycled plastic bottles is a wake-up call for supply chain sustainability (The Conversation) ESG's . . . OK (The Financial Times) Why America Trails the World on Climate Fund Investing - The US has fallen far behind Europe, as well as China. But it may be waking up (Bloomberg)  Upcoming Events   Cork Student Society/Young Professionals event – Sustainability and Networking on the Apple Campus The Cork Branch of the Chartered Accountant Student Society (CASSC) is collaborating with Young Professionals Cork Society to a sustainability and networking evening in the Apple Headquarters in Cork on Thursday, 19 October. Attendees will have the opportunity network, learn about sustainability and get a tour of the Apple campus. In person: 19 October, 6pm. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. On 25 October 2023, 10am to 11:30am, a specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Book launch! Doing Good Business: How to Build Sustainable Value by Sheila Killian In Person: 19 October, 6pm, O’Mahony’s Booksellers, O’Connell St, Limerick. To celebrate the publication of Doing Good Business: How to Build Sustainable Value by Sheila Killian, Professor Finbarr Murphy, Executive Dean of the Kemmy Business School, University of Limerick will launch guide to responsible business. Wine and refreshments will be served and all are welcome. Chartered Accountants Ireland ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) iQuest & Business Post Events The ESG Summit In person: Thursday, 9 November, Radisson Blu Royal Hotel, Golden Lane, Dublin Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November ICAEW: ICAEW Climate Summit Virtual: 13-17 November Innovate UK:  Innovate UK's showcase for climate tech event in Northern Ireland Series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero. In person: 6 December 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s representation at the One Young World summit in Belfast. Also covered is the forecast on how climate change will impact on Ireland’s public finances, a public consultation on Green Public Procurement, the first meeting of the Department of Enterprise’s Responsible Business Forum, the New Planning and Development Bill 2023, global climate policy forecasts, new resources on sustainability for SMEs and finance teams, as well as the usual roundup of technical updates, articles and events. Chartered Accountants at One Young World Belfast 2023 Chartered Accountant Peter Gillen represented Chartered Accountants Ireland at the One Young World Summit in Belfast this week. The One Young World summit, held in Belfast this year, saw the brightest young talent from every country and sector come together to work towards accelerating social impact, debate the key issues the world faces, share ideas and experiences and work with peers to formulate and share innovative solutions. Chartered Accountants Ireland held a workshop with delegates on the final day of the summit to demonstrate how the analytical and problem-solving skills of Chartered Accountants can contribute to achieving the Sustainable Development Goals. Ireland’s public finances and the impact of climate change The Irish Fiscal Advisory Council (IFAC) has reportedly estimated that the impact of a changing climate in Ireland and globally on Ireland’s public finances could amount to annual lost revenues of 1.6 percent of gross national income (GNI). This equates to €4.4 billion in today’s terms. The estimates appeared in IFAC’s paper What Climate Change Means for Ireland's Public Finances, published this week. The paper also stated that current policy is not sufficient to meet targets. Three key areas of costs were identified as: arising from non-compliance with legally binding targets (€0.35 billion annually, rising to approximately €0.7 billion in 2030) the impact of transitioning to lower emissions on tax receipts (€2.5 billion in today’s terms) per annum by 2030 and on government expenditure (€1.6 - €3 billion in today’s terms) the physical costs associated with extreme weather events, through mitigation measures and repairing and rebuilding damaged property (0.1 percent of GNI, on average, per year) The paper, which is part of a new series of research outputs that supports the Council’s assessments of the long-term sustainability of the public finances, suggests that the reforms needed to address climate challenges will take time to plan for and enact, and recommends that the Government sets out its plans now so that the disruptions necessary will be less pronounced by introducing adjustments in a gradual and phased way rather than overnight. Public consultation on green public procurement The Minister of State with special responsibility for Public Procurement, eGovernment, Communications and the Circular Economy, Ossian Smyth, T.D., has launched a public consultation on a draft Green Public Procurement Strategy and Action Plan. ‘Green public procurement’ uses the purchasing power of the public sector to stimulate the creation and provision of more resource-efficient, less polluting goods, services and works within the marketplace. Key areas of focus in the draft Green Public Procurement Strategy and Action Plan include measures to progress Green Public Procurement implementation in the Public Sector; Green Public Procurement Monitoring and Reporting; Green Public Procurement Training and Awareness; and further development of national Green Public Procurement guidance and criteria. Submissions may be made until 5.30pm on 10 November 2023. New Planning and Development Bill 2023 receives Cabinet approval The new Planning and Development Bill 2023 received Cabinet approval this week, and, if enacted, aims to bring greater clarity, certainty and consistency to how planning decisions are made. As well as reforming aspects of planning judicial review, the Bill also introduces a new Environmental Legal Cost Scheme and a revision of Environmental Assessment provisions to ensure full compliance and alignment with EU Directives. Speaking at the announcement Minister for the Environment, Climate and Communications and Minister for Transport Eamon Ryan, T.D., stated that the Bill “will future-proof our planning system whilst balancing key pillars of the Irish planning system such as public participation and access to justice, environmental considerations and delivery of key infrastructure such as public transport, housing and renewable energy. This Bill can be a cornerstone to our sustainable and balanced development as a country.” First meeting of Responsible Business Forum The first meeting of the Department of Enterprise, Trade and Employment (DETE)’s newly established Responsible Business Forum was convened last week. The forum is made up of representatives from key business bodies, including IBEC, Business in the Community Ireland, Fáilte Ireland and the Irish Exporters Association. The forum, which aims to provide a platform to discuss specific responsible business issues and initiatives under DETE’s remit that are in place or being developed at national and EU level, will also consider how these initiatives will impact on businesses, what will be expected of businesses and supports available to them, and the positive outcomes for early adopters. Find out more on DETE’s dedicated Responsible Business webpage, and see also FCA Sheila Killian’s new book Doing Good Business – How to Build Sustainable Value, published last month by Chartered Accountants Ireland and launching at 6 pm on 19 October at O’Mahony’s Booksellers, O’Connell St, Limerick. Fiscal policy and natural resources – NCI’s pre-Budget submission Natural Capital Ireland (NCI) has issued a pre-Budget submission to Government recommending that the natural capital accounting approach be used to ensure that Ireland’s natural resources and the valuable services they provide are taken into account across fiscal policy. Read more. Research finds that more action is needed on environmental sustainability in Ireland New research from the National Economic and Social Council (NESC) has found that while Ireland is ‘thriving in many aspects’, more must be done on environmental sustainability and for the Ireland of tomorrow, especially on our climate, biodiversity, and infrastructure. NESC is the national advisory body to the Taoiseach and the Irish Government, and provides research, dialogue and advice that helps achieve  sustainable economic, social and environmental development in Ireland. Global climate policy forecast predicts ‘well below 2°C’ Paris Agreement climate goals will be met The latest forecast from the Inevitable Policy Response (IPR) has found that with global climate policies expected to be put in place in major economies between now and 2050 that the world will likely achieve the Paris Agreement goal of limiting temperature increase to ‘well below 2°C’ and continue to make efforts towards 1.5°C once temperatures peak. The Inevitable Policy Response is a Climate Transition Forecasting Consortium, set up by the Principles of Responsible Investment and others in 2018 to forecast the speed and scale of the transition to net zero. It aims to prepare institutional investors for the portfolio risks and opportunities associated with a forecast acceleration of policy responses to climate change. The forecast is informed by live tracking of over 300 climate policies over the past two years, as well as input from over 100 climate policy experts across 12 countries. Speaking about the forecast, Mark Fulton, Founder of Inevitable Policy Response stated that “Climate-induced social tipping points and the Paris Stocktake-Ratchet cycles over this decade will accelerate pressure for policy makers to deliver a well below 2C outcome. This will have huge implications for investors and investment markets.” Resources Accountancy Europe has published a 5-step starting guide to a sustainable transition for SMEs. It sets out five first steps an SME can take to begin a sustainable journey. Accounting for Sustainability (A4S) has published top tips for finance teams of financial institutions to address the challenges associated with ‘footprinting’ - focusing on data collection, methodologies, and establishing a baseline. See also their recent webinar recordings on: factoring environmental and social concerns into debt financing  the evolving sustainability reporting landscape transition planning   Carbon Brief has published a series of explainers on “carbon offsets”. Carbon Brief. See also their webinar on How can carbon offsets be reformed?, a Q&A, and a timeline of the 60-year history of carbon offsets. Did you know? The team at Euronews.Green regularly updates its list of positive environmental stories from 2023. According to Centre Director at DCU’s Centre for Climate and Society, Dave Robbins, “the longer you read, the more you’ll be convinced of the reasons to be hopeful.” Watch: Al Pacino  It's 2023, we’re down to halftime and we're losing the fight. So, we can crumble, inch by inch, or we can recommit to the SDGs. Watch the half-time speech by Al Pacino as adapted by Richard Curtis. Articles Let’s make accountants accountable for better business behaviour – Paul Druckman (Accountancy Age) John FitzGerald: Raising the price of dirty fuels drives investment in greener technologies (Irish Times) As data centres sector keeps growing, can Ireland cope?  (Irish Times) Why sustainability must be a priority for Irish firms  (Irish Times) ESG ratings: whose interests do they serve? Regulators and politicians are focusing on the accuracy, transparency and potential for conflicts of interest with sustainability scores (Financial Times) Ireland Makes Rare Decision to Deny LNG Port for Climate Reasons - The country’s top planning body turned down a proposal for a liquefied natural gas import facility, which would have helped keep the island hooked on fossil fuels for years (Bloomberg Green) Upcoming Events   ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. On 25 October 2023, 10am to 11:30am, a specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Sustainable Finance Skillnet is offering funded training opportunities until October and November 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). A series of short, deep dive training modules on key sustainable finance topics include  •           EU Taxonomy •            Net-Zero •            SFDR (Sustainable Finance Disclosure Regulation) Chartered Accountants Ireland: Ask the Expert, Supply chain sustainability (ROI/NI) In this 15-minute chat, Institute's Sustainability Officer Susan Rossney will talk to Shane Faulkner,  KPMG's Sustainability Manager, about what a sustainable supply chain looks like, what questions SMEs might be asked by their customers and clients, and how they might respond. Virtual: 12 October, 12:45-13.00 Department of Enterprise, Trade and Employment: Building Better Business in the West The Department of Enterprise, Trade and Employment is holding a free business event in Ballina which will focus on the opportunities and challenges presented by the green economy and digital transformation. In person: 13 October, Ballina Arts Centre, Barrett Street, Ballina, Co Mayo, F26 NW83 Book launch! Doing Good Business: How to Build Sustainable Value by Sheila Killian In Person: 19 October, 6pm, O’Mahony’s Booksellers, O’Connell St, Limerick. To celebrate the publication of Doing Good Business: How to Build Sustainable Value by Sheila Killian, Professor Finbarr Murphy, Executive Dean of the Kemmy Business School, University of Limerick will launch guide to responsible business. Wine and refreshments will be served and all are welcome. Chartered Accountants Ireland ESG Masterclass: Take your Sustainability Knowledge to the Next Level A 3-hour online masterclass providing a high-level overview of the key global, European and national regulations, standards and developments impacting sustainability governance, reporting and assurance, with an emphasis on areas highly relevant to accountants. Virtual: 26 October, 8.30-13.30, €206.25 (€165.00 Chartered Accountants Ireland Member Price) Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November ICAEW: ICAEW Climate Summit Virtual: 13-17 November 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about the trial phase of the EU Carbon Border Adjustment Mechanism (CBAM), the launch of a UN Charter promoting gender equality in sustainable finance, a public consultation on Ireland’s EV Charging Network Plan and the first meeting of the Just Transition Commission. Also covered is the launch of the annual Low Carbon Pledge report by BITCI, reports by the EPA into Ireland’s commercial waste and air quality, calls by the European Commission for Ireland to review its flood risk management plans and a new programme in Northern Ireland to support women-led businesses, as well as the usual roundup of technical updates, articles and events. Trial phase of EU carbon border adjustment mechanism (CBAM) The trial phase of new EU carbon border adjustment mechanism (CBAM) will begin on Sunday 1 October, and will be phased in fully from 2026 until 2034. CBAM aims to incentivise non-EU countries to increase their climate ambition and to ensure that EU and global climate efforts are not undermined by production being relocated from the EU to countries with less ambitious policies. Importers of the goods covered by CBAM would have to pay any price difference between the carbon price paid in the country of production and the price of carbon allowances in the EU Emissions Trading System (EU ETS). It will initially apply to imports of certain goods whose production is carbon intensive and at most significant risk of carbon leakage; namely cement, iron and steel, aluminium, fertilisers, electricity and hydrogen. To give time for businesses to prepare, during the phase, from 1 October 2023 until the end of 2025, traders will only have to report on the emissions embedded in their imports subject to the mechanism without paying any financial adjustment. The CBAM will be phased in at the same speed as the free allowances in the EU ETS are being phased out. According to the European Commission’s estimates when the levy was first proposed, CBAM was estimated to generate about €1.5 billion (2018 prices) per year as of 2028. More information can also be found on revenue.ie Launch of UN charter promoting gender equality in sustainable finance A new United Nations Charter aimed at promoting gender equality in the area of sustainable finance was launched in Ireland this week. The Gender Finance Charter, which defines 10 fundamental principles offering a “pragmatic and actionable framework”, was launched by the Financial Centres for Sustainability (FC4S) network, a global network of 40 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. Speaking at the launch Minister of State at the Department of Finance of Ireland, Jennifer Carroll MacNeill, T.D., stated “This Gender Finance Charter is of global significance in financial services …[and] has the potential to significantly advance gender equality, not just in financial services, but more broadly across the globe.” EPA reports on commercial waste and air quality The Environmental Protection Agency (EPA) has published its latest National Municipal Waste Characterisation Project, which reveals that Ireland’s commercial, as well as household, waste management practices have seen little change since 2018, with businesses and householders still putting the majority (over two-thirds) of their waste into the general waste bins instead of recycling and organic bins. The report found that urgent action is needed to improve Ireland’s segregation and recycling performance to achieve municipal recycling rate targets and transition to a circular economy. Separately, the Environmental Protection Agency (EPA) has also published its annual air quality report Air Quality in Ireland 2022. The report shows that while air quality in Ireland is generally good and compares favourably with many European countries, there are localised issues which lead to poor air quality. An estimated approximately 1,300 premature deaths annually in Ireland are due to poor air quality from fine particulate matter (PM2.5), the report stated. The EPA continually monitors air quality across Ireland and provides the air quality index for health and real-time results, updated hourly on the website. Public Consultation on the National En-Route EV Charging Network Plan opens The Minister for Transport, Eamon Ryan, T.D., has launched a public consultation on the National En-Route EV Charging Network Plan. Developed by Zero Emission Vehicles Ireland (ZEVI), a dedicated office of the Department of Transport, the Plan identifies the level of charging infrastructure required for the national road network to keep ahead of the needs of the quickly growing EV driver population. Aiming to see chargers installed every 60km on major roads, the Plan is an important step in delivering the National Electric Vehicle Charging Infrastructure Strategy 2022-2025, which launched earlier this year. The closing date for responses is 5.00pm on 10 November. First meeting of Ireland’s Just Transition