The two-week long international climate summit has at last concluded in Egypt, with the gavel going down on a final agreement  on Sunday, 20 November 2022. The ‘Sharm el-Sheikh Implementation Plan’ creates a loss and damage fund for countries vulnerable to the effects of climate change.  Seen as an important win for climate justice, the plan was described as a landmark moment in global climate politics, one that acknowledges that the world’s richer countries – and biggest carbon emitters – are responsible to the developing world for the harm caused by global warming. Speaking about the agreement,  Ireland’s Minister for Transport, the Environment, Climate and Communications, Eamon Ryan, TD, who led the loss and damage negotiations for the EU, admitted that while the outcome was not perfect, it was both historic and progressive: “This is not perfect. The EU would have liked it to have gone further and faster. However, what makes this a good deal is that it is an agreed deal. It is a signal of trust between the 198 parties to the UNFCCC that we are serious about climate change and that we are serious about protecting the most vulnerable countries and communities.” The wording in the agreement is that countries will “establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, in responding to loss and damage”. A transnational committee with representatives from over 24 countries will be established to decide which countries are vulnerable, where the money is to come from (i.e. which countries, and which sources - existing funding arrangements like debt relief or ‘innovative sources’ like taxes on fossil fuels). The committee, which have a co-chair from a developing country and a co-chair from a developed country, will report back at COP28, and the Santiago Network will provide technical assistance on how loss and damage can be addressed. “We have struggled for 30 years on this path and today, in Sharm El-Sheikh, this journey has achieved its first positive milestone,” said Pakistan Climate Minister Sherry Rehman. “The establishment of a fund is not about dispensing charity. It is clearly a down-payment on the longer investment in our joint futures.” Pakistan suffered monsoon flooding in 2022 that left more than 1,700 dead and caused at least $30 billion in losses. The disaster prompted Pakistan’s Prime Minister Shehbaz Sharif to warn world leaders at the UN General Assembly in September 2022 that “what happened in Pakistan will not stay in Pakistan,” a stark acknowledgement that climate change will not spare other countries the sort of disaster that left up to one third of his country underwater and millions of its citizens at risk from water-borne diseases. Although attempts at a row-back of commitments made at Glasgow at COP26 last year were resisted, a phase down of fossil fuels was not included in the agreement, much less a ‘phase out’, as had been called for. No new targets on emissions reduction targets were introduced in the agreement. Nor did the text include any references to IMF relief to fund carbon-reduction projects to help fund the $4 trillion required for investment in renewable energy annually until 2030, or the $5.6 trillion needed by developing countries to meet their climate goals, or any credible roadmap to double adaptation finance.  The latter would require changing the business models of multilateral development banks and international financial institutions, according to UN secretary general António Guterres. “They must accept more risk and systematically leverage private finance for developing countries at reasonable costs.” However, the agreement included the statement “[The world’s nations] call on the shareholders of multilateral development banks (MDBs) and international financial institutions to reform practices and priorities, align and scale up funding ... and encourage MDBs to define a new vision that [is] fit for the purpose of addressing the global climate emergency.” The agreement also created a two-tier carbon market, which has drawn criticism from campaigners who accuse it of creating a risk of greenwashing by countries wishing to purchase credits to fulfil net zero pledges but without making any substantial reductions to their own emissions. Further criticism centres around the fact that governments can designate as ‘confidential’ any information about carbon trades between countries. The agreement also made official that a decision on a new climate finance goal will be delayed until 2024. Rich countries have delayed delivering the $100 billion promised by 2020 to help developing countries reduce emissions and adapt to the effects of climate change.   Countries agreed to develop a work programme on the global goal of adaptation set out in the Paris Agreement. This goal specified enhancing capacity, strengthening resilience and reducing vulnerability to climate change and ensuring an adequate adaptation response. However, there was concern felt at the low levels of finance available for adaptation. Round-Up of COP27 Achievements High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities: launched first report, Integrity Matters: Net Zero Commitments by Businesses, Financial Institutions, Cities and Regions: focusing on greenwashing and weak net-zero pledges; roadmap to bring integrity to net-zero commitments by industry, financial institutions, cities and regions and to support a global, equitable transition to a sustainable future.   CDP (formerly the Carbon Disclosure Project) the not-for-profit which runs the global environmental disclosure platform for corporations, will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform. This is a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards.   Executive Action Plan for the Early Warnings for All initiative: calls for initial new targeted investments of $3.1 billion between 2023 and 2027, equivalent to a cost of just 50 cents per person per year.   Climate TRACE Coalition: new independent inventory of greenhouse gas emissions, combining satellite data and AI to show the facility-level carbon and methane emissions of over 70,000 sites around the world, including companies in China, the United States and India.   The Breakthrough Agenda: a ‘master plan’ to accelerate the decarbonization of five major sectors – power, road transport, steel, hydrogen, and agriculture – through 25 new collaborative actions to be delivered by COP28.   Food and Agriculture for Sustainable Transformation initiative or FAST: to improve the quantity and quality of climate finance contributions to transform agriculture and food systems by 2030. This was the first COP to have a dedicated day for Agriculture, which contributes to a third of greenhouse emissions and should be a crucial part of the solution. The Sharm El-Sheikh Adaptation Agenda: outlines 30 Adaptation outcomes to enhance resilience for 4 billion people living in the most climate vulnerable communities by 2030.   Action on Water Adaptation and Resilience Initiative (AWARe): an initiative that will champion inclusive cooperation to address water-related challenges and solutions across climate change adaptation.   African Carbon Market Initiative (ACMI): aims to support the growth of Africa’s voluntary carbon markets and create jobs in Africa.   The Insurance Adaptation Acceleration Campaign: part of the Race to Resilience, this is a campaign to an effort to mobilise 3,000 insurance companies (equal to 50 percent of the market) by COP28 in 2023.   The Global Renewables Alliance: an alliance to help accelerate the uptake of renewables globally by industry bodies and associations representing key low-carbon technologies such as hydrogen, energy storage, wind and solar.   The First Movers Coalition (FMC) Cement & Concrete Commitment: a collection of global companies committing $12bn to decarbonize the heavy industry and long-distance transport sectors. What’s next? COP15 Part 2 will take place 7-19 December. At this COP – officially titled Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD) – the parties will review the achievement and delivery of the CBD’s Strategic Plan for Biodiversity 2011-2020. Articles of interest COP27 closes with deal on loss and damage: ‘A step towards justice’, says UN chief (UN News)   What was decided at Cop27 climate talks in Sharm el-Sheikh? (Climate Home News)   UN Adopts Historic Pact on Payments for Climate Damages (Bloomberg)   Cop27: Deal reached to set up fund for developing countries hit by climate crisis (Irish Times)   Cop27 scores on cutting carbon and aiding climate-vulnerable states (Irish Times)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  The two-week long international climate summit was due to end on Friday 18 2022, but will continue on Saturday November 19, to allow delegates extra time to negotiate on divisive aspects of the draft agreement – greenhouse gas emissions and loss and damage. The draft agreement calls on the World Bank and other multilateral development banks “to reform their practices and priorities”, align their spending with climate goals and “significantly increase climate ambition using the breadth of their policy and financial instruments for greater results”. It also calls for $4 trillion of annual investment in renewable energy by 2030, with an aggregate $5.6tn in additional funding to enable developing countries to meet their climate-related goals this decade. Speaking about the draft decision, Laurence Tubiana, chief executive officer of the European Climate Foundation, reportedly commented: “The moment is right. Climate impacts are beginning to be understood as a macroeconomic risk.” The draft text also describes a new finance goal for November 2024 to provide the $100 billion annual in climate-related assistance to vulnerable countries, acknowledging that “substantive progress” is still needed for this ambition to be realised. While most attention is on the intergovernmental negotiations on the draft agreement, other initiatives have been launched including four ‘solution-cantered’ initiatives for Africa: Friends of Greening National Investment Plans in Africa and Developing Countries initiative: aims at factoring in the impact of climate change when designing economic policies, quantifying mitigation and adaptation efforts, identifying the gaps and support needed, and proposing a set of essential guidelines, criteria, and policy advice, to expedite the implementation of the UNFCCC, Paris Agreement and the NDCs.   Low Carbon Transport for Urban Sustainability (LOTUS) initiative: aims to activate systemic change to improve and decarbonize the urban mobility landscape, and will focus on improving access to low carbon and resilient urban mobility solutions and strengthening the foundational enablers of change as the first-order priorities.   Sustainable Urban Resilience for the next Generation (SURGe) initiative: aims to reduce urban greenhouse gas emissions, adapt urban systems to climate change, and build urban system resilience. The initiative will track buildings and housing, urban water, urban mobility, urban waste and consumption, and urban energy.   Global Waste Initiative 50 by 2050: aims to holistically address all solid waste types and contribute to an ambitious target at the scale of the African continent with a view to treating and recycling at least 50 percent of the solid waste produced in Africa by 2050.   