In this week’s Sustainability/ESG bulletin, read about Ireland’s third National Climate Stakeholder Forum, new rules for Government departments for assessing carbon impacts when drafting government memos, and advice from the Oireachtas Committee on Social Protection on how the automatic-enrolment pension system can be used to ensure Ireland’s Climate Action obligations. Also covered is the proposed strategy for Ireland to maximise the economic opportunity from the production of Offshore Wind Energy, the impact of climate and digital transitions on Ireland’s public finances, and how the EU is increasing climate-change adaptation resources, as well as articles, podcasts and upcoming events.
Institute attends Ireland’s third National Climate Stakeholder Forum
Institute’s Sustainability officer, Susan Rossney, represented Chartered Accountants Ireland in Ireland’s third National Climate Stakeholder Forum on Climate Action. Described by forum’s chair, ESRI’s Professor Alan Barrett, as “an inclusive platform for considered debate among key stakeholders" the workshop for policy makers explored the challenges and opportunities presented by the transition to carbon neutrality in a fair and equitable manner. The forum is a central pillar of Ireland’s National Dialogue on Climate Action (NDCA), and is one of the key actions identified in Ireland’s National Climate Action Plans to drive active engagement in shaping Ireland’s sustainable future.
Irish Government climate administration
The first quarterly Progress Report of Ireland’s Climate Action Plan 2023 has been published with 36 actions scheduled for delivery and reporting in Q1 2023. The implementation rate achieved was 75 percent with 27 measures completed on time this quarter.
It was also reported that under new rules individual Government departments must assess the potential carbon impact when drafting important government memoranda Ireland.
Also last week, the Oireachtas Committee on Social Protection advised that the automatic-enrolment pension system not allow funds to invest in fossil fuels or the arms industry, and that a minimum percentage of the funds should be invested in Irish renewable energy development in order to ensure our Climate Action obligations.
Plans announced to develop a National Industrial Strategy for Offshore Wind for Ireland
Minister for Enterprise, Trade and Employment, Simon Coveney, T.D., has announced plans to develop a National Industrial Strategy for Offshore Wind. The Strategy, which is expected to publish in Q1 2024, will set out how Ireland can maximise the economic opportunity arising from the production of Offshore Wind Energy (OWE). In order to deliver the enterprise opportunities associated with Ireland’s ambitious OWE targets, a collaborative approach between state and industry is needed. The National Industrial Strategy for Offshore Wind will be developed in consultation with the relevant government departments, agencies, and industry, with the objective of ensuring that Ireland fully captures the value of both the supply chain to deliver an OWE sector at scale, and the routes to market for this renewable energy.
Impact of climate and digital transitions on Ireland’s public finances
The impact beyond the short-term on Ireland’s public finances of financing the climate and digital transitions was acknowledged this week in the Department of Finance’s ‘Future-proofing the Public Finances – the Next Steps’. In 10 Key Facts prepared by the Economics Division Department of Finance, the structural shift to Electric Vehicles was identified as likely to have an adverse an impact on Vehicle Registrations Tax, for instance, while up-skilling and re-skilling the population to harness the benefits of digitisation, automation, artificial intelligence, etc., will involve additional expenditure in the years ahead. Minister McGrath, in an accompanying press release commented: “Looking ahead, Government is also aware of the major expenditure challenges on the horizon. Shifting demographics and adapting to the climate and digital transitions will impose large costs on the public finances.”
Energy in business – Sustainable Energy Authority of Ireland (SEAI)
Sustainable Energy Authority of Ireland (SEAI) has published ‘Energy in Business’, its monthly update, with information on how participating businesses are finding the EV Commercial Fleet Trials. It also includes notes from the Interim Energy Report (see radio clip below), which gives an overview of the transformation of Ireland’s energy use at national level, and which showed an increase in 2022 in Ireland’s dependency on imported fossil fuels. Also covered is the €19 million in funding available from the 2023 SEAI National Energy Research, Development & Demonstration Funding Programme, which is now open for applications until 3pm, Monday 29th May 2023.
Are you an SME interested in retrofitting your premises (renters or owners)?
A National Roadshow to help SMEs take the next step in commercial retrofitting is now underway. The roadshow, organised by ENACT, will be travelling across Ireland to bring in-person and online sessions to Cork, Dublin, and Galway. Sessions are organised by building type and sector. This is a unique opportunity for SMEs either owners or renters of premises:
- planning to/currently renovating offices, retail space, hospitality venue, leisure facility or warehouse, or
- have already completed a renovation and want to share their insights.
Find out more and sign up here.
ENACT is a 3-year initiative tasked with ‘enabling national action on commercial renovation’. It is funded by the Sustainable Energy Authority of Ireland (SEAI) and led by the Irish Green Building Council, in partnership with the University of Galway, SustainabilityWorks, Dublin Chambers of Commerce and the Society for Chartered Surveyors of Ireland. It aims to accelerate the rate of energy efficiency retrofits of commercial buildings around Ireland by enabling the commercial sector to overcome the barriers to retrofitting, which include financial, technical, knowledge and behavioural challenges.