Taskforce The first meeting of the Just Transition Taskforce has taken place this week. The establishing of a Just Transition Taskforce in order to provide advice to the government was recommended by the Climate Action Plan 2023, the ‘roadmap for meeting Ireland’s climate targets. The Taskforce will engage with representatives of business and employers’ organisations, trade unions, and other organisations, in order to develop recommendations regarding the role and structure of the Just Transition Commission to the Minister of the Minister for the Environment, Climate and Communications, Eamon Ryan, TD. Just Transition refers to the need to have a fair transformation to a low-carbon economy and to ensure that employment and jobs in the new economy are as decent and as well-paid as those left behind. Need for all sectors to work collectively to address climate change The annual PwC report on the Business in the Community Ireland (BITCI) ‘Low Carbon Pledge’ which published this week, has found that more businesses are escalating their focus on sustainability and prioritising decarbonisation across all areas of their operations. The report, which is now in its fifth year, found that 80 percent of companies are on track to setting science-based targets for decarbonisation, although there is an urgency on some to be more proactive in setting their targets and reducing their emissions, particularly around scope 3 emissions and in taking action on the nature crisis. Speaking at the launch of the report, Minister for the Environment, Climate and Communications, Eamon Ryan, T.D. stated “[i]f we are to address climate change and start to turn the tide on the devastating scenes we have seen across the globe recently, we need to work collectively, across all sectors, including business”. Programme launched to support women-led businesses in Northern Ireland Invest Northern Ireland (Invest NI) is launching a programme to support women-led businesses to access support, create jobs and sell innovative products or services outside Northern Ireland. The Ambition to Grow - Supporting Women programme will provide grant support of up to £30,000 to eligible small and medium-sized businesses that have a woman in a key decision-making position. The funding is aimed at helping to create new employment within the business and assisting with the costs of targeting markets outside Northern Ireland, technical development activities, and upskilling existing and new employees. European Commission calls on Ireland to review flood risk management plans The European Commission has announced it is calling on eight Member States, including Ireland, to finalise the review of their river basin management plans as required under the Water Framework Directive (Directive 2000/60/EC) and/or the flood risk management plans as required under the Floods Directive. EU water legislation must be fully implemented to reach the EU's circular economy, biodiversity, zero pollution and climate change ambitions. Ireland has two months to respond and take the necessary measures, or the Commission may decide to refer the Member States to the Court of Justice of the European Union. The damage flooding can cause to businesses and infrastructure, such as transport or utilities like electricity, gas and water supply, can have significant detrimental impacts on individuals and businesses and local and regional economies. Net zero commitments and transition finance The US Treasury has released new principles for financial institutions making voluntary net-zero commitments. The news comes as the first-ever Climate Resilience Summit is announced by the White House, with the United States releasing it National Climate Resilience Framework. The Framework is described as a vision for a ‘climate resilient nation’, “to guide and align climate resilience investments and activities by the Federal government and its partners”. Among the actions also announced this week was the awarding or availability of more than $500 million in dedicated funding to achieve the vision. According to the International Energy Agency, fossil fuel demand must reportedly fall by a quarter by the end of this decade if governments want to limit the rise in global warming to 1.5C since the pre-industrial period. Separately, the Glasgow Financial Alliance for Net Zero (GFANZ) has announced the launch of a public consultation on, among other things, its work to refine the definition of ‘transition finance’. GFANZ, the global coalition of leading financial institutions committed to accelerating the decarbonization of the economy, was set up during the Climate Summit ‘COP26’ in Glasgow in November 2021. IFAC’s Sustainability & Accountancy Education Survey  The International Federation of Accountants (IFAC) held an event during Climate Finance Week in New York last week to demystify GHG reporting and to help accounting and finance professionals take immediate steps to ensure their organization’s data is in order and ready to report robust information when the new standards and rules go into effect. Panellists shared insights from finance, reporting, audit and assurance and data perspectives. Watch the recording and access related resources. Separately, IFAC is surveying professional accountants on sustainability and accounting education. The survey by the International Panel on Accountancy Education aims to gather insights on what is needed to ensure current and future professional accountants are equipped to play their part in in the sustainability discussion. What is a sustainable supply chain? On 12 October, Institute's Sustainability Officer Susan Rossney will interview Shane Faulkner, KPMG's Sustainability Manager, about what a sustainable supply chain looks like, what questions SMEs might be asked by their customers and clients, and how they might respond. Click here to register for free . Did you know? Around the world, there are reportedly more than 2,300 pending or decided climate cases. In one case, nine small island states have taken a case to the UN maritime court to seek protection for the world’s oceans against climate change, and six young people, represented by Irish lawyers, are taking 32 countries to court over climate inaction. Articles How will the EU carbon border adjustment mechanism affect UK businesses? (ICAEW) Business braced for red tape from EU carbon border tax (Financial Times)  Adopting the TNFD framework needn’t be a challenge (ICAEW) Law to tackle human trafficking in company supply chains proposed  (Business Post) Sustainable Beer? Breweries Where Great Taste, Eco-Friendliness Go Together (Newsweek) Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 5 October Following four sellout sittings, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in October 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Upcoming events   Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Online, September 2023  ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries.  Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. A specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Virtual: 25 October, 10.00-11.30am Sustainable Finance Skillnet is offering funded training opportunities until October 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). Virtual: September-October 2023  Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Chartered Accountants Ireland: Ask the Expert, Supply chain sustainability (ROI/NI) In this 15-minute chat, Institute's Sustainability Officer Susan Rossney will talk to Shane Faulkner,  KPMG's Sustainability Manager, about what a sustainable supply chain looks like, what questions SMEs might be asked by their customers and clients, and how they might respond. Virtual: 12 October, 12:45-13.00 Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 25 October 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about the release of the final recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) for reporting on nature and biodiversity-related risks and opportunities. Also covered is Ireland’s signing of a landmark UN oceans agreement, the publication of the Department of Transport’s Climate Action Roadmap, public sector funding for climate action, a €500 million Growth and Sustainability Loan Scheme, EU developments on greenwashing, and a webinar on the proposed International Standards on Sustainability Assurance, as well as the usual roundup of tax and technical updates, articles and events. Taskforce on Nature-related Financial Disclosures (TNFD) releases final recommendations The Taskforce on Nature-related Financial Disclosures (TNFD) has released its final recommendations for reporting on nature and biodiversity-related risks and opportunities. The publication of the 14 disclosure recommendations has been described as “key milestone in the relationship between nature, business and financial capital, positioning nature risk alongside financial, operational and climate risk and helping to shift capital flows to nature-positive outcomes.”  The TNFD will now begin the process of encouraging and supporting voluntary market adoption of the Recommendations and will track voluntary market adoption annually through an annual status update report beginning in 2024. Tánaiste signs landmark UN oceans agreement The Tánaiste, Minister for Foreign Affairs, and Minister for Defence, Micheál Martin TD, has signed a landmark international agreement on global ocean conservation at the United Nations in New York. The Agreement on Marine Biodiversity Beyond National Jurisdiction (BBNJ), which will provide for the creation of a global network of High Seas marine protected areas (MPAs), marks a significant milestone in international cooperation as the first dedicated global treaty on the conservation and sustainable use of marine biodiversity of the High Seas. The news comes during the 78th session of the United Nations General Assembly, which marks a crucial milestone in the journey towards achieving the 2030 Agenda and putting the 17 Sustainable Development Goals (SDGs) back on track. It is also seen as a milestone in the lead-up to COP28, the international climate summit which this year takes place in Dubai in November and December. Ireland is expected to play a leading role at this summit in negotiating for accelerated action on climate and the transition to renewable energy. Department of Transport publishes Climate Action Roadmap 2023 - 2030 The Department of Transport has published a Climate Action Roadmap setting out an analysis of its 2030 greenhouse gas emissions-reduction target and identifying current and planned actions to bridge any gaps between now and 2030. The roadmap, which was developed with the support of the Sustainable Energy Authority of Ireland (SEAI), reflects one of the goals of the Climate Action Plan 2021 (CAP21) that the public sector lead by example on climate action to reach the target of reducing Ireland’s greenhouse gas emissions by 51 percent by 2030 and becoming climate neutral no later than 2050. Public sector funding for climate action in Ireland’s regions The Minister for the Environment, Climate and Communications, Eamon Ryan TD, has committed to provide funding over the next six years for Ireland’s Climate Action Regional Offices (CAROs), including €2.97 million for the Dublin area, €3.09 million for the Eastern and Midlands region, and €2.97 million for the North-west region. The funding will help local authorities to deliver climate policies and behavioural change within their own organisations and to empower citizens, businesses and neighbourhoods to better understand the impacts of climate change and to embrace the need for climate action. €500 million Growth and Sustainability Loan Scheme Bank of Ireland has announced a €500 million Growth and Sustainability Loan Scheme, which will provide eligible SMEs, including farmers, fishers, and Small Mid-Caps, with competitively priced loans of between €25,000 and €3 million for terms of up to ten years. Loans of up to €500,000 will also be available unsecured, when investing in the growth and resilience of their business, and/or contribute to climate action and environmental sustainability. Loans for climate action and environmental sustainability purposes will also benefit from an additional interest rate discount. EU developments: greenwashing, product durability, critical raw materials and air quality   The EU Parliament and Council have reached a provisional agreement on new rules to ban misleading advertisements and provide consumers with better product information. The agreement updates the existing EU list of banned commercial practices and adds to it several ‘problematic’ marketing habits related to greenwashing and early obsolescence of goods. MEPs are expected to vote in November for the provision deal to become law and member states will have 24 months to incorporate the new rules into their law once the directive comes into force.   Separately, MEPs have adopted their position on boosting the supply of strategic raw materials, crucial to secure the EU’s transition to a sustainable, digital and sovereign future. The Critical Raw Materials Act is intended to make the EU more competitive and autonomous, cutting cut red tape, promoting innovation along the entire value chain, supporting SMEs and boosting research and the development of alternative materials and more environmentally friendly mining and production methods.   The EU Parliament has also adopted its position on a revised law to improve air quality in the EU. The new rules would ensure air quality in the EU is not harmful to human health, natural ecosystems and biodiversity and would align EU rules with the most recent World Health Organization (WHO) Air Quality Guidelines. Parliament will next start negotiations with Council on the final shape of the law.   Webinar on the proposed International Standards on Sustainability Assurance IAASB has announced it will hosting a deep dive webinar on 29 September about (ISSA) 5000. External assurance plays a key role in enhancing trust and confidence in financial and non-financial reporting, and the International Auditing and Assurance Standards Board (IAASB)’s proposed standard - International Standard on Sustainability Assurance (ISSA) 5000 - will serve as a comprehensive, stand-alone standard suitable for any sustainability assurance engagement. Read more from our colleagues in Professional Accounting. Technical updates (From our colleagues in Professional Accounting) Accountancy Europe, in collaboration with the European Sustainable Business Federation, has issued ‘5-step starting guide to a sustainable transition for SMEs. This paper has five first steps an SME can take to begin its sustainable journey.   EFRAG and the Global Reporting Initiative (GRI) have issued a joint statement confirming that they have achieved a high level of interoperability between their respective standards in relation to impact reporting.   EFRAG has published its final comment letters on the ISSB consultation on Agenda Priorities and SASB methodology. Tax updates (From our colleagues in Tax) The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and World Bank Group – released a new report on carbon pricing metrics. The purpose of the report is to help policymakers, businesses and other stakeholders strengthen the understanding of different carbon pricing metrics of the largest international organisations.  In the report, the PCT Partners concur on a crucial message: “Energy prices are poorly aligned with climate, environmental and health costs. Carbon pricing signals to date are insufficient.”  A definition of carbon pricing can be found in the Chartered Accountants Ireland Sustainability Glossary. Articles Q&A: How sustainable is Ireland as a data centre hub? (Irish Times) ‘B Corp’ status vital for firms keen to mark sustainability credentials, says environmental consultant (Irish Times) Helping to make SMEs smarter, leaner and greener (Irish Independent) What Sunak’s net zero pivot means for UK climate goals and the next election (Financial Times) No 'urban-rural divide' on environmental protection, committee told (RTÉ) Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 5 October Following four sellout sittings, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in October 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Upcoming events   Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Online, September 2023  ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. Irish Museum of Modern Art: EARTH RISING Four-day festival of free events and experiences aimed at addressing the climate crisis and aiming to provoke, empower and inspire collective action in audiences to become agents of change for a sustainable and hopeful future.~ In person: 21–24 September, IMMA site, Royal Hospital Kilmainham, Dublin 8, D08 FW31. EPA: Circular Economy Conference This hybrid event will be an opportunity to learn about recent developments in the circular economy and the opportunities and challenges in implementing a circular economy in Ireland. There will be opportunities to network and participate in polling and Q&A sessions. In person: 27 September, The Aviva Stadium, Dublin. Green Team Network: ESG Networking Breakfast An intensive session tailored for Ireland's industry leaders seeking to understand and act upon the financial implications of climate change, this event aims to bridge the gap between climate financial risk and sustainability education. In person: 27 Sept, 08:00 – 9:45, Dean Hotel, 33 Harcourt St, Saint Kevin's, Dublin 2, Ireland. Chartered Accountants Ireland: Integrating sustainability into information systems and decision making This course will deliver core knowledge about how to integrate sustainability data into the decision-making process. Virtual: 27 September, 09:30 – 12:30 Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. A specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Virtual: 25 October, 10.00-11.30am Sustainable Finance Skillnet is offering funded training opportunities until October 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). Virtual: September-October 2023 IAASB: Webinar of Proposed International Standard on Sustainability Assurance (ISSA) 5000 to the IAAS Join the Irish Auditing & Accounting Supervisory Authority (IAASA) and IAASB webinar to hear about ISSA 5000 Proposed International Standards on Sustainability Assurance Webinar: 29 September, 14.00 Dublin time Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Chartered Accountants Ireland: Ask the Expert, Supply chain sustainability (ROI/NI) Under the Corporate Sustainability Reporting Directive (CSRD), many SMEs will form part of the supply chains of companies that are required to report on their supply chain’s sustainability. In this interview, Shane Faulkner, Sustainability Manager at KPMG Ireland, will answer your questions on supply chain sustainability, questions SMEs might be asked and how they might respond. Virtual: 12 October, 12:45-13.00 Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 27 September 2023  14.00-15.00/30 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.    

