In this week’s Sustainability/ESG bulletin, read about the Government’s announcement of €300 million for decarbonisation of manufacturing sectors in Ireland. Also covered is the new Greenhouse Gas (GHG) Emissions Reduction strategy, a new public procurement strategy, and the new Sustainable Development Goal (SDG) Champions for 2024-5, as well as updates from Northern Ireland, Europe and IFAC, and the usual awards, jobs, articles, resources and events.   Ireland news €300 million to drive the decarbonisation of manufacturing sectors The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The Minister has also published the Decarbonisation of Industrial Heat Roadmap, which sets out what the operating environment for energy used in manufacturing will look like in the future. Read more  Government approves new greenhouse gas (ghg) emissions reduction strategy The Government has approved Ireland’s updated Long-term Strategy on Greenhouse Gas (GHG) Emissions Reduction. The strategy, which updates one prepared in 2023, links the shorter-term Climate Action Plans and Carbon Budgets and the longer-term objective of the European Climate Law and Ireland’s National Climate Objective. New public procurement strategy to be developed The Government has announced it is to develop a new national public procurement strategy to build on the public procurement reform programme established in 2013 and to align with the 2023 Better Public Services: Public Service Transformation 2030, . The move is to help achieve the Government’s long-term vision for public procurement, i.e. that it be sustainable, innovative, transparent and cost-effective. Adoption of Ireland’s revised National Recovery and Resilience Plan The EU Economic and Financial Affairs Council’s (ECOFIN) has adopted Ireland’s modified National Recovery and Resilience Plan (NRRP), which includes Ireland’s €240m REPowerEU Programme. Ireland’s modified plan is now worth €1.15 billion (in grants) and covers 19 investments and 11 reforms. The overall objective of Ireland’s NRRP is to contribute to a sustainable, equitable, green and digital recovery effort, in a manner that complements and supports the Government’s broader recovery efforts from the global Covid 19 pandemic. Government approves General Scheme of Environment (Miscellaneous Provisions) Bill 2024 The Government has approved the General Scheme of the Environment (Miscellaneous Provisions) Bill 2024. This Bill is intended to streamline the EPA’s licencing system by providing definite timeframes for decisions and more options for the Agency to efficiently regulate lower-risk activities and minor changes to licences. It also ensures that appropriate and proportionate environmental protections are in place. The General Scheme will be the basis of the Bill which will be brought to Government before being published and introduced in the Oireachtas. Government green lights sustainable water project A project, described as one of the largest and most important infrastructure projects in the history of the State, has received Cabinet approval in principle this week. The Water Supply Project aims to  develop a new, climate-resilient, long-term water source to meet the demands of a growing population and economy, including the need for housing and mitigating against the impacts of climate change. Following Cabinet approval, Uisce Eireann will submit a Strategic Infrastructure Development application to An Bord Pleanála next year with construction estimated to take 4-5 years. 20 New Sustainable Development Goal (SDG) Champions announced for 2024-2025 20 new organisations from across Irish society have been appointed Sustainable Development Goal (SDG) Champions, bringing to 54 the number of Champions in Ireland from programmes since 2019. These include Musgraves, the GAA, Macra na Feirme and Chambers Ireland. The chosen organisations will help raise awareness of the importance of the UN SDGs as a roadmap for a safer, fairer, more prosperous and sustainable future for all, that leaves no-one behind. UK/Northern Ireland news Funding for decarbonisation/waste reduction Funding has been made available under the Creative Catalyst Challenge Fund to finance research and development (R&D) of an innovative new product/system or process that decarbonises or reduces waste within the creative industries, reducing climate impact and/or leading towards net zero. The bespoke fund offers a total grant pot of £250,000 for creative entrepreneurs and businesses working within the creative industries in the UK. Find out more here. Carbon literacy training for businesses Accredited carbon literacy training is being offered to businesses in Northern Ireland by Business in the Community (BITC). The training is designed to improve understanding of carbon literacy and to explore the opportunities, risks and challenges of climate change. The training is accredited to meet the Carbon Literacy Standard and independently verified by The Carbon Literacy Project. Find out more here. Grant competition – ethnic minority entrepreneurs The Minorities Recognition Awards NI (MRANI) and Techstart Ventures have teamed up to launch the Innovators grant competition for ethnic minorities in Northern Ireland. The collaboration offers entrepreneurial individuals from ethnic minority backgrounds, who are resident in Northern Ireland and have a novel business idea, a chance to apply for grant funding of up to £10,000 to further develop their ideas. Find out more here. Greenhouse gas emissions bulletin A statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2022, has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA), and shows a decrease in 2022 of 3.0 percent compared with 2021, with a longer-term decrease of 26.4 percent compared with emissions in 1990. Read more here.   Europe News The European Environment Agency (EEA) has announced a decline in key air pollutant emissions across most EU Member States. 11 Member States – including Ireland – failed to meet their emission reduction commitments in 2022 for at least one of the five main air pollutants. The agency also published a review of the EU’s Climate-ADAPT online platform, which shows that sharing examples of adaptation actions can boost learning across the EU, Member States as well as regional and local authorities to help societies better prepare for climate change. The platform currently includes 134 case studies for learning and to inspire action.   The EU Commission has launched the European Solar Academy, the first in a series of EU Academies to be set up under the Net-Zero Industry Act (NZIA) to have in place the necessary skills along the net-zero technologies value chains. The role of NZIA academies is to develop learning content and programmes together with the industry, to ensure that sufficient skills and workforce in the value chain.   The European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. The goal of the investments is to help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050.   The EU Commission has announced it proposes to allocate €2.4 billion for environment and climate action, from a proposed annual EU budget of €199.7 billion for 2025. Of the €2.4 billion, €771 million is for the LIFE programme to support climate change mitigation and adaptation, and €1.5 billion is for the Just Transition Fund to make sure that the green transition works for all. The proposed annual budget aims to support the EU in meeting its political priorities while integrating the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF) in February 2024.  World news The International Federation of Accountants (IFAC) has released resources to help accountants understand sustainability assurance. Sustainability Assurance: What to Expect is part of a part of IFAC’s ongoing initiatives to convene, inform and mobilise sustainability reporting and assurance stakeholders. IFAC is also inviting organisations to reach out to them with opportunities for further collaboration, and is encouraging producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance. Also, to mark World MSME Day (27 June), IFAC has published an article on Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses, outlining the four key challenges and opportunities  for the accountancy profession that identified by IFAC and shared with the United Nations toward the end of 2023. Did you know? A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Read about Worthing Pride here. Webinar  You can watch back the June Webinar 2024 of Practice News from Chartered Accountants Ireland, which features key regulatory updates from our Professional Standards team, as well as an overview from the Department of Enterprise, Trade & Employment on upcoming key changes to Irish Company Law, as well as how the implementation of CSRD will impact you and your clients.  (0:55:47 – 1:22:54) Podcast In Deep Impact Investing, podcast hosts Kimberly Griego-Kiel and Johann Klaassen discuss traditional investment norms and a new age of sustainable impact investing that aligns with personal values and plays an active role in global environmental and societal rejuvenation. Listen at Beyond Profits: Investing for a Sustainable Tomorrow (Ep. 102) – Deep Impact Investing (blubrry.net) Articles Peter Burke announces €300m for ‘competitive priority’ of reducing manufacturing emissions (Business Post) As new CSRD rulebook puts sustainability on a level footing with financial reporting, the work involved is “far from appreciated” (The Currency) How to secure funds for sustainability projects (ICAEW) What does the Corporate Sustainable Reporting Directive mean for the Global South? (World Benchmarking Alliance) PwC’s Global CSRD Survey 2024 -The promise and reality of CSRD reporting (PwC) Businesses need more time to implement CBAM (ICAEW) Resource: AI & CSRD webinar recording What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar earlier last week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Find out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here. Upcoming Events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries. Includes two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities By email, 12 July   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA, Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September   Environment Ireland, Environment Conference In person, Croke Park, 17 October   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 25 July, 14:00-15.30 Zoom 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 new report into carbon budgets in Ireland, funding available under the Circular Economy Innovation Grant Scheme, and new Government resources on sustainability for business. Also covered is an update report on the White Paper on Enterprise Implementation Plan, the second National Adaptation Framework, news of the approved EU Nature Restoration Law and resources on the role of accountants in tackling the nature crisis, as well as the usual awards, jobs, articles, resources and events. Ireland news Recording available from AI & CSRD webinar What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar  this week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here. (See also this article from ICAEW on using AI to combat modern slavery) Carbon budgeting reported launched A research report, Carbon Budgets: Opportunities and Challenges for Irish Business, was launched this week by Minister Dara Calleary, Department of Enterprise, Trade and Employment, in Dublin’s Royal Irish Academy. Co-written by DCU Assistant Professor Dr Aideen O’Dochartaigh FCA, the report highlights the fundamental conflicts between Ireland’s industrial development and environmental goals. The report called for – among other things – coordinated efforts across entire value chains, substantial investment in new technologies, infrastructure and training, and forums to discuss growth, policy coherence and the future of key sectors, and to develop a shared socio-economic vision for a Net Zero Ireland. Funding under Circular Economy Innovation Grant Scheme (CEIGS) A call for applications for the 2024 funding round of the Circular Economy Innovation Grant Scheme (CEIGS) has been announced this week. The scheme aims to support innovation and circular economy projects by social enterprises, voluntary and community organisations and businesses with fewer than 50 employees. Total funding of €650,000 is available, with typical funding for projects anticipated to be in the range of €10,000 to €50,000. Details on the application process are available here and applications are open until 19 July. New Government resources on sustainability for business The Department of Enterprise, Trade and Employment has collated resources on sustainability for business: Sustainability is good for business. The pages define sustainability, provide links to a range of sustainability-focused consultancy options, training and grants, and case studies of companies successfully embedding sustainability practices in their businesses. Update to Enterprise White Paper plan The Department of Enterprise Trade and Employment (DETE) has published the Second Update Report on the White Paper on Enterprise Implementation Plan 2023-2024. The report details the work done in pursuit of priority DETE policy objectives such as integrating net zero and carbon commitments and placing digital transformation at the heart of enterprise policy. According to the report, 43 percent of the activities outlined in the first implementation plan have been delivered. Second National Adaption Framework publishes Ireland’s second National Adaptation Framework has published, setting out the potential implications of climate change for Ireland and outlining the national strategy for the development of adaptation measures. The Irish Fiscal Advisory Council estimates that costs associated with extreme weather events could be approximately €500 million a year (for example, to deal with cleaning up after flooding events). The framework will require government departments, infrastructure providers and local authorities to prepare a new cycle of adaptation plans for key sectors. Research shows consumers struggle to identify ‘greenwashing’ Consumers struggle to distinguish genuine and ‘greenwashed’ environmental claims in advertisements, according to the latest research from the ESRI. The EPA-funded study also reveals that consumers are less willing to purchase from brands they suspected of greenwashing, even if the environmental claim made by the brand was genuine. UK/Northern Ireland news The Institute’s Tax and Public Policy Team submitted a response the UK government’s “Consultation on the introduction of a UK carbon border adjustment mechanism” (“CBAM”). The response highlighted the urgent need for clarification in respect of the ongoing uncertainty as to how the EU CBAM will apply to Northern Ireland under the Windsor Framework, and specifically the application of the EU CBAM to imports from non-EU countries. The full response can be read in the Tax Representations section of our website   ICAEW has pulled together some helpful articles on sustainability for its members to guide SMEs on where to start, with a focus on what actions to take and sustainability reporting. Europe news EU environment ministers have approved the EU Nature Restoration Law, which is designed to protect and restore Europe’s ecosystems and biodiversity. The law will reportedly affect almost 9 percent of Irish land. Further to the launch in January of Ireland’s fourth National Biodiversity Action Plan, the Government has begun drawing up a national nature restoration plan, due to be adopted by 2026. Completion of the Plan will be aligned with the opening of the Government’s €3.15bn Climate and Nature Fund in 2026. Accountancy Europe has published its June Sustainability update. Highlights include Accountancy Europe’s response to EFRAG’s public consultation on the voluntary (VSME) and listed SME (LSME) draft standards; final approval of CSDDD; recommendations from ESMA on greenwashing; FCA guidance on Anti-Greenwashing rule; guidance from EFRAG to ESRS; and news and resources from the standard setters. A new European Environment Agency (EEA) briefing has found that plastics production and consumption patterns across Europe remain unsustainable and need to be made more circular. The briefing also highlights the introduction of a new monitoring tool where people, policy makers and others can check progress on plastics circularity in Europe. World news The International Federation of Accountants (IFAC), CPA Canada and the Institute for Sustainable Finance have published a resource for professional accountants and others on the state of voluntary carbon markets (VCMs), Understanding Voluntary Carbon Markets: Key considerations for professional accountants and purchasers on the carbon credit life cycle.   Accounting 4 Sustainability (A4S) has launched a new blog on the important role of the accountant in tackling the nature crisis.  It clarifies the business case for saving nature as well as providing guidance and key resources for members. The Accounting Bodies Network (ABN) is a collaboration between Accounting for Sustainability (A4S) and professional bodies across the globe, including Chartered Accountants Ireland. Did you know? Plastic Free July, the global movement that helps millions of people be part of the solution to plastic pollution, has updated its website with resources, including this poster of 31 days of ideas. Awards Sustainability categories in Published Accountants Awards Entries are now open for the Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, and include two sustainability categories: Sustainability and ESG Reporting Award – Listed entities Sustainability and ESG Reporting Award – Unlisted entities Entries are welcome from all types of reporting bodies for annual reports in respect of financial years ended on or before 31 March 2024. Entries close on Friday 12 July 2024. SEAI Energy Awards 2024 The SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 28 June. Jobs Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Fine out more here.   A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here.   Articles Substantial progress has been made through the adoption of environmental and social governance principles (Irish Times)   Nature restoration law will affect almost 9% of Irish land (Irish Times)   How we applied AI to combat modern slavery (ICAEW)   The world's fossil fuel industries should be banned from advertising to help save the world from climate change, the head of the United Nations said on Wednesday (BBC News) Technical Roundup (From our colleagues in Professional Accountancy) IAASA have published a Feedback Paper on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland The International Sustainability Standards Board (ISSB) has issued its June 2024 Update. This includes a summary of their recent meeting on 12 June in Frankfurt. The ISSB has also issued its June 2024 Podcast. The European Financial Reporting Advisory Group (EFRAG) has finalised the first three Implementation Guidance documents to assist preparers and other relevant stakeholders in applying the European Sustainability Reporting Standards. The Implementation Guidance documents cover Materiality Assessment, Value Chain, and Detailed ERS Datapoints The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR. EFRAG and the Taskforce on Nature-related Financial Disclosures (TNFD) have jointly published a mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and the TNFD's recommended disclosures and metrics. This was prepared to assist companies in understanding the commonalities between the ESRS and the TNFD and the mapping details the disclosures and core metrics recommended by the TNFD and required under the ESRS.  This assessment highlights that all 14 TNFD recommended disclosures are reflected in the ESRS.   Upcoming events The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC) Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.   A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day)   Department of Enterprise, Trade and Employment, Trade Horizons Conference The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions. In person, 4 July, Dublin Castle, 9:00-2:00   Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King) In Person, Wednesday 3 July, 9-11am   Chartered Accountants Ireland, The SME and SMP Sustainability Workshop A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.   EPA Circular Economy Conference 2024 Online and in-person (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 26 June, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

