In this week’s Sustainability/ESG bulletin, read about a new Government report highlighting the barriers to climate action, the NTMA’s 2024 mid-year review with positive climate investment news, CSO figures showing increases in business energy use, and the launch of collaborations between IAFA & IAASA on sustainability reporting, assurance and education. Also covered are funding updates from Northern Ireland and Europe, and the usual awards, jobs, articles, resources and events.
Ireland news
New Government report identifies the barriers to climate action
A new report from the Department of the Environment, Climate and Communications highlights the barriers people experience in taking climate action, including the barriers faced by business and the support and guidance needed to take part in climate action. The report, 'Climate Conversations 2023 – From Individual Action to Collective Engagement', builds on the Environmental Protection Agency's ‘Climate Change in the Irish Mind’ study, and provides insights into the "attitude behaviour gap" that can help shape climate policy and public engagement that speaks to people directly.
NTMA’s 2024 mid-year review
The National Treasury Management Agency (NTMA) has published its 2024 mid-year business update. The update notes that investors have reacted favourably to the establishment of the two new savings funds, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. ISIF has further strengthened its programme of investments across its priority themes, and is ahead of schedule in its 5-year €1bn Climate Action programme, with over 77% of the total already committed after a little over three years. NewERA, meanwhile, has provided financial and commercial advice to Government Ministers and Departments, with a particular focus on climate and Ireland’s transition to a low-carbon economy.
CSO figures show increase in business energy use
The Central Statistics Office (CSO) recently published statistics on business energy use in 2022, which found that energy use by Irish resident enterprises increased by 22% in 2022. There was a 1.3% increase in energy use by the industry sector while it rose by 47% in the services sector. The cost of energy purchases by Irish resident enterprises increased by 83% from €8.8 billion in 2021 to €16.2 billion in 2022. Overall, the services sector accounted for 54% of business energy use in 2022. The total quantity of renewable energy purchased by enterprises in the industry and services sectors was 8% higher in 2022 compared with 2021.
Irish Science Media Centre to tackle rising misinformation
A new all-Ireland Science Media Centre (SMC) has opened on a pilot basis to combat misinformation in news media and foster a deeper public understanding of science. Its objectives include tackling misinformation, enhancing public understanding of science, championing higher standards in science reporting and communication, improving science literacy in news media and the wider public, and providing policymakers with evidence-based information on topical controversies through the news media. The pilot is part of the development of the global network of Science Media Centres. Earlier this year, the World Economic Forum warned that AI-driven misinformation is now world’s biggest short-term threat.
IAFA & IAASA Collaborations
The Irish Accounting and Finance Association (IAFA) and the Irish Auditing and Accounting Supervisory Authority (IAASA) are delighted to launch a research funding competition to support and advance research projects for IAFA members. Applications from researchers within all accounting and finance disciplines are welcome from now until 30 September. Projects that can demonstrate relevance to policymakers, standard setters, regulators, as well as the academic community, professional advisors and business owners are particularly welcome. Research projects with a specific focus on the following areas are encouraged (see call document for specific topics): Sustainability in Accounting Education, Sustainability Reporting, Sustainability Assurance, Audit Quality.
UK/Northern Ireland news
Proposed changes may ban zero-hour contracts
Economy Minister Conor Murphy has proposed changes to employment law in Northern Ireland that could ban zero-hour contracts. The consultation aims to introduce new legislation next year, potentially replacing zero-hour contracts with a "banded hours" system, ensuring workers are guaranteed an average number of hours annually. Another proposal includes granting workers the right to one week of unpaid carers leave every 12 months, aligning Northern Ireland with the rest of the UK. The consultation will run until the end of September with the responses informing the draft legislation.
Funding for investment in sustainable technologies – manufacturing sector
Funding has been made available to businesses developing sustainable technology solutions for the manufacturing sector. The funding is available under The Investment Readiness Programme, part of the Made Smarter Innovation Sustainability Accelerator. Eligible businesses must be registered and active in the UK, and looking to raise investment and grow their business in the next six to12 months.
Where next for SMEs and Net Zero?
The UK Energy Research centre ran a webinar ‘Where Next for SMEs and Net Zero?’ on Tuesday 18 June 2024. The recording is now available on the UKERC website, where you can also download presentations and see related reports from UKERC's ‘SME Governance for Net Zero’ research project.