Article of interest Summit President Says Talks to Last Until Saturday (Bloomberg)   The key points from COP27 (The Financial Times)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  Solutions Day at COP27 was the  last of the thematic days at the two-week long international climate summit. The day aimed to bring together government representatives, businesses and innovators; however, the closing of Solutions Day on Thursday 17 November Cop27 seemed to present more problems that solutions. With the publication of a draft climate deal, concerns rose over the reaching of a final agreement. The draft contained no details of the critical issue of a fund for loss and damage, nor did it call for a phasing down of all fossil fuels to build on the inclusion of the wording from last year’s COP in Glasgow which introduced ‘phasing down’ of coal. Irish Minister for Transport, Environment, Climate and Communications, Eamon Ryan, is leading loss and damage negotiations for the EU. Commenting, Minister Ryan stated: “We’re serious about providing the greatest support for particularly the most vulnerable countries. The key task is to turn that intent into a common text that people can rally behind.”   With the summit due to close on Friday 18 November, UN Secretary-General António Guterres has urged governments to ‘act – and act quickly’ to overcome their differences and deliver meaningful results. Elsewhere at COP27, the UN Climate Change High-Level Champions held their closing event ‘COP27 Action Agenda: Progress & Priorities’, at which they focused on accountability, fairness, and an assessment of non-State progress at COP27. The Champions wrapped up a two-week programme of over 50 events, including the launch of the Sharm-El-Sheikh Adaptation Agenda, a comprehensive two-year Glasgow–Sharm el-Sheikh work programme on adaptation (2022-2023). It also included a number of major African-led initiatives to cut emissions and build climate resilience, and significant work on the mobilisation of finance. Ireland’s former President, Mary Robinson, Chair of The Elders, was among the keynote speakers. Article of interest   Getting rid of fossil fuels at a climate summit is harder than you’d think (The Guardian)   Cop27 deadlocked over loss and damage issue with developing countries digging in (The Irish Times)   Eamon Ryan appointed lead EU negotiator on crunch Cop27 climate loss and damage issue (The Irish Independent)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

The European Financial Reporting Advisory Group (EFRAG) has approved the final version of the European Sustainability Reporting Standards (ESRS) at its meeting on 15 November, subject to editorial changes. Earlier this year, EFRAG launched a public consultation on the thirteen Exposure Drafts forming the ESRS. The consultation period, which ended on 8 August, received a large response from a broad range of stakeholders (including the Institute). Since August, EFRAG has considered these responses and made changes to the original draft standards. This has culminated in the approval of the final version of the standards by EFRAG on 15 November. The standards will now be sent to the European Commission to be considered for adoption. The standards have been updated based on stakeholders comments and feedback, with one of the key changes being the removal of the "rebuttable presumption" related to materiality which was contained in the original draft standards. The news of the finalisation of ESRS comes a week after the European Parliament adopted the Corporate Sustainability Reporting Directive (CSRD). The CSRD will now be considered by the European Council on 28 November, where it is expected to be signed into EU law. Following this, member states of the EU will be required to enact legislation locally to bring the requirements of CSRD into effect in their state. It is hoped that the ESRS and CSRD will help to ensure that companies report more transparently and consistently on their sustainability-related impacts, opportunities and risks and this is intended to be a significant update on the 2014 Non-Financial Reporting Directive. The rules of ESRS and CSRD are expected to apply for periods commencing on or after 1 January 2024 for larger companies, with the requirements being phased-in in subsequent years for smaller companies.

  In this week’s bulletin we bring you news of offshore wind auctions under the Renewable Energy Support Scheme, sustainability supports available for the tourism, community and voluntary sectors, and tax deductions for landlords for retrofitting. Also read about events at COP27, which draws to a close this weekend, and the usual news, resources and events.    COP27 Look back on the resources produced by Chartered Accountants Ireland on the two-week international climate summit which concludes today in Sharm El-Sheikh. COP27 which brought together countries from around the world to accelerate moves to tackle the climate crisis. Offshore wind auction under Renewable Electricity Support Scheme In what has been described as a seminal moment in the delivery of offshore wind in Ireland, the Irish Government has approved the Terms and Conditions of ORESS 1, the first auction for offshore wind under the Renewable Electricity Support Scheme. The offshore auction is expected to provide a route to market for up to 2.5GW of offshore renewable energy to the Irish grid, enough to power 2.5 million Irish homes with electricity. Final auction results will be published by June 2023, and at least three offshore energy auctions are currently planned for this decade. Energy supports announced for community and voluntary sector Minister for Rural and Community Development, Heather Humphreys TD, and Minister of State, Joe O’Brien TD, have launched a new €10 million fund to provide once-off support to community and voluntary organisations which fall outside the parameters of other energy support schemes being delivered by Government (such as the Temporary Business Energy Support Scheme (TBESS)).  The scheme will open for applications on Monday 21 November and close on Friday 2 December 2022 with payments expected to commence before the end of this year and into early 2023. Full scheme details are now available here. Tourism businesses urged to engage with sustainability supports Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media Catherine Martin, TD, has advised businesses in the tourism sector to engage with Government supports to make their businesses more sustainable. Speaking at Fáilte Ireland's first national conference on driving climate action in tourism businesses at Croke Park this week, Minister Martin referenced the sectoral emissions ceilings that have been fixed for each sector, including the tourism sector, and the supports available to businesses to help with decarbonisation projects. In addition to the €3 million additional funding in Budget 2023 to allow Fáilte Ireland to continue its work in the area of sustainability, the Minister also pointed to Fáilte Ireland’s new Climate Action Roadmap and the Government’s ClimateToolkit4Business. Landlords to get tax deduction for retrofitting The Minister for Finance, Paschal Donohoe TD, has announced a new tax deduction for small-scale landlords who undertake retrofitting works while the tenant remains in situ. The measure will provide for a tax deduction of up to €10,000 per rented residential property against Case V rental income, for certain retrofitting expenses, for a maximum of two rental properties. Read more from our Tax Team. UK and EU sign joint declaration on energy The United Kingdom and the EU are among the signatories to a joint declaration from energy importers and exporters on reducing GHG from fossil fuels, joining the United States, Japan, Canada, Norway and Singapore.” In the pledge, the countries committed to support domestic and international action to achieve emissions reductions across the fossil energy value chain, such as adopting policies and measures to achieve rapid and sustained reductions in methane and CO2 emissions, supporting robust measurement, monitoring, reporting, verification, and mobilizing technical assistance and financing for methane and CO2 mitigation in the fossil energy sector. The  EU and Egypt have since taken the further step of establishing a strategic partnership on renewable hydrogen. Fit for 57? The European Commission’s Vice President Frans Timmermans has told delegates at COP27 that the European Union will be able to cut greenhouse gas emissions by 57 percent from 1990 levels by 2030,instead of the 55 percent originally planned. There is some criticism, however, that the increase in ambition does not represent a much-needed reduction in emissions, but is a reflection of the EU’s decision to count ‘carbon sinks’, which to date have not been factored into the carbon accounting. Reaching the target will reportedly require the implementation of new laws proposed ahead of COP27, including a 2035 ban on selling new fossil fuel cars. The Commission also recently proposed a new temporary emergency regulation to accelerate the deployment of renewable energy sources. From our Professional Accountancy Team The European Financial Reporting Advisory Group (EFRAG) has approved the final version of the European Sustainability Reporting Standards (ESRS) at its meeting on 15 November, subject to editorial changes. Read more here. Resources A new tool, the Doughnut Design Tool for Business has been created to help businesses engage with ‘Doughnut Economics’. This is an economic mindset underpinned by the concept of social and planetary boundaries. The tool, which helps businesses run facilitated workshops, is accompanied by a paper, What Doughnut Economics Means for Business. The paper contains background context and further detail on the core concepts as well as additional examples of business design. Articles Global CO2 emissions from fossil fuels hit a record high in 2022 (Carbon Brief) The UN Environment Program intends to launch a public database of global methane leaks detected by space satellites (Reuters) Fantasy football: what a carbon-neutral world cup might look like? (Bloomberg) The subtle danger climate change poses to ‘highly vulnerable’ Ireland (The Irish Times) ECB's Panetta says green transition may help cut inflation (Reuters) Counting the rising costs of climate (Reuters) Upcoming events Institute of Chartered Accountant England & Wales, ICAEW Climate Summit, 21-25 November 2022 (Virtual). With growing climate concerns an ever-present consideration for companies around the world, what can – and should – finance professionals be doing to support efforts towards net zero, sustainability and green finance? This week of virtual sessions will join experts and professionals from across sectors to engage on this biggest of issues. Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London "Rethinking our economic models, focused on social & circular" - Kate Van Der Merwe, Chris Gordon, & Claire Downey - The Dublin City Centre Business Network Group’s November 2022 Breakfast Briefing is taking place on Friday, 25th November from 7:30am- 8.45am (one hour of CPD) in Chartered Accountants House, Pearse Street, Dublin 2. Contact membersservices@charteredaccountants.ie to book your place. Biodiversity COP15 Part 2, 7-19 December You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our onlineSustainability Centre.  