Following public consultation to obtain stakeholders’ views earlier this year IAASA has published a Feedback Paper and the responses received on its Consultation on the Adoption of a Sustainability Assurance Standard in Ireland.  IAASA intends to adopt the International Standard on Assurance Engagements 3000 Revised (ISAE 3000), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. Adoption will take place when the European Corporate Sustainability Reporting Directive (CSRD) is transposed into Irish law giving IAASA the statutory power to adopt sustainability assurance standards in Ireland.  The effective date of the standard will be for the assurance of sustainability reporting for years starting on or after 1 January 2024, as required by the CSRD.  The Department of Enterprise, Trade and Employment is currently working on the transposition of the CSRD into Irish law.  It is not intended to insert any additions Irish-specific requirements in IASAE 300 beyond any required to ensure that it applies to sustainability assurance engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements.    The Feedback Paper is available on this link. The Responses Received are available on this link.

  In this week’s Sustainability/ESG bulletin, read about Ireland’s climate targets and tipping points, a new national biomethane strategy, construction-related procurement guidance, and the launch of the second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS). Also covered is net zero opportunities for Northern Ireland the publication of the findings of Renewable Energy in Northern Ireland inquiry, and updates from Europe, articles, resources and events. Survey Are you an accountant in a small/medium practice? Can you please take our survey? This 7-minute survey aims to discover if clients are asking accountants in small to medium practices about climate change (e.g. energy costs, solar panels, CSRD, supply chain questions, grants, etc.). The survey is part of research to identify supports that can be created for accountants now and in the future. IRELAND Ireland fails to meet national and EU climate targets The Environmental Protection Agency (EPA) has published a report assessing how Ireland is progressing against its climate targets. The report – Monitoring & Assessment: Climate Change: Air emissions Publications – finds that Ireland is projected to exceed its national and EU climate targets, achieving a reduction of up to 29 percent in total greenhouse gas emissions by 2030, compared to a target of 51 percent. Even this reduction is only achievable – the report finds – if a wide range of policies and plans are fully implemented across all sectors. Currently, almost all sectors are on a trajectory to exceed their national sectoral emissions ceilings for 2025 and 2030, including Agriculture, Electricity and Transport, and the first two carbon budgets (2021-2030) will not be met, and by a significant margin of between 17 and 27 percent. Climate ‘tipping points’ Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has informed Government that the climate is already reaching key tipping points. These are defined as critical thresholds that, when exceeded, can lead to a cascading impact that results in irreversible climate breakdown. Local Enterprise Offices Policy Statements 2024-2023 publishes The Department of Enterprise, Trade and Employment has published the first Local Enterprise Offices Policy Statement 2024-2030, addressing the key White Paper on Enterprise priorities most relevant to LEOs: decarbonisation, digitalisation, increasing exports, helping locally traded businesses, and innovation. Among the policy developments being introduced are: climate-focused assessment criteria for capital grants for manufacturing and internationally traded services businesses, ex-post measurement of the impact of climate related supports, and commitments to deliver the LEO Customer Relationship Management System digitalisation project. New National Biomethane Strategy This week also saw the publication of the National Biomethane Strategy, Ireland’s first major policy statement on biomethane. The strategy sets out 25 key strategic actions that are key to addressing the challenges and opportunities for the industry, the implementation of which will drive growth across the biomethane industry.  A newly formed Interdepartmental Biomethane Implementation Group will oversee implementation of the Strategy, measuring its impact and monitoring target delivery. Construction-related public procurement guidance The Minister for Enterprise, Trade and Employment, Peter Burke, has announced that public bodies will shortly be advised of new guidance when designing public projects, and procuring cement and concrete products in particular. The guidance ensures a consistent approach to reducing the embodied carbon – emissions associated with extracting and producing construction materials – in construction projects procured by government departments and their agencies. The guidance for public bodies is based on an expert consultant’s report, Reducing Embodied Carbon in Cement and Concrete Through Public Procurement in Ireland. Critical Raw Materials Act comes into effect in Ireland A new EU Regulation, the Critical Raw Materials Act (CRMA), has come into effect in Ireland. It will ensure EU access to a secure and sustainable supply of critical raw materials, enabling Europe to meet its 2030 climate and digital objectives. Critical raw materials are of high economic importance for Europe while also being highly vulnerable to supply disruptions. The EU’s demand for Critical Raw Materials (CRMs) such as lithium, copper and cobalt is set to increase exponentially as the EU transitions to clean energy systems. Ireland has welcomed the Act’s focus on socially and environmentally responsible practices, identified as essential for the achievement of the EU’s Green Deal objectives, for supporting European competitiveness and ensuring consistency with Ireland’s Policy Statement on Minerals and Mining. Second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS) launches The second phase of the Small-Scale Renewable Electricity Support Scheme (SRESS), the export phase, has now been launched. This phase of the electricity support scheme will be a significant improvement in market supports for Renewable Energy Communities and Small and Medium Sized Enterprises (SMEs), with fixed tariffs for these groups established for solar and wind projects between 50kW to 6MW. It complements the microgeneration supports for small projects and competitive auctions for larger projects under the RESS (Renewable Electricity Support Scheme). Separately the SEAI Energy Awards 2024 are now open for applications. Applications can be submitted by individuals, community groups, SMEs and large businesses from both the public and private sector across the island of Ireland. Register and apply using the SEAI’s online application portal by 5pm, Friday 21 June. New Employment and Youth Engagement Charter The Government has launched an Employment and Youth Engagement Charter to support new pathways to employment among young people. The Charter is a key measure under the Government’s Pathways to Work objectives to engage companies in delivering activities to support people looking to enter or re-enter the workplace. Employers are invited to engage with the Charter and sign up to some or all of the six listed commitments. UK/Northern Ireland “Tremendous economic opportunity” – Minister Hargey on the path to net zero for Northern Ireland Northern Ireland’s Interim Economy Minister Deirdre Hargey MLA has said that has said embracing the path to net zero is both “a moral necessity and a tremendous economic opportunity”. Speaking at the recent opening of ‘Energy Ireland’, Minister Hargey presented an economic vision for the North that prioritises decarbonisation and creates a just transition to net zero that delivers economic prosperity, increases productivity, and addresses regional imbalances. Separately, on 17 May Minister Hargey launched a three-month Call for Evidence seeking information and views from key stakeholders on developing a sustainable biomethane sector for the region, following the publication of research indicating that this region has significant biomethane potential due its large agricultural sector. Findings of Renewable Energy in Northern Ireland inquiry published The Northern Ireland Affairs Committee has published the findings of its Renewable Energy in Northern Ireland inquiry. Northern Ireland is committed to generate 80 percent of its energy consumption from renewable energy by 2030, but the Committee noted that it was unlikely to meet the target in a letter to interim Economy Minister Deirdre Hargey. Three themes were identified as obstructing Northern Ireland’s energy transition as inadequate infrastructure to support Northern Ireland’s net zero transition, an unsupportive policy environment, including a disjointed planning system “weighed down with delays,” and a lack of consumer awareness. UK Emissions Trading Scheme expansion consultation The United Kingdom Emissions Trading Scheme (ETS) Authority has published a package of consultations on expanding the UK ETS to include the energy from waste and waste incineration sectors. It is also consulting on how engineered greenhouse gas removals, such as direct air carbon capture, could be integrated, and on whether high-quality nature-based removals could be suitable for the scheme. The closing date for responses is Thursday 18 July 2024. Separately, the UK government has published a consultation covering how UK-based engineered greenhouse gas removal technologies such as Direct Air Carbon Capture, where carbon dioxide is removed from the air and permanently stored, could be integrated into the UK ETS. It also asks whether carbon stored by the creation of new UK woodland could be integrated into the UK ETS. The closing date for responses is Thursday 15 August 2024. Europe The Corporate Sustainability Due Diligence Directive has received approved from the EU Council. The Directive, which goes by various acronyms, including   ‘CSDDD’ and ‘CS3D’, can help ensure more sustainable and responsible corporate behaviour throughout global value chains. It applies to companies with over 1,000 employees and a turnover of more than €450 million and introduces obligations for large companies regarding the adverse impacts of their activities on human rights and the environment. Following approval by the European Parliament, the directive will be published in the Official Journal of the European Union, after which Member States have two years to transpose the directive into national law. The European Commission has welcomed the final adoption of the Net-Zero Industry Act (NZIA), which aims to put the EU on track to strengthen its domestic manufacturing capacities of key clean technologies. By creating a unified and predictable business environment for the clean tech manufacturing sector, NZIA aims to increase the competitiveness and resilience of the EU’s industrial base and support quality jobs creation and a skilled workforce. The first European Climate Risk Assessment (EUCRA) provides a comprehensive assessment of the major climate risks facing Europe now and in the future has published. The report is a comprehensive assessment of the major climate risks facing Europe today and in the future. It identifies 36 climate risks that threaten our energy and food security, ecosystems, infrastructure, water resources, financial systems, and people's health. Many of these risks have already reached critical levels and can become catastrophic without urgent and decisive action. Resources The recordings of the recent 2024 conference at Dublin City University’s annual climate conference are now available to watch. Watch the business panel discussion on ‘How can the business world embrace a long-term perspective in its decision-making?’ Chartered Accountants Ireland is running a workshop for SMEs and small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. Did you know? The annual RHS Chelsea Flower Show in London this year required some designers to complete the Green Garden Audit at the pre-selection stage to assess sustainability factors such as carbon footprint and waste generated. The audit provided a feedback mechanism for how the sustainability of gardens could be improved. In Ireland, the European Commission’s “In Perspective” garden at Bord Bia Bloom 2024 aims to inspire sustainable change, in line with the EU’s Green Deal, which seeks to make Europe the first carbon-neutral continent by 2050.    Articles From noble ambition to corporate tokenism: the rise and fall of ESG (Irish Times)   Companies see sustainability as integral to long-term value creation Morgan Stanley   Many Irish firms still unaware some single use plastics banned (RTÉ)   “Every day, the equivalent of 2,000 garbage trucks full of plastic are dumped into the world's oceans, rivers, and lakes.” From “Plastic Pollution”, United Nations Environment Programme (UNEP)   Global milestone: 30% of the world's electricity was produced from renewables (CNN)    ‘Wall Street analysts are totally amoral’ on climate – Barack Obama’s former energy secretary discusses the forces and technologies slowing the energy transition (Financial Times)   EU election 2024: What the manifestos say on energy and climate change (CarbonBrief) Upcoming Events 1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 6, 2024. Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Worldwide Navigating the sustainability reporting landscape Join the first webinar hosted by the ICAS Sustainability Business Network as we delve into the practicalities of adopting the various new sustainability reporting frameworks with two organisations who are leading the way on sustainability disclosures. Virtual, June 13 @ 11:00 am - 12:00 pm UTC+1 Chartered Accountants Ireland, Socially Conscious AI and CSRD (ROI/NI) Chartered Accountants Ireland is hosting a webinar on AI and sustainability, showcasing how finance professionals are leveraging AI to meet their sustainability reporting obligations. Speakers David Connolly and Madeline Parkinson in EY’s Climate Change and Sustainability Services team will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. Virtual, June 18 at 12.00-12:45. IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 20, 2024. Half-day event   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €60 members; 3 hours CPD points. A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways we can fast-track to a just, nature-positive and net-zero emission economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day) EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September, Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 25 June, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre

   In this week’s Sustainability/ESG bulletin, read about a survey on supports for small to medium practices to help with clients’ climate queries and an upcoming sustainability workshop. Also covered is the Government’s approval for Ireland’s Climate Action Plan 2024, biodiversity-related updates, new ESG-related resources from the Law Society and the IFRS, and updates from Europe, as well as articles, resources and events.   Survey Are you an accountant in a small/medium practice? Can you please take our survey? This 7-minute survey aims to discover if clients are asking accountants in small to medium practices about climate change (e.g. energy costs, solar panels, CSRD, supply chain questions, grants, etc.). The survey is part of research to identify supports that can be created for accountants now and in the future. Small/Medium Practice Sustainability Workshop (ROI) Chartered Accountants Ireland is running a workshop for small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. IRELAND Climate Action Plan 2024 The Government has approved the third annual update to Ireland’s Climate Action Plan. Climate Action Plan 2024 (CAP24) builds on the Climate Action Plan 2023 by refining and updating the measures and actions required to deliver the carbon budgets and sectoral emissions ceilings. It commits Ireland to 2030 and 2050 targets for reducing emissions and how Ireland responds to the climate crisis, putting solutions at the centre of social and economic development. The Institute responded to the Department of the Environment, Climate and Communications’ Public Consultation on Climate Action Plan 2024, where we addressed the key challenges and risks to delivering the measures and actions set out in the Plan. We also identified additional supporting actions that could be taken in 2024, such as communication and awareness-raising, training and education, and targeted financial supports for businesses to help them with their transition to a net-zero society and economy. Read our response in full here. Funding awarded for local biodiversity projects Minister of State for Nature, Heritage and Electoral Reform, Malcolm Noonan, T.D., has announced that €2.8 million has been awarded to local authorities to carry out biodiversity projects through the Local Biodiversity Action Fund (LBAF). Projects include biodiversity education and awareness projects, bird conservation projects, invasive species management and wetland surveys, all of which support the implementation of the 4th National Biodiversity Action Plan. Funding is available in line with a grant application and award process and is subject to the provision of an agreed level of co-funding from the local authority’s own resources. The business of bees Approximately $44 trillion of economic value is at moderate or severe risk due to nature loss. Our pollinators, essential to supporting nature, are under severe threat, with huge risks to businesses globally. In recognition of World Bee Day (May 20) and International Day for Biological Diversity (May 22), here are some resources showing ways your company, regardless of sector, size, or location, can play a role in helping pollinators: Businesses: Actions to help pollinators Business for Biodiversity Ireland website Accounting for Nature UK/Northern Ireland Research has revealed that a majority of the UK public (56 percent) believe that a recent increase in lawsuits over contributions to climate change is a positive development. According to the Commercial courts report 2024 compiled by strategic communications consultancy Portland, 75 percent of the public also support the increase in lawsuits related to greenwashing, with 60 percent viewing companies that are subject to these claims unfavourably. 62 percent are also strongly in favour of shareholders being able to sue companies over their ESG policies. The report predicts that pressure from UK regulators on companies to disclose their ESG practices is likely to increase, along with the risk of legal action taken by shareholders. (For more, see this article on greenwashing by Dee Moran, Professional Accounting Lead with Chartered Accountants Ireland in the recent issue of Accountancy Ireland.) Europe The Mission on Adaptation to Climate Change has published a new report ahead of its Third Forum on 23 May 2024. The Mission on Adaptation to Climate Change focuses on supporting EU regions, cities and local authorities in their efforts to build resilience against the impacts of climate change. It highlights the need for innovation, collaboration and knowledge-exchange to build resilience. Find a definition of Adaption in the Chartered Accountants Ireland Sustainability Glossary The European Commission, assisted by the World Bank, has published 3 new reports on how to invest in disaster resilience, the cost of adaptation strategies and the financial impact of wildfires and droughts. The European Environment Agency EEA has published a report 'Responding to climate change impacts on human health in Europe: focus on floods, droughts and water quality’ urging governments, water authorities and healthcare providers to fast-track the implementation and better coordination of efforts to prevent, and to reduce the impacts of  water-related climate change on health and well-being that are already felt across Europe. These include deaths, injuries, outbreaks of infectious diseases and mental health consequences. Accountancy Europe has published its May Sustainability Update. Read here (and sign up for updates). Highlights include: European Parliament approved agreement on ESG rating activities, European Commission issues corrigendum to ESRS, IFRS Foundation and EFRAG publish interoperability guidance, and ISSB’s continued sustainability standards related work. Resources Law Society’s ESG MOOC The Law Society of Ireland has opened registrations for its 2024 Massive Open Online Course (MOOC) and the theme this year is Environmental, Social and Governance (ESG). The content is free and open to all and will be delivered online and on demand over 5 weeks from Tuesday 11 June. Topics include: the current legal landscape of ESG developing an ESG strategy for your firm or business ESG reporting obligations biodiversity and ecosystems climate change and decarbonisation diversity and inclusion ESG corporate governance issues, and much more. Expert speakers on the MOOC include Dee Moran, Professional Accountancy Lead with Chartered Accountants Ireland who will be speaking on the sustainable reporting landscape. IFRS new webinar series on sustainability disclosure The International Financial Reporting Standards Foundation (IFRS) has launched a new webinar series to support preparers on topics linked to sustainability disclosure. Find a link to the webinar and podcast series here. The IFRS, with the UN Sustainable Stock Exchange initiative, is holding two free half-day virtual training events on the ISSB Standards on 6 and 20 June, open to all. Webinar: AI and CSRD Chartered Accountants Ireland is hosting a webinar on AI and sustainability, showcasing how finance professionals are leveraging AI to meet their sustainability reporting obligations . Speakers David Connolly and Madeline Parkinson in EY’s Climate Change and Sustainability Services team will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. Join us on 18 June 2024 at 12.00-12:45. Articles Séamas O'Reilly: Don't Look Up's environmental message is ringing less hollow nowadays (Irish Examiner) Ireland must 'step up its game' on climate action plans, committee told (RTÉ) Expert taskforce convened to oversee UK’s adoption of ISSB standards (edie) Heavier storm-related rainfall due to human-induced climate change – study (RTE) Worst wine harvest in 62 years blamed on ‘extreme’ weather and climate change (euronews) Upcoming Events Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   UN Global Compact, Creative Leverage: Influencing Human Rights Action in Business Part of the ‘Business and Human Rights Deep Dive Series, this webinar will see expert panellists sharing practical and relevant examples of creative ways a business can effect change within its value chain and business relationships. These strategies are not only to respond to actual or potential risks that the business might be involved in through its involvement with other entities, but also to ensure that the business is operating in an environment that enables it to respect human rights. Virtual, 30 May, 8am 1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024   IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 6, 2024.   Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30)   Chartered Accountants Worldwide Navigating the sustainability reporting landscape Join the first webinar hosted by the ICAS Sustainability Business Network as we delve into the practicalities of adopting the various new sustainability reporting frameworks with two organisations who are leading the way on sustainability disclosures. Virtual, June 13 @ 11:00 am - 12:00 pm UTC+1 Chartered Accountants Ireland, Socially Conscious AI and CSRD (ROI/NI) Finance professionals are working hard to meet their sustainability reporting obligations under the Corporate Sustainability Reporting Directive (CSRD). Furthermore, they are considering leveraging AI, including the regulatory pressures that apply to it and how to use AI sustainably. This webinar will examine how to navigate these emerging and converging areas, what pitfalls to avoid, and questions to ask of AI providers. IFRS, with the UN Sustainable Stock Exchange initiative: free half-day virtual training events on the ISSB Standards Virtual, June 20, 2024. Half-day event Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €60 members; 3 hours CPD points. A4S, Accounting for Sustainability (A4S) Summit The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways we can fast-track to a just, nature-positive and net-zero emission economy. Registration is open for all and will include access to the recordings from the day. Virtual, Wednesday 3 July (sessions throughout the day) EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 29 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  In this week’s Sustainability/ESG bulletin, read about an increase in Energy Efficiency Grant amounts, an ESRI report into individual climate actions, ISIF’s announcement about investments in female-led investment firms, Ireland’s call to EU member states to approve the Nature Restoration Law, and England’s High Court ruling that the UK climate action plan is unlawful. Also covered are European updates and the usual articles, resources and events. IRELAND Increase in Energy Efficiency Grant Scheme The maximum amount available under the Energy Efficiency Grant Scheme has been increased to €10,000, with the business contribution rate reduced from 50 percent to 25 percent, it was announced this week. The measure is part of an agreed a range of measures to support SMES, brought forward by Minister for Enterprise, Trade and Employment, Peter Burke. The measures  aim to reduce costs for small and medium sized businesses. ESRI report finds ‘widespread misunderstandings’ in emissions An ESRI report has found widespread misunderstandings regarding what leads to higher emissions. The study –  What is preventing individual climate action? Impact awareness and perceived difficulties in changing transport and food behaviour - surveyed a nationally representative sample of 1,200 participants. Commenting,  Dr Eimear Cotter, Director of the Office of Evidence and Assessment in the EPA (which funded the report) said that: "Responding to the climate crises requires collective action to reduce our daily emissions. It is clear from this research that much better information is needed to inform people what actions they can take to make the biggest difference to their carbon footprint. This research provides valuable insights to help inform the design of both effective climate policies and public information campaigns”. ISIF announces investments in female-led investment firms The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced its first two investments from its €50 million initiative to promote female-led investment firms (Blume Equity and Norrsken Venture Capital). The two investments total €36 million and will target the climate-tech and health-tech sectors. The initiative aims to build on existing measures by ISIF to drive greater female participation at senior levels within the financial sector, and through it, ISIF is seeking to demonstrate its commitment to addressing gender inequality and promoting greater diversity at senior levels – both within ISIF and in the companies and funds in which it invests. Ireland leads call to approve the Nature Restoration Law It was announced this week that 11 EU Member States have so far have signed up to an Ireland-led call to adopt the Nature Restoration Law (NRL). These Member States are also urging other Member States to do the same at the next Environment Council meeting on 17 June. The 11 states have agreed that restoring the EU’s lands and seas is essential to mitigate and adapt to the impacts of climate change and to safeguard European food security. Failure to approve the law would mean the EU resiling on its previous commitment to be a global leader in nature restoration. The Environment Council meeting on 17 June is the critical endpoint where a majority vote in favour is needed to ensure that  the law is adopted and nature can be protected and restored. UK climate action plan ruled unlawful The English High Court has reportedly ruled that the climate action plan devised by the UK government is unlawful, with the court deciding that there is not enough evidence of policies in place that would reduce greenhouse gas emissions. A revised plan must now be prepared within 12 months by Energy Secretary Claire Coutinho, and must ensure that the UK achieves its carbon budgets as well as its pledge to cut emissions by more than two-thirds by 2030. The UK government is reportedly off track to meet both of these targets. Europe The European Commission has published reports on the operation of several pieces of climate legislation: the European Climate Law; the EU Emissions Trading System (EU ETS) Directive; the Effort Sharing Regulation; and the Land Use, Land Use Change and Forestry (LULUCF) Regulation. These reports are required under the legislation to provide an overview of how the different elements of climate policy are being implemented. Read more here. Transport is responsible for one quarter of all greenhouse gas emissions in the EU, and road transport makes up 70% of that amount. These emissions primarily come from petrol and diesel cars. The European Commission has published 5 top things you should know about battery electric cars, which can be found here. Did you know... May 16 was Global Accessibility Awareness Day (GAAD). This day aims to increase awareness about ‘digital accessibility’ : the ability of people with disabilities/impairments to independently consume and/or interact with digital (e.g., web, mobile) applications and content. Notably, the landmark European Accessibility Act will be implemented into Irish law from 28 June 2025, and will require specific categories of consumer products and services to be accessible for persons with disabilities once it becomes applicable. Find out more about what this Act means for your organisation in this article in Accountancy Ireland. Articles Richard Curran: When it comes to global warming, we all want someone else to do the heavy lifting (Sunday Independent) Promoting sustainability with corporate power purchase agreements (Accountancy Ireland Briefly) Last summer was the hottest in the northern hemisphere in 2,000 years - yes, 2,000 - study says (The Journal)  Upcoming Events  ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29 Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Ireland, Western Society AGM with 1 hour CPD, 'Before & after ESG and SDGs' This presentation by Sheila Killian will cover the foundational pillars of sustainability, clarifying some of the alphabet soup of the latest trends, and tracking what the core underlying elements are that will be relevant in the future. This presentation will be immediately followed by the Western Society AGM. In person: Wednesday, 12 June | 6.00pm | Connacht Hotel.   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €90 member/€112.50 non-member; 3 hours CPD points. Email sustainability@charteredaccountants.ie to register your interest. EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September, Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 29 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

