In this week’s Sustainability/ESG bulletin read about sustainability measures in Budget 2025, calls by the EPA for a national policy position on the environment, and a new report on the circulatory gap. Also covered is the UK becoming the first major economy to exit coal power, the publication of Northern Ireland’s first Environmental Impact Report, how experts are needed to help businesses with nature integration, a new taskforce for fairer societies, and the usual resources, articles and upcoming events.
Ireland news
Sustainability in Budget 2025
Budget 2025 was announced this week on Tuesday 1 October, with a number of tax measures specific to sustainability. Read more here
Beyond GDP – Quality of Life Assessment - Ireland
Ireland is performing well relative to other countries on the OECD’s Better Life Index and on the UN’s Sustainable Development Goals (SDGs). This is according to Beyond GDP - Quality of Life Assessment, a report prepared by the Department of Finance analysing the broader impacts of budgetary policy on economic, social and environmental well-being. From a national perspective, progress on the measurement and delivery of the UN SDGs in Ireland is positive, with over four-fifths of the assessable targets on track to being achieved. However, 14% are of concern, though are being partially achieved, and the remainder (4%) are not being achieved.
EPA calls for national policy position on the environment
The Environmental Protection Agency (EPA) Ireland is calling for a national policy position on the environment in its 2024 State of the Environment Report. The report, which publishes every four years, is the eighth in the series, and provides an integrated assessment of the overall quality of Ireland’s environment, the pressures being placed on it and current responses to environmental issues. This report points to serious deficits in the implementation of relevant legislation and programmes across Ireland, along with ongoing insufficiencies in policy responses. Commenting, EPA’s Director General Laura Burke described Ireland’s environmental and climate measures as ‘incremental’, designed to barely meet compliance rather than address root issues. “We are always playing catch-up. We now have virtually no seriously polluted rivers, but we have hardly any pristine ones left, either. We now recycle more, but produce more waste than ever and export much of it”. Read the full report here.
New Circularity gap report launches
The Department of the Environment, Climate and Communications has commissioned a new report analysing Ireland’s material consumption and carbon emissions profile and the potential for circular economy strategies to mitigate environmental impacts. The report, The Circularity Gap Report Ireland, was commissioned to understand Ireland’s material and carbon footprint for key systems such as the bio economy, the built environment, and manufactured goods. Recommendations include shifting incentives to redirect finance towards sustainable resource use by repurposing and reforming fiscal instruments, using pollution and resource taxes more strategically and effectively, and further leveraging and using public spending strategically to support circular business models and supply chains.
UK/Northern Ireland news
US Net Zero Advisory Board to boost green economy in Northern Ireland
Northern Ireland Economy Minister Conor Murphy has announced a new Advisory Board designed to enhance Northern Ireland’s standing as a global leader in green technology and the net zero economy. The Net Zero Advisory Board, supported by Joe Kennedy III, U.S. Special Envoy to Northern Ireland for Economic Affairs, will tap into the expertise of Northern Ireland’s strategic diaspora community through Northern Irish Connections. The Board will focus on raising international awareness of Northern Ireland’s green economy, forging strategic partnerships, and facilitating key investments in low-carbon technologies.
Northern Ireland’s first Environmental Improvement Plan publishes
Northern Ireland has published its first Environmental Improvement Plan (EIP), an overarching document setting out Northern Ireland’s environmental priorities. The EIP includes a mix of both existing and new environmental objectives, targets and actions for the Department of Agriculture, Environment and Rural Affairs (DAERA) and other departments with a role in improving the environment. The objectives of the EIP are: excellent air, water and land quality, a healthy and accessible environment, ‘thriving, resilient and connected’ nature and wildlife, sustainable production and consumption on land and at sea, zero waste and a highly developed circular economy, and Net zero greenhouse gas emissions and improved climate resilience and adaptability. The EIP is a statutory obligation arising from the Environment Act 2021, enacted in part as a result of the UK’s EU Exit and resulting impact in terms of environmental governance with the Office of Environmental Protection having oversight of progress in implementing the EIP. Find out more here.
The EIP publication coincides with the release of Northern Ireland Greenhouse Gas Projection Statistics. These figures show a 23% decrease on the 29 MtCO2e emitted in the base year (1990).