  16 November was Biodiversity Day at COP27, and headline news was the arrival of Brazilian President-elect Luiz Inacio Lula da Silva (Lula) at the summit. In his speech, President-elect Lula said that climate change will have the highest profile in his government, and that he will prioritize efforts to fight deforestation in the Amazon rainforest. In a separate statement the architects of the Paris Agreement urged leaders to step up action to address the accelerating loss of nature by delivering an ambitious and transformative global biodiversity agreement at COP15, with the necessary finance and technical support to drive immediate action on the ground. The theme of Biodiversity Day echoes an event from Finance Day, which took place during the first week of the international climate summit. The International Finance Corporation (IFC) issued the world's first guidance to help investors, financiers, companies, and governments identify investments that protect and rehabilitate biodiversity and ecosystems. The Biodiversity Finance Reference Guide is a market framework for biodiversity finance, a fast-growing domain of green finance that aims to support activities that conserve and restore biodiversity and ecosystem services. The guide was described by Makhtar Diop, IFC's Managing Director as “a compass for businesses and investors seeking to align their activities with the goals of sustainable growth and a healthy planet.” Look beyond COP27, the impacts of climate change on biodiversity is also the topic of another COP, COP15 Part 2, on 7-19 December. At this COP – officially titled Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD) – the parties will review the achievement and delivery of the CBD’s Strategic Plan for Biodiversity 2011-2020. Did you know about…biodiversity and accounting for nature? Biodiversity is the variety of life on earth on which our societies and economies depend on it. It is rapidly rising up the corporate agenda as more and more companies understand the need to protect it. Every business relies on biodiversity, which, for businesses, means everything from clean air and water, fuel, food, raw materials, minerals, fibers, pollination of crops, climate regulation for a stable climate, and much more. For example, agribusiness relies on the diversity of wild relatives of major food crops, as a resource to ensure crop resistance to disease and pests. Business also rely on biodiversity for the wellbeing of their staff, their consumers, in their own operations and along their supply chains. Biodiversity is increasing in importance to business, and businesses will be expected to know about biodiversity action and to engage with it. They are also coming under increasing pressure to support protection of biodiversity. Biodiversity and Chartered Accountants Ireland On March 3, 2022, Chartered Accountants Ireland joined a profession-wide commitment to reverse nature loss. Working together as part of the Global Accounting Alliance (GAA), the CEOs of 10 of the world’s leading accountancy institutes signed the call to action ‘Nature is Everyone’s Business’ to signal the important role the profession plays in this crisis. You can find out more about biodiversity and natural capital and resources for accountants at the Chartered Accountants Ireland website’s Biodiversity - Accounting for Nature   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

    Day 15 of COP27 was dedicated to Energy, and to ‘ACE and Civil Society’. At the opening session of the Energy thematic day, the COP27 Presidency launched the Africa Just & Affordable Energy Transition Initiative (AJAETI). The initiative will engage the International Energy Agency (IEA) and International Renewable Energy Agency (IRENA) to provide possible pathways and scenarios for African countries for the most rapid and sustainable achievement of access. Elsewhere, coal was very much in the news, with the announcement of what was described the largest climate transaction in history: a $20 billion of climate finance to end the use of coal in Indonesia. The deal will allow Indonesia’s emissions to peak 7 years earlier than had been planned. Less positive coal news involved India and China, who at last year’s COP26 in Glasgow were responsible for a last-minute intervention to water down the language of the final agreement, changing the commitment to “phase down” rather than “phase out” coal power. Coal reportedly accounts for 70 percent of electricity generation in India, while renewables count for only about 12 percent. Coal is the most polluting of the fossil fuels, and climate scientists insist that it must to be phased out by 2040 to avoid the worst effects of climate change. However, India has put forward the argument that Europe and the US turned back to fossil fuels as the energy crisis deepened and remained unsanctioned, whereas developing countries which rely on coal are unduly pressured to transition from it, at their economic expense. China has also come under criticism for its plans to build more coal plants this year as a short-term measure to address electricity shortages in the country. A different type of energy was the topic of a panel on Offshore Wind as a Key Solution to the Climate and Energy Security Crises, featuring the  Global Offshore Wind Alliance. Ireland’s Minister for Transport, Climate, Environment & Communications Eamon Ryan TD, who is leading Ireland’s delegation to COP27 for the second week joined speakers on the panel. Finally the European Commission’s Vice President Frans Timmermans has told delegates that the European Union will be able to cut greenhouse gas emissions by 57% from 1990 levels by 2030, instead of the 55% originally planned. Did you know about … ACE ACE is a term adopted by the United Nations Framework Convention on Climate Change (UNFCCC). It stands for Action for Climate Empowerment. It aims to integrate civil society into decision-making processes, and its inclusion in the COP27 programme builds on the momentum of COP26 where a work programme specifically focussing on this engagement. Its over-arching goal to empower all members of society to engage in climate action, through the six elements: Education Public awareness Training Public participation Public access to information International cooperation. Why ACE matters? Implementation of all six ACE elements is crucial to the global response to climate change. Sustainable lifestyles, sustainable patterns of consumption and production, are fundamental to reducing greenhouse emissions and enhancing resilience to the inevitable effects of climate change. Success will require broad collaboration between all levels of government and all sectors of society. Read more here https://unfccc.int/ace   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

    The second week at COP27 opened with Water Day and Gender Day. Discussions as part of Water Day covered topics from sustainable water resource management, water scarcity and drought, to cross boundary cooperation and improvement of early warning systems. Gender Day, on the other hand, focused on how a disproportionate burden from the adverse impacts of climate change falls on women, and aims to bring this reality into the processes of formulating and implementing policies and actions on the ground.    In advance of COP27, the European Investment Bank (EIB) and partners had called for ‘urgent action’ at the summit in order to enshrine gender equality into climate finance. At the summit today the topic of Gender Responsive Climate Financing (GRCF) was discussed at a Women and Climate Change Finance event. GRCF addresses the need for resource mobilizations strategies and financing policies to clearly reflect women’s needs and realities within climate action plans and governing instruments, and turn them into numbers that can be of benefit to women. In headline news, it was announced that the world’s two largest economies — and two biggest emitters of greenhouse gases — will restart talks on the climate crisis. In a meeting described as a breakthrough in the effort to avert catastrophic global warming, US President, Joe Biden and Xi Jinping, President of China, met for several hours before the Group of 20 summit in Indonesia, and agreed to restart climate negotiations. Also reported is that Brazil, Indonesia and the Democratic Republic of Congo have signed a strategic alliance to coordinate discussions on forest conservation at the G20 talks, which will begin in Indonesia on Tuesday 15-16 November. As much as 52 percent of the world’s remaining primary tropical forests are in these three countries, which are crucial to avoiding climate catastrophe. The newly elected President of Brazil, Luiz Inácio Lula da Silva, will attend COP27 on Wednesday where he is expected to discuss efforts to save the Amazon and other forests around the world. Also in the news was the Global Shield Against Climate Risks initiative, an initiative coordinated by G7 president, Germany, and which is being developed in collaboration with the 'V20' group of 58 climate vulnerable economies. First proposed in July 2022, the Global Shield aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought. It was announced that Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal will be some of the initial recipients of Global Shield packages, which would be developed in the coming months. On Day 3 of the COP27 proceedings, Taoiseach Michael Martin announced that Ireland will donate €10m to the financing structure. Finally, retailers including H&M, Stella McCartney and Kering have also announced that they will purchase over half a million tonnes of low-carbon, low footprint alternative fibres – fibres made from waste textiles and agricultural residues instead of forest fibres – for clothing and packaging to help reduce global emissions. It is hoped that this will avoid almost 1Gt of CO2 emissions between now and 2030. Over the weekend at COP27 Late on Friday evening, the United Kingdom signed up to the joint declaration from energy importers and exporters on reducing GHG from fossil fuels. In doing so, the UK joined the United States, European Union, Japan, Canada, Norway and Singapore in a commitment to take “rapid action to address the dual climate and energy security crises that the world faces”. Saturday saw a full day devoted to agriculture for the first time at a COP: Adaptation & Agriculture Day. A Food and Agriculture for Sustainable Transformation initiative was launched, promising to boost climate finance for transitioning agrifood systems. Food systems currently receive only 3 percent of climate finance despite accounting for about a third of all emissions. India also published its plan for net zero by 2070 and Mexico announced an improved greenhouse gas emissions target to cut emissions by 35 percent by 2030, up from an earlier target of 22 percent. Find out more Official full agenda for the conference’s thematic days here. Find a summary of last week’s headlines from Bloomberg here. Find out about the ISSB’s announcements last week at COP27 in this podcast  Read more about the ISSB’s progress it has since being established at COP 26 here You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

(From the Chartered Accountants Ireland Professional Accountancy Team's 'Technical Round Up', November 11, 2022) CDP, the not-for-profit which runs the global environmental disclosure platform for corporations, and the IFRS Foundation have announced that CDP will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform, in a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards. The ISSB have also made some other announcements in the past week, including; Details of discussions held on the reference to other standards to support interoperability with other sustainability related standards November 2022 supplementary update A summary of its main achievements, in the year following its creation at COP 26 in November 2021. Announcement of implementation steps that will help jurisdictions prepare for its implementation. The Irish government this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. You can read the press release here. The report highlights how education and training in sustainable finance to date has concentrated on the financial and capital markets, such as green bonds, regulatory developments, and sustainable investment funds, with a greater focus on the Irish retail financial services sector talent development a next key step. Click here for a copy of the report. In its recently released report “Getting to Net Zero: A Global Review of Corporate Disclosures” the International Federation of Accountants (IFAC) have highlighted the inconsistency and incomparability of target disclosures and have highlighted that COP27 is the perfect time to dig into what is being disclosed and to explore how emission disclosures can become more decision-useful.