(This news first published in October 2021; Chartered Accountants Ireland continues this commitment and has embarked on a programme of work to manage and reduce emissions. Find out more here)  Chartered Accountants Ireland has joined UK accountancy bodies ICAEW, ICAS, AAT and ACCA and others across the world to combat climate change by committing to net zero greenhouse gas emissions. This includes commitments to achieve net zero emissions in their own organisations and to encourage and guide their significant membership base to do the same. The accountancy bodies are part of The Prince of Wales’s Accounting for Sustainability Project (A4S) Accounting Bodies Network. This network represents more than 2.5 million professional accountants and students, across 179 countries, representing two-thirds of the world’s accountants. The bodies have committed to reach net zero emissions as soon as possible and will publish plans to do so within the next 12 months, reporting annually to show progress. They have also committed to provide their members with training, support, and resources to help them create their own net zero plans and reduce their emissions.  In launching the commitment, the bodies reiterated that climate change is of critical concern to their members because it is the responsibility of professional accountants to act in the public interest, which must now include helping to reach net zero. It is also an economic risk to the businesses they work with and the countries they work in.  The accountancy bodies stated their belief that the accountancy profession can help societies adapt to minimise climate change, using accounting practices to help governments adjust economic policy. They also committed to providing advice to help governments create the policies and infrastructure necessary for the transition to net zero economies.  Commenting Barry Dempsey, Chief Executive, Chartered Accountants Ireland said “On behalf of Chartered Accountants Ireland, I am pleased to make this commitment to net zero. It is a natural and very necessary continuation of last year’s call to action on climate change issued by the professional accounting bodies. This Institute is committed to substantially reducing carbon emissions in our own activities; we are already decarbonising our Scope 1 and 2 emissions and have put in place a roadmap for the future.  “The accountancy profession will play a significant and vital role in achieving climate change mitigation and adaptation, but many accountants are unsure where to start. We have an immediate responsibility to equip our members to take action through our education and advocacy work on their behalf.”  The accountancy bodies that have signed up to the commitment are: ICAEW, ICAS, Chartered Accountants Australia and New Zealand, Chartered Accountants Ireland, AAT, ACCA, Consiglio Nazionale dei Dottori commecialisti e degli Esperti Contabili, CPA Australia, CPA Canada, Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW), Regnskap Norge, the Association of International Certified Professional Accountants, the Japanese Institute of Certified Public Accountants (JICPA).  The commitment is available to view at: www.accountingforsustainability.org/abn-net-zero-commitment  ENDS   About The Prince’s Accounting for Sustainability Project (A4S)  Our aim is to make sustainable business, business as usual. HRH The Prince of Wales established A4S in 2004 to work with the finance and accounting community to:  Inspire finance leaders to adopt sustainable and resilient business models  Transform financial decision making to reflect the opportunities and risks posed by the climate crisis and other environmental, social and governance (ESG) issues  Scale up action to transition to a sustainable economy   A4S has three global networks:   Chief Financial Officers (CFO) Leadership Network - CFOs from leading organizations seeking to transform finance and accounting  Accounting Bodies Network (ABN) - members comprise approximately two thirds of the world’s accountants  Asset Owners Network - Pension Fund Chairs who integrate sustainability into investment decision making  About Chartered Accountants Ireland  Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing 30,000 influential members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries. It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.   Chartered Accountants Ireland members provide leadership in business, the public sector and professional practice, bringing experience, expertise and strict standards to their work for, and with, businesses in every sector. Chartered Accountants Ireland engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.   

