Sustainability/ESG bulletin, 11 October, 2024

In this week’s Sustainability/ESG bulletin read about Chartered Accountants Ireland's new regulatory framework in place for sustainability assurance service providers in Ireland. Also covered is a report from Business in the Community Ireland urging action on interconnected climate and nature crises, sustainability in the October issue of Accountancy Ireland, and the publication by Global Accounting Alliance of Nature is everyone’s business: the GAA’s progress and pathway to 2030, as well as the usual resources, articles and upcoming events.

Ireland news

New regulatory framework for sustainability assurance service providers in Ireland in place

The Institute has published the Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland with effect from 11 October. These regulations replace the existing Audit Regulations for Ireland and introduce the Institute’s regulatory framework for the authorisation and oversight of firms and individuals undertaking sustainability assurance engagements pursuant to Part 28 of the Companies Act 2014 (which reflects the EU’s Corporate Sustainability Reporting Directive (CSRD)). Read more here. 

Reverse the Trend

Ireland's first official sustainable fashion campaign – Reverse the Trend – launched this week. The launch marked World Circular Textiles Day on Tuesday, 8 October, a day dedicated to exploring circularity in textiles around the world and sharing stories to inspire more sharing, re-wearing, reuse and remanufacturing along the textiles supply chain. The fashion industry is estimated to be responsible for 10% of global carbon emissions, while only 31% of Irish people see a link between purchasing textiles and climate change.

Three in Five Irish Consumers More Likely to Support Businesses Committed to Climate and Nature

Three in five Irish consumers are more likely to support businesses committed to climate and nature, according to a report published this week by Business in the Community Ireland (BITCI). BITCI surveyed consumers ahead of the launch of their new collective action campaign  Accelerate, the Business Pact on Climate and Nature which urges action to address the interconnected climate and nature crises.

Sustainability in Accountancy Ireland

The October/November 2024 issue of Accountancy Ireland published this week, with a special report into sustainable finance. The recently transposed Corporate Sustainability Reporting Directive (CRSD) is covered, along with articles by Chartered Accountants supporting businesses and the wider profession in its implementation:

• Niamh Brennan, Louise Gorman and Seán O’Reilly explain why accountants will play a critical role in helping SMEs manage the impact of new sustainability reporting requirements on their supply chains.

   

• In ‘The CSRD – more than just compliance?’ David Connolly and Alba Boshnjaku explain how companies complying with the Corporate Sustainability Reporting Directive could see real business benefits, but the right mindset is crucial.

   

• Clarity is needed to support compliance with CSRD in Irish law, writes Daniel O’Donovan, who considers the urgent need to resolve interpretative questions that have emerged following the transposition of the Corporate Sustainability Reporting Directive into Irish law.

   

• Chartered Accountants Ireland Professional Accounting Lead, Dee Moran, writes about how Accountants are key to reaching Climate Act targets, and have a critical role to play in assisting companies, both large and small, to get on their sustainability journey.

   

• Dee France, Wellbeing Lead with Thrive, Chartered Accountants Ireland’s dedicated wellbeing hub, writes how age discrimination is often under-represented in DE&I discussions, with older professionals experiencing the ill-effects of negative attitudes and bias.

World news

Chartered Accountants Ireland, as a member of the Global Accounting Alliance (GAA), has this week published ‘Nature is everyone’s business: the GAA’s progress and pathway to 2030’. The publication builds on progress made since our combined commitments made in 2022 to reverse nature loss before the Biodiversity COP 16 meeting being held later this month in Colombia. The report summaries the progress made to date, what we need to do as professional bodies, actions we need to take collectively and as individual GAA members, to accelerate progress.
 
And there is much work to be completed in this area. The Living Planet Report, a comprehensive overview of the state of the natural world, reveals how global wildlife populations have shrunk by an average of 73% in the past 50 years. Our institutes are committed to supporting our members and contributing to our global commitment. The GAA intends to publish a ‘Starter guide to Nature for Accountants’ later this year to give our members practical guidance on why nature matters to them in their professional roles, and how to get started on embedding it in their day-to-day practices.

Technical update

In case you missed them, here are some  Technical updates from the Professional Accounting team at Chartered Accountants Ireland

• The Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Following the signing into law of S.I No 336 European Union (Corporate Sustainability Reporting) Regulations 2024 in July 2024, many organisations, including the Institute, have engaged with the Department of Enterprise, Trade and Employment regarding the wording of the legislation, which many felt contained significant application challenges.