  In this week’s Sustainability/ESG bulletin, read about a policy workshop on sustainable finance and biodiversity, CSO figures showing continued growth in the number of electric vehicles licensed in Ireland, and new public sector funding for climate action. Also covered is the new Ireland-UK energy cooperation agreements, a report showing how 80 percent of UK businesses are ‘unprepared’ for reporting requirements under CBAM, and the usual roundup of technical updates, articles and events. Sustainable finance and biodiversity Last week, Institute’s Sustainability Officer Susan Rossney spoke at the South-East Technological University and Queen's University Belfast Policy Workshop Addressing Biodiversity Loss with Sustainable Financial Solutions. The provision of finance is crucial for achieving the ambitious goals set out in the Kunming-Montreal Global Diversity Framework and the EU’s 2030 Biodiversity Strategy. Opened by Minister of State for Heritage and Electoral Reform Malcolm Noonan, TD, this fact-finding workshop was among several organised to explore how sustainable finance solutions can address biodiversity loss on the island of Ireland. Other speakers included Dr John Finn, Teagasc; Lucy Gaffney, Business for Biodiversity in Ireland; Paul Harris, Bank of Ireland and Dr Shane McGuinness, University College Dublin. Ireland and UK signs new energy cooperation agreements Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has signed two new Memorandums of Understanding (MoU) with Claire Coutinho, the UK Secretary of State for Energy Security and Net Zero, at the Department for Energy Security and Net Zero (DESNZ). The MoUs will increase cooperation for developing offshore renewable energy, explore further electricity interconnection opportunities and enhance security of gas supplies. The announcement comes as the Taoiseach Leo Varadkar T.D. and Minister Ryan met with Ireland’s four largest Energy Retailers this week to reiterate the Government's concern at persistently high energy prices and to discuss how customers could be best supported for the coming winter. Separately, a public consultation has been launched by the Department of the Environment, Climate and Communications to help inform the design and delivery of a ‘Private Wires’ policy, to be launched in 2024, and which provides a potential off-grid solution for the generation and supply of electricity. Growth continues in number of electric vehicles licensed in Ireland The Department of Transport has published its new Statement of Strategy 2023 –2025, which includes a focus on ‘Sustainability: Economy, Environment and Society’. The strategy was published as figures from the Central Statistics Office (CSO) reveal that in the first eight months of 2023, 19 percent of all new cars licensed for the first time were electric, compared with 13 percent in the same period in 2022. Public sector funding for climate action in Ireland’s southern region The Minister for the Environment, Climate and Communications, Eamon Ryan TD, has committed to provide €2.9 million to support the Climate Action Regional Office (CARO) in the southern region over the next six years. The funding will help local authorities to deliver climate policies and behavioural change within their own organisations and to empower citizens, businesses and neighbourhoods to better understand the impacts of climate change and to embrace the need for climate action. CSO publishes Gender Balance in Business Survey 2023 The Central Statistics Office (CSO) has released Gender Balance in Business 2023 which provides statistics on gender representation in top management teams and Boards of Directors in Ireland. Findings included that one in four members of Boards of Directors in Ireland were female, up from almost 22 percent in 2021, and that female Chairpersons increased from 14 percent to almost 19 percent over the same period. Transforming the profession – the future of accountancy This week marks 15 years of the Accounting for Sustainability (A4S) Accounting Bodies Network. The ABN was established to support the global professional accounting bodies to share knowledge, collaborate to overcome common barriers, and champion the need for change within the accounting community. To mark this milestone, member bodies, including Chartered Accountants Ireland, have collaborated on a project to explore how the future of the profession can, and is, transforming to help build and support a sustainable economy. Transforming the profession – the future of accountancy focuses on three areas – skills, systems and technology. UK businesses ‘unprepared’ for EU trade 80 percent of UK manufacturers who are also exporters have no knowledge of the Carbon Border Adjustment Mechanism (CBAM), according to new research carried out by the British Chambers of Commerce. The research – which surveyed over 700 SMEs – reportedly found that the majority of SMEs are unaware of reporting requirements under CBAM, under which EU companies must compile reports on the carbon emissions attached to some imported goods, including steel, aluminium and fertilisers, from October 2023. Businesses will have to buy certificates to cover pollution embedded in products from 2026. This lack of knowledge and preparation for the changes indicates that some traders with the EU may face a new delays and unexpected costs. In some cases, exporters could also find their goods unable to be transited to EU customers. Find out more about CBAM here. MEPs back plans to boost use of renewable energy The European Parliament has voted to boost the deployment of renewable energy, in line with the Green Deal and REPowerEU plans. The update of the Renewable Energy Directive (RED), already agreed upon between MEPs and Council, raises the share of renewables in the EU’s final energy consumption to 42.5 percent by 2030, and member states should strive to achieve 45 percent. There will be faster approval procedure for deploying renewables, and new fuels in the transport sector should lead to a 14.5 percent reduction of its greenhouse gas emissions. The legislation will now have to be formally endorsed by Council in order to come into law. Taking stock of the Sustainable Development Goals This week saw the launch of a report bringing together the results from the first UN Global Stocktake, since the Paris agreement was signed in 2015. This goal of the Paris Agreement is to limit global warming to 1.5°C above pre-industrial levels, and to scale up climate finance. To measure progress against this goal, the global stocktake examines the efforts of Paris Agreement signatories to cut their carbon emissions, adapt to climate change, and mobilise finance and technology to help poorer nations respond to the crisis. Representing the culmination of two years’ work, the report provides critical information for countries and stakeholders to identify what needs to be done, any remaining gaps and opportunities for increased action. The report will be discussed at COP28, the annual global climate summit which takes place this year in November in Dubai.  Articles Cost ‘a barrier’ to sustainable product choices for 2 in 5 people, survey finds (Irish Times) Why did the EPA delete a tweet about eating meat? (Irish Times) NHS website records 552 percent surge in heat exhaustion queries (The Guardian) A really simple guide to climate change (BBC News) What to Watch at COP28 (Bloomberg Green) Small islands take case to protect oceans from climate change to UN court (The Journal) John Walsh: GDP is out of date – it’s time we found another way to measure economic growth (The Business Post)  Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 5 October Following four sellout sittings, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in October 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Upcoming events   Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Online, September 2023  Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. IFAC & WMBC: Achieving Investor-Grade GHG Reporting: The Role of Accounting and Finance Professionals Virtual: 19 September, 9:00am ET for Climate Week NYC Chartered Accountants Ireland Virtual CPD Update – Career Progression and Transition (ROI/NI) Morning plenary session followed afternoon sessions, run and delivered by the District Societies, including the Western Society session on Sustainability and ESG Reporting (Catherine Duggan, Orla Carolan, Peter Gillen, Susan Rossney). Irish Museum of Modern Art: EARTH RISING Four-day festival of free events and experiences aimed at addressing the climate crisis and aiming to provoke, empower and inspire collective action in audiences to become agents of change for a sustainable and hopeful future.~ In person: 21–24 September, IMMA site, Royal Hospital Kilmainham, Dublin 8, D08 FW31. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. EPA: Circular Economy Conference This hybrid event will be an opportunity to learn about recent developments in the circular economy and the opportunities and challenges in implementing a circular economy in Ireland. There will be opportunities to network and participate in polling and Q&A sessions. In person: 27 September, The Aviva Stadium, Dublin. Green Team Network: ESG Networking Breakfast An intensive session tailored for Ireland's industry leaders seeking to understand and act upon the financial implications of climate change, this event aims to bridge the gap between climate financial risk and sustainability education. In person: 27 Sept, 08:00 – 9:45, Dean Hotel, 33 Harcourt St, Saint Kevin's, Dublin 2, Ireland Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. A specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Virtual: 25 October, 10.00-11.30am Sustainable Finance Skillnet is offering funded training opportunities until October 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). Virtual: September-October 2023 Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 27 September 2023  14.00-15.00/30 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.    