  The US dominated COP27 today as US President Joe Biden visited the two-week-long international climate summit in Egypt for ‘Decarbonisation Day’. “Folks, it’s going to take all of us”, President Biden announced in his speech, saying that every nation had to do its part in order to permanently bend the emissions curve, and announcing new US support of $100m for adaptation. The Inflation Reduction Act, the landmark US climate bill passed earlier this year would “unleash a new era of clean energy and economic growth”, the president went on to say, echoing comments of US national climate advisor Ali Zaidi who described in an interview with Bloomberg that “100s of millions of metric tonnes  of opportunity” would result from the transition. “We are proving that good climate policy is good economic policy”, President Biden stated, describing how the US is the first government to require that major federal suppliers disclose their emissions and climate risk and set targets for themselves that are aligned with the Paris Agreement. Elsewhere at the summit countries launched a package of 25 new collaborative actions under a ‘Breakthrough Agenda’, a masterplan to accelerate decarbonisation of five major sectors - power, road transport, steel, hydrogen and agriculture. Under the agenda, governments representing over half of global GDP set out 12-month action plan to help make clean technologies cheaper and more accessible everywhere. In other news signatories to the Fashion Industry Charter for Climate Action agreed to a set of targets including halving emissions by 2030, switching to low-carbon materials and scaling renewable energy across their supply chain. COP27 continues with Adaptation & Agriculture Day on 12 November, and will resume on Monday 14 November with Gender Day. You can find the full agenda for the conference’s thematic days here. Chartered Accountants Ireland will continue to bring you updates for the event.   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  'Youth' is the theme of Day 5 at COP27, the second of the 11 'themed days' in the two-week-long international climate summit taking place this year in Sharm el-Sheikh, Egypt. Among the stark warnings about the future of the planet, news also broke that more than 600 fossil fuel lobbyists were in attendance at the conference, an increases of more than 25 per cent from last year, reportedly outnumbering any country’s delegation with the exception of the UEA. The previous day – ‘Finance Day’ – had been dominated by news of a possible warming in the relations between the US and China, although China did bring forward its date for peaking carbon emissions for building materials from 2030, reportedly disappointing the building materials sector as a whole, which wants to reach peak emissions by 2025. John Kerry’s carbon credit plan to drive climate finance in developing nations was also met with criticism, but the US climate envoy pointed out that private finance is required to pay for the transition as no government can afford to. Staying with the US, former Vice President Al Gore continued to stress that the markets are more powerful than any attempts by the US Republican party to bring about what he terms a ‘sustainability revolution’: “whatever politicians in different countries want to opine on, we’re seeing business and investors and markets move towards solutions for the climate crisis.” Although much coverage around this COP is devoted to the resistance by the developed economies to paying ‘loss and damage’ to developing countries, there have been some positive announcements such as France and Germany signing €600 million loan agreements with South Africa to assist the country in its efforts to reduce reliance on coal and transition to cleaner energy sources. Leading global experts from the natural and social sciences also presented a report on the latest climate change-related research this year and responds to clear calls for policy guidance during this critical decade. A key focus of the report -  10 New Insights in Climate Science  - was the limits of humankind to adapt to the inevitable impacts of climate change, which include ever more frequent and severe drought, storms and floods. Some useful resources An overview of the last 30 years of COPs by Guardian reporter Fiona Harvey (YouTube) The Minister for Foreign Affairs Simon Coveney emphasised the “moral obligation” on the world to act on climate (The Journal)   You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s bulletin we bring you news of an Irish Government report into sustainable finance talent needed by the Irish financial services sector, published the same week as a UCC report finding Irish businesses 'underprepared' for net zero transition. Read about a proposal to oblige Ireland’s heat sector to include renewable heat; the establishment of a dedicated planning and environmental division of the High Court; an EU proposal for new temporary energy regulation for renewal energy sources; a report into the risks facing citizens and businesses from heatwaves in Europe; and an IFAC report highlighting the lack of comparability in corporate climate reporting. You can also find out how to measure your business carbon footprint, what is happening at COP27 and what events to watch out for. COP27 – “Together for implementation – just and ambitious" With the world’s international climate conference COP27 now well under way in Sharm El-Sheikh in Egypt, Chartered Accountants Ireland will be closely monitoring progress until the conference closes on 18 November. For members who want to follow the proceedings and get insights into their applicability for the accounting profession, see our daily news round-ups on our website, and on LinkedIn and Twitter. You can find out more our COP27 webpage, which also includes our glossary of climate terminology "Climate Essentials for Accountants". All of this and more is available for free to download at the Chartered Accountants Ireland Sustainability Centre. Irish Government launches report on sustainable finance talent Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, this week launched a report outlining the skills required by the domestic retail financial services sector to finance Ireland’s net zero transition. Released to coincide with COP27 Finance Day on 9 November, the Sustainable Banking and Finance Report identifies the skills gaps, education and training needs for Ireland’s retail financial services in the area of sustainable finance, and makes a number of key recommendations as to how to progress the sustainable finance agenda. Decarbonising Ireland’s heat sector It was announced last week that Minister for the Environment, Climate and Communications, Eamon Ryan TD, will introduce an obligation on the heat sector to include renewable heat by 2024. Ireland’s renewable energy share in the heat sector last year was 6.8 percent, compared to the European Union average of 22 percent. A scoping exercise will be carried out to develop options for the proposed structure of the scheme, including an examination of proposed obligation rates, scalability, and costs to the consumer. Report finds Irish businesses 'underprepared' for net zero transition A new report by UCC’s Sustainable Futures Project has reportedly found that Irish businesses are ‘significantly underprepared’ when it comes to making the transformative changes required to transition to a net zero future. "The Sustainability Transformation: Assessing the Readiness of Irish Businesses", which included a national survey of 380 small and medium-sixed firms and larger enterprises across industry and service sectors, was commissioned by Microsoft Ireland. It found that businesses might underestimate the scale of ambition and action that are required to build a path to net zero emissions by 2050, with only 22 percent having committed to a net zero target. This is in spite of the Government’s aim to reduce emissions nationally by 51 percent by 2030 and to become carbon neutral by 2050. Role of finance function combatting climate change impact “Finance and accounting professionals need to move beyond simply measuring and reporting the impact of climate change, environmental regulation, supply chain pressure and rising energy costs. They must focus on understanding those implications and integrating them into financial management and business planning.” In this article by Sustainability: Finance at the heart of decision making, authors Nina Johansson and Henning Diederichs discuss the goal of climate reporting and the challenges facing finance professionals in collecting data from different professions (climate scientists, engineers, meteorologists, etc). Dedicated Planning and Environment division of High Court to be established It was announced this week that the establishment of a dedicated Planning and Environment division of the High Court has received Government approval. The new court, which was committed to in the Programme for Government will be established “as soon as possible” without the need for amending primary legislation. Commenting, Minister for Justice Helen McEntee, TD, said that it is envisaged that the court will operate in a similar manner to the Commercial Court and will work in tandem with reforms to planning legislation, to bring about improvements in the ability to process cases and in costs, and to be consistent with Ireland’s obligations under EU environmental law. EU proposes new temporary emergency regulation for renewable energy sources The European Commission has proposed a new temporary emergency regulation to accelerate the deployment of renewable energy sources. The new Council Regulation will apply for one year while the Renewable Energy Directive (currently discussed by the co-legislators) is being adopted and transposed in all Member States. It will target specific technologies and types of projects which have the highest potential for quick deployment and the least impact on the environment. Probability increases of dengue and malaria in Europe With increasing heatwaves the spread of climate-sensitive infectious diseases like dengue and malaria represent a new emerging threat for Europe. A new report from European Environment Agency (EEA)’s Climate change as a threat to health and well-being in Europe: focus on heat and infectious diseases focuses on the impact high temperatures are having on the European population, especially as over a fifth of it is aged 65 and over. The report describes ‘heat-aware working conditions’, that employers could consider, listing examples on p.32 of the report, of specific plans developed by Member States for the protection of the working population from heat events. IFAC report highlights lack of comparability in corporate climate reporting A new report Getting to Zero: A Global Review of Corporate Disclosures based on 2020 corporate reporting has been released by the International Federation of Accountants (IFAC). It found inconsistency and incomparability in how corporates are reporting on how they are reducing their carbon emissions, which may pose challenges for investors, regulators, and other stakeholders who require actionable information. The report analyses disclosure trends in emissions reduction targets and transition plans of the 40 largest exchange-listed companies in 15 jurisdictions, for a total of 600 companies. Calculate your carbon footprint Revenue’s guidelines for eligible businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) state that they must tick a box declaring that they have completed a carbon footprint exercise and are taking steps to reduce its energy use and environmental impact. In this short ‘Ask the Expert’ interview on 10 November, Chartered Engineer Joe Borza gave simple steps to  calculate your carbon footprint using the free Government resources. Joe also shows how businesses can make better energy decisions and reduce their costs and emissions. You can watch the interview here.  Some useful resources Tangible progress on climate finance options lifts the mood at Cop27 (Irish Times) A new report from The Rockefeller Foundation and Boston Consulting Group (BCG) finds that the term climate finance is used loosely with varying definitions resulting in difficulties calculating finance flowing into climate areas. Despite this shortcoming the research was able to show that only about 16percent of the necessary climate finance to reach net-zero is being deployed The Taskforce on Nature-related Financial Disclosures (TNFD) recently released v0.3 of its beta framework for nature-related risk & opportunity management and disclosure - it is now open for feedback! (A4S on LinkedIn) Upcoming events SEAI SME Business Briefing webinar, 17 November, 10am. Learn how your business can save energy and money, and how you can fund your energy investments. COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   Institute of Chartered Accountant England & Wales, ICAEW Climate Summit, 21-25 November 2022 (Virtual). With growing climate concerns an ever-present consideration for companies around the world, what can – and should – finance professionals be doing to support efforts towards net zero, sustainability and green finance? This week of virtual sessions will join experts and professionals from across sectors to engage on this biggest of issues. Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London   Biodiversity COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our onlineSustainability Centre.  