UK becomes “first major economy to exit coal power”
The UK has become the first G7 country to phase out coal power as the last of its coal-fired power plants closed this week. From October 1, UK electricity production will be coal-free, compared to the 1980s when coal power made up 80% of the country’s electricity needs. UK power sector emissions have fallen by 74% since 2012. Commenting, campaign director at climate change think-tank E3G, Ed Matthew, reportedly stated: “The UK was the first country to build a coal-fired power station. It is right that it is the first major economy to exit coal power”.
Greenwashing: CMA issues tailored guide for fashion brands
The UK’s Competition and Markets Authority (CMA) has issued practical guidance for the fashion industry on making green claims about products. The guide, accompanied by 17 advisory letters to business, is the latest in a series of actions by the regulator addressing fashion brands’ green claims. From Spring 2025, the CMA will have strengthened consumer powers under the Digital Markets, Competition and Consumers Act 2024. This will enable the CMA to fine businesses up to 10% of their worldwide turnover if they break consumer law, suggesting that businesses should take steps now to make sure their claims are accurate and do not mislead shoppers.
Europe news
The European Union (EU) has reportedly warned Ireland that it has two months to formally transpose the revised Renewable Energy Directive 2023/2413 into its own laws – a measure that should have been completed by July 1st this year. The Directive was introduced to bolster efforts to increase the use of renewable energy across the bloc. The directive’s provisions, among other things, aims to simplify and accelerate permit granting procedures for renewable energy projects, such as wind and solar farms, and the infrastructure needed to ensure they can supply electricity.
World news
Experts needed to help businesses with nature integration, report finds
80% of business respondents are turning to experts when seeking to integrate nature into their organisation, a new report finds. The report, White paper: integrating nature into business decision-making, sets out the results of a survey of more than 170 sustainability professionals who were asked about drivers for action on nature, challenges faced when integrating nature into business-decisions, and how these can be overcome. The report finds that that the main drivers for action on nature are adapting to and preparing for policy and legal changes and avoiding reputational damage (88% and 84%, respectively), and that supply chain analysis and designing targets for nature are the main challenges when integrating nature into business decision-making. The report can be downloaded here.
UN Pact for the Future
World leaders have adopted a Pact for the Future that includes a Global Digital Compact and a Declaration on Future Generations (A/RES/79/1). The 42-page Pact covers a broad range of themes including peace and security, sustainable development, climate change, digital cooperation, human rights, gender, youth and future generations, and the transformation of global governance. The report challenges the leaders of the 193 member nations of the UN to turn promises into real actions that make a difference to the world. The pact was adopted at the opening of the two-day “Summit for the Future” on 20-21 September called by UN Secretary General Antonio Gutérres.
A new taskforce for fairer societies
A new taskforce has launched that aims to incentivize business and financial practices create fairer, stronger societies and economies. The Taskforce on Inequality and Social-related Financial Disclosures (TISFD) is a global initiative to develop recommendations and guidance for businesses and financial institutions to understand and report on impacts, dependencies, risks, and opportunities related to people. Officially launched in September 2024, the taskforce has been described as the “missing piece” of the puzzle, which will build on the work of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). September 2024.
Technical update
See Technical updates from the Professional Accounting team at Chartered Accountants Ireland:
- Sue Lloyd, Vice-Chair of the International Sustainability Standards Board, spoke at the World Standard-setters Conference in London on 23 September 2024.
- The ISSB Update, summarising the September 2024 International Sustainability Standards Board (ISSB) meeting, has been issued.
Articles
- Comment: The Global Goals are a litmus test for human progress, and we are failing. Here’s how to get back on track (Reuters)
- Analysis: UK must spend £1.7bn more on nature by 2026 to meet climate-finance goal (Carbon Brief)
- The great green business rethink is finally happening - an overdue push to reshape markets, not just individual companies, is under way at last (Financial Times)
- The climate crisis and Budget 2025: Big spend and strategic focus undermined by bottlenecks(Irish Times)
- Switzerland is redrawing parts of its border with Italy because of land changes due to glaciers melting (and with France, for reasons linked to transport and rivers) (SWI)
- Harm to nature is unavoidable and we need a plethora of solutions to right our wrongs (SustainableViews – pay-per-view)
- California Sues Exxon Over Plastics Pollution and Recycling ‘Myth’ (New York Times)
A4S International Case Competition - corporate decarbonization and a fair and just climate transition
Accounting for Sustainability (A4S) has launched the 2025 A4S International Case Competition (A4SICC). This year’s case challenge asks students to focus their business skills on corporate decarbonization within the broader context of a fair and just climate transition. This year’s competition will again offer students a transformative and practical learning experience with the unique opportunity to travel to Toronto, Canada for the face-to-face finals, win a cash prize of CA$10,000 (winning team) or CA$5,000 (runner-up) and much more.