Sustainability is one of the biggest challenges facing businesses today. In her new book, Doing Good Business: How to Build Sustainable Value, UL Associate Professor Sheila Killian sets out the core pillars of what it means to be a truly sustainable business. She discusses the fast-changing responsibilities of business, the emergence of sustainable and profitable business models, and how climate change and human rights affect all companies, large and small. Doing Good Business provides guidance on the principles of sustainability, related reporting, community engagement, governance, and employee issues as well as environmental initiatives.  Find out more in our bookshop.  

In this week’s Sustainability/ESG bulletin, read how the Irish Government earned a C+ on progress against its climate and environmental commitments under the Programme for Government. Also covered is the increased calls for Government support for climate literacy for businesses, the publication of legislation addressing energy-sector windfall profits, the Chartered Accountants Worldwide Delegation planned for One Young World Summit in Belfast, and the usual roundup of technical updates, articles, resources and events. C+ for Irish Government on climate progress Ireland has been given an overall C+ grade by leading Irish academics for making only ‘moderate progress’ on the climate and environmental commitments in its Programme for Government. The grade was given as part of a project commissioned by the Friends of the Earth Ireland, which marked the Government out of 10 in nine key subject areas. For the first time, key commitments in the ‘Climate’, ‘Nature & Biodiversity’ and ‘Drinking & Waste Water’ categories were identified as in danger of not being achieved during the Government’s term. Calls for Government supports for climate literacy among businesses The report from March 2023’s National Youth Assembly on Climate has recommended, among other things, that the Government supports businesses that make efforts to repair and reuse products, introduces a climate education programme for all ages, and develops a cohesive media and communications strategy around climate action. Recommendations from the report, which published this week, will be considered for inclusion in Ireland’s Climate Action Plan 2024.   The Climate Conversation 2022, also published this week, finds that the public believe that businesses and enterprises have an important role to play in delivering climate action. It also finds that the public, while supporting stronger regulations on emissions and stricter reporting requirements, largely feel that companies – particularly SMEs – require increased support from the Government to improve their climate literacy and reduce emissions. Legislation addressing energy-sector windfall profits publishes The Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has announced the publication of the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill. This Bill provides for a cap on the market revenues generated by non-gas generators in the wholesale electricity market between 1 December 2022 to 30 June 2023 inclusive, as set out in Council Regulation (EU) 2022/1854. The estimated proceeds, which are in the range €80 - €150 million, will be retained and used in the electricity sector to provide financial supports to households and businesses affected by high energy prices. The Bill contains the timelines under which companies are required to make formal declarations and payments to the Commission for Regulation of Utilities (CRU): 30 November (submission of formal declaration) and 31 December 2023 (payment). ­Empower Change: Meet the Chartered Accountants Worldwide Delegation heading to Belfast for this year’s One Young World Summit Chartered Accountants Worldwide (CAW) is sending its annual global delegation to the One Young World summit, which takes place this year from 2 – 5 October in Belfast. Every year, member institutes of CAW run competitions to select their #CharteredStar to represent them – and CAW – at the summit.  Ireland’s Chartered Star, Peter Gillen will join young leaders of tomorrow to learn how to drive progress within their communities and workplaces, listen to inspirational speakers and broaden their international networks, connecting with global visionaries. Technical updates On 2 August, IAASB issued the proposed, landmark International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, for public consultation. This, when approved, will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe, applying to sustainability information reported about any appropriate sustainability matter and prepared under any suitable framework. It will also apply for both limited and reasonable assurance engagements. The Financial Reporting Council (FRC) Lab has published a new report: ESG Data Distribution and Consumption, examining how investors obtain and use environmental, social and governance. It has also published a thematic review, assessing the quality and maturity of climate-related metrics and targets disclosures. The International Organization of Securities Commissions (IOSCO) has announced its endorsement of the International Sustainability Standards Board’s (ISSB) Standards. Did you know? Ireland’s second SDG (Sustainable Development Goals) Week is taking place this year from 23 September to 1 October. SDG Week forms part of the wider European Sustainable Development Week (ESDW) which this year, will run from 18 September – 8 October. Resources Chartered Accountants Ireland has issued a Q&A on the CSRD and the ESRSs with information about the Directive and the Standards, and when and how members may be impacted. Jobs Group Sustainability Reporting Manager - Glenveagh Properties plc, Maynooth, County Kildare. Articles ESG for SMEs: government launches climate advice hub (ICAEW) What did you miss in ESG this summer? (ESG Clarity) How to embrace the climate conscious worker (Irish Times) Summer 2023 Was the Hottest on Record Globally, New Figures Show (Bloomberg Green Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 5 October Following four sellout sittings, our Certificate in Sustainability Strategy, Risk and Reporting for accountants is back again in October 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Upcoming events   Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Online, September 2023 InterTrade Ireland: The Shared Island Fund – Bioeconomy Demonstration Initiatives Funding opportunity Virtual, 14 September, 10:00 - 11:00. Environment Ireland’s: Environment Conference In person: 14–15 September,  Croke Park, Dublin Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. Chartered Accountants Ireland Virtual CPD Update – Career Progression and Transition (ROI/NI) Morning plenary session followed afternoon sessions, run and delivered by the District Societies, including the Western Society session on Sustainability and ESG Reporting (Catherine Duggan, Orla Carolan, Peter Gillen, Susan Rossney). Irish Museum of Modern Art: EARTH RISING Four-day festival of free events and experiences aimed at addressing the climate crisis and aiming to provoke, empower and inspire collective action in audiences to become agents of change for a sustainable and hopeful future.~ In person: 21–24 September, IMMA site, Royal Hospital Kilmainham, Dublin 8, D08 FW31. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. EPA: Circular Economy Conference This hybrid event will be an opportunity to learn about recent developments in the circular economy and the opportunities and challenges in implementing a circular economy in Ireland. There will be opportunities to network and participate in polling and Q&A sessions. In person: 27 September, The Aviva Stadium, Dublin. Green Team Network: ESG Networking Breakfast An intensive session tailored for Ireland's industry leaders seeking to understand and act upon the financial implications of climate change, this event aims to bridge the gap between climate financial risk and sustainability education. In person: 27 Sept, 08:00 – 9:45, Dean Hotel, 33 Harcourt St, Saint Kevin's, Dublin 2, Ireland Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. A specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Virtual: 25 October, 10.00-11.30am Sustainable Finance Skillnet is offering funded training opportunities until October 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). Virtual: September-October 2023 Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 27 September 2023  14.00-15.00/30 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.    