  In this week’s Sustainability/ESG bulletin, read about a public consultation on strategic risks facing Ireland, as well as a report into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. Also covered is ISIF’s commitment of €278 million to climate investments, the £150k grant support now available in Northern Ireland for energy efficient equipment, and the usual policy updates from Europe, articles, resources and upcoming events.    IRELAND Public consultation on strategic risks facing Ireland The Government has launched a public consultation on the "National Risk Assessment 2024 – Overview of Strategic Risks”, covering strategic risks facing Ireland over the short, medium and long term. The finalised list will span five categories: geopolitical, economic, societal, environmental, and technological risk and include areas like the future direction of the EU, inflation, infrastructure deficits, housing and demographic change.  Deadline for submissions is Friday, 17 May 2024. New low-cost Home Energy Upgrade Loan Scheme The Government has launched a new low-cost Home Energy Upgrade Loan Scheme that aims to support homeowners to invest in energy efficiency. The €500 million Scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group. Under the scheme homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run. The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.   ISIF commits €278 million to climate investments The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has announced three new climate investments targeting offshore wind energy, renewable energy developers, and start-ups in energy transition. The new investments bring total ISIF commitments to climate investments to €636 million since 2021, representing 63.6 percent per cent of ISIF’s stated aim of investing €1 billion in Climate in the period 2021 to 2026. IFSCOE published The Net Zero Study 2023 The International Sustainable Finance Centre of Excellence (ISFCOE), supported by Skillnet Ireland, has published a gap analysis into the readiness, risks and opportunities of the Irish Financial Services sector in the transition to a net-zero future. The report – ‘Net Zero Study 2023’ – identifies the imperative for an agile, collaborative, and forward-thinking approach to ensure a successful transition, ultimately positioning the Irish Financial Services sector as a stalwart player in the global sustainability arena. Key findings are grouped under: Regulatory and Compliance Challenges, Data and Reporting Challenges, Reputational Challenges, Skill Development and Organisational Culture Challenges, Economic Challenges, Risks, and Opportunities and Digital Transformation. European Commission calls on Ireland to correctly transpose EU legislation on industrial emissions The European Commission has sent a reasoned opinion to Ireland for failure to address shortcomings in the transposition of the Industrial Emissions Directive, which lays down rules designed to prevent and reduce harmful industrial emissions into air, water, and land, and prevent the generation of waste. Although a letter of formal notice was sent to Ireland in February 2022, Ireland's legislation still does not correctly transpose certain requirements and definitions. Ireland now has two months to respond and take the necessary measures, or the Commission may decide to refer the case to the Court of Justice of the European Union. NORTHERN IRELAND & UK Northern Ireland grant support for energy efficient equipment Up to £150k has been made available through Invest Northern Ireland's Energy Efficiency Capital Grant (EECG) to help businesses buy and install energy efficient equipment, reduce energy costs and build resilience through efficiency. The rate of support covers the total eligible project costs and is based on company size. Examples of projects that will be considered for the grant include heating and cooling equipment, motors and drives, compressed air, lighting and onsite renewable generation. The call for applications will open at midday on Monday, 29 April 2024. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE 2023 European State of the Climate Report confirms alarming trend of climate change impacts The annual European State of the Climate Report, published jointly on Earth Day 2024 by the EU Copernicus Climate Change Service and the UN World Meteorological Organisation (WMO), showcases the continued alarming trend of rising temperatures and climate change impacts across Europe. Based on scientific data and analysis, the report also highlights the impacts of climate change across Europe and our societies in 2023, in particular the economic losses due to floods and the health impacts of heat stress.  Europe is the fastest warming continent, with temperatures rising at around twice the global average rate, as underlined by the European Climate Risk Assessment. Due diligence, air pollution, packaging and Energy Charter – policy updates from Europe The European Parliament has approved new rules obliging firms to mitigate their negative impact on human rights and the environment. The new Corporate Sustainability Due Diligence Directive, agreed on with the Council, will require firms and their upstream and downstream partners to prevent, end or mitigate their adverse impact on human rights and the environment. Such impact will include slavery, child labour, labour exploitation, biodiversity loss, pollution or destruction of natural heritage. The Directive now needs to be formally endorsed by the Council, signed and published in the EU Official Journal. It will enter into force 20 days later and member states will have two years to transpose the new rules into their national laws.   The European Parliament has also given its final green light to revised rules on preventing and combating human trafficking and protecting its victims. Products made with forced labour are also to be banned from EU single market.   The EU Parliament has adopted a provisional political agreement with EU countries on new measures to improve air quality in the EU so it is no longer harmful to human health, natural ecosystems and biodiversity. The revised law aims to reduce air pollution in the EU for a clean and healthy environment for citizens, and to achieve the EU’s zero air pollution vision by 2050.   The EU Parliament has adopted new measures to make packaging more sustainable and reduce packaging waste in the EU. The regulation aims to tackle constantly growing waste, harmonise internal market rules and boost the circular economy. Separately, Parliament also adopted the directive on the so-called “right to repair” for consumers, clarifying the obligations for manufacturers to repair goods and encourage consumers to extend a product’s lifecycle through repair.   MEPs have consented to the EU withdrawing from the Energy Charter Treaty, which was established in 1994 to govern trade and investment in the energy sector. The Commission proposed a coordinated withdrawal by the EU and its member states, as it considers the Treaty to be no longer compatible with the EU’s climate goals under the European Green Deal and the Paris Agreement, predominantly due to concerns over continued fossil fuel investments. Sustainability Update from Accountancy Europe (From our friends in Accountancy Europe – sign up and subscribe) The April edition of the Accountancy Europe Sustainability Update has been published, with the following and more: EC calls upon CEAOB to develop guidelines on limited assurance EP approved sector-specific sustainability reporting standards delay EP adopts its position on Green Claims Directive ESMA seeks input on technical regulatory standards for external reviewers ISSB decides its priorities for next two years GLOBAL Monday 22 April was Earth Day. The event began in 1970 in the United States and is now marked around the world. The theme this year was ‘Planet v Plastics’ and it aimed to raise awareness of the harms of plastic pollution for human and planetary health. Find out more about Earth Day in this explainer from the: What is Earth Day, when is it and what has it achieved? Talks continued this week in Canada under the auspices of the UN Environment Programme, to develop a legally binding ‘Plastics Treaty’ by the end of 2024. Final negotiations on the treaty will take place it South Korea in December. The talks follow the historic resolution made in 2022 by 175 countries to end plastic pollution and develop a plastics treaty. According to CDP (formerly the Carbon Disclosure Project), the majority of companies are overlooking plastic-related risks, and mandatory disclosure on plastics is necessary. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here.  Articles Earth Day 2024 - Planet vs. Plastics (Chartered Accountants Ireland) Buyers of older homes may pay thousands more per year in mortgage repayments (Irish Times) Climate Change’s ‘Physical Risks’ Are Catching Up With Banks (Bloomberg) Deforestation in Brazil's Amazon down 40% in Q1, minister says (Reuters) Climate targets oversight group backtracks after staff revolt - Science Based Targets initiative says its guidance on carbon offsets has not changed pending draft rules in July (Financial Times) ACCA unveils five-point climate plan for accountants on Earth Day (Accountancy Today) With a landmark Global Plastics Treaty on the horizon, the time for corporate disclosure – and action – is now (Edie) A global plastics treaty is being negotiated in Ottawa this week – here’s the latest (The Conversation)   Upcoming Events  Chronos Sustainability/ UCD Michael Smurfit Graduate Business School , JCI (Junior Chamber International), Careers in Sustainable Finance Speakers will include NTMA's Emma Jane Joyce, SustainabilityWork's Laura Heuston and Chronos Sustainability's Dr Rory Sullivan In person: 29 April, UCD Smurfit School, 6.30-7.30pm   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), 30 April Chambers Ireland, Green Public Procurement - Half-day virtual workshop All companies now need to learn the green public procurement rules to bid and win new contracts with the public sector. Green Public Procurement (GPP) is a process where public authorities seek to source goods, services or works with a reduced environmental impact. The Government’s GPP Strategy and Action Plan for 2024-2027 has been published here. For some contracts with immediate effect, and from 2025 all tenders over €50,000 must include sustainable end environment technical specifications and contract specific award criteria. Virtual (Zoom), €99 for Dublin Chamber members and €330 for non-members, Wednesday 8 May, 9.00 – 13:00   Change by Degrees, CSRD is a Team Sport Webinar to give insights into the Corporate Sustainability Reporting Directive (CSRD) and discover how to equip your team for the future of sustainability regulation. Discover how your business can excel in sustainability practices and turn compliance into a competitive advantage. Virtual (LinkedIn Live), 10 May, 10.00 – 10.30am   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September.   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 22 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

World Wildlife Day 2022 was a day not traditionally associated with businesses! However, on this day the chief executives of 10 of the world’s leading accountancy institutes joined together to support a new call to action in response to the nature crisis. Working together as part of the Global Accounting Alliance (GAA), the CEOs signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis.  Every business relies on nature. Healthy societies, resilient economies and thriving businesses depend on it. But while protecting nature has been of increasing importance to policy makers concepts like ‘nature’, ‘biodiversity’ and ‘ecosystems’ have long been considered as something that exists firmly outside the office window. Without being overtly aware of it, though, businesses are in an ecosystem on which they have an impact, and which impacts on them. And that ecosystem is under severe threat. Our natural world is facing one million species under the threat of extinction, with a consequent impact on the environment in which we live and work. The International Finance Corporation, a member of the World Bank Group, describes biodiversity as a fundamental component of long-term business survival. Businesses are dependent on nature and biodiversity for supplies of raw materials, fuel, availability of clean water, clean air, pollination, crops, climate regulation for a stable climate, and a healthy safe environment. They rely on it for the wellbeing of their staff, their consumers, in their own operations and along their supply chains. Experts warn biodiversity loss poses as much of a threat to our planet as climate change, but businesses struggle to understand their connection with biodiversity and its relevance to their business. This leaves them potentially vulnerable to a range of risks. In 2020, the World Economic Forum (WEF) ranked biodiversity loss and ecosystem collapse as one of the top five risks for the coming 10 years in terms of likelihood and social and economic impact. The IPCC report published this week pointed to ‘non-climatic global trends’, like biodiversity loss, as being a crucial to threat to our continued survival. Sectors like fisheries, forestry and agriculture and agri-food will be directly affected by nature loss – for example, rising temperatures causing the extinction of a species that pollinates plants, leading to global shortages of certain products, leading to rising prices, and hunger. But any business involving a direct interaction between people and nature is similarly threatened, the most obvious being the tourism industry and much of the hospitality sector. For these businesses, the nature loss is a significant business risk, but most businesses suffer indirectly from nature impairment. So what can businesses do? A lot, it seems. A report to the National Parks and Wildlife Service, of the Department of Housing, Local Government and Heritage prepared by Optimize, Irish Forum on Nature Capital and AECOM in 2020, found that business has a considerable role to play in protecting biodiversity. This sentiment is echoed by Business in the Community Ireland (BITCI) in its Biodiversity Handbook, which has resources for business biodiversity action for business. In Northern Ireland, Business in the Community has created a Business and Biodiversity Charter as a framework for businesses to engage with biodiversity. The Charter is based around a staged approach, and is applicable to all organisations from micro-businesses to large facilities owned by multi-national companies. Some actions businesses can take are Build awareness Knowledge is power. Businesses can utilise resources such as those provided by Natural Capital Ireland (NCI), those in the BITCI’s Biodiversity Handbook, the resources provided by Business in the Community in Northern Ireland, or global sources such as Business for Nature. Build biodiversity into your strategy. For many businesses, this means focussing on what used to be called the ‘triple bottom line’ of people, planet and profit, where benefits to humanity, the environment and the financial bottom line are given equal prominence by a business. Define what is material to you. Business for Nature describes this as “Assess[ing] your impacts and dependencies on nature to ensure you are committing and acting on the most material ones”. You can create an impact by connecting with your local community, engaging in clean-up projects, or grow-your-own workshops, and provide leadership and opportunities for your team to promote action on nature protection. Keep an eye on developments In Ireland NCI is working to develop a national Business and Biodiversity Platform to support businesses to act to combat the biodiversity crisis. This an online hub will help the private sector recognise the risks posed by biodiversity loss and take measurable, practical actions to halt the growing crisis. Greenwash at your peril Many businesses are embracing biodiversity and environmental sustainability as a means of differentiating themselves competitively to attract customers, client staff and even access to access to finance. However, businesses must be transparent about their activities. Accountability is king, so if you pledge to do something, do and it disclose it, and ensure that it will have an impact. Biodiversity is increasing in importance to business, and businesses will be expected to know about biodiversity action and to engage with it.

