Sustainability/ESG bulletin from Chartered Accountants Ireland, Friday 28 June 2024

Ireland news

€300 million to drive the decarbonisation of manufacturing sectors

The Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced that €300 million will be available to drive the decarbonisation of Ireland’s industrial emitters over the coming years. The Minister has also published the?Decarbonisation of Industrial Heat Roadmap , which sets out what the operating environment for energy used in manufacturing will look like in the future. Read more?

Government approves new greenhouse gas (ghg) emissions reduction strategy

The Government has approved Ireland’s updated Long-term Strategy on Greenhouse Gas (GHG) Emissions Reduction . The strategy, which updates one prepared in 2023 , links the shorter-term Climate Action Plans and Carbon Budgets and the longer-term objective of the European Climate Law and Ireland’s National Climate Objective.

New public procurement strategy to be developed

The Government has announced it is to develop a new national public procurement strategy to build on the public procurement reform programme established in 2013 and to align with the 2023?Better Public Services: Public Service Transformation 2030, ?. The move is to help achieve the Government’s long-term vision for public procurement, i.e. that it be sustainable, innovative, transparent and cost-effective.

Adoption of Ireland’s revised National Recovery and Resilience Plan

The EU Economic and Financial Affairs Council’s (ECOFIN) has adopted Ireland’s modified National Recovery and Resilience Plan (NRRP), which includes Ireland’s €240m REPowerEU Programme. Ireland’s modified plan is now worth €1.15 billion (in grants) and covers 19 investments and 11 reforms. The overall objective of Ireland’s NRRP is to contribute to a sustainable, equitable, green and digital recovery effort, in a manner that complements and supports the Government’s broader recovery efforts from the global Covid 19 pandemic.

Government approves General Scheme of Environment (Miscellaneous Provisions) Bill 2024

The Government has approved the General Scheme of the Environment (Miscellaneous Provisions) Bill 2024. This Bill is intended to streamline the EPA’s licencing system by providing definite timeframes for decisions and more options for the Agency to efficiently regulate lower-risk activities and minor changes to licences. It also ensures that appropriate and proportionate environmental protections are in place. The General Scheme will be the basis of the Bill which will be brought to Government before being published and introduced in the Oireachtas.

Government green lights sustainable water project

A project, described as one of the largest and most important infrastructure projects in the history of the State, has received Cabinet approval in principle this week. The Water Supply Project aims to ?develop a new, climate-resilient, long-term water source to meet the demands of a growing population and economy, including the need for housing and mitigating against the impacts of climate change. Following Cabinet approval, Uisce Eireann will submit a Strategic Infrastructure Development application to An Bord Pleanála next year with construction estimated to take 4-5 years.

20 New Sustainable Development Goal (SDG) Champions announced for 2024-2025

20 new organisations from across Irish society have been appointed Sustainable Development Goal (SDG) Champions , bringing to 54 the number of Champions in Ireland from programmes since 2019. These include Musgraves, the GAA, Macra na Feirme and Chambers Ireland.?The chosen organisations will help raise awareness of the importance of the UN SDGs as a roadmap for a safer, fairer, more prosperous and sustainable future for all, that leaves no-one behind.

UK/Northern Ireland news

Funding for decarbonisation/waste reduction

Funding has been made available under the Creative Catalyst Challenge Fund to finance research and development (R&D) of an innovative new product/system or process that decarbonises or reduces waste within the creative industries, reducing climate impact and/or leading towards net zero. The bespoke fund offers a total grant pot of ￡250,000 for creative entrepreneurs and businesses working within the creative industries in the UK. Find out more here .

Carbon literacy training for businesses

Accredited carbon literacy training is being offered to businesses in Northern Ireland by Business in the Community (BITC). The training is designed to improve understanding of carbon literacy and to explore the opportunities, risks and challenges of climate change. The training is accredited to meet the Carbon Literacy Standard and independently verified by The Carbon Literacy Project. Find out more here .