In this week’s Sustainability/ESG bulletin, read how nature may become ‘the new climate’ for financial institutions, a public consultation on ‘value factors’ for natural capital, and the public consultation on Northern Ireland’s carbon emissions, as well as the usual roundup of articles, resources and events. Nature as the new climate Nature could be the new climate for the world’s biggest financial institutions. While most financial firms are reportedly failing to see how the natural world impacts their business, this could change as the impacts of nature on profits becomes increasingly clear. The Taskforce for Nature-Related Financial Disclosures (TNFD) published  a high-level scoping study exploring the case for a global nature-related public data facility. Read more. ‘Value factors’ for natural capital – consultation The Value Commission has launched a public consultation for the co-design and development of transparent global criteria for the creation and the use of value factors for natural capital and other types of capital. Hosted by Capitals Coalition, the Value Commission is a time bound three-year, collaborative project, bringing together commissioners from around the world, including members from Ireland’s INCASE, to drive transparency and accountability across the application and use of these 'value factors'. They are used by businesses for the measurement of the flow of services that come from nature, to interpret that information across their operations for insights on their impacts and dependencies. The consultation closes in October - read more from Natural Capital Ireland. Public consultation on Northern Ireland’s emissions targets The first of three public consultation sessions on Northern Ireland’s Carbon Budgets was hosted this week by the Department of Agriculture, Environment and Rural Affairs (DAERA). This in-person and online event aimed to provide an opportunity for people to contribute on how the threats presented by climate change should be tackled. The findings from this, and the subsequent consultation sessions, will set an agreed carbon budget and targets, and will help inform Northern Ireland’s first Climate Action Plan.  Did you know? Edgbaston is to stage first sustainable cricket match, with the Men’s Vitality IT20 to be the UK’s first climate conscious international cricket match.  Meanwhile, the organisers of the Rugby World Cup are attempting to stop the release of a Greenpeace video, featuring an Irish comedian, satirising the event’s oil company sponsor. Resources The Chartered Accountants Ireland Sustainability Glossary has been updated to include nature positive. This is the term used to describe a world where nature – species and ecosystems – is being restored and is regenerating rather than declining. Jobs Group Sustainability Reporting Manager - Glenveagh Properties plc, Maynooth, County Kildare. Articles Shell and BP among firms accused of greenwashing over renewable energy (Belfast Telegraph) Head to head: Does retrofitting your home pay off? (Irish Times) Upcoming events   Dublin Chamber: The Future of Sustainable Finance  The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. In person, 5 September, 8.30 – 10.00. Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Online, September 2023 InterTrade Ireland: The Shared Island Fund – Bioeconomy Demonstration Initiatives Funding opportunity Virtual, 14 September, 10:00 - 11:00. Environment Ireland’s: Environment Conference In person: 14–15 September,  Croke Park, Dublin Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. Chartered Accountants Ireland Virtual CPD Update – Career Progression and Transition (ROI/NI) Morning plenary session followed afternoon sessions, run and delivered by the District Societies, including the Western Society session on Sustainability and ESG Reporting (Catherine Duggan, Orla Carolan, Peter Gillen, Susan Rossney). Irish Museum of Modern Art: EARTH RISING Four-day festival of free events and experiences aimed at addressing the climate crisis and aiming to provoke, empower and inspire collective action in audiences to become agents of change for a sustainable and hopeful future. In person: 21–24 September, IMMA site, Royal Hospital Kilmainham, Dublin 8, D08 FW31. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. EPA: Circular Economy Conference This hybrid event will be an opportunity to learn about recent developments in the circular economy and the opportunities and challenges in implementing a circular economy in Ireland. There will be opportunities to network and participate in polling and Q&A sessions. In person: 27 September, The Aviva Stadium, Dublin. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. A specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Virtual: 25 October, 10.00-11.30am Sustainable Finance Skillnet is offering funded training opportunities until October 2023 to Irish employees in the financial services sector at 30 percent of course fees (with 70 percent funding available for members of the International Sustainable Finance Centre of Excellence). Virtual: September-October 2023 Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 27 September 2023  14.00-15.00/30 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.    

In this week’s Sustainability/ESG bulletin, read about ‘green and social considerations’ in public procurement, new funding for bioeconomy initiatives and requests for input on the ongoing consultation on Ireland’s charging network. In addition, we provide updates on Pre-Seed Start Fund applications, the Irish Sovereign Green Bond (ISGB),  European Commission updates on CBAM and sustainable forest management, and the usual roundup of articles, resources and events. ‘Green and social considerations’ in public procurement The Office of Government Procurement (OGP) and the sector procurement bodies in Education, Health, Defence, and Local Government have established 150 central buying arrangements across 16 main categories of expenditure, according to a Memorandum for Government to Cabinet published this week. The Memorandum outlines plans to promote the increased use of centralised procurement arrangements across the civil and public service. In addition to aggregating the buying power of the State and avoiding duplication of effort by public service bodies and suppliers, these solutions allow for the mainstreaming of green and social considerations into public procurement. A Circular, provisionally scheduled for publication in early 2024, will be issued to all public bodies focusing on Government’s procurement policy regarding the use of central procurement arrangements.  New €10 million bioeconomy funding initiative announced €10 million has been announced for a 2023 Bioeconomy Demonstration Initiative under the EU Just Transition Fund, aiming to support close collaboration between stakeholders along the bio-based value chain (including SMEs, research-performing organisations, local authorities, and others). Applications must be submitted online through Application Submission Portal of Department of Agriculture, Food, and the Marine (flexigrant.com) by 13 October 2023. Consultation on Ireland’s charging network ongoing The Minister for Transport intends to publish Universal Design Guidelines for Ireland’s Electric Vehicle Charging Infrastructure in December 2023. The Department of Transport is inviting everyone to have their say by completing this public survey accompanying the draft Guidelines. The guidelines propose key recommendations to ensure universal access to EV charging infrastructure. The closing date for taking part in the public consultation is 5pm on Tuesday, September 26 2023. Enterprise Ireland ‘particularly interested’ in solutions to climate crisis in Pre-Seed Start Fund applications Enterprise Ireland has announced it is ‘particularly interested’ in receiving applications from start-ups with solutions to address challenges and opportunities regarding climate action with an emphasis on decarbonisation, including but not exclusive to renewables, carbon capture technology, innovations in buildings and transport applications and sustainable materials. The announcement was made as Minister for Enterprise, Trade and Employment Simon Coveney, T.D., invited early-stage businesses to apply for Enterprise Ireland Pre-Seed Start Fund (PSSF) which supports the critical early needs of new start-up companies. The fund, which will provide up to €100,000, is open to innovative start-ups in all sectors, with a focus on manufacturing, life-sciences, food and renewables sectors. NTMA announces publication of the Irish Sovereign Green Bond (ISGB) Allocation Report for 2022 and the Impact Report for 2021 The National Treasury Management Agency (NTMA) earlier this month announced the publication of the Irish Sovereign Green Bond (ISGB) Allocation Report for 2022 and the Impact Report for 2021 (available here). Over €3 million was allocated to eligible green projects in 2021 and 2022. Since the launch in 2018 of the Irish Sovereign Green Bond (which is designed to provide investors with the financial features of standard Irish government bonds combined with sovereign green bond market practices), over €10,787.8 million proceeds has been allocated. This is the fourth Impact Report issued in accordance with the ISGB Framework, and it details the environmental impact measures connected with the 2021 Allocation Report. It is spread across the six eligible green categories: Built Environment/Energy Efficiency; Clean Transportation; Climate Change Adaptation; Environmentally Sustainable Management of Living Natural Resources and Land Use; Renewable Energy; Sustainable Water and Wastewater Management. European Commission updates: CBAM and sustainable forest management The European Commission has adopted the rules governing the implementation of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase, which starts on 1 October of this year and runs until the end of 2025. During the transitional phase, traders will only have to report on the emissions embedded in their imports subject to the mechanism without paying any financial adjustment. This is to give adequate time for businesses to prepare in a predictable manner, while also allowing for the definitive methodology to be fine-tuned by 2026. Separately, the European Commission has approved a €45 million Irish scheme to support sustainable forest management. The scheme, which will run until 31 December 2027 and will be open to companies of all sizes in the forestry sector. The scheme will be in the form of direct grants, covering up to 100 percent of the eligible costs, to support landowners to implement economically, ecologically and socially sustainable forest management and use techniques to promote the growth of forests, protect biodiversity, soil and water quality and the forest landscape, adapt forests to climate change, and increase the ability of forests to store carbon. Resources The updated Climate Essentials for Accountants guide demystifies the vocabulary of climate action and introduces accountants to jargon that they will hear with increasing frequency over the coming months and years. Articles ESG for SMEs: how to adapt your finance function (ICAEW) Campaigners threaten EU with legal action over climate policy (RTÉ News) BlackRock’s support for climate and social resolutions falls sharply (FT)   Jobs Group Sustainability Reporting Manager - Glenveagh Properties plc,  Maynooth, County Kildare. Upcoming events  Dublin Chamber: The Future of Sustainable Finance  The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. In person, 5 September, 8.30 – 10.00. Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. InterTrade Ireland: The Shared Island Fund – Bioeconomy Demonstration Initiatives Funding opportunity Virtual, 14 September, 10:00 - 11:00. Environment Ireland’s: Environment Conference In person: 14–15 September,  Croke Park, Dublin Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. EPA: Circular Economy Conference This hybrid event will be an opportunity to learn about recent developments in the circular economy and the opportunities and challenges in implementing a circular economy in Ireland. There will be opportunities to network and participate in polling and Q&A sessions. Women in Business (Northern Ireland) Women in Finance Women in Business is running a wide-ranging programme of female entrepreneurship events over the upcoming months. The events include sectoral networking, webinars, and training courses for essential skills. On 25 October 2023, 10am to 11:30am, a specific session on women in finance will focus on work in finance departments, small scale accountancy or work for yourself, both members and non-members are welcome to join this online event. Accountancy Europe: Preparing for high-quality sustainability assurance engagements In person: 3 October, 14.00-17.00, ACE events - Av. d'Auderghem 22, 1040 Brussels Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 30 August 2023  14.00-15.00/30 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.