  In this week’s Sustainability/ESG bulletin, read about the €8.8 billion gross output by Ireland’s Environment Goods and Services Sector, and a report on gender disparities in the labour market across the island of Ireland. Also covered is the new climate change reporting duties for specified public bodies in Northern Ireland, updates on the EU gas and electricity markets, new resources – including a new carbon software guide from Chartered Accountants Worldwide  – and the usual articles and upcoming events.  IRELAND Congratulations to SustainabilityWorks! The Institute is delighted to congratulate SustainabilityWorks on winning the ESG Consultancy Awards at the Business and Finance ESG Awards yesterday.   SustainabilityWorks was co-founded by FCA Laura Heuston, aims to help Ireland unlock the financial, economic and social opportunities that come from sustainability. Chartered Accountants Ireland was nominated for an award in the category of ESG Company Awards (SME). Adoption of a sustainability assurance standard in Ireland Chartered Accountants Ireland has responded to the consultation by IAASA on the adoption of a sustainability assurance standard in Ireland.  Read more from our Professional Accounting team. Ireland’s Environment Goods and Services Sector’s gross output worth €8.8 billion The Central Statistics Office (CSO) has today released statistics for the Environment Goods and Services Sector (EGSS) for 2021. Figures for the sector, sometimes called ‘eco-industries’, show that the gross output of the EGSS was €8.8 billion in 2021, 1.1 percent of national accounts output. The gross value added (GVA) was €3.9 billion and full-time equivalent employment in the sector was 40,300. Report finds gender disparities in labour market across island of Ireland A new study published by the Economic & Social Research Institute (ESRI) has highlighted persistent gender disparities in labour market participation and working conditions in Ireland and Northern Ireland. The report assesses barriers to employment and highlights significant differences in low pay, working from home, and hours of work between women and men in the two jurisdictions. Levels of labour market participation are lower for both women and men in Northern Ireland compared to Ireland, with female labour force participation at 76 percent in Ireland and 72 percent in Northern Ireland. According to the report, differences in education attainment account for much of the differences across jurisdictions. NORTHERN IRELAND & UK UK Export Academy’s sustainability month The UK Export Academy is running a ‘sustainability month’ with a series of webinars in May covering key topics around becoming a sustainable business. Webinars are on topics including understanding key legislation, getting to grips with EU packaging rules and exploring how to use digital trade documentation. Find out more and register here. New climate change reporting duties for specified public bodies The Department of Agriculture, Environment and Rural Affairs (DAERA) Minister Andrew Muir has announced new regulations introducing climate change reporting duties on specified public bodies in line with duties under the Climate Change Act (Northern Ireland) 2022. The regulations will come into operation in early May 2024, 21 days after they are laid in the Assembly, but the first reports will not be due to be submitted until October 2025. Tenford NetZero Accelerator programme seeks applications Minister Andrew Muir has recently announced that the Tenfold NetZero Accelerator programme is taking applications from the UK’s technology startup and SME community. The programme aims to develop innovative methods that will help improve efficiency on-farm linked to feed management and usage, easy access to nutrient data; as well as help reduce waste during the production of dark glass bottles.  Each successful technology provider will receive £20,000 in funding from the industry partners.   EUROPE European Commission commits funding to OECD’s carbon mitigation program  (From our colleagues on the Tax Team) The European Commission has signed an agreement with the OECD to provide financial support to the OECD’s Inclusive Forum on Carbon Mitigation Approaches (IFCMA). The IFCMA is a project which aims to optimise global emissions reduction efforts by better data and information sharing, evidence-based mutual learning, and inclusive multilateral discussions. The IFCMA was launched in February 2023 and has welcomed 58 members, including some from outside the OECD.  Horizon Europe funding increase The Commission has adopted an amendment to the 2023-24 Work Programme of Horizon Europe, the EU's research and innovation programme. The amendment mobilises previously unallocated Horizon Europe funding to increase the 2024 budget by nearly €1.4 billion to a total of €7.3 billion. It also includes an investment of nearly €650 million in the EU Missions aiming to contribute to solving some of the challenges facing Europe, for example, making more than 100 cities climate neutral. Reforms to the EU gas and electricity markets  MEPs have approved reforms for a more sustainable and resilient EU gas market, adopting plans to facilitate the uptake of renewable and low-carbon gases, including hydrogen. Along with a new directive will help decarbonise the gas sector to tackle climate change, MEPs also secured measures to protect vulnerable consumers and to ensure transparency, and to enable EU countries to restrict imports from Russia and Belarus. These measures will now have to be formally adopted by Council before publication on the Official Journal. Separately the EU Parliament has adopted reforms of the EU electricity market to protect consumers against volatile prices and, among other things, prohibit suppliers from cutting the electricity supply of vulnerable customers, including during disputes between suppliers and customers. After Parliament’s approval, Council also needs to formally adopt the legislation to become law. GLOBAL Climate case to set benchmark for future litigation In a decision that will set a benchmark for future climate litigation, the European Court of Human Rights (ECHR) last week ruled that insufficient action to tackle climate change was a violation of human rights. In delivering Grand Chamber rulings in three climate change cases, the ECHR ruled that inadequate action by Switzerland to reduce carbon emissions breached the rights to respect for family and private life of some of its most vulnerable citizens. That case was brought by a group of 2,000 Swiss women, mostly in their 70s. Separately, India’s Supreme Court has reportedly expanded the “right to life” to include “protection against adverse effects of climate change”, adding that “climate change threatens ‘constitutional guarantees of equality and health’, impacting factors such as air pollution, disease, and food security”. The decision has been described as a “call to action”, adding that the significance of the ruling “cannot be overstated. Similar cases related to governments’ liability to protect citizens from climate change are being deliberated this year by the International Court of Justice, the International Tribunal for the Law of the Sea and the Inter-American Court of Human Rights. New resources Chartered Accountants Worldwide has published a list of frequently asked questions (FAQs) that businesses often encounter when navigating the complexities of calculating their company’s carbon footprint. This is accompanied by a helpful selection of global software providers that may offer suitable solutions to businesses grappling with an ever-increasing demand from regulators, customers, and suppliers for organisations to measure and report their carbon footprint.  Find out more on the Chartered Accountants Worldwide website’s sustainability centre. The International Federation of Accountants (IFAC) has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Equipping Professional Accountants for Sustainability: What's New and What Hasn't Changed speaks to the vital role that accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs. Certificate in Sustainability Strategy, Risk and Reporting Chartered Accountants Ireland hugely popular Certificate in Sustainability Strategy, Risk and Reporting is now accepting registrations for its next sitting, start on 8 May. Register here. Technical Round-Up (From our colleagues in Professional Accounting) In the first episode of its new podcast series entitled “the ISSB Implementation Insights podcast” the IFRS Foundation discuss the recent Transition Implementation Group meeting on IFRS S1 and IFRS S2. EFRAG is preparing guidance to help companies disclose their transition plans in line with the ESRS standards and are seeking assistance from European companies to provide input on a variety of practices and challenges in relation to this. Interested entities can apply by 23 April 2024. The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have announced their collaboration to support the corporate reporting needs of market participants globally. In doing so they have announced some plans for further joint publications. Articles ‘Two years to save the world’: UN climate chief calls for faster action and more finance (EuroNews) The role of tax in CSRD double materiality assessments: Tax must be considered as part of the Corporate Sustainability Reporting Directive’s double materiality assessment (Accountancy Ireland – Briefly) There’s no net-zero without SMEs – but they need more support (SME Climate Hub/Edie) KPMG: Majority of U.S. CEOs Expect Significant Returns from Sustainability Investments Within 3-5 Years (ESG Today) [Mary] Robinson calls for implementation of climate policies (RTÉ News) Fossil fuel lobbyists spending $4bn a year to undermine climate justice movement, Mary Robinson warns (Irish Independent) Upcoming Events  ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. In person, 23 April, 08:15 - 12:00, Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, 24 April, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A CAW Network USA: Beyond Accounting – Sustainability in Transactions Understand the issues of sustainability, including environmental, social and economic impacts of the transition to a net-zero economy, the challenges facing most organizations, the interrelationship between mergers and acquisitions and divestment, and how to identify appropriate sustainability related considerations during investment and divestment workflows. Virtual: 23 APRIL – 7pm – 8.30pm EASTERN / 24 APRIL – 11am NEW ZEALAND / 9am SYDNEY ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 cet Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 24 April, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s response to the public consultation on the Climate Action Plan 2024. Also covered is the new national climate engagement plan, the new public procurement strategy, nature capital and nature positive businesses news, a new All-Ireland Climate Action Pilot Programme for SMEs, and the usual articles and upcoming events.      IRELAND Chartered Accountants Ireland responds to public consultation on Climate Action Plan 2024 The Institute has responded to the Department of the Environment, Climate and Communications’ Public Consultation on Climate Action Plan 2024. In our response we addressed the key challenges and risks to delivering the measures and actions set out in the Plan. We also identified additional supporting actions that could be taken in 2024, such as communication and awareness-raising, training and education, and targeted financial supports for businesses to help them with their transition to a net-zero society and economy. Read our response in full here. Climate engagement and public procurement. The Department of the Environment, Climate and Communications has launched a new Climate and Engagement Campaign to support and encourage action on climate and community resilience. The campaign – a first of its kind globally – will work with groups to amplify the climate action already taking place and to provide support to groups where needed, including making available flexible micro-funding totalling €1 million over 2024 and 2025. The Government will also work with a range of climate communications experts to develop special training, toolkits and advice for groups – including business and professional groups – who want to do more to make their place better and more climate resilient. The news comes as the Climate Action Plans launched  for all 31 Local Authorities, collectively including almost 4,000 actions to be completed in each local authority area over the next five years. Separately, the Government of Ireland has released a new Green Public Procurement Strategy and Action Plan 2024-2027. Green public procurement has been identified as one of the important areas of the economy that can play a key role in helping Ireland to become more resource-efficient. Ireland’s power generation and industrial emissions decrease in 2023 The Environmental Protection Agency (EPA) has released preliminary analysis of greenhouse gas emissions in 2023 from the Emissions Trading System (ETS) sector, which shows a decrease of 17 percent, compared to a decrease of approximately 15.5 percent across Europe, according to data published by the EU Commission. The decrease was due to a combination of factors, including an increase in imports of electricity, the use of renewable electricity and renewable fuels as well as a decrease in cement production. In contrast, greenhouse gas emissions from aviation increased by more than nine percent  compared to 2022, which reflects continued growth in this sector.   Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 publishes (From our colleagues in the Tax Team) The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 has been published, its purpose being to provide for the establishment of two new funds to support future expenditure by the State as the economy is likely to face increased pressures associated with climate change, digitalisation, and an ageing population. Described as ‘a gamechanger’ in addressing monetary gaps up to 2030, and a way of ‘firewalling’ major climate investment projects well into the next decade, the Fund is due to reach €14 billion by 2030. Of this, the climate and nature component is worth over €3 billion per year. The goal is to ensure that the State would have resources to support capital expenditure for projects between 2026-2030 in the event of a future downturn. Read more commentary from Chartered Accountants Ireland here. Nature capital in boards and business The global non-profit platform Capitals Coalition is inviting businesses to participate on a new business decision template for boards. The template aims to ensure that information on all forms of capital is considered in board’s decision-making processes. Separately, in Ireland, Business For Biodiversity Ireland (BFBI) has developed a Roadmap to A Nature Positive Roadmap for Business. Aligned to prevailing methodologies and broken down into easy-to-manage steps, the Roadmap provides ­– among other things – steps on how to identify topics material to your business when it comes to new and existing reporting regulations. It is available to business members of BFBI, alongside other useful and free resources. NORTHERN IRELAND & UK Business in the Community Ireland (BITCI)  and its sister organisation in Northern Ireland (BITCNI) have launched an All-Ireland Climate Action Pilot Programme for SMEs to build organisational capacity and change in companies which work with SMEs in their supply chains.  Scope 3 emissions remain the most challenging area for meaningful decarbonisation, and SMEs play a key role in transition to a low carbon economy. Starting in April, this pilot programme will help companies better understand the challenges and opportunities of upskilling SMEs to address Climate Action in Ireland, and will help improve Scope 3 data emissions reporting. GLOBAL Towards a More Sustainable Future: Advancing the Centrality of Ethics The International Ethics Standards Board for Accountants (IESBA) has announced the publication of its Strategy and Work Plan for 2024-2027, titled Towards a More Sustainable Future: Advancing the Centrality of Ethics. The Work Plan sets out the IESBA's vision and strategic goals and actions, underpinning its ambition to put the International Code of Ethics for Professional Accountants (including International Independence Standards) at the heart of business and organisations. Technical Round-Up (From our colleagues in Professional Accounting) ISSB has issued an update on the jurisdictional progress made in adopting the IFRS Sustainability Disclosure Standards. It also issued its March 2024 update and podcast. FRC has announced the launch of its first market study to examine the UK market for sustainability assurance services. GRI has published three new guidance documents covering Double Materiality, Due Diligence and the CSRD to support global policymakers Did you know: Chartered Accountants Ireland has a new sustainable member benefit? Chartered Accountants Ireland has new member benefit. Riley is an Irish, female-founded period care company that aims to drive change by providing everyone with sustainable, toxin-free period care. For more information on our new partner offers, log into your member account or subscribe to the Member Benefits bi-monthly newsletter to keep up with these and all the other offers. Articles Here’s how professional service providers can step up for climate action (Financial Times – Sustainable Views) subscription needed Climate change measures will be tougher than many wish to believe (Irish Examiner) Stemming the tide of greenwashing lies - Sustainability credentials are big business in 2024, but not all are genuine. Dee Moran looks at ongoing EU efforts to curb greenwashing (Accountancy Ireland) The seven traits of a successful sustainability leader - Catherine Duggan, Director of Sustainability at Grant Thornton, writes about how navigating the complexities of sustainability leadership demands a multifaceted approach (Accountancy Ireland – Briefly) Upcoming events ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. 23 April, 08:15 - 12:00, In person. Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK   Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual   Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual   Dublin Chamber, Sustainability Academy – Sustainability ESG 101 In today's world, consumers and investors are placing a growing emphasis on environmental, social, and governance (ESG) practices. Our introductory Sustainability/ESG 101 course equips business professionals across all sectors with the foundational knowledge they need to navigate this evolving landscape. 19 Apr 2024, 09:30 AM - 12:00, Webinar   Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A   ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024.   iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024,   EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 24 April, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

