In this week’s Sustainability/ESG bulletin, read about calls for more financial services firms to sign up to Ireland’s Women in Finance Charter. Also covered is the publication of the annexes to Ireland’s Climate Action Plan 2023; the UK Climate Change Committee's advice for the first three Northern Ireland Carbon Budgets; the percentage of Northern Ireland electricity generated from renewable sources in 2022; and the landmark UN agreement on global ocean conservation, as well as articles, resources and events.
Women in Finance Charter
Minister of State at the Department of Finance for Financial Services, Insurance and Credit Unions Dr Jennifer Carroll MacNeill, T.D., has urged firms in the financial services industry to demonstrate their commitment to delivering gender balance by singing up to Ireland’s Women in Finance Charter. The Charter, launched in 2022, commits signatory firms to improving the number of women in management and board level positions. Over 50 firms, representing 44 000 employees, have already signed up to the Charter.
The statement comes on the day before the announcement of the Government’s intention to hold a referendum on gender equality, as recommended by the Citizens’ Assembly on Gender Equality and the Special Joint Oireachtas Committee on Gender Equality.
Ask the Expert Interview – Climate Technology Opportunities
Aideen O’Hara, Co-Founder of SustainabilityWorks, climate innovation advocate and lead co-author of a recent report with PWC on The Irish Climate Tech Opportunity 2023, will join Institute’s Sustainability Officer Susan Rossney on Thursday, 23 March for a lunchtime Q&A to discuss climate innovation and the range of Irish climate tech companies that demonstrate the potential for Ireland as a global leader in climate technology. Register free here.
Climate Action Plan 2023 Annex of Actions publishes
The Irish Government has approved the Annex of Actions to the 2023 Climate Action Plan. The Climate Action Plan sets out a roadmap on how to halve Ireland’s CO2e emissions by 2030 and reach ‘net zero’ no later than 2050. The ‘Annex of Actions’ is the specific actions required to implement the targets set out in the Plan. The 2023 Plan takes account of the carbon budgets and sectoral emissions ceilings agreed in 2022.
In other climate news, plans to accelerate the delivery of 5GW of offshore wind by 2030 have received Cabinet approval, and key actions for 2023 under the Offshore Wind Energy Programme, the system-wide plan developed by the Offshore Wind Delivery Taskforce were also published.
UK Climate Change Committee (CCC) publishes advice for first three Northern Ireland Carbon Budgets
The UK Climate Change Committee (CCC) has published its advice for the first three Carbon Budgets for Northern Ireland, the first of which will cover the period 2023 – 2027. (A carbon budget is the maximum amount of greenhouse gases that can be emitted in a given period.) The advice will help inform the carbon budget being prepared for consultation and the content of Northern Ireland’s first Climate Action Plan for 2023 to 2027. This is required to be in place by end of 2023 under the Climate Change (Northern Ireland) Act 2022. In a press release DAERA encouraged organisations across the public, private and third sectors “to consider and debate the report and recommendations in readiness for participation in the consultation on a carbon budget and Climate Action Plan in the coming months.”
Renewable sources generated 51 percent of Northern Ireland’s electricity in 2022
A report detailing the percentage of electricity consumption in Northern Ireland generated from renewable sources has found that 51 percent of total electricity consumption in Northern Ireland was generated from renewable sources located in Northern Ireland in 2022. This is a 9.7 percent increase on the previous year. Of this, 85.3 percent was generated from wind.
EU Fiscal Policy Guidance for 2024 - Promoting debt sustainability and sustainable and inclusive growth
The European Commission has provided guidance to Member States on the conduct and coordination of fiscal policy for next year. Overall, fiscal policies in 2024 “should ensure medium-term debt sustainability and promote sustainable and inclusive growth in all Member States”. The preliminary fiscal policy guidance for 2024 will be updated as necessary as part of the European Semester Spring Package in May 2023.
Urgent need to speed up implementation of adaptation measures
A better understanding of the costs and benefits of adaptation measures to counter climate change is needed. This is according to a European Environment Agency (EEA) briefing which assesses the main methods, challenges and constraints in taking action. The briefing ‘Assessing the costs and benefits of climate change adaptation’ explains that as the resources available to government decision-makers are limited, better understanding is needed about the costs and benefits of adaptive actions — and the costs of adaptation compared to the costs of failing to take action.
Landmark UN agreement on global ocean conservation
A landmark United Nations agreement on global ocean conservation has concluded, and will provide a framework for global action to protect the ‘High Seas’. The Marine Biodiversity Beyond National Jurisdiction (BBNJ) protects seas which comprise two thirds of oceans and half the surface area of the planet, but fall outside the jurisdiction of any country. In particular, the agreement will provide for the creation of a global network of High Seas marine protected areas, and will strengthen processes for environmental impact assessments for activities that may impact the marine environment. Ireland has also announced a programme of measures designed to target the pressures on Ireland’s marine environment. The programme consists of a broad range of actions with commitments across Government Departments to ensure the sustainable use of Ireland’s seas and restore degraded ecosystems and species.
Videos
European Financial Reporting Advisory Group (EFRAG) has published a series of introduction videos to the first set of draft European Sustainability Reporting Standards (ESRS).
Articles
Here are some good sustainability-related newsletters to subscribe to:
- “Climate quitting”: what is it and how can you avoid it? As jobseekers show increasing willingness to vote with their feet on corporates’ ESG credentials – or lack thereof – how should businesses ensure they keep talent on board? (ICAEW Insights)
- How a tax break meant to curb climate change could make it worse (Washington Post)
- ‘Devastating loss’ of Irish plant life revealed in 20-year study (Irish Times)
- Climate action in slow motion as politicians balk at prospect of change (The Irish Independent)
Competitions
Accounting for Sustainability (A4S) is now accepting applications for the A4S Academy 2023. The 18-month programme will begin at the end of June 2023, with applications closing on 31st March. More details, including programme outline, eligibility and fees are on the A4S website or by email.
Upcoming Events
- Trinity College Dublin is running free Climate Action & Sustainability webinars on Wednesdays 1-2pm. Join 12 leading academics in Trinity College Dublin as they speak about technologies and solutions that will help deliver our goals in the areas of Climate Action and Sustainability.
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Trinity's Green Week (🌍👉http://bit.ly/3JeD8K4) turns 21 this month! It runs from 20-24 March and it's a week to celebrate, learn, explore, network, solve and have fun http://bit.ly/3JeD8K4
Jobs
Financial/Reporting Accountant for major energy provider in Ireland’s Energy/Sustainability/Renewables sector. Newly qualified ACAs can contact Dave Riordan, Careers Team, Chartered Accountants.
Certificate in Sustainability Strategy, Risk and Reporting
Classes start Wednesday 3 May
Following three sellout sittings, our Certificate in Sustainability Strategy, Risk and Reportingfor accountants is back again in May 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. |
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Find out more
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 Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.
- 3rd Wednesday of every month
- Next : 22 March, 2023
- 14.00-15.00/30
- Chartered Accountant House/Teams
If you would like to attend please email sustainability@charteredaccountants.ie
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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