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