  In the early hours of 13 December, an agreement was reached in Dubai at the 28th Conference of Parties to the UN Climate Convention, COP28. The UAE Consensus included a commitment to transition away from all fossil fuels, following intense negotiations over two weeks, and a heavily criticized first draft that was released on Monday. The revised – and final – version represents the first time in COP history that words ‘fossil fuels’ appeared in an agreement. It also included a specific target on tripling renewables and doubling energy efficiency by 2030. “It is an enhanced, balanced — but make no mistake — historic package to accelerate climate action,” COP28 President, Dr Sultan Al Jaber, said, after delegates rose to their feet in to applaud the deal. This COP is reportedly the most significant since the Paris Agreement in 2015, when the countries of the world agreed to limit global warming to 1.5°  above pre-industrial levels. Although not without criticism (natural gas is still identified as a transition fuel, despite causing global warming, for example), responses to the agreement have been positive. Speaking on Irish radio, Minister for Climate, Environment and Communications, Eamon Ryan, T.D., said that the deal is not just about transition away from fossil fuels, but also “building a new, renewable and energy-efficient future and critically changing the entire financial architecture in the world to make that happen everywhere in the world.” Marie Donnelly, Chair of the Climate Change Advisory Council, described the COP process as defeating  the ‘very visible attempt’ by the fossil fuel industry to derail the process and deny the science: “From my perspective, that is a real success… this is the signal. This is effectively the starting gun. Now, we can be serious about the discussion of phasing out fossil fuels.” COPs have come in for much criticism for being too large, too bureaucratic and too much at risk of being influenced by major polluters, the lobbyists of which can outnumber the collective representatives from those countries most vulnerable to the impacts of climate change; however, all parties at the climate summits must agree on every word of the agreements, and to some it underscores how much these UN conferences can achieve. Speaking about this agreement, Special climate envoy to Prime Minister Mia Mottley of Barbados Avinash Persaud stated “When the dust settles and dawn breaks, this will be seen as one of the most historic COPs."  As parties prepared to leave the two-week conference, UN climate chief, Simon Stiell, who described the agreement as “the beginning of the end for fossil fuels”, reminded governments of the next steps:   “We must get on with the job of putting the Paris agreement to full work…In early 2025, countries must deliver new NDCs [‘nationally determined contributions’, i.e. efforts by each country to reduce national greenhouse gas emissions and adapt to the impacts of climate change]. It must bring us into alignment with a 1.5C world. We will keep working to improve the process.” His final message, though, was to ‘ordinary people everywhere’: “Everyone one of you is making a difference. Your voices and determination will be more important than ever. We are still in this race. We will be with you every step of the way.”   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

  Tensions rose at COP28, the UN climate summit in Dubai, with the publication of a new draft agreement, announced at 2pm GMT. The draft was published after COP President, Sultan Al Jaber, had been meeting with all countries in a format called ‘the Majlis’. An Arabic term, ‘Majlis’ are used to refer to a council or a special gathering, typically bringing together a community of elders. Ireland’s Environment Minister, Eamon Ryan, represented the EU in a Majlis of climate ministers, who were encouraged by Sultan Al Jaber to sit in a circle and speak “heart to heart”, to break the deadlock in phasing out fossil fuels. Earlier, the head of the United Nations, António Guterres, had called on world leaders to “end the fossil fuel age” as he returned to COP28 for the final days of the summit. According to the draft agreement, fuel production and consumption will be reduced by 2050 in line with scientific advice. It proposes an approach that “could” include “reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science”. While the current text of the agreement avoids the contentious terms ‘phase out’ and ‘phase down’, the wording still requires countries to reduce their fossil fuel production; however, the text has been criticized for being “grossly insufficient.” “We can’t accept the text,” Minister Eamon Ryan reportedly said, adding: “That ‘could’ kills everything”. Other news made headlines from the negotiations at the climate summit: The High-Level Champions and the Marrakech Partnership have released a report called '2030 Climate Solutions: An Implementation Roadmap.' It contains a set of solutions on measures that must be scaled up and replicated in order to halve global emissions, address adaptation gaps and increase climate resilience. Next year’s COP – COP29 – is to take place in Baku, Azerbaijan. Article COP28 draft agreement drops phaseout of fossil fuels (Financial Times) Elements of new Cop28 text are ‘fully unacceptable’, say EU climate chiefs (The Guardian) ‘We can’t accept this’ – Eamon Ryan says proposed Cop28 agreement needs to be ‘radically’ improved (Irish Independent) Podcast In the second of two special episodes from ICAEW, Insights In Focus shares news and views from COP28 in Dubai. guest host Mark Rowland is joined by Sarah Reay, ICEAW Climate Change Manager, ICAEW; Jessica Fries, Executive Chair, A4S; and Mardi McBrien, Chief of Strategic Affairs and Capacity Building, IFRS Foundation.  Counter The Climate Action Commitment Counter, published today by COP organisers, has provided a breakdown of financial pledges and contributions so far: Loss and Damage:$726 million Green Climate Fund:$3.5 billion (up to $12.8 billion) Adaptation Fund:$134 million Least Developed Countries Fund:$129.3 million Special Climate Change Fund (SCCF):$31 million Renewable Energy:$5 billion Cooling:$57 million Clean Cooking:$30 million Technology:$568 million Methane:$1.2 billion Climate Finance:$30 billion from UAE, $200 million in Special Drawing Rights, and $31.6 billion from Multilateral Development Banks (MDBs) Food:$3.1 billion Nature:$2.5 billion Health:$2.9 billion Water:$150 million Gender:$2.8 million Relief, Recovery and Peace:$1.2 billion Local Climate Action:$467 million   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

  Saturday at COP28 focused on nature, land use, and oceans, while Sunday was the first-ever COP day dedicated entirely to food, agriculture and water. Despite food generating one-third of global greenhouse gas emissions, agriculture has attracted very little climate finance. However, since the beginning of this COP, over $3 billion in climate finance has been pledged for food and agriculture. The Dubai climate summit in which “when food came of age as a central means of responding to the climate emergency”, according to Edward Davey, partnerships director at the Food and Land Use Coalition, also saw another first: the publication by the UN Food & Agriculture Organisation (FAO) of a global food systems’ roadmap. The roadmap aims to ensure the world keeps to with 1.5 degrees of temperature rise and transform the world’s agrifood system from a ‘net emitter’ to a ‘carbon sink’ by 2050. The FOA identified 10 priority areas – such as livestock, soil and water, crops, diets and fisheries – where the roadmap can help push the world closer to achieving ‘Zero Hunger’, the second of the 17 Sustainable Development Goals (SDGs). COP28 in numbers $3.8 trillion: value of crops and livestock production lost due to disasters, including floods and droughts, over the past three decades. $3+ billion: amount of climate finance pledged for food and agriculture since the start of COP28. 134: number of countries to have signed Emirates Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, committing to integrate food into their climate plans by 2025. 70: the percentage of the world’s land that the above countries cover. $200 million: amount of investment pledged for programmes to low-methane animals and develop less potent feed additives (Bezos Earth Fund is also investing in wearable sensors that measure how much cows emit). $200 million: amount pledged by the Gates foundation and the United Arab Emirates to help smallholders in sub-Saharan Africa and South Asia adapt to climate change. 47: the percentage by which global greenhouse gas emissions from livestock will grow by 2050 from 2015 levels if no action is taken. 18: countries which announced that they would align their national climate and biodiversity planning frameworks under the COP28 Joint Statement on Climate, Nature and People. Articles The world’s top five meat companies’ emissions are estimated to be significantly larger than those of the oil firms Shell and BP. The dairy industry’s 3.4 per cent contribution to global human-induced emissions is a higher share than aviation (The Guardian) Ireland is committed to continuing sustainable food production and becoming climate neutral as fast as possible, says Minister for Agriculture Charlie McConalogue (Irish Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

