In this week’s Sustainability/ESG bulletin, read about Ireland’s first ever Clean Air Strategy and its new Climate Adaptation Strategy for Regional and Local Roads. Also covered is the upcoming Northern Ireland Women in Business bootcamps, the Northern Ireland Environmental Benchmarking Survey 2023, an explainer from the European Parliament on ‘carbon leakage’, and updates from our colleagues in Tax, Practice Consulting and Accountancy Europe, as well as articles, webinar recordings and upcoming events.
Government approves Ireland’s first ever Clean Air Strategy
The Irish Government has approved Ireland’s first ever Clean Air Strategy. The strategy, which identifies and promotes government measures needed to reduce air pollution and promote cleaner ambient air, commits Ireland to achieving the new WHO (World Health Organisation) guideline values for air quality by 2040. Progress is to be measured against interim targets by 2026 and 2030. Air pollution in Ireland is currently estimated to cause 1,300-1,400 premature deaths every year, ten times the number of road fatalities.
Government publishes Climate Adaptation Strategy for Regional and Local Roads
The Department of Transport has published its Climate Adaptation Strategy for Regional and Local Roads. The strategy document provides Local Authorities with a series of measures to ensure that roads are protected from expected climate change into the future. These measures include identifying and mapping areas most susceptible to climate-related impacts, updating existing asset management guidance for climate adaptation, developing new asset management guidance, and implementing a monitoring and review process to ensure the effectiveness of climate adaptation actions.
EPA announces increased funding of €16m for new environmental and climate research
The Environmental Protection Agency (EPA) has announced up to €16 million in funding for new research projects across the areas of nature-based solutions that can benefit the environment and society; advancing climate science in an Irish context; identifying effective options to adapt to climate change; the use data of and digitalisation for environmental protection; and how society can be enabled in its transition to a sustainable future. Successful researchers will work closely with policy makers and other relevant stakeholders to ensure that the research is impactful and effectively informs environmental policy in Ireland.
Sustainability Reporting – what will it mean to you and your firm?
Sustainability is probably the most important issue of our times. However, when it comes to sustainability reporting, your first questions may well be how and when does this affect you, your firm and your clients? The short answer is that sustainability reporting will directly affect a large proportion of members in practice, and sooner than they may think. Read more from Conal Kennedy, FCA, and Head of Practice Consulting with Chartered Accountants Ireland.
Trade mission to promote Ireland’s wind energy capability
Minister of State for Trade Promotion and Digital Transformation, Dara Calleary T.D. has led an Enterprise Ireland’s trade mission to Wind Europe, one of Europe's largest trade shows for the global wind industry, to launch and promote Ireland’s significant wind energy capability (Ireland’s west coast could reportedly generate enough wind energy to power the country in time and with the required technology). There is a significant shortage of capability globally in the offshore wind sector. As an island nation, this creates opportunities for Irish companies with relevant skill sets, products, and services. Also this week, Taoiseach Leo Varadkar reportedly stated at a summit of maritime country leaders in Ostend, that Ireland “need[s] to make a giant leap when it comes to renewable energy, when it comes to offshore wind in particular.” Ireland's sea area is seven times its landmass; with abundant and reliable Atlantic wind, Ireland could become a powerhouse in the future.
Approval for enhanced Temporary Business Energy Support Scheme
(From our colleagues in the Tax Team)
The Minister for Finance, Michael McGrath TD, has welcomed European Commission approval of the enhancements to the Temporary Business Energy Support Scheme (TBESS) announced in Finance Bill 2023. Read more about these enhancements here and updated Revenue guidelines here.
DETE, Building Better Businesses Midlands Park Hotel, Portlaoise
The Department of Enterprise, Trade and Employment DETE is organising a series of Building Better Business events across the country to help businesses navigate the green journey and boost business performance through digital transformation. The next Building Better Business event will be hosted on Friday, 26 May 2023, 8.30am – 1.30pm in the Kemmy Business School, University of Limerick. It is open to businesses based in Clare, Limerick and Tipperary. Register and find out more about the event.