  Wednesday, 9 November 2022, and Day 4 of the international climate summit COP27, was Finance Day.  As the focus at this year’s conference is on adaptation to climate change, the role of private finance in building resilience to physical climate change impacts is key, as this short video explains.  The previous day, Tuesday 8 November, closed with the launch of the Sharm-El-Sheikh Adaptation Agenda – a comprehensive, shared agenda to rally global action around 30 adaptation outcomes that are needed to address the adaptation gap and achieve a resilient world by 2030.   The day also saw the publication of a UN report launched to crack down on corporate ‘greenwashing’ around net-zero claims. The report, Integrity Matters: Net Zero Commitments by Businesses, Financial Institutions, Cities and Regions, was published by a UN-convened high-level expert group that was set up in March 2022 to develop stronger standards and scrutiny of net-zero pledges from non-state entities such as businesses and investors, as well as cities and regions. In laying out ‘red lines’ to prevent “dishonest climate accounting”, the report recommended that non-state actors should no longer be able to claim to be net zero while engaging in deforestation or funding new fossil fuel supply, or lobbying to undermine ambitious government climate policies either directly or through trade associations or other bodies.  It was also announced that CDP, the not-for-profit which runs the global environmental disclosure platform for corporations will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform. This is a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards.  The US also announced for the first time a roadmap for nature-based solutions to fight climate change, strengthen communities, and support local economies.  Ireland was one of nine new countries which signed up to the  Global Offshore Wind Alliance, pledging to a rapid ramp up of offshore wind in order to tackle the climate and energy security crises. The alliance was initiated by the International Renewable Energy Agency (IRENA), Denmark and the Global Wind Energy Council. It aims to  bring together governments, the private sector, international organisations and other stakeholders to accelerate the deployment of offshore wind power.  Some useful resources  Coverage of the new report to crackdown on corporate ‘greenwashing’ around net-zero claims in Reuters and the Irish Times  “There is a growing pressure for governments to force some universal standards and accounting rules on net zero targets” (The Times)  Debunked: Five common climate myths and why they're wrong: The Journal   Did you know….about the Capacity-building Hubs at COP27?  As far back as 1994, the UNFCCC knew it had to build and enhance relevant capacity to implement climate-mitigation (reducing emissions) and adaptation (adapting to climate change).   To do this, it began establishing ‘Capacity-building Hubs’ at the international climate summits (COPs). Capacity-building hubs are spaces for representation, collaboration, and knowledge sharing, allowing those involved climate change mitigation and adaptation a platform to work together for higher ambition and greater action. Friday 11 November will be the 'Just Transition & Sustainable Economies Day' hub day.    You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  Finance, and how it is to be channelled to the developing world, dominated the agenda of COP27 again on Tuesday 8 November, the third day of the international climate summit. On Monday, Former President of Ireland, Mary Robinson had called for “solidarity funding”  from the World Bank and the IMF for developing countries. Tuesday began with reports of record temperatures in October in parts of Europe, as delegates gathered in the Egyptian city of Sharm el-Sheikh for the second day of the World Leaders Summit and heard first-hand accounts from nations devastated by or at severe risk from climate change, including from Shehbaz Sharif, the prime minister of Pakistan: “An estimate of damage of loss has exceeded 30 billion dollars” he stated “and this all happened despite our very low carbon footprints. We became a victim of something with which we had nothing to do, and of course it was a manmade disaster.” The president of South Africa, Cyril Ramaphosa called on multilateral development banks to change their approach to climate finance, stating that more funding must come in the form of grants and concessional loans without the costs associated with existing funding. Botswana’s President Mokgweetsi Masisi called for direct contributions to national treasuries rather than project-based climate adaptation funding. It is clear that scale of the finance required is enormous. A report co-written by the climate economist Lord Nicholas Stern showed that $2 trillion a year is needed by developing countries to enable them to transition from fossil fuels, invest in renewable energy and other low-carbon technology, and cope with the impacts of extreme weather. As a huge proportion of this finance will come from private-sector businesses, there are calls for reform in the finance sector to allow for easier access to capital for renewable projects, which tends to be harder to acquire than funding to finance for fossil fuel projects.   Taoiseach Michael Martin interviewed here, in turn called for new tools to help countries deal with weather disasters:  “Along with all of the measures we must take to reduce emissions, we also now have to look at adaptation, and create financial instruments in terms of dealing with catastrophic risk,” he said. Earlier on Tuesday, the Taoiseach announced that Ireland will donate €10m to the Global Shield Against Climate Risks initiative, a new financing structure that was first proposed in July 2022 and which aims to channel capital to protect vulnerable nations against climate and disaster risks, tailoring support to countries and match them with finance, insurance and technical mechanisms.  In his later address to the World Leaders Summit,  the Taoiseach stated that “If this generation does not step up urgently, future generations will not forgive us.” “This generation of leaders cannot say that we didn’t know…The science is clear.  Every tonne of carbon warms the world.  Every delay makes our task that bit bigger. Let us not waste a second more.” The Taoiseach referred to Ireland’s international climate finance roadmap and announced that Ireland is more than doubling our finance to at least €225 million at year by 2025. Other headline items include the call for an international fossil fuel non-proliferation treaty, so far by only two countries: the small Pacific Islands nations of Tuvalu and Vanuatu. Another was the proposal by the US for carbon credits which it says could be purchased by major companies to fund clean energy projects in poorer countries. However, the UN High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities has called for “red lines” to stop support for new fossil fuel exploration and overuse of carbon offsets. The group, created in March by the UN secretary general, António Guterres, aims to crack down on the greenwashing of net zero pledges by industry and governments. It stated that carbon offsets should be used only sparing, if at all, and then only after immediate cuts are made in absolute emissions. (Offsets are an often controversial practices whereby companies and governments pay for cuts elsewhere instead of reducing their own pollution.) The market for offsets continues, however, and on Tuesday a group of African countries including Kenya, Malawi, Gabon, Nigeria and Togo are backing a new initiative to “dramatically expand” the use of carbon offsets, aiming to produce 300 million credits annually by 2030 with each representing a metric ton of reduced, removed or avoided greenhouse gas emissions. The UK Transition Plan Taskforce (TPT) also launched its Disclosure Framework and Guidance for the private sector, emphasising the need for concrete, short-term action by companies and financial firms across the economy. The TPT was announced in 2021 at COP26 as part of the UK’s plan to become the world’s first net zero financial centre. It has a two-year mandate from HM Treasury to provide financial institutions and companies with the tools they need to create rigorous transition plans to fulfil their net zero commitments. Loss and damage continued to dominate speeches, with criticisms levelled at the US which, like most of the EU, has consistently resisted paying compensation to countries most severely impacted by climate change. There are exceptions to this resistance to pay, though: New Zealand announced a $20m climate fund for land and resources lost by developing countries to the effects of the climate crisis., and five European countries - Austria, Scotland, Belgium, Denmark and Germany - have committed to fund the loss and damage finance mechanism. Some useful resources Summary of loss and damage by Pilita Clark in The Financial Times This article in the Examiner, by UCC Professor Hannah Daly discusses the valuation of the damage climate change and as well as the best outcome we can hope for from the negotiations. Podcast from Bloomberg Green’s Akshat Rathi’s on Loss and Damage, direct from COP: Zero Did you know….about the Global Stocktake? The ‘Global Stocktake’ is the UN’s way of taking stock of the implementation of the Paris Agreement. It assesses progress towards achieving the pact’s goal to limit global warming to 1.5 degrees celsius above pre-industrial levels, and to scale up climate finance. The stocktake has three components Collecting and preparing information. This is currently underway at COP27. Technical assessment component, which will end in June 2023. Consideration of the outputs. This will take place at COP28 in November in Dubai next year. The global stocktake will provide critical information for countries and stakeholders to see what progress has been made on meeting the Paris Agreement goals, as well as identify any remaining gaps and opportunities for increased action.  