The Institute has today published a new Technical Alert 'Technical Alert 05 2023 - Questions and answers on the Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards'. The Technical Alert provides members with some information about the Corporate Sustainability Reporting Directive (CSRD) and explains when and how members may be impacted by it. The CSRD is an EU Directive requiring certain companies to disclose information on their sustainability-related impacts. The directive aims to modernise and strengthen the rules about the type of environmental, social and governance (ESG) information that companies will have to report. Alongside the CSRD, the European Sustainability Reporting Standards have been developed, under which companies who are subject to the CSRD will have to report. On 31 July, the European Commission adopted the ESRS and they will come into force following their publication in the Official Journal of the EU. The first entities will report under the CSRD and ESRS for periods commencing on or after 1 January 2024.    

In this week’s Sustainability/ESG bulletin, read about the launch of Ireland’s second SDG (Sustainable Development Goals) Week. Also covered is the public consultation on Ireland’s second National Plan on Business and Human Rights, funding for female entrepreneurs in rural areas in Ireland and for UK SMEs working on innovative decarbonisation projects, the launch of the new UK Business Climate Hub and Net Zero business sector roadmaps, as well as the usual roundup of articles, resources and events. Ireland launches second SDG Week The Department of Environment, Climate and Communications has announced Ireland’s second SDG (Sustainable Development Goals) Week. The UN SDGs work towards ambitions such as an end to poverty, sustainable economic development, protection of the environment, access to health and education services, gender equality, peaceful societies, and decent work. Ireland’s SDG Week, from 23 September to 1 October, forms part of the wider European Sustainable Development Week (ESDW) which this year will run from 18 September to 8 October, and which last year saw over 7,000 events taking place across 24 countries, with over 100 events held across Ireland. The SDG week is open to all businesses, individuals, groups, schools and colleges, and institutions, to take part in or organise events, or highlight an activity or project that promotes sustainable development.   Consultation on Ireland’s second National Plan on Business and Human Rights The Department of Foreign Affairs is calling for views on the development of Ireland’s second National Plan on Business and Human Rights. The new National Plan aims to support Ireland’s implementation of the UN Guiding Principles on Business and Human Rights, a set of guidelines developed by the UN Special Representative on human rights and transnational corporations and other business enterprises. Commenting, Dara Calleary, Minister of State with responsibility for Trade Promotion at the Department of Enterprise, Trade and Employment, TD, said: “Consumers, employees, investors and shareholders, as well as the wider public rightly expect companies to do business in a sustainable and responsible manner. Companies who embrace and protect human rights are at a competitive advantage and ultimately will add value in the long term.” Written submissions can be sent to the Department of Foreign Affairs at bhrconsultation@dfa.ie until 8 September 2023. Funding for female entrepreneurs in rural areas The Department of Agriculture, Food and the Marine is calling on female entrepreneurs in rural areas to apply for the 50 places available in this year’s ACORNS programme, a free business development programme for early-stage female entrepreneurs based in rural Ireland. Ireland's progress towards achieving Sustainable Development Goal 5 Achieve gender equality and empower all women and girls can be found here. Increase in landfill levy from 1 September The Minister of State with special responsibility for Communications and Circular Economy, Ossian Smyth, TD, has signed new regulations which introduce a waste recovery levy of €10 per tonne (or 1,000kg), and a €10 increase to the existing ‘landfill levy’ to €85 per tonne. The new regulations will come into effect on 1 September 2023 and both householders and businesses are encouraged to manage the impact of the charge by maximising the amount of material they place in the mixed dry recyclable and bio-waste (brown) bin. See www.mywaste.ie  for more. Funding announced for UK SMEs working on innovative decarbonisation projects Innovate UK, part of UK Research and Innovation has announced a user-focused design competition – Net Zero Living – in which it will work with micro, small or medium-sized enterprises (SMEs) to invest up to £3.8 million in innovation projects to support the net zero agenda. Total grant funding request must be between £50,000 and £100,000 and the closing date for applications is 11am on Wednesday 4 October 2023. Funding is also being offered by the Department for Energy Security and Net Zero (DESNZ) for stream 3 of its Artificial Intelligence for Decarbonisation innovation programme. This aims to fund innovative AI approaches that will address critical challenges in decarbonisation, with a total of £2.25 million of grant funding available across several categories. The deadline for applications to stream of this competition is 2pm, 10 October 2023. New UK Business Climate Hub launches A new UK Business Climate Hub has launched to provide net zero advice for small and medium-sized enterprises (SMEs) in the UK. The hub will provided businesses with access to new advice and support to reduce their energy bills and cut their carbon emissions. The Hub has been developed with the Department for Energy Security and Net Zero (DESNZ), the SME Climate Hub and the UK’s main business organisations, energy networks, high street banks and professional bodies. UK’s Net Zero Council publishes Net zero business sector roadmap The UK’s Net Zero Council, a high-level government forum which aims to support industry to help cut emissions and develop greener practices, has developed a framework to help businesses create tailored action plans to reduce emissions across their sector. The Net zero business sector roadmap guidelines is a set of criteria that all business sector roadmaps should meet to ensure they can effectively reduce emissions and call for: 1. A credible pathway aligned to HMG’s Net Zero Strategy; 2. Robust delivery plan and structures; 3. Collaboration on barriers, gaps and dependencies, and 4. Independent assessment of roadmaps to ensure credibility. Did you know? Invest Northern Ireland is offering free Sustainability Reports for Northern Ireland businesses with annual energy and resource spend of more than £30,000 (this could include the combined value of heating, electricity, water, waste disposal or raw material billings). The reports are an assessment and understanding of businesses’ environmental performance across areas, such as raw materials, energy, carbon, packaging, biodiversity and waste. Resources The updated Climate Essentials for Accountants guide demystifies the vocabulary of climate action and introduces accountants to jargon that they will hear with increasing frequency over the coming months and years. Podcasts Inside the industry that made climate denial work – true clime and climate change (Zero from Bloomberg) ISSB standards, E-Commerce Trade Commission, and CPD update (ICAEW Insights) Articles What Accountants Need to Know about Carbon Offsets (IFAC) ESG for SMEs: what if you do nothing? (ICAEW) IFAC Calls on G20 Leaders to Lead on Sustainable and Inclusive Growth; Highlights Enabling Role of Accountancy Profession (IFAC) Climate change contributing to inflation - Norway fund boss (RTÉ) Another Irish record for wind generation set in July (Irish Examiner) Judge rules in favour of youths accusing Montana state of violating right to clean environment (The Journal)  Jobs Group Sustainability Reporting Manager - Glenveagh Properties plc,  Maynooth, County Kildare. Upcoming events  Dublin Chamber: The Future of Sustainable Finance  The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. In person, 5 September, 8.30 – 10.00. Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. InterTrade Ireland: The Shared Island Fund – Bioeconomy Demonstration Initiatives Funding opportunity Virtual, 14 September, 10:00 - 11:00. Environment Ireland’s: Environment Conference In person: 14–15 September,  Croke Park, Dublin Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 23 August 2023  14.00-15.00/30 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.