Europe News
Denmark is reportedly set to introduce the world’s first carbon tax on agriculture after a an agreement between the Danish government, farmers, the food industry, and environmental groups. The law is expected to be approved by the Danish parliament later this year, with farmers reportedly to be charged “almost €100 a year” per cow once the levy rolls out in 2030.
A new strategic foresight report, published by the European Environment Agency, calls for the need to further align European economic, social and security policies with the climate and environmental objectives. The ‘Europe’s Sustainability Transitions Outlook’ report highlights the need to take a broader view on such priorities as security, competitiveness or fairness, recognising that Europe’s socio-economic systems and wellbeing of its citizens depend crucially on a healthy and resilient natural environment, a stable climate and long-term sustainable use of resources.
World news
The UN Global Compact is launching a global community for SPARK designed for small and medium-sized enterprises (SMEs) participating in the UN Global Compact. The Compact is the world’s largest voluntary corporate sustainability initiative. The aim of SPARK is to facilitate the exchange of best practices with some of the most innovative and influential SMEs around the world, to build knowledge, and form partnerships to accelerate progress toward the Sustainable Development Goals (SDGs).
Worth your time
‘Temperature Check’ a monthly climate newsletter issued by The Journal, has clear, easy-to-read coverage of climate policy and news from around the world. (Find it here)
Articles
- Market forces are not enough to halt climate change (Irish Times)
- Wildfires ravaging Arctic Circle - EU monitor (BBC)
- Renewable energy accounted for 44.7% of all electricity production in the EU last year, making it the leading source of electricity in the bloc. (Euronews)
- Temperatures exceeding 30 degrees likely to become more common in Ireland – study (Irish Times)
- Sharp rise in number of climate lawsuits against companies, report says (The Guardian)
Podcast
There are more than 800 startups promising to draw carbon dioxide from the air to help the world meet its climate goals. But there may not be enough buyers willing to pay for that service. Listen to more on Zero: The Climate Race (from Bloomberg)
Resource: Business guides to communicate sustainability efforts
The UN Global Compact Network United Kingdom has launched a series to help businesses overcome difficulties they may be experiencing in communicating their sustainability efforts. SDG Storytelling for Sustainability guides companies on using the SDGs as a framework to communicate ESG strategies, and educate internal stakeholders on the importance of sustainability integration.
Jobs
- 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.
Carbon Brief What are the key climate priorities for the new UK government?
Following the UK general election, Carbon Brief is hosting a free webinar next week to discuss the key climate issues facing the new government. No formal presentations – just an informed discussion with three expert panellists who will also be answering your own questions. Panellists: Chris Stark, CEO of the Carbon Trust and former chief executive of the Climate Change Committee Emma Pinchbeck, chief executive, Energy UK Camilla Born MBE, independent climate advisor and former UK senior official at COP26
Webinar, Tuesday, 9 July, 10-11am (BST)
International Sustainable Finance Centre of Excellence (ISFCOE), The Evolving Landscape of Sustainable Finance in Ireland: Legal, Regulatory and Market Insights
IFSCOE has announced it is to launch two Skillnet Ireland-funded reports: a Legal & Regulatory Study prepared by Matheson, and the Market Report prepared by KPMG. This event is a culmination of extensive research and analysis on the evolving landscape of market regulations and sustainability practices, and it promises to offer invaluable insights.
In person, 10 July 2024, Time: 9AM – 10.30AM, Venue: Euronext Dublin
Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards, closing date for entries is next week. Includes two sustainability categories:
- Sustainability and ESG Reporting Award – Listed entities
- Sustainability and ESG Reporting Award – Unlisted entities
Sustainable Energy Authority of Ireland (SEAI) SME Business Briefing
Join SEAI for a webinar to learn how your business can save money and energy this year. A full agenda will be issued shortly.
Virtual, Tuesday, July 23, 2024 10:00 AM - 11:00 AM
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
IAFA & IAASA Integrating Sustainability Reporting and Assurance into Accounting Education Conference
The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore:
- Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance,
- Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education,
- Future skills for sustainability reporting and assurance,
- Strategies for enhancing accounting education and student skills development.
In person, 1st November, Maynooth University
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
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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