   

• The IFRS Foundation has published a guide Voluntarily applying ISSB Standards — A guide for preparers that aims to support companies as they start to apply ISSB Standards voluntarily and communicate their progress to investors.

   

• The Global Reporting Initiative (GRI), along with the World Benchmarking Alliance, has published How to strengthen corporate accountability: The case for unlocking sustainable corporate performance through mandatory corporate reporting. The publication explores the link between the use of the GRI Standards and companies' social performance, as measured by WBA's Core Social Indicators.

Did you know

UK retail giant ASDA has launched a new initiative aimed at boosting sustainability within its supply chains. Set to launch in January 2025, the initiative will reportedly provide financial incentives to encourage sustainable practices among suppliers, rewarding those performing strongly with most preferential terms.

Articles

Upcoming Events

Trinity College Dublin, What does economics have to do with nature?

What does economics have to do with nature? What is the natural capital approach? Why do we need an economic approach to climate change risks?  Come and hear answers to these questions and more from Ece Ozdemiroglu, environmental  economist, founder & CEO of EFTEC (Economics for the Environment)
In person, Oct 14, 2024 at 6:00 PM

Wall Street Green, Wall Street Green Digital Summit
Date: Oct 15th
Location: Online

UN Global Compact, Virtual Open House: Exploring the UN Global Compact & the Network for Ireland
Are you interested in learning more about the world’s largest corporate sustainability initiative? Curious about how your company can play a role in advancing the UN SDGs and driving impactful change? Join the Virtual Open House on 16th October for a unique opportunity to connect with like-minded leaders and explore how we can work together to create a more sustainable and responsible future. At this webinar you’ll gain insights into the value of engaging with the UN Global Compact and the soon-to-be-launched Network for Ireland.
- Overview of the UN Global Compact and its Ten Principles
- Benefits of joining the UN Global Compact for your business
- Introduction to the new Ireland Network and how it can support your sustainability goals
Online, 16 October, 3:30- 4:30pm

Environmental Finance, Sustainability Data EMEA
Date: Oct 17th
Location: London

Environment Ireland, Environment Conference
Environment Ireland® is Ireland’s major environmental policy and management conference. Now in its 20th year, this important event features a range of focused sessions highlighting the pressing issues facing the environment in Ireland and further afield.
In person, Croke Park, 17 October

Derry City and Strabane District Council, The Sustainable Climate Conference 2024
This event will unite national leaders, policymakers, scientists, industry experts, and community leaders to address the pressing challenges presented by climate change, sustainability, biodiversity loss, and the preservation of our natural environment for the betterment of all citizens and communities.
In person, Guildhall Square Londonderry BT48 7BB United Kingdom, Thursday, October 17 · 9:30am - 12:45pm

Convention on Biological Diversity, COP16
Date: Oct 21-Nov 1
Location: Colombia

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.
24 October, 08:30 – 12.00, Virtual

Business in the Community Ireland (BITCI) +NSAI, IBEC and The ESG Exchange, CSRD compliance linked to strategy and long-term (sustainable) performance
At this event, company practitioners and international experts will discuss what good ESG data management looks like, and a new international sustainability maturity guideline on where to start and how to build towards best practice in sustainability'
Virtual, 24th October 2024, 10:00-11:30

IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference
The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. It will explore:

• Challenges and opportunities facing accounting education in the context of sustainability reporting and assurance,
• Corporate Sustainability Reporting Directive (CSRD) and its implications for accounting education,
• Future skills for sustainability reporting and assurance,
• Strategies for enhancing accounting education and student skills development.

In person, 1 November, Maynooth University

Accountancy Europe, Shaping the future of sustainability assurance engagements
Join Accountancy Europe and the International Federation of Accountants (IFAC) to discuss the latest developments in the world of sustainability assurance. In this webinar, you will hear insights from the International Auditing and Assurance Standards Board (IAASB), the Committee of European Auditing Oversight Bodies (CEAOB) and the Nordic Federation of Accountants.
Virtual, 12 November, 15.00-16.45 (Brussels Time)

iQuest & Business Post, ESG Autumn Summit
Date: Nov 20th
Location: Croke Park

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, 23 October, 14:00-15.30
• Zoom

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.