Sustainability/ESG Bulletin from Chartered Accountants Ireland, Friday 28 October 2022
Susan Rossney
Sustainability Advocacy Manager with Chartered Accountants Ireland | Sustainability Leader | Peaceful Climate Activist
Sustainability/ESG Bulletin, Friday 28 October 2022
In this week’s sustainability/ESG bulletin, read about new legislation on the redesigned Energy Efficiency Obligation Scheme, improvements in air quality and reductions in greenhouse gas emissions in Northern Ireland, a call to world leaders from more than 330 businesses to make nature assessment and disclosure mandatory, as well as articles and upcoming events.
New legislation on redesigned Energy Efficiency Obligation Scheme
Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan T.D.,?has signed new legislation on the redesigned Energy Efficiency Obligation Scheme?(EEOS). This scheme places a legal requirement on larger energy companies to help energy users – including those in the commercial and public sectors – save energy.?The scheme, which has been redesigned in response to amendments to the EU Energy Efficiency Directive (EED) and the Government’s climate priorities, will commence on 1st January 2023.
Between 2014 and 2020 larger energy companies (‘obligated parties’) supported energy efficiency actions in more than 290,000 dwellings and over 3,000 businesses. These savings represent an offset in CO2?emissions of around 1.2 Mt and recurring financial savings of approximately €240 million per year.
Bike to work scheme to include higher limit for cargo bikes
A new higher limit for?Cargo Bikes?has been included in the revised Bike to Work Scheme in Ireland, a scheme which aims to encourage the public to cycle to and from work. The higher limit was announced recently as part of the Finance Bill and increases the limit of regular and electric-assist cargo bicycles to €3,000. The?Bike to Work Scheme?allows employees to give part of their salary for a bicycle and/or safety equipment, which should be used primarily for journeying to and from work. The purchase is not taxable benefit-in-kind and can be made in any shop.
Air quality in Northern Ireland improves, while greenhouse gas emissions decrease
The ‘Air Pollution in Northern Ireland 2021’ report has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA). The annual statistical report, which provides summary information on key air quality monitoring results, found that air quality in Northern Ireland has improved substantially in recent decades, with concentrations of sulphur dioxide – a pollutant associated with coal and oil combustion – declined significantly since the 1990. An overall decreasing trend in nitrogen dioxide (NO2) concentrations ws also observed. Government statistics estimate that air pollution in the UK reduces the life expectancy of every person by an average of 7-8 months, with an associated cost of up to ￡20 billion each year.
In related news, a report into?Northern Ireland carbon intensity indicators, also published recently, found that despite substantial growth since 1998 to 2022 in Northern Ireland’s Gross Value Added (GVA), greenhouse gas (GHG) emissions actually declined by 65 percent in the same period. The report also shows that GHG emissions per capita decreased 36 percent from 17.2 tonnes CO2?equivalent per person in 1990 to 11.0 tonnes in 2020, despite the population increasing in the region by 19 percent over this period.
Joint UK, Northern Ireland and Ireland investment for research announced
The Irish and British governments have announced a joint €74 million (￡64 million) investment to create new collaborative research centres across Ireland, Great Britain and Northern Ireland. The ‘Co Centres: Collaboration for Transformative Research and Innovation’ Programme, will open in November 2022 and will focus on two thematic areas: Climate, and Sustainable and Resilient Food Systems. The Co-Centres programme will bring together leading academic and industrial researchers, as well as policymakers across Ireland, Britain and Northern Ireland and will be managed by Science Foundation Ireland (SFI), Stormont's Department of Agriculture, Environment and Rural Affairs (DAERA) and UK Research and Innovation (UKRI).
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More than 330 businesses call to make nature assessment and disclosure mandatory
More than 330 businesses and financial institutions with combined revenues of more than $1.5 trillion in 56 countries, have urged world leaders to make it mandatory for companies to assess and reveal their impact on nature by 2030. In an?open letter to heads of state, business leaders said the business and financial status quo was “economically short-sighted and will destroy value over the long term” pushing for governments to agree to the disclosures at?Cop15, the UN biodiversity conference being held in Montreal this December.
From our colleagues in Professional Accounting
Did you know…
The International Sustainability Standards Board?(ISSB) has a podcast? In the latest episode, ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss key decisions made in the highlights from the third ISSB meeting, the background on the greenhouse gas emissions discussion, and overview of the ISSB's decisions on priority work, and more.
Articles
Upcoming events
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