EU increases climate-change adaptation resources
‘Adaptation’ in the context of climate breakdown refers to how we adapt our society and economy in response to climate change by changing our processes, practices, and structures to moderate potential damages or to benefit from opportunities associated with climate change. Adaptation is at the heart of the European Climate Law and as part of the EU Adaptation Strategy. In this article the European Commission has gathered some examples of how the EU is helping Europeans both to prepare better for heatwaves and protect themselves from their severe consequences. This follows the recent launch of Commission’s new portal to help drive forward the EU’s Mission on Adaptation to Climate Change, offering knowledge and tools for use by regional and local authorities to help them develop, implement and monitor their climate change adaptation plans.
Technical Update
From our colleagues in Professional Accountancy
Did you know?
The GAA has been appointed as one of Ireland’s champions to help progress the United Nations’ Sustainable Development Goals (SDGs). The role of an SDG Champion is to act as an advocate and promoter of the SDGs and provide good practice examples of how an organisation can contribute to the SDGs and integrate them into their work and activities. 26 organisations were selected as part of the 2023-2024 SDG Champions Programme, to raise public awareness of the SDGs and to demonstrate that everyone in society can make a contribution to the 2030 Agenda for Sustainable Development.
Articles
- Company culture is more important than money to many job seekers - “In particular, they are both aware of and monitor corporate attitudes towards sustainability and workplace diversity and inclusion” (Irish Times)
- The Number of Climate Funds Out There Has Exploded (Bloomberg)
- 13 lessons from a climate change diplomat with months left to live – fascinating article on why Pete Betts, one of the world's most experienced environmental negotiators, still has hope for the planet (Financial Times)
- Climate body warns Government that delivery of measures not happening fast enough due to planning delays (Irish Times)
- Top court orders French govt to take more climate steps (RTÉ)
- Spain will ban some outdoor working during extreme heat (RTÉ)
- ‘Forest’ of Carbon Dioxide-Sucking Vending Machines Planned in Japan (Bloomberg)
Podcasts
SEAI publishes Ireland’s Interim Energy Balance for 2022 (RTÉ Radio 1) (5-min clip)
Congratulations to shortlist for PwC Business Post Sustainable Business Awards 2023!
Congratulations to all the businesses shortlist for the PwC Business Post Sustainable Business Awards 2023! Among those shortlisted are Chartered Accountant Climate Champions Bleeper Bikes and accountancy firm Grant Thornton.
Upcoming Events
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Accountancy Europe - Join Accountancy Europe for the webinar Towards digital corporate reporting with CSRD
The European Single Electronic Format’s (ESEF) implementation has taught us that timely preparation and communication are the most important factors for the success of relevant IT projects. Now, EU Member States have started implementing the Corporate Sustainability Reporting Directive (CSRD) for transposition. This webinar will explore the role of different parties for an effective CSRD implementation, lessons learnt from ESEF, the interconnectivity between financial and sustainability information via digitalisation and current activities and plans of EU authorities for supporting digital sustainability reporting.
16 May, 14:00-16:00 CEST
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CDP Ireland - Network’s free Responder Training 2023
If you are considering disclosing your company’s environmental performance, or simply keen to understand what the latest best practice in Climate Reporting is, join the CDP Ireland Network’s free Responder Training 2023 online webinar on 17 May 17, 2pm-3.30pm delivered by CDP and Clearstream Solutions. This event is ideal for companies interested in disclosing their environmental performance for the first time or those who want to stay updated on the latest new topics and changes to the CDP 2023 Questionnaire. Register here.
17 May
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Chartered Accountants Ireland - Annual Conference, Focus on the Future
18 May
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SME Business Briefing, 10am – 11am Wednesday 24th May
Join SEAI on Wednesday 24th May at 10am and learn about how your business can save money and energy this year. This webinar will help you understand energy use and how to reduce energy costs, immediate ‘no-cost’ actions you can take to save, benefits of completing an Energy Audit and how SEAI will support you, the Climate Toolkit for Business and how to start your zero-carbon journey.
24 May
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Chartered Accountants Ireland - Webinar on the Corporate Sustainability Reporting Directive (CSRD)
Join Dee Moran, Professional Accountancy Lead, Chartered Accountants Ireland and Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Directive and what future developments might mean for your organisation. There will also be an overview of the proposed European Sustainability Reporting Standards, an update on the assurance of sustainability reporting and an opportunity to ask questions.
25 May
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Irish Environmental Network, National Biodiversity Week 2023
19-28 May
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Business Post, ESG Summit, Croke Park, Dublin
30 May
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Accountancy Europe - Developing Green Skills for Finance Professionals – Building Capacity for a Fair and Sustainable Transition
In this EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts to discuss the skills and education needed for finance professionals to contribute to a green and just transition.
8 June
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Northern Ireland Healthy Working Lives Conference 2023
This free conference, organised by Business in the Community Northern Ireland for 8 June from 8:45am to 1pm in Riddel Hall, Stranmillis Road, Belfast, will bring together expert speakers and key business representatives to discover how businesses can embed a human-centred approach into their organisation’s culture.
8 June
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The Northern Ireland Energy Summit
Delivered in partnership with the Department for the Economy and the Centre for Advanced Sustainable Energy (CASE), the Northern Ireland Energy Summit will take place at the ICC, Belfast, on Wednesday 21 June 2023. The event will focus on building an informed consensus on how best to take Northern Ireland forward in meeting its renewable energy targets and net zero ambitions, whilst driving 10X economic growth across innovation, sustainability and inclusion.
21 June
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 or 4th Wednesday of every month
- Next : 24 May, 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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