Northern Ireland Women in Business bootcamps
As part of the 'Yes You Can: Imagine It' programme, Women in Business is running five full-day bootcamps for women who need support to develop their business idea to encourage change, confidence and communication as an entrepreneur. Each bootcamp will be hosted by two experienced facilitators, along with guest speakers from the local entrepreneurial community, and will take place across five different locations in Northern Ireland. The first bootcamp will take place in Craigavon, Tuesday 9 May 2023. Find out more here.
Northern Ireland Environmental Benchmarking Survey 2023 opens
The Northern Ireland Environmental Benchmarking Survey 2023 has opened, and is inviting participation from all organisations in any sector in Northern Ireland. Widely recognised as Northern Ireland’s principal environmental benchmarking exercise, the survey focuses on environmental management and performance in key areas, as well as the extent to which environmental business practices have been embedded within corporate strategies. Participants are also issued a gap analysis which provides valuable individual feedback on their submission. The survey can help businesses identify environmental impacts, measure progress to drive improvement, and raise awareness of the environment as an important, strategic, and competitive issue at board level. The deadline to complete the survey is Wednesday 28 June 2023.
European Parliament publishes content on ‘carbon leakage’
According to the European Parliament press release, about 27 percent of global CO2 emissions from fuel combustion come from internationally traded goods. This is known as carbon leakage, the shifting of greenhouse gas emitting industries outside the EU to avoid tighter standards and is undermining Europe’s climate efforts as emissions from imports have continued to rise.
The European Parliament have this week published an explainer on what carbon leakage means and the steps the EU is taking to prevent carbon leakage. These include as the proposed Carbon Border Adjustment Mechanism (CBAM) proposed under the Fit for 55 package of policy measures which the EU issued to deliver the European Climate Law.
Technical Sustainability Accounting Updates
(From our colleagues in Professional Accounting)
The European Parliament’s Legal Affairs (JURI) Committee adopted its final position on the Corporate Sustainability Due Diligence Directive (CSDDD) on 25 April. As a next step, the European Parliament is expected to vote on its mandate on 1 June, followed by negotiations with the Council.
The recent Global Reporting Initiative (GRI) analysis examines due diligence and its connection with sustainability reporting.
The International Auditing and Assurance Standards Board (IAASB) confirmed its intention to advance the consultation on a new sustainability assurance standard International Standard on Sustainability Assurance (ISSA) 5000. IAASB hopes to gain broad and early input on the draft ISSA 5000 and have the final standard ready in 2024. The International Organization of Securities Commissions (IOSCO) welcomed the initiative, and issued a report outlining key considerations for an effective global assurance framework on sustainability reporting. IOSCO also confirmed it will work on sustainability reporting but also on sustainability assurance standards.
The International Accounting Standards Board (IASB) initiated a project to explore whether and how companies can provide better information about climate-related risks in their financial statements.
The Taskforce on Nature-related Financial Disclosures (TNFD) issued its prototype (Beta Release) framework, which is open for public testing and feedback. TNFD framework will be published in September 2023 for market adoption.
For more, subscribe to Accountancy Europe’s Sustainability Update
Articles
Watch Back - Equipping the public sector for sustainability action
On Tuesday 4 April, three bodies: the International Public Sector Accounting Standards Board (IPSASB), which develops accounting standards and guidance for public sector entities, IFAC, and Accountancy Europe, co-hosted a briefing on public sector sustainability reporting in Brussels. The audience numbered some 750 professionals from over 100 countries. Attendees, including members of Chartered Accountants Ireland (Joan Curry, Institute Council Member and Board Member of IFAC) were reminded of the impact of public sector spending on GDP, and the overarching impact of public sector policies on sustainability. Watch the recording here.
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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Irish Environmental Network, National Biodiversity Week 2023
May 19-28th
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Business Post, ESG Summit, Croke Park, Dublin
May 30
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
Member Survey
We want to support our members in the rapidly-developing area of sustainability/ESG. Please complete this short survey (approx. three minutes) to help us understand your views and organisation’s sustainability profile. You can click the link or scan the QR to take part. Survey
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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