Grant competition – ethnic minority entrepreneurs

The Minorities Recognition Awards NI (MRANI) and Techstart Ventures have teamed up to launch the Innovators grant competition for ethnic minorities in Northern Ireland. The collaboration offers entrepreneurial individuals from ethnic minority backgrounds, who are resident in Northern Ireland and have a novel business idea, a chance to apply for grant funding of up to ￡10,000 to further develop their ideas. Find out more here .

Greenhouse gas emissions bulletin

A statistical bulletin on greenhouse gas emissions for Northern Ireland from 1990-2022, has been published by the Department of Agriculture, Environment and Rural Affairs (DAERA), and shows a decrease in 2022 of 3.0 percent compared with 2021, with a longer-term decrease of 26.4 percent compared with emissions in 1990. Read more here .

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Europe News

• The European Environment Agency (EEA) has announced a decline in key air pollutant emissions across most EU Member States. 11 Member States – including Ireland – failed to meet their emission reduction commitments in 2022 for at least one of the five main air pollutants. The agency also published a review of the EU’s Climate-ADAPT online platform , which shows that sharing examples of adaptation actions can boost learning across the EU, Member States as well as regional and local authorities to help societies better prepare for climate change. The platform currently includes?134 case studies?for learning and to inspire action.?
• The EU Commission has launched the European Solar Academy , the first in a series of EU Academies to be set up under the?Net-Zero Industry Act ?(NZIA) to have in place the necessary skills along the net-zero technologies value chains. The role of NZIA academies is to develop learning content and programmes together with the industry, to ensure that sufficient skills and workforce in the value chain.?
• The European Union has?disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. The goal of the investments is to help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050.?
• The EU Commission has announced it proposes to allocate €2.4 billion for?environment and climate action, from a proposed annual EU budget of €199.7 billion for 2025. Of the €2.4 billion, €771 million is for the LIFE programme to support climate change mitigation and adaptation, and €1.5?billion is for the Just Transition Fund to make sure that the green transition works for all. The proposed annual budget aims to support the EU in meeting its political priorities while integrating the changes agreed in the mid-term?revision ?of the Multiannual Financial Framework (MFF) in February 2024.?

World news

• The International Federation of Accountants (IFAC) has released resources to help accountants understand sustainability assurance. Sustainability Assurance: What to Expect is part of a part of IFAC’s ongoing initiatives to convene, inform and mobilise sustainability reporting and assurance stakeholders. IFAC is also inviting organisations to reach out to them with opportunities for further collaboration, and is encouraging producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance.

• Also, to mark World MSME Day (27 June), IFAC has published an article on Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses , outlining the four key challenges and opportunities ? for the accountancy profession that identified by IFAC and?shared with the United Nations ?toward the end of 2023.

Did you know?

A Pride festival in the UK has gained recognition for combining both inclusivity and sustainability in its operations. Read our article by Jennifer Lukikeba on Worthing Pride here .

Webinar?

You can watch back the June Webinar 2024 of Practice News from Chartered Accountants Ireland, which features key regulatory updates from our Professional Standards team, as well as an overview from the Department of Enterprise, Trade & Employment on upcoming key changes to Irish Company Law, as well as how the implementation of CSRD will impact you and your clients. ?(0:55:47 – 1:22:54)

Podcast

In Deep Impact Investing , podcast hosts Kimberly Griego-Kiel and Johann Klaassen discuss traditional investment norms and a new age of sustainable impact investing that aligns with personal values and plays an active role in global environmental and societal rejuvenation. Listen at Beyond Profits: Investing for a Sustainable Tomorrow (Ep. 102) – Deep Impact Investing ( blubrry.net )

Articles

• Peter Burke announces €300m for ‘competitive priority’ of reducing manufacturing emissions (Business Post )

• As new CSRD rulebook puts sustainability on a level footing with financial reporting, the work involved is “far from appreciated” (The Currency )

