Sustainability/ESG bulletin, Thursday 6 April 2023

In this week’s Sustainability/ESG bulletin, read about Ireland’s Climate and Environmental Finance Report, new funding available for Irish social enterprises, and Ireland’s next National Stakeholder Forum for the UN Sustainable Development Goals. Also covered is the publication of Northern Ireland’s Energy Strategy e-bulletin, UK’s new 2023 Green Finance Strategy, EU grant funding of €100 million available to small-scale innovative energy projects, and EU agreement on stronger legislation to accelerate the rollout of renewable energy.

Launch of Ireland’s Climate and Environmental Finance Report 2021

The Department of Foreign Affairs has launched its annual report describing the levels, channels and focus of funding provided by the Irish Government to support climate action and environmental protection in developing countries. The Climate and Environmental Finance Report 2021 finds that Ireland provided €99.6 million in climate finance in 2021, an increase of 12.8 percent in Ireland’s climate finance as compared to 2020. Approximately 96 percent of the funding contributed to initiatives that specifically support climate resilience and activities that contribute to both mitigating the causes of climate change and adapting to its impacts.

New funding for Irish social enterprises

Minister for Rural and Community Development, Heather Humphreys, T.D., has announced investment of €2.3 million to support social enterprises nationwide. €1.4 million will support 19 organisations under the Scaling-up Fund for Social Enterprises initiative, with a further €890,000 to be provided to social enterprises via Rethink Ireland and Community Finance Ireland. Also confirmed was the launch of the new Social Finance Hybrid Pilot Scheme for Social Enterprise to be co-funded by the Department of Rural and Community Development in conjunction with Community Finance Ireland and Rethink Ireland.  Some 20 social enterprises will now be able access the scheme for a hybrid package of financial and non-financial supports.

Registration opens for Ireland’s April SDG National Stakeholder Forum

Registration is now open for the next meeting of Ireland’s National Stakeholder Forum. The meeting will focus on Ireland’s 2023 Voluntary National Review (VNR), the progress report reviewing the country’s progress towards achieving the UN Sustainable Development Goals. The purpose of the meeting is to allow for feedback and input on the VNR, and on Ireland’s progress in implementing the Goals. The messages developed as part of this meeting will be incorporated into the final version of the VNR being presented to the United Nations in July. The forum will take place on Tuesday 25 April, online and in the Aviva Stadium, Dublin from 10.00am – 4.15pm. Register here.

Event to highlight opportunities and challenges of low carbon economy

The Department of Enterprise, Trade and Employment is holding a series of free events for businesses which will highlight the opportunities and challenges presented by digital transformation and the transition to a low carbon economy. The next event - Building Better Business in the Midlands -  is open to businesses based in Laois, Longford, Offaly and Westmeath. The event will include panel discussions on opportunities and challenges presented by digital transformation and the transition to a low carbon economy, expert information on the range of government supports available to businesses and an opportunity to network and connect with other businesses who have taken steps on the digital and green journeys. For more information and to register, visit Building Better Business in the Midlands - Register.

Northern Ireland’s Energy Strategy e-bulletin

The twenty-first edition of the Energy Strategy e-bulletin has been published by the Northern Ireland Department for the Economy. The bulletin, which aims to keep stakeholders informed about progress on the new Energy Strategy for Northern Ireland, covers the report on the region’s 2022 Energy Strategy Action Plan and highlights work to take place in 2023 through the recently published 2023 Action Plan.

UK Government publishes 2023 Green Finance Strategy

The UK Government has published its 2023 Green Finance Strategy, updating its earlier 2019 strategy intended to mitigate climate-related risk and damage while increasing the amount of capital available to finance “net zero and environmental objectives”. The strategy – ‘Mobilising Green Investment: 2023 Green Finance Strategy’, aims to strengthen the UK’s position at the forefront of the rapidly growing global green finance market and drive private investment to deliver the UK’s energy security, net zero and environmental objectives. Also published as part of the strategy was a consultation paper on the scope of a future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers.

EU Commission offers €100 million for innovative small-scale clean tech projects

The European Commission has launched a third call for small-scale projects under the Innovation Fund, one of the world's largest funding programmes for the deployment of innovative low-carbon technologies. The new call will make €100 million in grant funding available to small-scale projects with a capital expenditure between €2.5 and €7.5 million in the areas of renewable energy, decarbonisation of energy-intensive industries, energy storage, and carbon capture, use and storage. The call is financed by revenues from the auctioning of emission allowances from the EU’s Emissions Trading System (EU ETS), and is implemented by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

European Parliament and Council reach provisional agreement to reinforce EU Renewable Energy Directive

Provisional agreement has been reached between the European Parliament and the Council to reinforce the EU Renewable Energy Directive. The agreement raises the EU's binding renewable target for 2030 to a minimum of 42.5 percent, up from the current 32 percent target, and almost doubling the existing share of renewable energy in the EU. Negotiators also agreed that the EU would aim to reach 45 percent of renewables by 2030. An aim of the new law is easier and faster  permitting procedures, as well as the recognition of renewable energy as an overriding public interest, while preserving a high level of environmental protection. As a key energy-consuming sector, industry is included for the first time in the Directive. On formal adoption of the provisional agreement by the European Parliament and the Council, the new legislation will be published in the Official Journal of the Union and will enter into force.

