In this week’s Sustainability/ESG bulletin, read about support measures to help businesses in Ireland and Northern Ireland impacted by recent flooding. Also covered is Ireland’s Fourth National Climate Stakeholder Forum, the sustainability skills identified by the National Skills Bulletin 2023, how sustainability is a priority for 90 percent of Ireland’s manufacturing industry, the Environmental Protection Authority (EPA)’s new National Air Quality Forecast, and updates from the EU and the UN, as well as the usual roundup of updates, podcasts, articles and events.
Sustainability Award News!
✨🎉Congratulations to Bank of Ireland, winner of the Leinster Society’s Published Accountants Award Sustainability & ESG Reporting (Listed Entity) and to CIÉ - Córas Iompair Éireann, winner of the Sustainability & ESG Reporting (Unlisted Entity) Award! #PAA2023 ✨🎉
Emergency Business Flooding Schemes – Ireland and Northern Ireland
The Minister for Enterprise, Trade and Employment, Simon Coveney, T.D. has extended two previously approved Emergency Business Flooding Schemes for small businesses, sports clubs, community, and voluntary organisations unable to secure flood insurance and affected by recent flooding in certain areas in Ireland. Due to the exceptional severity of the flooding in some areas, the Government has agreed to activate an Enhanced Emergency Business Flooding Scheme with higher levels of financial support for businesses severely affected in certain locations, as well making immediately available financial assistance by way of low-cost loans from Microfinance Ireland to small businesses that cannot get loan financing from other lenders. Climate experts are warning that floods constitute the greatest hazard associated with global climate change.
Separately, a number of support measures have been announced to help businesses in Northern Ireland impacted by recent flooding. The support measures include rates relief for flooded business premises and one-off grant payments for affected businesses. Proposals for further schemes to support the longer-term recovery of the affected towns are being considered by government departments and local government. More information on those schemes will be released in the coming weeks.
Fourth National Climate Stakeholder Forum held
The fourth
National Climate Stakeholder Forum (NCSF) took place this week, hosted by the Minister for Environment, Climate and Communications, Eamon Ryan, T.D. The one-day workshop is a key 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. Participants at the forum – among them representatives from Chartered Accountants Ireland – discussed sectoral engagement with climate action, identified where gaps in communication existed, and ways in which as many people as possible in society could be engaged in taking climate action. The output of this forum will be a roadmap for delivering the new Action Plan on Climate Communications and Engagement.
‘Sustainability Starts with a Plan’ – Enterprise Ireland
Enterprise Ireland has launched a sustainability campaign, ‘Sustainability Starts with a Plan’, to build awareness across Irish business of the supports available to help them reduce carbon emissions and develop sustainability plans. The campaign, which will include an initial six-week advertising campaign across radio, print and social media, is designed to encourage take-up by businesses of the range of Enterprise Ireland supports to assist them on their sustainability journey. Supports include consultancy advice, capacity building supports and financial grants for projects that reduce carbon emissions. Local Enterprise Officers (LEO) have similar offerings for micro businesses. Further details can be found on the Enterprise Ireland website.
Upskilling and reskilling essential across business and finance
The National Skills Bulletin 2023 is reporting that the skills mix of Ireland’s workforce will need to evolve as industries in Ireland address issues such as sustainable sourcing, circular lifecycles, energy efficiency, and waste minimization. The report, which was launched this week, states that, “Upskilling and reskilling will be essential across the business and financial occupations in the coming years so as to successfully navigate changes resulting from digitalisation, automation and the increased focus on sustainable finance”. This is the nineteenth such report in an annual series and was prepared by the Skills and Labour Market Research Unit (SLMRU) in SOLAS on behalf of the National Skills Council.
Sustainability a priority for 90 percent of Ireland’s manufacturing industry
IBEC’s 2023 Manufacturing in Ireland report has found that there is widespread participation in the manufacturing industry in sustainability (85 percent) and digitalisation (68 percent) initiatives. Commenting, Sharon Higgins, IBEC’s Executive Director, Membership and Sectors stated that “half of organisations involved in each of these expecting to save money as a result” and that “90% of companies agreed that sustainability, is a priority for their business. Given the priority attached to sustainability and impending reporting directives, 85% are introducing initiatives in the next 1-2 years that will lessen their environmental impact and address customer expectations.”
EPA launches a National Air Quality Forecast
The Environmental Protection Authority (EPA) has launched a national air quality forecast to provide greater information to the public regarding expected air quality in Ireland. The forecast will provide maps showing the predicted daily air quality for up to three days -"Today", “Tomorrow” and the “Day after Tomorrow”. The air quality forecast will help people plan their activities to follow public health advice, such as reducing physical activity when air pollution levels are predicted to increase and could affect their health. The forecast maps will be uploaded twice daily, once in the morning and once in the evening. The forecast and further information on air quality and the Air Quality Index for Health are available on airquality.ie.