In this week’s Sustainability/ESG bulletin, read how the European Commission has adopted the European Sustainability Reporting Standards. Also covered is the newest edition of Climate Essentials for Accountants, a survey into Irish SMEs’ sustainability investment profile, flooding relief for SMEs, IAASB's proposed Sustainability Assurance Standard, the release of the first science-based targets for nature, and how billions of economic activity is at risk due to climate change, as well as the usual roundup of articles, resources and events. New edition: Climate Essentials for Accountants The sense of urgency to address climate change is intensifying across the world. The third edition of Chartered Accountants Ireland’s Climate Essentials for Accountants has published to help demystify the vocabulary of climate action and introduce professionals to jargon that they will hear with increasing frequency over the coming months and years. Find the guide – along with other free resources for accountants, financial professionals and business owners – in the Climate Essentials section of the Chartered Accountants Ireland Sustainability Hub.  Taking action: How SMEs can adapt to climate change Recent European heatwaves have highlighted the impact climate change has on society and the economy. In this article in Accountancy Ireland, Chartered Accountants Ireland Sustainability Officer Susan Rossney explores the challenges facing Irish businesses when taking steps to tackle the crisis. Covering Ireland’s perception of climate change as well as barriers to action, the article describes the threats and opportunities that climate changes bring for business. European Commission adopts European Sustainability Reporting Standards The European Commission announced this week that it has adopted the European Sustainability Reporting Standards (ESRS), a significant milestone in the development of European Sustainability Reporting Standards. The standard will enter into force following its publication in the Official Journal of the European Union and the first wave of entities will report under the ESRS for periods commencing on or after 1 January 2024. The reporting requirements will then be phased-in over the subsequent years to various company types and sizes. Read more here. IAASB issues proposed Sustainability Assurance Standard The International Auditing and Assurance Standards Board (IAASB) has issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. This is a principles-based, overarching standard suitable for both limited and reasonable assurance engagements on sustainability information reported across any sustainability topic. It is intended to work with various sustainability reporting frameworks (including the European Sustainability Reporting Standards and the IFRS Sustainability Disclosure Standards). Read more from our Technical Team. SMEs mostly to maintain or increase sustainability investments A bi-annual SME Sustainability Sentiment Survey carried out by Uisce Éireann has found that nine out of 10 Irish SMEs plan to maintain or increase investment in sustainability practices and solutions in the coming year. The survey, which involved over 350 SMEs, found that achieving cost savings was the most important key driver (55 percent) in influencing SME decision-making on investment in sustainability. ‘Satisfying customers’ desire for more sustainable products and services’ was the second driver at (43 percent), with more than half of Irish SMEs believing that operating a sustainable business attracts more customers. The study also examined the barriers that currently exist to investment, with 72 percent of SMEs identifying cost concerns and rising costs as the stand-out barrier to investing more in sustainability practices, along with a lack of information on sustainability practices and a lack of Government support. Emergency Humanitarian Support for small businesses affected by flooding - Donegal The Minister for Enterprise, Trade and Employment, Simon Coveney, T.D., has opened the Emergency Humanitarian Support Scheme to small businesses, sports clubs, community and voluntary organisations unable to secure flood insurance and affected by recent flooding in Co Donegal. Application forms for support will be available on the Irish Red Cross Society's website.  The announcement comes as twelve of Ireland’s weather stations reportedly saw record-breaking levels of rainfall in July, with 217 per cent of the expected amount of rainfall based on long-term average (LTA) data from 1981 to 2010. Ireland’s Climate Action Plan Progress Reports publishes The Irish Government has published a progress report on the Climate Action Plan 2023. The report highlights a completion rate of 63 percent on significant and reportable climate actions, including finalising the Offshore RESS auction. Many of the actions delayed in Q2 are expected to complete in Q3, including launch of the new Forestry Programme; and establishing a new SME retrofit scheme and Just Transition Commission. Funding for Belfast SMEs for ‘Grey to Green’ city project Capital support of up £50,000 will be available for the Grey to Green Demonstrator Project, a ‘city centre demonstrator project’ in Belfast. Expressions of interest are being sought from Belfast-based SMEs, community groups and schools with the expertise and capability to undertake for the project, as part of Belfast City Council’s A Bolder Vision for Belfast. The project will focus on urban farming, social gardening, or community food growing initiatives, with the possibility of using a council owned site, subject to approval. The first science-based targets for nature The first has science-based targets for nature have been released by the Science Based Targets Network (SBTN), a global coalition of 80+ environmental non-profits and mission-driven organisations. The targets will enable companies to start taking ambitious and measurable action on both climate and nature. Commenting, Erin Billman, Executive Director of the SBTN said “While climate change has become a key focus of many companies’ sustainability strategies, there is now clear scientific evidence that net zero is not possible without nature.” The targets are designed to build on companies’ existing sustainability strategies and proactively aligned with existing and upcoming standards and frameworks. Report finds $122 billion of economic activity at risk due to climate change A new study has found that extreme weather events are putting around $80bn of global trade and $122 billion of economic activity at-risk on average annually. The study, published in Nature Climate Change, examined impacts on global shipping, trade and supply chains caused by disruptions to ports from climate extremes in order to identify risks to global maritime transport, trade and supply-chain networks. Did you know? Food waste statistics for 2021 from the Environmental Protection Agency (EPA) show that Ireland wasted 753,000 tonnes of food waste. Businesses can sign up to the Food Waste Charter to pledge to measure, reduce and report their food waste.   Ainslie van Onselen, the CEO of Chartered Accountants Australia and New Zealand, has been named as the new chair of Chartered Accountants Worldwide. Described as ‘a milestone appointment,’ it marks the first time a woman has held the role. Glossary updates The Chartered Accountants Ireland sustainability glossary has been updated to include the global stocktake. Resources AICPA and CIMA have published a report, Accounting for Climate Resilience that aims to help finance professionals build their sustainability literacy so they can lead and support the journeys of their organisations, firms, and clients as they adapt business models and operations in response to increasing climate-related risks. Podcast The International Sustainability Standards Board (ISSB) has published its latest podcast discussing progress since the launch of IFRS S1 and IFRS S2, technical updates, the upcoming International Auditing and Assurance Standards Board (IAASB) consultation, and more. Listen on Spotify, YouTube or the IASB’s Podcast page. Articles Enterprise Ireland: Why sustainability must be a priority for Irish firms (Irish Independent) Industry calls on UK to accelerate carbon capture as new projects approved (Financial Times) ESG for SMEs: insurance premium rise key to change (ICAEW) B20: a chance to look at ESG reporting  - ICAEW has secured membership of the ESG Action Council at this year's B20. The summit comes at a time when policy support by governments and regulators is crucial (ICAEW) Upcoming events  Dublin Chamber: The Future of Sustainable Finance  The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. In person, 5 September, 8.30 – 10.00. Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning  with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. InterTrade Ireland: The Shared Island Fund – Bioeconomy Demonstration Initiatives Funding opportunity Virtual, 14 September, 10:00 - 11:00. Environment Ireland’s: Environment Conference In person: 14–15 September,  Croke Park, Dublin Business Post LIVE/iQuest: Energy Transition Summit In person: 19 September, Croke Park, Dublin ESDN: European Sustainable Development Week (ESDW) 2023 18 September – 08 October. 113 initiatives in 10 countries. DETE: Building Better Businesses North-East Event, Dundalk Institute of Technology The latest in the series of Building Better Business events organised by DETE across the country to help businesses focus on the opportunities and challenges presented by the green economy and digital transformation. This event is open to businesses based in the North East. In person: 22 September, 9.00 - 1.00 -  Multi-Purpose Centre (MPC), Faulkner Building, Dundalk Institute of Technology. Climate Finance Week Ireland 2023 In person and virtual: Monday, 20 November – Friday, 24 November 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. 3rd or 4th Wednesday of every month Next: 23 August 2023  14.00-15.00/30 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.

The International Auditing and Assurance Standards Board (IAASB) has issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. This proposed standard will now undergo a consultation period running until 1 December 2023 and stakeholders are encouraged to respond and share their feedback to the proposed standard. ISSA 5000 is a principles-based, overarching standard suitable for both limited and reasonable assurance engagements on sustainability information reported across any sustainability topic. It is intended to work with various sustainability reporting frameworks (including the European Sustainability Reporting Standards and the IFRS Sustainability Disclosure Standards). The standard is drafted as a profession agnostic standard and should be suitable for use by accountant and non-accountant assurance practitioners. With the sustainability reporting requirements for certain entities set to increase over the coming years, a standalone sustainability standard is seen as a key piece of the framework to help ensure that users of sustainability information can place greater trust in the information they are consuming on an entities Environmental, Social and Governance impacts. In launching the consultation, IAASB Chair Tom Seidenstein commented “Our proposed ISSA 5000 is a crucial step in enhancing confidence and trust in sustainability reporting. This proposal directly responds to the International Organization of Securities Commissions recommendations and complements the work of other standard setters, including the International Ethics Standards Board for Accountants,”. The comment period remains open until 1 December and the IAASB are seeking a broad range of views on the standard to gather the views and insights needed to finalise it.

Recent European heatwaves have highlighted the impact climate change has on society and the economy. Susan Rossney explores the challenges facing Irish businesses when taking steps to tackle the crisis Recent severe heatwaves in continental Europe have shown how the effects of global warming are coming ever closer to home. Forced migration, drought, forest fires and biodiversity loss are some of the many ways climate change will impact Irish society.  Its impact on the economy will be acute, affecting everything from the health and wellness of employees to the cost of raw materials, scarcity of resources and supply chain disruption.  Ireland and climate change Climate change poses risks to humans, nature and Ireland as a nation.  Ireland is legally bound to meet ambitious national and international climate targets. According to the Climate Change Advisory Council (CCAC), an independent advisory body, Ireland will not meet the climate targets it has set for itself in the first and second carbon budget periods. The Environmental Protection Agency’s (EPA) provisional estimates on 2022 greenhouse gas emissions show that Ireland already used 47 percent of the carbon budget for 2021–2025 in the past two years.  An annual reduction of 12.4 percent is now required for each of the remaining years if Ireland is to stay within budget.  However, as emissions fell only 1.9 percent in 2022, this has been described as “extremely challenging” by the EPA.  It is clear that action is required across all sectors of the economy and society, including: Mitigation: reducing activity that causes climate change, like burning fossil fuels (coal, oil and gas); and Adaptation: making changes to deal with the effects of climate change, from operational changes to cope with rising summer temperatures or winter flooding to factoring in the risk of developing stranded assets and increased carbon tax liabilities. Ireland’s perception of climate change According to Climate Change in the Irish Mind, EPA research conducted in 2021, most Irish citizens share a desire for action on the climate crisis.  However, other EPA research has found that our emissions of greenhouse gases (GHGs) continue to rise.  Environmental Indicators Ireland 2022, published by the Central Statistics Office (CSO), shows that Ireland’s 2022 emissions were 11 percent higher than in 1990.  Enterprises contributed an estimated 12.7 percent to Ireland’s overall emissions in 2018, according to the Climate Action Plan 2023. Although this is less than the contributions of other sectors, there remains a need for Ireland’s enterprises to take action to reduce their emissions.  However, a 2022 national survey of 380 SMEs and larger enterprises across industry and service sectors by Microsoft and University College Cork found that Irish businesses are underprepared to make the necessary changes to transition to a net zero future. According to the study, 86 percent have no commitments or targets to decarbonise.  Barriers to action  In the face of evidence of climate change – and Ireland’s willingness to take action – what is preventing Irish businesses from responding to the crisis?  As an issue, climate change is complicated, abstract and overwhelming. Multiple interdependent factors cause it, and it is nearly impossible to avoid contributing to it in our daily lives. Buying products, driving a car or taking a flight for a foreign family holiday (full disclosure: I’m just back from one) all add to the overall problem. The solutions to the climate crisis are also interdependent and complicated. The positive changes we can make as individuals can feel insignificant, especially compared with large countries’ continued pollution.  The European Commission’s Annual Report on European SMEs 2021/22 – SMEs and environmental sustainability identified access to finance, limited expertise and skills, and regulatory and administrative barriers among the challenges facing SMEs in particular. Businesses that want to take climate action often have limited time, cash flow, resources and support (both financial and non-financial) to take action.  Knowledge is also a barrier. Many professionals qualified at a time when climate change was not identified as a business risk. They now find themselves having to skill up mid-career in an area that is famous for changing frequently.  Finally, many citizens and businesses are still struggling with crises related to COVID-19, inflationary pressure, supply chain disruption and high energy costs. Staying afloat is a crisis in itself.  Firms, particularly SMEs, focusing on the practicalities of running a business, paying staff and grappling with cash flow and costs are more likely to see climate action as the responsibility of governments or, at the very least, large corporations rather than them.  On top of that, climate discussions are often politicised. They are regularly reduced to a ‘them vs us’ polarised debate in mainstream media rather than discussing how everyone can work together to deliver solutions.  Threats and opportunities  For businesses, climate change presents both threats and opportunities.  Threats The threats have been categorised as physical risks (both ‘acute’ and ‘chronic’) and transitional risks.  Opportunities  Taking action on the climate crisis enables businesses to restore lost ecosystems, improve air quality, community health and well-being, and avail of the opportunity to make a lasting positive impact. There are additional advantages to consider: Reduced costs – the Sustainable Energy Authority of Ireland (SEAI) estimates that the average SME can save up to 30 percent on its energy bill by becoming more energy efficient (improved heating and lighting, lower maintenance of electric vehicles, efficient water and materials management and using recycled materials with a lower climate impact all contribute to lower costs);  Reduced reliance on exposure to fluctuating oil and gas prices from switching from fossil fuels (coal, oil and gas) to renewable energy sources; Reduced exposure to carbon tax, which is increasing €7.50 per tonne to €100 per tonne in 2030; Access to grants, allowances and tax reliefs; Improved access to capital and finance from investors and lending looking to ‘green’ their portfolios; and A competitive edge in attracting talent, clients and customers. Steps to climate action Businesses looking to take action on the climate crisis can take several steps: Build your knowledge. There are many resources out there, several provided by the Government and Chartered Accountants Ireland. Begin measuring emissions with tools like the Government’s Climate Toolkit for Business.  Consider an internal energy audit to find ways of reducing your carbon footprint. SEAI maintains a list of registered energy auditors and offers SMEs a €2,000 voucher towards the audit cost. Consider setting up an internal environment and climate impact team to devise a decarbonisation plan.  See also the Sustainability Glossary in the Sustainability Centre of the Chartered Accountants Ireland website.  For more, see www.charteredaccountants.ie/sustainability-centre/sustainability-home Susan Rossney is Sustainability Officer at Chartered Accountants Ireland Reporting and climate change The Corporate Sustainability Reporting Directive (CSRD) is an EU Directive requiring certain companies to disclose information on sustainability-related impacts. It proposes significant changes to how entities report on their business’s environmental, social and governance (ESG) impacts. These changes will affect many enterprises – directly and indirectly.  Businesses ‘in scope’ of the CSRD are required to consider their supply chain when reporting on sustainability matters. This will mean that companies not in scope that form part of a supply chain may be asked to provide climate-related information by companies in scope. Small companies should prepare for this and have a mechanism to measure and disclose their carbon emissions. For more on the CSRD, see the Chartered Accountants Ireland Technical Hub. Dee Moran is Professional Accountancy Lead at Chartered Accountants Ireland  