Chartered Accountants Ireland workshop on the National Climate Action Plan: What Accountants need to know

The latest iteration of the Climate Action Plan was published in December 2023 and garnered significant attention. What are its implications for the business sector? This Masterclass will provide an overview of the background, context and key elements of CAP23. Dr. Diarmuid Torney, Associate Professor in the School of Law and Government at Dublin City University and co-director of the DCU Centre for Climate and Society, and Dr. Aideen O'Dochartaigh, FCA, expert in sustainability accounting and ESG disclosure, and Assistant Professor in Accounting at DCU Business School will discuss how businesses can play their part in contributing to the achievement of Ireland’s legally binding greenhouse gas reduction targets. Find out more and register.

District Societies to mark Earth Day 2023

The Chartered Accountants Ireland District Societies are getting together to mark Earth Day 2023 on Saturday 22 April. Each society is organising a clean-up in their area. It's a great opportunity for members to meet up, bring their families and friends and make a positive impact in their communities. Keep an eye out for messages from your own society to find out how to get involved. Find your district society here.

Articles

• In-depth Q&A: The UK’s ‘green day’ avalanche of climate and energy announcements (Carbon Brief)
• New cars sold in EU must be zero-emission from 2035 (BBC News)
• Cost of installing solar panels to drop by €1,000 under planned VAT cut (Irish Times)
• UK government expected to offer energy companies windfall tax relief (Financial Times)
• Private jet use is soaring in Europe. The number of flights increased 64% last year, leading to an almost-doubling of CO2 emissions. Most popular route? Paris to London. (Bloomberg Green)
• Only 5% of FTSE 100 companies have ‘credible’ climate transition plans, says EY (Financial Times)

Upcoming Events  

• SAICA Sustainability reporting: Navigating the Sustainability Reporting Standards – Webcast  With the International Sustainability Standards Board's (ISSB) first Sustainability Disclosure Standards (IFRS S1 and IFRS S 2) expected to be become effective from January 2024, SAICA is pleased to host Dr Ndidi Nnoli-Edozien, the ISSB Board member to provide an update on the key discussions made by the ISSB on the upcoming IFRS S1 and IFRS S2 to be published by the end of June this year.  17 April

• Chartered Accountants Worldwide, Greenwashing Webinar -  Hosted by Daniel Thomas, Chief UK Business Correspondent for the Financial Times Experts, experts include Tsuyoshi (Yoshi) Domoto, ESG & Sustainability Consultant, GLIN Impact Capital; Aisling McCaffrey ACA, Director – Sustainability, Financial Services Advisory Grant Thornton Ireland; Elena Margineanu, Ph.D. Lecturer at the Free International University of Moldova; Michael Izza, CEO of ICAEW, Chairman, Chartered Accountants Worldwide; and Kate Robertson, Co-Founder, One Young World. 18 April @ 5:00 pm - 6:00 pm BST

• ICAS special summit on sustainability reporting (London)
  The ICAS sustainability summit will be an opportunity for those closest to developing and implementing UK, European and International sustainability reporting disclosure standards to discuss how we meet the information needs of users and stakeholders. In person, in London, speakers include Andrew Death, Deputy Director at the UK Government’s Department of Business and Trade, Judy Kuszewski, Chair of the Global Sustainability Standards Board, Indy Singh Hothi CA, ICAS President, and Mark Vaessen, President of Accountancy Europe. 26 April

• DETE, Building Better Businesses  Midlands Park Hotel, Portlaoise
  Free event hosted by the Department of Enterprise, Trade and Employment is holding a series of free events for businesses which will focus on the opportunities and challenges presented by digital transformation and the transition to a low carbon economy. 27 April –  from 8.30 am to 1.30 pm.

• Irish Environmental Network, National Biodiversity Week 2023
  May 19-28th

• Business Post, ESG Summit, Croke Park, Dublin
  May 30

   

Certificate in Sustainability Strategy, Risk and Reporting

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 : 26 April, 2023
• 14.00-15.00/30
• Chartered Accountant House/Teams

If you would like to attend please email sustainability@charteredaccountants.ie