You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  Day 1 “Together for implementation – just and ambitious” is the hashtag of COP27, the major international climate summit which got under way in the Egyptian city of Sharm El-Sheikh on 6 November. The opening ceremony saw COP26 President Alok Sharma of the UK, which hosted the summit last year in Glasgow, hand the role over for COP27 to Sameh Shoukry, Egypt’s Minister for Foreign Affairs. In his speech Alok Sharma asked 'How many more wake-up calls do leaders need?’ and went to state that “we know that we have reached a point where finance makes or breaks the programme of work that we have ahead of us.” The defining issue at this year’s COP is likely to be loss and damage. ‘Loss and damage’ refers to the adverse effects of climate change on countries, particularly those most vulnerable, in the form of extreme weather events, sea level rise, increasing temperatures, and its other severe impacts. How loss and damage is interpreted by many, though, is that richer, developed countries should pay poorer nations reparations for harm done by emissions, as the countries most affected by climate change tend to be those who did the least to cause it. Seen as a critical human rights issue, the treatment of loss and damage (it only made it onto the agenda after much brokerage last night) has sparked fears that developed countries will attempt to avoid any liability or compensation, and that delays will result in continued hardship by those severely affected regions: at COP26 last year, the EU and US both refused to back calls by the G77 coalition of developing countries for a dedicated Finance Facility for loss and damage. Day 2 More than 100 heads of states and governments arrived for the World Leaders Summit on Monday, the two-day gathering that kicks off the fortnight-long conference. Among them was Ireland's Taoiseach Micheál Martin whose speech is due on Tuesday 8 November. Other heads of state included: Mia Mottley, prime minister of Barbados, who among others called for major reform of the World Bank and IMF to deliver more much more climate funding Emmanuel Macron, president of France, who backed these calls and said that we must not sacrifice our climate commitments to the energy crisis caused by the war in the Ukraine. Macron also spoke of the need for “energy sobriety”, to transition away from fossil fuels. The president of the Seychelles, Wavel Ramkalawan, for whom finance was the highest priority. The island-nation president pointed to the nation’s need for concessional funds to fight climate change, stating that many developing nations are already heavily indebted and cannot support further high-interest loans. In a world-first deal in 2018, the Seychelles swapped some debt in return for establishing huge ocean protection parks. UK prime minister Rishi Sunak, who on Monday launched a global Forests and Climate Leaders Partnership aimed at boosting implementation of a previous commitment made at last year’s COP to reverse deforestation by 2030. The event began with a film about the importance of trees narrated by David Attenborough and with clips of King Charles II and US President Joe Biden. William Ruto, president of Kenya and chair of the Africa group of nations at COP27, who described the impact of the climate crisis on Africa as a “living nightmare”, particularly the drought in the horn of Africa, but said that Africa, if given the right financial support could engage in a green energy and sustainable farming transition and plant trees. Taneti Maamau, president of Kiribati, a low-lying island state described how the nation this year declared a state of emergency due to severe lack of fresh water, as ocean waves washed over their land. Quotes from the day “I deeply believe that COP27 is an opportunity to showcase unity against an existential threat that we can only overcome through concerted action and effective implementation.” Egypt’s President Abdel Fattah El-Sisi “We are in the fight of our lives, and we are losing. Greenhouse gas emissions keep growing. Global temperatures keep rising. And our planet is fast approaching tipping points that will make climate chaos irreversible.” UN Secretary General António Guterres

  In this week’s sustainability/ESG bulletin, read about how businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that they have completed a carbon footprint exercise and are taking steps to reduce energy use and environmental impact; our upcoming Ask the Expert interview on calculating your carbon footprint; a new round of funding under the Circular Economy Grant Scheme; how Northern Ireland businesses can add their voices to consultation on a proposed Energy “One Stop Shop”; and a proposal under the European Green Deal for rules for cleaner air and water, as well as the usual podcasts, articles and events. Did you know? The Temporary Business Energy Support Scheme (TBESS) will assist eligible businesses with their electricity or natural gas (energy) costs during the winter months. Under Revenue’s guidelines, businesses wishing to avail of the Temporary Business Energy Support Scheme (TBESS) must tick a box declaring that it has completed a carbon footprint exercise and is taking steps to reduce its energy use and environmental impact. Find out more here. Need help calculating your carbon footprint? It can be hard for businesses to know where to start when calculating carbon their footprint. In a short ‘Ask the Expert’ interview on 10 November, Joe Borza, CEO and founder of Irish company Energy Elephant will talk to Institute’s Sustainability Officer Susan Rossney about measuring your carbon footprint, how you can reduce emissions and how to make better energy decisions. Register free here. Circular Economy Grant Scheme opens for applications A call for applications has been announced for the 2022 funding round of the Circular Economy Innovation Grant Scheme (CEIGS). €650,000 is available to support innovation and circular economy projects by social enterprises, voluntary and community organisations, and businesses with fewer than 50 employees, while up to €100,000 is available for individual projects that demonstrate exceptional impact. Some €490,000 in CEIGS funding was awarded to 10 applicants under the 2021 funding round for the Scheme, which was established in April 2021 by Minister of State at the Department of the Environment, Climate and Communications, with responsibility for the Circular Economy and Communications, Ossian Smyth, TD.  Applications for this round are open until 16 December 2022. European Green Deal: European Commission proposes rules for cleaner air and water The European Commission has proposed stronger rules on ambient air, surface and groundwater pollutants, and treatment of urban wastewater. The proposed new rules will reduce by 75 percent in ten years the number of premature deaths in Europe which result from pollution (currently at 300,000 deaths). The proposals are a key advance for the European Green Deal’s zero pollution ambition of having an environment free of harmful pollution by 2050. They also respond to specific demands of the Conference on the Future of Europe. Northern Ireland businesses can add their voices to consultation on proposed Energy “One Stop Shop” Northern Ireland Economy Minister Gordon Lyons has announced the launch of a new public consultation on the development of an Energy “One Stop Shop”, which aims to be a single point of contact where businesses, as well as consumers and communities, can receive information, advice and support about energy issues. The consultation proposes that the One Stop Shop will begin by offering core services of information and advice and will continue to phase in additional services as specific policies and schemes are developed. The consultation closes at 5pm on 20 January 2023 and can be found on the DfE website. From our colleagues in Professional Accounting... The International Sustainability Standards Board (ISSB) unanimously confirmed this week that companies will be required to use climate-related scenario analysis to inform resilience analysis.  They voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures.  The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term 'climate-related scenario analysis'. Please see here for further details. Resource ICAEW’s Corporate Finance Faculty in collaboration with Deloitte have published ESG in Deals and Investment, a new guide outlining best practice on incorporating ESG considerations into deal making, and looking into some of the practical considerations for those involved in transactions. It offers access to the latest thinking and best practice to help businesses, advisers and investors to form and refine relevant ESG considerations. Podcast FCA and member of the Institute’s Expert Working Group on Sustainability Laura Heuston from SustainabilityWorks spoke to Daniel Murray for the Business Post’s podcast 5 Degrees of Change about how sustainable finance can help drive change in the private sector and the impact of changing career. Articles Moral Victories: The benefits of sustainable investing: ‘We need to develop a common language around what sustainability is’ (Business Post) Temperatures in Europe have increased more than twice global average – report (Irish Times) ‘The number of people who think climate change still isn’t an issue is shocking’ – Michael D’Arcy (Business Post) Upcoming events Calculate your carbon footprint: ‘Ask the Expert’ interview with Energy Elephant, 10 November 2022, 12.00-12.25, Zoom. SEAI SME Business Briefing webinar, 17 November, 10am. Learn how your business can save energy and money, and how you can fund your energy investments. COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London   Biodiversity COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our onlineSustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about new legislation on the redesigned Energy Efficiency Obligation Scheme, improvements in air quality and reductions in greenhouse gas emissions in Northern Ireland, a call to world leaders from more than 330 businesses to make nature assessment and disclosure mandatory, as well as articles and upcoming events. New legislation on redesigned Energy Efficiency Obligation Scheme Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan T.D., has signed new legislation on the redesigned Energy Efficiency Obligation Scheme (EEOS). This scheme places a legal requirement on larger energy companies to help energy users – including those in the commercial and public sectors – save energy.  The scheme, which has been redesigned in response to amendments to the EU Energy Efficiency Directive (EED) and the Government’s climate priorities, will commence on 1st January 2023. Between 2014 and 2020 larger energy companies (‘obligated parties’) supported energy efficiency actions in more than 290,000 dwellings and over 3,000 businesses. These savings represent an offset in CO2 emissions of around 1.2 Mt and recurring financial savings of approximately €240 million per year. Bike to work scheme to include higher limit for cargo bikes A new higher limit for Cargo Bikes has been included in the revised Bike to Work Scheme in Ireland, a scheme which aims to encourage the public to cycle to and from work. The higher limit was announced recently as part of the Finance Bill and increases the limit of regular and electric-assist cargo bicycles to €3,000. The Bike to Work Scheme allows employees to give part of their salary for a bicycle and/or safety equipment, which should be used primarily for journeying to and from work. The purchase is not taxable benefit-in-kind and can be made in any shop. Air quality in Northern Ireland improves, while greenhouse gas emissions decrease The ‘Air Pollution in Northern Ireland 2021’ report has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA). The annual statistical report, which provides summary information on key air quality monitoring results, found that air quality in Northern Ireland has improved substantially in recent decades, with concentrations of sulphur dioxide – a pollutant associated with coal and oil combustion – declined significantly since the 1990. An overall decreasing trend in nitrogen dioxide (NO2) concentrations ws also observed. Government statistics estimate that air pollution in the UK reduces the life expectancy of every person by an average of 7-8 months, with an associated cost of up to £20 billion each year. In related news, a report into Northern Ireland carbon intensity indicators, also published recently, found that despite substantial growth since 1998 to 2022 in Northern Ireland’s Gross Value Added (GVA), greenhouse gas (GHG) emissions actually declined by 65 percent in the same period. The report also shows that GHG emissions per capita decreased 36 percent from 17.2 tonnes CO2 equivalent per person in 1990 to 11.0 tonnes in 2020, despite the population increasing in the region by 19 percent over this period. Joint UK, Northern Ireland and Ireland investment for research announced The Irish and British governments have announced a joint €74 million (£64 million) investment to create new collaborative research centres across Ireland, Great Britain and Northern Ireland. The ‘Co Centres: Collaboration for Transformative Research and Innovation’ Programme, will open in November 2022 and will focus on two thematic areas: Climate, and Sustainable and Resilient Food Systems. The Co-Centres programme will bring together leading academic and industrial researchers, as well as policymakers across Ireland, Britain and Northern Ireland and will be managed by Science Foundation Ireland (SFI), Stormont's Department of Agriculture, Environment and Rural Affairs (DAERA) and UK Research and Innovation (UKRI). More than 330 businesses call to make nature assessment and disclosure mandatory More than 330 businesses and financial institutions with combined revenues of more than $1.5 trillion in 56 countries, have urged world leaders to make it mandatory for companies to assess and reveal their impact on nature by 2030. In an open letter to heads of state, business leaders said the business and financial status quo was “economically short-sighted and will destroy value over the long term” pushing for governments to agree to the disclosures at Cop15, the UN biodiversity conference being held in Montreal this December. From our colleagues in Professional Accounting The Chartered Accountants Ireland Technical Roundup this week notes that the ISSB announced it has made significant progress in refining the first two of its proposed sustainability standards (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.). At its recent meeting, the ISSB voted unanimously to require company disclosures on Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions. As part of these requirements, the ISSB will develop relief provisions to help companies apply the Scope 3 requirements. The FCA in the UK is proposing new rules to tackle greenwashing. It is proposing a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’, ‘green’ or ‘sustainable’ can be used. The measures are among several potential new rules which will protect consumers and improve trust in sustainable investment products. You can read more on this here. Did you know… The International Sustainability Standards Board (ISSB) has a podcast? In the latest episode, ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss key decisions made in the highlights from the third ISSB meeting, the background on the greenhouse gas emissions discussion, and overview of the ISSB's decisions on priority work, and more. Articles Financial Conduct Authority proposes restrictions on investment managers using terms such as ‘ESG’ and ‘green’ in fund marketing in a move to clamp down on greenwashing (Financial Times) Corporate Ireland talks about climate targets, but how do we assess their progress? Independent.ie No country is decarbonising fast enough, PwC study finds (The Irish Times) Upcoming events Webinar: Modern slavery – responsibility, detection and accountability, 2 November, 8.30-9.30 (ICAEW)   COP27: 2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022   Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET   Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Reuters, Sustainability Reporting and Communications Europe,Nov 22-23 November 2022, London   Biodiversity COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about outcomes from Climate Finance Week Ireland 2022, innovative sustainable transport projects to be delivered by Irish local authorities, OECD Skills Strategy, ISIF’s approval of €285m climate-related investments, the Northern Ireland Energy Bill Relief Scheme, the launch of the Northern Ireland rural social enterprise investment scheme and proposed new emergency EU regulation to address energy prices and security. Chartered Accountants Ireland at Climate Finance Week Ireland 2022 Climate Finance Week Ireland 2022 (CFWI22) took place this week, with Chartered Accountants Ireland partnered with CFWI to deliver a webinar on the Sustainable Finance Disclosure Regulation (SFDR). The Institute hosted Laura Heuston, FCA and Co-Founder of SustainabilityWorks, and Ann Shiels, solicitor and founder of the sustainable finance regulatory consultancy, FinLexSus, who gave their expert accounting and legal perspectives on the legislation, its interrelation with the EU Taxonomy Regulation and the difference between Article 8 and 9 funds. Watch back here.  International Sustainable Finance Centre of Excellence A new International Sustainable Finance Centre of Excellence is to be set up in Ireland. The centre is to act as an international hub, conducting research, developing talent and leadership activities, and helping finance firms design and implement new financial mechanisms that will help with the movement to a net-zero economy. The centre, which was launched at the start of Climate Finance Week Ireland 2022 is backed by the United Nations Development Programme (UNDP) and Skillnet, and is one of the targets of the Government's Sustainable Finance Roadmap. It is reportedly hoped that the centre will be operational by the middle of January next year. Innovative transport projects to be delivered by local authorities Minister for Transport, Eamon Ryan, T.D., this week launched the Pathfinder Programme, comprising 35 exemplar transport projects to be delivered by local authorities and agencies around the country within the next three years. The Pathfinder Programme is focused on reducing carbon emissions in the transport sector by enabling the shift to cleaner transport choices. It also aims to bring increased momentum to the delivery of projects at a local level, providing templates that can be replicated and scaled up elsewhere, with a strong emphasis on experimental and innovative approaches. The objectives of the Pathfinder Programme are fully aligned with the recommendations of the OECD report on Transport in Ireland, Redesigning transport: Towards Irish transport systems that work for people and the planet, which was published on 5 October 2022. Business encouraged to participate in skills survey Businesses are among the groups of stakeholders being encouraged to have their say on the future of skills and talent in Ireland, as the OECD examines Ireland’s skills strategies to address skills shortages in Ireland and prepare us for future global shocks (OECD Skills Strategy Ireland – Recommendations Survey). Commenting, Minister for Further and Higher Education, Research, Innovation and Science, Simon Harris, T.D,  stated:  “We need to ensure that Ireland's skills system stands as a central and effective enabler for Ireland’s competitiveness and economic and social sustainability while we accelerate digitalisation and the transition towards a climate-neutral economy.” Read more here. ISIF approves €285m climate-related investments The Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency (NTMA), has published its half-yearly progress update for H1 2022. The update includes news that new climate-related investments reaching €285m were approved of by ISIF, part of its €1bn 5-year climate action investment programme announced last September.        Chapter Zero Ireland event Chapter Zero Ireland will hold its second event on Tuesday, 25 October from 4:30pm to 6:00pm in Chartered Accountants House, Dublin 2. Co-hosted by Chartered Accountants Ireland and Deloitte,  the event will discuss the rapidly changing regulatory landscape around sustainability, which is becoming a key area of focus for businesses across all sectors, as well as approaches to regulation and reporting and the role of non-executive directors. Chapter Zero Ireland is the Irish Chapter of the World Economic Forum Climate Governance Initiative established to support Non-Executive Directors (NEDs) to help address climate considerations in the boardroom. Find out more. Energy Bill Relief Scheme for businesses in Northern Ireland Economy Minister Gordon Lyons has announced that the details of the Energy Bill Relief Scheme for businesses in Northern Ireland have been published by the Department of Business, Energy & Industrial Strategy (BEIS). Details of the scheme can be found here. Northern Ireland Rural Social Enterprise Investment Scheme launches A £500,000 capital grant scheme to aid established rural social enterprises to increase their capacity, potential profitability and sustainability has been launched. The Rural Social Enterprise Investment Scheme aims to improve rural social enterprise sustainability, strengthen rural communities and improve their economic circumstances, and work in partnership with others. Speaking at the launch of the grant scheme, Rural Affairs Minster Edwin Poots, stated that “social enterprise activity is predominately concentrated in urban centres” and that is vital that rural social enterprises are supported to sustain and grow, particularly as the social enterprise sector exerts a significant positive impact on the Northern Ireland economy. New emergency regulation proposed to address energy prices and security The European Commission is proposing a new emergency regulation to address high gas prices in the EU and ensure security of supply this winter. This will be done through joint gas purchasing, price limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and solidarity between Member States, and continuous efforts to reduce gas demand. Did you know? …that in the UK, recycling saves 18 million tonnes of CO₂ a year!  It’s Recycle Week in the UK and Northern Ireland, and you can find out more about activities and initiatives here and at Northern Ireland Recycles. Articles Levy on single-use disposable cups to come into force early 2023 (The Irish Times) Companies failing to take action on decarbonisation (RTÉ) Upcoming events Change by Degrees’ Climate Club webinar, Creating your Sustainably Strategy, 25 October, 10.00-10.30am (Virtual) Accountancy Europe, Sustainability Tax Systems, 25 Oct 9.30-12.00 GMT (10.30-13.00 CEST)   2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022 Accountancy Europe, SMEs' sustainable transition: how to support it? 15 November, 10:00-11:30 CET Institute of Chartered Accountant England & Wales ICAEW Climate Summit, 21-25 November 2022 (Virtual)   Biodiversity COP15 Part 2, 7-19 December You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s sustainability/ESG bulletin, read about the launch of a new global Sustainability Hub by Chartered Accountants Worldwide, new planning permission exemptions for rooftop solar panels on homes and other buildings in Ireland, our upcoming event at Climate Finance Week Ireland 2022, a report from the Financial Reporting Council on failures by companies to give investors sufficient information about their net zero plans, and CFOs and finance teams in the climate transition.  New global sustainablity hub launches A new global Sustainability Hub has been launched by Chartered Accountants Worldwide (CAW). The hub pulls together a wealth of content from CAW member institutes and trusted partners around the world to help Chartered Accountants – and the businesses they support – in becoming more sustainable and resilient now and for the future. Content is curated under the headings Environment, Society and Governance, with additional subgroups for SMEs and Reporting and a ‘Roadmap’ designed to provide signposts to Chartered Accountants to understanding sustainability and its impact on their work. The new hub was launched at the CAW ‘Difference Makers Discuss’ webinar, Sustainability: Connecting the Dots, on 13 October. Over 2,400 people from 80 countries registered to attend the event, which focused on the vital role that Chartered Accountants play in driving positive change on sustainability. The recording is now available here. New planning permission exemptions for rooftop solar panels on Irish homes and other buildings New regulations have been signed by Ireland’s Minister for Housing, Local Government and Heritage, Darragh O’Brien, T.D., which will remove the requirement for planning permission for the installation of rooftop solar photovoltaic (PV) panels on the majority of buildings in the country. The exemptions are aimed at increasing Ireland’s generation of solar energy and combating climate change. The changes take immediate effect. The regulations are seen as a significant driver of the rollout of micro- and small-scale solar PV generation, increasing Ireland’s generation of solar energy and strengthening energy security. They will also support the rollout of small-scale generation and act as an enabler for the Small-Scale Generation Support Scheme (SSG), which is expected to become available in 2023. The announcement comes one week after Taoiseach Micheál Martin, Tánaiste Leo Varadkar, Minister for the Environment, Climate and Communications, Eamon Ryan, and other members of Government launched the new National Implementation Plan for the Sustainable Development Goals 2022-2024, setting out 5 strategic objectives and 51 actions, with 119 individual measures, to increase Ireland’s ambition and strengthen implementation structures to achieve the Sustainable Development Goals (SDGs). The plan was developed in collaboration with all government departments and key stakeholders, and based on input from two public consultation processes held over the last year. Chartered Accountants Ireland at Climate Finance Week Ireland 2022 It’s Climate Finance Week Ireland 2022 (CFWI) next week and Chartered Accountants Ireland is partnering with CFWI to deliver a webinar on the Sustainable Finance Disclosure Regulation (SFDR). The Institute will host Laura Heuston, FCA and Co-Founder of SustainabilityWorks, and Ann Shiels, solicitor and founder of the sustainable finance regulatory consultancy, FinLexSus. Laura and Ann will give their expert accounting and legal perspective on the legislation, its interrelation with the EU Taxonomy Regulation and the difference between Article 8 and 9 funds. Register here Companies failing to give investors sufficient net zero information A new report from the Financial Reporting Council (FRC) has found that companies are failing to give investors sufficient information about their greenhouse gas net zero plans. The report, FRC Lab Report: Net zero disclosures, found that investors want to understand what companies plan to do about reaching net zero greenhouse gas emissions, but that reporting is too often aspirational and high level, frequently failings to provide users with sufficient information. Listen to this podcast from FRC for more. CFOs and finance teams in the climate transition IFAC, the global organization for the accountancy profession and Accounting for Sustainability (A4S) recently hosted their Climate Week NYC event Finance Leaders Plugging the Net-Zero Information Gap: Exploring the critical role of CFOs and finance teams in the climate transition. The event brought together finance and accounting leaders to better understand how they are enabling their organization’s decarbonization strategies and transition planning and what obstacles they are facing. “The task to decarbonize economies is no mean feat,” said Kevin Dancey, IFAC CEO. “The quality of sustainability-related data and reporting processes must be improved to meet the demands of investors, regulators, and policy makers and the urgency of the climate crisis itself. Leveraging the skills of professional accountants to identify risks and opportunities and enhance climate-related information is an essential starting point.”  A recording of the event and takeaways are now available. Articles Where climate change isn’t global: auditing (Financial Times) Tánaiste wants professional firms added to energy subsidy scheme (The Irish Independent) OECD recommends major redesign of Irish transport to meet climate targets and improve wellbeing (Irish Times) Upcoming events Sustainable Finance Ireland, Ireland Climate Finance Week, 17-21 Oct Chartered Accountants Ireland at Climate Finance Week Ireland 2022, 21 Oct (Virtual) CDP Ireland Network in-person event: How to Achieve Net-Zero Emissions, 20 October 11.30am – 12.30pm (As part of Climate Finance Week) Ecosystems Knowledge Network, Natural Capital Finance & Investment Conference, 19 Oct (London) 20 Oct (Edinburgh)  Change by Degrees’ Climate Club webinar, Creating your Sustainably Strategy, 25 October, 10.00-10.30am (Virtual) Accountancy Europe, Sustainability Tax Systems, 25 Oct 9.30-12.00 GMT (10.30-13.00 CEST)  2022 United Nations Climate Change Conference, more commonly referred to as ‘COP27’, Sharm El Sheikh, 6 - 18 November 2022. ‘Biodiversity’ COP15 Part 2, 7-19 December  You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.

The FRC Lab has published a report entitled "Net zero disclosures". This report, which highlights examples of current practice, discusses some of the key considerations for investors who use net zero disclosures and the elements of net zero disclosures that investors want to understand. The report builds on three key elements of net zero disclosures (commitments, impacts and performance) and discusses areas of consideration and challenge within these topics. The report provides some useful guidance for preparers seeking to navigate the difficult area of reporting on their greenhouse gas emission reduction commitments.

IAASA has published a paper entitled "Climate-related disclosures in financial reports- IAASA information requests". This publication provides preparers, auditors and users of financial statements with information to encourage discussion as to whether issuers adequately consider the appropriateness and completeness of the climate-related disclosures provided in periodic financial reports. In its report, IAASA have looked at climate related disclosures and emission targets and have set out some information requests that have been asked of insurers while they have been carrying out examinations of financial reports. IAASA have noted their expectation that management, directors and audit committees will consider the information request outlined in this publication when determining their climate related disclosures.