Funding opportunities in UK and Northern Ireland
- Funding is being made available to eligible organisations through Small Business Research Initiative (SBRI) competitions for innovative solutions to challenges faced by the public sector in healthcare, circular economy, agriculture and more. Under SBRI: Delivering a Net-Zero NHS for a Healthier Future, organisations can apply for funding for early-stage innovations to accelerate the development of greener innovation towards a more sustainable healthcare system.
- Creative UK is accepting applications for the Creative Catalyst Challenge Fund, offering businesses an opportunity to access grant funding of up to £250,000. Supported by Innovate UK, this fund is designed to empower creative minds to channel their innovation towards addressing specific climate challenges within the industry. The focus of this grant is to support research and development that: combats waste, promotes decarbonisation or minimizes the creative industry's impact on the environment.
European Commission adopts Carbon Market Report
The European Commission has adopted the Carbon Market Report, which reviews the functioning of the EU’s Emissions Trading System (EU ETS) in 2022 and the first half of 2023. The EU ETS puts a cap on greenhouse gas emissions from power and energy-intensive sectors of industry and aviation operating in Europe (approx. 36 percent of all EU greenhouse gas emissions). The cap decreases every year to reduce emissions in line with the EU climate targets. The report also captures key outcomes of the 2023 EU ETS revision in the context of the European Green Deal, which aligns the system with the EU’s target of at least 55 percent emission reductions by 2030 below 1990 levels. To date, the EU ETS had helped bring down emissions from power and industry sectors to 37.3 percent below 2005 levels.
UN Climate Adaptation Gap Report publishes
The United Nations Environment Programme (UNEP) has published its UNEP Adaptation Gap Report 2023, which looks at progress in planning, financing and implementing adaptation actions. The main finding for 2023 is that progress on climate adaptation is slowing when it should be accelerating to catch up with rising climate change impacts. The report also identifies seven ways to increase financing, including through domestic expenditure and international and private sector finance.
Survey – Nature Based Solutions – World Research Institute
Over half of global GDP - $44 trillion - relies on nature. Yet, only 17 percent of total investment in nature comes from the private sector. The World Resources Institute (WRI) is researching how businesses are deciding to finance Nature-based Solutions (NBS) in order to support their company’s efforts to increase investment in NBS and have made available this 9-minute survey for interested companies.
Technical Update
From our colleagues in Professional Accounting
- IAASB has published a set of Frequently Asked Questions on the recently proposed ISSA 5000, General Requirements for Sustainability Assurance Engagements. The FAQ addresses, among other things, double materiality and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement.
Accountancy Europe - Sustainability update – October 2023
(from our friends in Accountancy Europe)
- EC launched call for evidence to rationalise EU reporting requirements
- EC adopts final delegated act on adjusting SME thresholds
- Sector-specific ESRS postponed
- Council adopts EU green bond standard regulation
- Stakeholder Request Mechanism for EU Taxonomy
- Council conclusions for COP 28
And more
Listen
Niall Fitzgerald from Chartered Accountants Ireland is featured on the
Carmichael Podcast to talk about sustainability and its effects on the non-profit sector.
Articles
- Tourism Ireland to ‘weigh’ benefits of further growth with environmental damage (Irish Times)
- Workers will accept lower pay at environmentally sustainable firms (Irish Times)
Upcoming Events
ICAEW Climate Summit
Week-long summit
Virtual: 13-17 November.
Climate Finance Week Ireland 2023
Week-long summit.
In person and virtual: Monday, 20 November – Friday, 24 November
includes:
Corporate Sustainability Reporting Directive (CSRD) and Its Implications For SMEs In Supply Chains (Webinar) Thursday, 23 November, 10-11
Dee Moran - Professional Accountancy Lead, Chartered Accountants Ireland
David Connolly - Senior Manager, EY Climate Change and Sustainability Services
Donna Wilson - Head of ESG Transformation, AIB
Elephant in the Room
To mark this year’s Movember, Thrive, along with the Leinster Society, invites you to the unveiling of our Elephant sculpture as part of the mental health initiative, Elephant in the Room.
In person: 29 November, 5pm, Chartered Accountant House – Reception Foyer
SEAI SME Business Briefing
A webinar to learn how your business can save money and energy this year.
Virtual: 30 November, 10-11am
Innovate UK's showcase for climate tech event in Northern Ireland
Innovate UK is delivering a series of 18 'showcase for climate tech' events across the UK until September 2025. Each event focuses on a specific net zero theme or technology area. The Northern Ireland event, run in partnership with Business in the Community NI, will take place in Belfast on 6 December 2023 and will focus on digital solutions for net zero.
In person: 6 December
Network for Chartered Accountants working on ESG projects
Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities?
Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
- 3rd or 4th Wednesday of every month
- Next: 22 November 2023
- 14.00-15.00/30
- Teams
If you would like to attend please email sustainability@charteredaccountants.ie
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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