  After a rest day on Thursday, COP28 resumed on Friday 8 December for Week 2 of the global climate summit in Dubai. The second week is the critical week for COPs as it is when government officials negotiate the text of the final agreement. All eyes will be on what the agreement will say about fossil fuels, whether ‘phased out’ or ‘phased down’. Today at COP28 was dedicated to “youth, children, education and skills”. Negotiations will continue over the weekend, focussing on nature on Saturday and on food, agriculture and water on Sunday.   COP28 in numbers $57 billion: The number of financial pledges made so far at this COP. 50: the percentage by which Dubai plans to cut carbon emissions by the end of this decade, compared with 2018 levels. 118: the number of governments that have now pledged to triple the world’s renewable energy capacity by 2030 as part of the Global Pledge on Renewables and Energy Efficiency (China and India did not join). 9: the number of new countries now signed up to the Powering Past Coal Alliance, the group of nations pledging to phase out “unabated” coal power first founded at COP26 in Glasgow. 4: the number of new countries – including Spain, Kenya, Samoa and Columbia – to have joined the Beyond Oil and Gas Alliance group pledging to phase out all fossil fuels. Definitions Unabated  - “doing nothing to remove carbon dioxide and other greenhouse gases from oil, natural gas and coal emissions.” (New York Times). This word will appear with increasing frequency during the negotiations this week, with some commentators saying it could ‘determine the world's future’. Youth-washing  - Similar to greenwashing, this term describes the practice of showboating young voices but not paying attention to them. Watch or listen The Zero podcast from Bloomberg with Akshat Rathi who interviewed Al Gore on how to break the stranglehold petrostates have over COP. Gore also explains why big emitters can no longer hide. Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

"We need COP to deliver a bullet train to speed up climate action" Simon Stiell, UN Climate Change Executive Secretary COP28. As COP28 prepares for a rest day on Thursday in advance of the week-long negotiations that will get underway on Friday in Dubai on the language of the final COP agreement, focus shifted onto a new arrival in the UAE. While unlikely to attend the summit, President Vladimir Putin arrived in Abu Dhabi on his first trip to the Middle East since the invasion of Ukraine, reportedly to garner support in the from two major oil producers. Of potentially greater concern to many delegates at this COP, however, is the global stocktake. At this COP governments will take a decision on the stocktake, which is the process for countries and stakeholders to see where they’re collectively making progress towards meeting the goals of the Paris Climate Change Agreement – and where they’re not. “We can only overcome the climate crisis by ditching business-as-usual” Stiell stated.  “All governments must give their negotiators clear marching orders: we need highest ambition, not point-scoring or lowest common denominator politics.” Pointing out that only 50 countries have National Adaptation Plans, Stiell went on to describe the starting text of the Global Stocktake as just a “grab bag of wish lists and heavy on posturing”, urging government to deliver more and go further. “The tools are all there on the table, the technologies and solutions exist. It’s time for governments and negotiators to pick them up and put them to work.” The Global Stocktake – FAQ What is the global stocktake? The Paris Agreement 2015 committed countries  to take serious action on the climate crisis. Parties to the Agreement, some 196 countries, signed up to keep global warming to 1.5°C above pre-industrial levels. The global stocktake was set up to monitor progress against this target. Essentially, it is a global-scale audit of the world’s progress towards the goals of the Paris Agreement. When does it take place? Under the Paris Agreement, countries are to check their progress in 2023, and every five years after that. The first-ever Stocktake is set to conclude at this COP in Dubai. Three events have already taken place at this COP to discuss the stocktake. What do we know so far? A technical report from the stocktake published in September 2023. It shows that we are off track to limit global warming to 1.5°. Our situation is urgent, and countries need to take action to mitigate and adapt and implement. What is meant by ‘mitigate’, ‘ adapt’ and ‘implement’? Mitigate: we need to drastically reduce greenhouse gas emissions (e.g. by replacing fossil fuels with renewable energy sources). Adapt: we need to change our economics and societies to cope with the effects of climate change. These include heatwaves, wildfires, rising sea levels, air pollution, increased sickness, migration and biodiversity loss. Implement: we need to mobilize accessible and affordable climate finance at scale, essentially making the international financial system - including its governance - fit-for-purpose. Why is the stocktake important? The stocktake itself is not as important the global response to it. However, the manner in which countries respond to the results of the stocktake is what will make the difference in the form of higher ambition and accelerated action. Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre.   

  Tuesday's focus at COP28 was energy and industry, the just transition, and Indigenous Peoples.  While controversy still surrounds remarks made by COP President about fossil fuels, and reports of the host country’s own plans to increase its own oil production, there was also coverage of high-level agreements at this year’s global climate summit: The second report of the Independent High Level Group on Climate Finance has been released at COP28. 'A climate finance framework: decisive action to deliver on the Paris Agreement' was co-authored by Nicholas Stern and presents a framework which it says can mobilise the estimated $2.4 trillion a year in investment required by 2030. The UK, France and a number of other countries and banks - including the World Bank and European Investment Bank (EIB) – have agreed to include more climate-resilient debt clauses in their lending. Climate-resilient debt clauses (CRDCs) allow vulnerable countries to pause debt repayments when climate disaster strikes, affording them ‘breathing space’ to recover. Welcoming the announcement, Prime Minister of Barbados Mia Mottley stated “I want to thank you for the extraordinary courage to do the right thing.  We can always bring back our debt, but we cannot bring back our society.”   Bill Gates has praised innovation at this year’s COP when he was among those attending the Climate Innovation Forum. The former CEO of Microsoft attended alongside Arvind Krishna, CEO of IBM, Kate Brandt, Chief Sustainability Officer of Google and other world leaders in the technology sector, who convened to explore cutting-edge solutions to tackle the global climate crisis. Solutions discussed included artificial intelligence (AI), satellite technology, big data, clean energy, industrial decarbonization, low-carbon hydrogen, and more. The world’s largest independent carbon crediting standards have announced a collaboration to increase the impact of activities under their standards. The pledge, published by the non-profit organisation IETA, outlines a number of activities which will help amplify the impact of carbon markets. Separately, the US regulator, the Commodity Futures Trading Commission (CFTC), is expected to propose the first federal guidelines for voluntary carbon credit derivatives, in a bit to “bring order to a market for the offset of emissions described as the ‘wild west’”. The value of the carbon trading market worldwide could reportedly expand to $100bn by 2030, up from $2bn in 2022. COP28 in numbers 36.8 billion: the number of metric tons of carbon dioxide that will be emitted this year from burning fossil fuels. 1.1: the percentage increase in those emissions on 2022. 1.4: the percentage increase in those emissions on 2019, before the Covid-19 pandemic.  6: the percentage increase in those emissions since the year of the Paris Agreement, according to research by the Centre for International Climate Research (Cicero) 0: the number of new power plants that should be built anywhere in the world fired by coal (the world's ‘dirtiest fuel’) according to US climate representative, John Kerry. The US has now committed to closing its existing coal power plants and not building any more of them in the future, and have joined the Powering Past Coal Alliance along with seven other countries, although it had to defends its climate leadership despite record oil and gas production (Financial Times) 60: the percentage by which much oil companies must commit to reducing their Scope 1 and 2 emissions by 2030, according to the Executive Director of the International Energy Agency Fatih Birol says 94: the percentage of oil-producing countries to have no pledges on phase out oil exploration, according to a new report from the Net-Zero Tracker. 2,456: the number of fossil fuel representatives at COP28, the largest ever to have attend the climate summit. Quote of the day “Absolutely not.” — Saudi energy minister Prince Abdulaziz bin Salman, on whether he would be happy to see a COP28 agreement on a “phase-down” of fossil fuels (Financial Times)   Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

Monday at COP28 was both Finance Day and Gender Equality Day, with discussions on financing gender-responsive just transition and climate action. As Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion said, “Climate change is not gender neutral. Women make up the majority of the world’s poor and despite and maybe because of this women and girls are at the forefront of climate action.” Some highlights: The Gender-Responsive Just Transitions & Climate Action Partnership was unveiled and endorsed by 60 countries contained a three-year package of measures to address the disproportionate impact of climate-related job loss on women.   A report titled "Feminist Climate Justice: A Framework for Action", was launched by UN Women. The report identified the climate crisis as threatening progress on gender equality and human rights, and hindering the achievement of the Sustainable Development Goals. The report describes how to achieve feminist climate justice and provides practical guidance on what countries need to do to transition to low-emission climate-resilient economies that, while recognizing the leadership of women, girls, and gender-diverse people in driving the change that is so urgently needed.   Hillary Clinton said in an interview that the absence of women in climate talks is a major worry (The Independent) Find more news on the global climate summit our our COP28 page on Chartered Accountants Ireland's sustainability centre. 

"Finance is the great enabler of climate action" This was the message of UN Climate Change Executive Secretary Simon Stiell in a speech at a Green Climate Fund event today “Scaling up Access and Impact”.  And it is a key message of this year’s COP, at which a record number of financial executives are attending. Many may be drawn to what Nikita Singhal, co-head of sustainable investment & ESG at Lazard Asset Management, describes as possibly “the greatest alpha-generation or investment-return” in a long time. Singhal  was speaking at the Bloomberg Business Forum at COP28, and was one of several investors who see opportunities for investment returns in action on the twin crises of climate change and biodiversity destruction. “Let's be clear,” said another such investor, Prudential Plc Chair Shriti Vadera, who reminded the Forum “The private sector only does things that are commercial and create a commercial return: they are to preserve the capital of their customers, savers, pensioners and depositors.” Highlights Chair of the IFRS Foundation Trustees, Erkki Liikanen addressed COP28 and reflected on progress since the IFRS Foundation announced the decision to establish the International Sustainability Standards Board at COP26 in 2021.   Export credit agencies, supporting a combined estimated US$120 billion in global trade in 2022, have formed a net-zero alliance. The UN-convened Net-Zero Export Credit Agencies Alliance will be the first net-zero finance alliance comprising public finance institutions. “Public finance has been the missing piece in the net-zero financial landscape,” said Inger Andersen, Executive Director of UNEP. “Export Credit Agencies are in a strong position to deliver more sustainable global trade and to complement the work already being undertaken by the private finance sector”.   Climate Trace the non-profit project has released data “of unprecedented granularity” that shows how countries have been dramatically under-reporting their greenhouse gas emissions;   An 18-month collaboration between leading climate researchers across more than 20 nations has produced a report titled 10 New Insights in Climate Science 2023/2024. The report aims to help inform policy implementation at COP28 and beyond. It warns that humans will increasingly be unable to live in and move from/to places where climate risks continue to rise, and also warns of compound risks which will amplify the climate crisis and increase in uncertainty. Podcast Tripling renewables is one of the goals under discussion at COP28. Find out where more investments are needed and why decarbonizing energy is easier than you think. (Zero)  

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