• How to secure funds for sustainability projects (ICAEW )

• What does the Corporate Sustainable Reporting Directive mean for the Global South? (World Benchmarking Alliance )

• PwC’s Global CSRD Survey 2024 -The promise and reality of CSRD reporting (PwC )

• Businesses need more time to implement CBAM (ICAEW )

Resource: AI & CSRD webinar recording

What is ‘socially-conscious’ AI? What AI applications are used for CSRD reporting? How should you report on AI-use under the Corporate Sustainability Reporting Directive (CSRD)? In an Institute webinar earlier last week hosted by Sustainability Advocacy Manager Susan Rossney, speakers David Connolly and Madeline Parkinson from EY’s Climate Change and Sustainability Services team discussed the intersection of AI-use and CSRD reporting obligations and the considerations required to ensure sustainable, ‘socially-conscious’ AI usage. You can watch the webinar here.

(See also this article from ICAEW on using AI to combat modern slavery )

Jobs

• Award-winning Dublin-based ESG and sustainability consultancy SustainabilityWorks is looking for a qualified accountant to join its team. Find out more here .
• A financial/reporting accountant is sought for an 'Energy/Sustainability/Renewables' role in Dublin 2 - NQ ACA. Find out more here .

Upcoming Events

The Law Society of Ireland 2024 Environmental, Social and Governance (ESG) Massive Open Online Course (MOOC)

Delivered over 5 weeks, the Law Society’s 2024 MOOC on ESG is now available online and on demand. The MOOC is free and open to all, and Institute Professional Accounting Lead, Dee Moran, is speaking on the topic of the sustainable reporting landscape.

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A4S, Accounting for Sustainability (A4S) Summit

The annual A4S Summit is a unique global online gathering for the finance and accounting community. The sessions throughout the day focus on your role and how to embed sustainability into your work. Speakers during the sessions will highlight the finance leadership that’s making a difference now, and look at ways to fast-track to a just, nature-positive and net-zero emissions economy. Registration is open for all and will include access to the recordings from the day.

Virtual, Wednesday 3 July (sessions throughout the day)

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Intelligent Enterprises, Oracle and Sustainability Works, ESG Breakfast Briefing: Simplify Data Collection and Automate ESG Reporting

This event includes a session on CSRD Readiness: From Theory to Practice (Laura Heuston, FCA), Simplifying ESG Reporting & Driving Business Value – (Michelle MacDonagh) and Oracles approach to ESG Reporting – The Art of the Possible (Andy King)

In Person, Wednesday 3 July, 9-11am

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Department of Enterprise, Trade and Employment, Trade Horizons Conference

The Department of Enterprise, Trade and Employment will host the second annual Trade Horizons Conference in Dublin Castle on 4 July. The theme for Trade Horizons 2024 is 'Trade for a Sustainable Future', exploring how policy-makers and businesses can work together to advance global prosperity, well-being and meaningful action on the drive for net zero carbon emissions.

In person, 4 July, Dublin Castle, 9:00-2:00

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Chartered Accountants Ireland, Chartered Accountants Ireland Leinster Society 47th Published Accounts Awards , closing date for entries. Includes two sustainability categories:

• Sustainability and ESG Reporting Award – Listed entities
• Sustainability and ESG Reporting Award – Unlisted entities

By email, 12 July

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Chartered Accountants Ireland, The SME and SMP Sustainability Workshop

A workshop for SMEs and small/medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands.

Virtual, Chartered Accountant House, 13 September, 9.30- 12.30; €60 members; €75 non-members; 3 hours CPD points.

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EPA, Circular Economy Conference 2024

Online and in-person (Aviva Stadium, Dublin), 25 September

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Environment Ireland, Environment Conference

In person, Croke Park, 17 October

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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 Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting.

• Next meeting: Wednesday, 25 July, 14:00-15.30

• Zoom

If you would like to attend, please email [email protected]

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You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre .?