Sustainability/ESG bulletin, Friday 12 April 2024 from Chartered Accountants Ireland

IRELAND

Chartered Accountants Ireland responds to public consultation on Climate Action Plan 2024

The Institute has responded to the Department of the Environment, Climate and Communications’ Public Consultation on Climate Action Plan 2024. In our response we addressed the key challenges and risks to delivering the measures and actions set out in the Plan. We also identified additional supporting actions that could be taken in 2024, such as communication and awareness-raising, training and education, and targeted financial supports for businesses to help them with their transition to a net-zero society and economy. Read our response in full here.

Climate engagement and public procurement.

The Department of the Environment, Climate and Communications has launched a new Climate and Engagement Campaign to support and encourage action on climate and community resilience. The campaign – a first of its kind globally – will work with groups to amplify the climate action already taking place and to provide support to groups where needed, including making available flexible micro-funding totalling €1 million over 2024 and 2025. The Government will also work with a range of climate communications experts to develop special training, toolkits and advice for groups – including business and professional groups – who want to do more to make their place better and more climate resilient.

The news comes as the Climate Action Plans launched  for all 31 Local Authorities, collectively including almost 4,000 actions to be completed in each local authority area over the next five years.

Separately, the Government of Ireland has released a new Green Public Procurement Strategy and Action Plan 2024-2027. Green public procurement has been identified as one of the important areas of the economy that can play a key role in helping Ireland to become more resource-efficient.

Ireland’s power generation and industrial emissions decrease in 2023

The Environmental Protection Agency (EPA) has released preliminary analysis of greenhouse gas emissions in 2023 from the Emissions Trading System (ETS) sector, which shows a decrease of 17 percent, compared to a decrease of approximately 15.5 percent across Europe, according to data published by the EU Commission. The decrease was due to a combination of factors, including an increase in imports of electricity, the use of renewable electricity and renewable fuels as well as a decrease in cement production. In contrast, greenhouse gas emissions from aviation increased by more than nine percent  compared to 2022, which reflects continued growth in this sector.  

Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 publishes

(From our colleagues in the Tax Team)

The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 has been published, its purpose being to provide for the establishment of two new funds to support future expenditure by the State as the economy is likely to face increased pressures associated with climate change, digitalisation, and an ageing population. Described as ‘a gamechanger’ in addressing monetary gaps up to 2030, and a way of ‘firewalling’ major climate investment projects well into the next decade, the Fund is due to reach €14 billion by 2030. Of this, the climate and nature component is worth over €3 billion per year. The goal is to ensure that the State would have resources to support capital expenditure for projects between 2026-2030 in the event of a future downturn. Read more commentary from Chartered Accountants Ireland here.

Nature capital in boards and business

The global non-profit platform Capitals Coalition is inviting businesses to participate on a new business decision template for boards. The template aims to ensure that information on all forms of capital is considered in board’s decision-making processes.

Separately, in Ireland, Business For Biodiversity Ireland (BFBI) has developed a Roadmap to A Nature Positive Roadmap for Business. Aligned to prevailing methodologies and broken down into easy-to-manage steps, the Roadmap provides – among other things – steps on how to identify topics material to your business when it comes to new and existing reporting regulations. It is available to business members of BFBI, alongside other useful and free resources.

NORTHERN IRELAND & UK

Business in the Community Ireland (BITCI)  and its sister organisation in Northern Ireland (BITCNI) have launched an All-Ireland Climate Action Pilot Programme for SMEs to build organisational capacity and change in companies which work with SMEs in their supply chains.  Scope 3 emissions remain the most challenging area for meaningful decarbonisation, and SMEs play a key role in transition to a low carbon economy. Starting in April, this pilot programme will help companies better understand the challenges and opportunities of upskilling SMEs to address Climate Action in Ireland, and will help improve Scope 3 data emissions reporting.

GLOBAL

Towards a More Sustainable Future: Advancing the Centrality of Ethics

The International Ethics Standards Board for Accountants (IESBA) has announced the publication of its Strategy and Work Plan for 2024-2027, titled Towards a More Sustainable Future: Advancing the Centrality of Ethics. The Work Plan sets out the IESBA's vision and strategic goals and actions, underpinning its ambition to put the International Code of Ethics for Professional Accountants (including International Independence Standards) at the heart of business and organisations.

Technical Round-Up

(From our colleagues in Professional Accounting)

• ISSB has issued an update on the jurisdictional progress made in adopting the IFRS Sustainability Disclosure Standards. It also issued its March 2024 update and podcast.
• FRC has announced the launch of its first market study to examine the UK market for sustainability assurance services.
• GRI has published three new guidance documents covering Double Materiality, Due Diligence and the CSRD to support global policymakers

Did you know: Chartered Accountants Ireland has a new sustainable member benefit?

Chartered Accountants Ireland has new member benefit. Riley is an Irish, female-founded period care company that aims to drive change by providing everyone with sustainable, toxin-free period care. For more information on our new partner offers, log into your member account or subscribe to the Member Benefits bi-monthly newsletter to keep up with these and all the other offers.

Articles

• Here’s how professional service providers can step up for climate action (Financial Times – Sustainable Views) subscription needed

• Climate change measures will be tougher than many wish to believe (Irish Examiner)
• Stemming the tide of greenwashing lies - Sustainability credentials are big business in 2024, but not all are genuine. Dee Moran looks at ongoing EU efforts to curb greenwashing (Accountancy Ireland)
• The seven traits of a successful sustainability leader - Catherine Duggan, Director of Sustainability at Grant Thornton, writes about how navigating the complexities of sustainability leadership demands a multifaceted approach (Accountancy Ireland – Briefly)

Upcoming events

• ICAEW, Sustainability for Business Gain insights on integrating sustainability into business operations, going beyond just carbon to consider the broader impacts and dependencies on people and planet. 23 April, 08:15 - 12:00, In person. Chartered Accountants Hall, One Moorgate Place, London, EC2R 6EA, UK 

• Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual 

• Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00, Virtual 

• Dublin Chamber, Sustainability Academy – Sustainability ESG 101 In today's world, consumers and investors are placing a growing emphasis on environmental, social, and governance (ESG) practices. Our introductory Sustainability/ESG 101 course equips business professionals across all sectors with the foundational knowledge they need to navigate this evolving landscape. 19 Apr 2024, 09:30 AM - 12:00, Webinar 

• Chartered Accountants Ireland, Ulster Society Sustainability Reporting & the Public Sector The Chartered Accountants Ireland Ulster Society is hosting a free in-person event Sustainability in the Public Sector, where we will delve into the crucial realm of Sustainability Accounting and Reporting (SAR) across the island of Ireland.  Speakers include Dr. Elaine Stewart & Professor, Ciaran Connolly, Queen’s Business School and Gareth Martin, Deloitte.In person, Chartered Accountants Ireland, 32-38 Linenhall Street, Belfast BT2 8BG, 12.30pm - 2pm. Lunch from 12.30pm with presentations from 1pm, followed by Q&A 

• ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. 

• iQuest & Business Post, ESG Summit 2024  In person, Dublin (Croke Park), April 30th

• ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual 

• National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29

• 1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024

• EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September

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, 24 April, 14:00-15.30
• 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.