Podcasts
Succession director Adam Kay is a climate advocate. You can listen to him interviewed here for Carbon Brief.
Upcoming Events
Accountancy Europe, Unpacking CSRD transposition across Europe
This webinar will take stock and share insights into the Corporate Sustainability Reporting Directive (CSRD) transposition across EU Member States. Join us for this overview with experts. Speakers to be confirmed. Programme coming soon.
Virtual, October 8 October 2024 (12:00 - 13:15) Brussels time
Enterprise Ireland, National Biodiversity Data Centre, The Business Case for Biodiversity
Business for Biodiversity Ireland lead Lucy Gaffney will join the Sustainable Enterprise webinar series for a talk on The Business Case for Biodiversity. How businesses impact on nature and how businesses are dependent on nature will be discussed, as well as how businesses can improve their positive impacts and reduce their negative impacts on nature.
Webinar, October 9, 2024, 1-2pm,
Trinity College Dublin, What does economics have to do with nature?
What does economics have to do with nature? What is the natural capital approach? Why do we need an economic approach to climate change risks? Come and hear answers to these questions and more from Ece Ozdemiroglu, environmental economist, founder & CEO of EFTEC (Economics for the Environment)
In person, Oct 14, 2024 at 6:00 PM
Wall Street Green, Wall Street Green Digital Summit
Date: Oct 15th
Location: Online
UN Global Compact Network Ireland, Virtual Open House: Exploring the UN Global Compact & the Network for Ireland
Are you interested in learning more about the world’s largest corporate sustainability initiative? Curious about how your company can play a role in advancing the UN SDGs and driving impactful change? Join the Virtual Open House on 16th October for a unique opportunity to connect with like-minded leaders and explore how we can work together to create a more sustainable and responsible future. At this webinar you’ll gain insights into the value of engaging with the UN Global Compact and the soon-to-be-launched Network for Ireland.
- Overview of the UN Global Compact and its Ten Principles
- Benefits of joining the UN Global Compact for your business
- Introduction to the new Ireland Network and how it can support your sustainability goals
Online, 16 October, 3:30- 4:30pm
Environmental Finance, Sustainability Data EMEA
Date: Oct 17th
Location: London
Environment Ireland, Environment Conference
Environment Ireland® is Ireland’s major environmental policy and management conference. Now in its 20th year, this important event features a range of focused sessions highlighting the pressing issues facing the environment in Ireland and further afield.
In person, Croke Park, 17 October
Derry City and Strabane District Council, The Sustainable Climate Conference 2024
This event will unite national leaders, policymakers, scientists, industry experts, and community leaders to address the pressing challenges presented by climate change, sustainability, biodiversity loss, and the preservation of our natural environment for the betterment of all citizens and communities.
In person, Guildhall Square Londonderry BT48 7BB United Kingdom, Thursday, October 17 · 9:30am - 12:45pm
Convention on Biological Diversity, COP16
Date: Oct 21-Nov 1
Location: Colombia
Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI)
Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape.
24 October, 08:30 – 12.00, Virtual
IAFA & IAASA Integrating Sustainability Reporting and Assurance into Accounting Education Conference
The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore:
- Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance,
- Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education,
- Future skills for sustainability reporting and assurance,
- Strategies for enhancing accounting education and student skills development.
In person, 1 November, Maynooth University
Accountancy Europe, Shaping the future of sustainability assurance engagements
Join Accountancy Europe and the International Federation of Accountants (IFAC) to discuss the latest developments in the world of sustainability assurance. In this webinar, you will hear insights from the International Auditing and Assurance Standards Board (IAASB), the Committee of European Auditing Oversight Bodies (CEAOB) and the Nordic Federation of Accountants.
Virtual, 12 November, 15.00-16.45 (Brussels Time)
iQuest & Business Post, ESG Autumn Summit
Date: Nov 20th
Location: Croke Park
Network for Chartered Accountants working on ESG projects
Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities?
Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
- Next meeting: Wednesday, 23 October, 14:00-15.30
- Zoom
If you would like to attend, please email sustainability@charteredaccountants.ie
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.