The European Commission (EC) has adopted the European Sustainability Reporting Standards (ESRS) on 31 July 2023. This marks a significant milestone in the development of European Sustainability Reporting Standards and is the culmination of great effort from the various parties tasked with its development- including the EFRAG Sustainability Reporting Board, the EFRAG Sustainability Technical Expert Group, its initial Project Task Force and respondents to the recent consultations on the ESRS. The EC has also published a press announcement and Q&As and have indicated that additional implementation guidance will be prepared and made available over the coming months. The standard will enter into force following its publication in the Official Journal of the European Union and the first wave of entities will report under the ESRS for periods commencing on or after 1 January 2024. The reporting requirements will then be phased-in over the subsequent years to various company types and sizes. If you wish to find out more about the ESRS, please see our recent free webinar "Further your knowledge about the European Sustainability Reporting Standards"

The Financial Reporting Council (FRC) has published a thematic review entitled “CRR Thematic review of climate-related metrics and targets” which assesses the quality and maturity of climate-related metrics and targets disclosures across 20 companies annual reports for 2022. The review focusses on 4 sectors- materials and buildings, energy, banks and asset managers. The report is intended to assist preparers in the preparation of climate-related disclosures and highlights instances of good practice identified as well as opportunities for improvement and omissions identified. Throughout the report the FRC consider the following overarching questions; Has companies’ climate-related metrics and targets reporting improved since last year? Are companies adequately disclosing their plans for transition to a lower carbon economy, including interim milestones and progress? Are companies using consistent and comparable metrics? Are companies explaining how their targets have affected the financial statements? Overall, the report shows an improvement in the quality of companies’ disclosures of net-zero commitments and interim emissions targets, however it also noted that disclosures of actions and milestones required to meet these targets were sometimes unclear.  

In this week’s Sustainability/ESG bulletin, read about Ireland’s progress in dealing with the climate emergency, Ireland’s new national policy statement on electricity interconnection, and a report into the potential fiscal impacts of the transition to a lower carbon economy. Also covered is Northern Ireland’s climate consultations, a new set of guidelines from Europe on national adaptation strategies, and Ireland and Europe’s progress towards the UN Sustainable Development Goals, as well as the usual roundup of articles, resources and events. Ireland and the climate emergency The Climate Change Advisory Council (CCAC) has published its Annual Review, in which the advisory body warns that at the current rate of policy implementation, Ireland will not meet the targets set in the first and second carbon budget periods. Among other recommendations, CACC is calling on the Government to find ways to help industry become more energy efficient and less reliant on fossil fuels, and that communities, NGOs and the private sector should be involved in adaptation planning and implementation. It also recommends that the Government build and maximise public support for climate action, ensuring a just transition and leveraging actions already in place. The advice comes at a time when analysis by the World Weather Attribution network reportedly announced that European and North American heatwaves would be “virtually impossible without climate change,” and that these events are likely to become more frequent and more severe. The Environmental Protection Agency (EPA) has also published its provisional estimates on 2022 greenhouse gas emissions, which show that Ireland has already used 47 percent of its Carbon Budget for 2021-2025 in the past two years. An annual reduction of 12.4 per cent is now required for each of the remaining years if Ireland is to stay within the Budget. As emissions fell by only 1.9 percent in 2022, this has been described as “extremely challenging”. New national on policy statement on electricity interconnection The Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has welcomed Cabinet approval of a new National Policy Statement on Electricity Interconnection which plans to make Ireland central to Europe’s energy future. The statement also outlines how a State-directed approach will ensure integrated forward planning, enabling the necessary infrastructure to unlock significant green energy export opportunities. Potential fiscal impacts of the transition to a lower carbon economy in Ireland Current environmental taxes are an important source of revenue for the State, according to a Department of Finance report recently published on the potential fiscal impacts of the transition to a lower carbon economy in Ireland. The report states that the taxes represent approximately €5.3 billion annually or around 6.4 per cent of overall exchequer tax revenue in 2022, and suggests that policy and policy makers will need to consider how to use taxation as an instrument in the economy’s transition to lower carbon over the medium term and towards carbon neutrality by 2050. Public finances in Ireland will come under increasing pressure from factors other than climate change, the report noted, such as population ageing and other demographic changes. Northern Ireland climate consultations open The Department for Agriculture, Environment and Rural Affairs (DAERA) on behalf of the Northern Ireland Executive has published a consultation on “Northern Ireland’s 2030 and 2040 Emissions Reduction Targets and First Three Carbon Budgets and Seeking views on Climate Change Committee (CCC) Advice Report: The path to a Net Zero Northern Ireland”. The main aim of the consultation is to consult on the proposed 2030 and 2040 emissions targets for NI and proposed carbon budgets for the periods 2023-2027, 2028-2032 and 2033-2037. A series of consultation sessions are planned to include sector specific workshops and a number of public consultation sessions, with registration links available. The consultation will run until Wednesday 11 October 2023. Building a climate-resilient future in Europe The European Commission has adopted a new set of guidelines to assist Member States in updating and implementing comprehensive national adaptation strategies, plans and policies in line with the European Climate Law and the EU Strategy on adaptation to climate change. The guidelines aim to make climate adaptation a top political priority and to enhance Member States’ strategies and plans. The announcement comes as a new Eurobarometer survey finds that a large majority of Europeans believe climate change is a serious problem facing the world (93 percent) and that 73 percent of Europeans agree that the cost of damage due to climate change is much higher than the investment needed for a green transition. European Green Deal update The European Commission has welcomed the final approval of the revised Energy Efficiency Directive, FuelEU Maritime Regulation and Alternative Fuel Infrastructure Regulation (AFIR), as part of the ‘Fit for 55’ package of legislation to reduce EU greenhouse gas emissions by at least 55 percent by 2030. The revised legislation aims to reduce energy use this decade and beyond, and put the EU on a cost-efficient pathway to become climate-neutral by 2050. Following the formal approval of both co-legislators, the new legislation can now enter into force on publication in the EU's official journal. Progress on delivery of the UN Sustainable Development Goals The European Union has presented its first Voluntary Review on the implementation of the 2030 Agenda for Sustainable Development at the United Nations in New York. The review gives an overview of how EU internal and external actions are contributing to delivering on the 17 Sustainable Development Goals (SDGs), both within the EU and in partner countries around the world. Separately, Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., presented Ireland’s second Voluntary National Review (VNR) on the SDGs, Building Back Better while Leaving No One Behind. The VNR outlines the progress Ireland is making, with 80 percent of the associated 169 targets reached. The EU has performed best on ensuring decent work and economic growth, reducing poverty and fostering peace, security, and inclusive societies and institutions, while Ireland has made progress in a number of areas, such as education, employment, social protection, hunger reduction, health, community engagement and wellbeing. Did you know? Business in the Community Ireland (BITCI) has put together a list of Corporate Environmental Volunteering Opportunities for its member companies. Each of the volunteering opportunities listed provides contact details, information on the skills required of volunteers, and the time they need to commit to the cause or organisation.  Articles FRC thematic review examines quality of climate-related metrics and targets disclosures (Financial Reporting Council)   IAASB to issue proposed sustainability assurance standard (Chartered Accountants Ireland)   FRC Lab publishes report on ESG data use (Chartered Accountants Ireland)   ‘No one wants to be right about this’: climate scientists’ horror and exasperation as global predictions play out (The Guardian)   Stocktake: Markets are under-pricing climate risks (Irish Times)   ESG label shunned amid political polarisation (Irish Times) Upcoming events  The Future of Sustainable Finance – In person – 5 September, 8.30 – 10.00 The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. Venue: Dublin Chamber, 7 Clare Street, Dublin 2 Dublin Chamber – Sustainability Academy Workshops Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning  with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here. Business Post LIVE and iQuest - Energy Transition Summit Delivering Ireland’s energy revolution - 19 September 2023 - Croke Park, Dublin   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. 3rd or 4th Wednesday of every month Next: 23 August 2023  14.00-15.00/30 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.

The International Auditing and Assurance Standards Board (IAASB) has announced that it plans to issue its proposed sustainability assurance standard, International Standard on Sustainability Assurance 5000 (ISSA 5000) on 2 August. This will then be subject to public consultation until early December to allow for stakeholder feedback. In making the announcement the IAASB stated that "When approved, ISSA 5000 will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. It will apply to sustainability information reported about any appropriate sustainability matter and prepared under any suitable framework. It will also apply for both limited and reasonable assurance engagements."

The FRC Lab has published a report entitled "ESG data distribution and consumption- Optimising the flow of ESG data from companies to investors". This report is the second phase of the FRC Lab's ESG data project, having published "Improving ESG data production" in 2022. This report examines how investors access and collect ESG data and how they use it. Specifically, it looks at the following three elements of relevance to ESG data; Motivation- What motivates investors to collect ESG data? Method- How do investors collect the data? Meaning- How do investors integrate ESG data into their investment processes?