In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s letter to the Department of the Environment, Climate and Communications about business supports required for decarbonisation. Also covered is increased funding supports available for businesses to invest in energy efficient and renewable heating, Ireland’s Climate Action Plan progress, the Irish Funds Industry ‘Climate Challenge’, a UK Green Taxonomy, and some good sustainability newsletters, articles and events.
Chartered Accountants Ireland lobbies government for more climate-related support for SMEs
Chartered Accountants Ireland has issued a letter to the Department of the Environment, Climate and Communications regarding the capacity of Irish businesses to meet the challenges presented by the transition to a low carbon economy. The Institute has called on the Minister for Environment, Climate and Communications, Eamon Ryan, TD, to launch a formal campaign to encourage SMEs to reduce their CO2 emissions while adapting and seizing new opportunities. Read the letter and the accompanying press coverage.
Increased funding supports available for businesses to invest in energy efficiency and renewable heating
Increased supports are now available for energy efficiency, heat pump and biomass installations to support businesses looking to improve efficiency and switch from fossil fuel. Two schemes have received increased funding: the Support Scheme for Renewable Heat (SSRH) and the Excellence in Energy Efficient Design (EXEED), both provided by the Sustainable Energy Authority of Ireland (SEAI). Capital grant support of up to €3 million or biomass tariff of up to €3.5 million over 15 years is now available for renewable heat and energy efficiency projects in buildings and industry.
It was also announced that the eSPSV Grant Scheme for taxis, hackneys and limousines has been renewed for 2023, offering savings to SPSV owners who switch to electric vehicles.
Ireland’s Climate Action progress report
The Irish Government has published its final progress report on Ireland’s Climate Action Plan 2021, reportedly announcing that 760 of the 965 measures in the Plan – 80 percent – have been implemented. However, it noted a continuing rise in carbon emissions (the single biggest contributor to global warming), mainly due to the use of fossil fuels in electricity generation and “a persistent coupling of economic activity with greenhouse gas emissions”. The report warns that any delays in implementing measures under the Climate Action Plan 2023 will “have greater consequences and further risk not meeting legally binding carbon budgets and SECs [sectoral emissions ceilings]”.
Irish Funds Industry Launches a Climate Challenge
Ireland's Green Team Network has partnered with the NGO Global Action Plan Ireland to launch a Funds Industry Climate Challenge pilot for 17 – 28 April. Participating companies will compete with all other companies in the industry to log the most CO2 emissions saved at the end of a two-week period of climate-friendly activities. The two-week Funds Industry Climate Challenge was launched on Tuesday 28 February, and winners will be announced at the Irish Funds Industry Association’s annual conference on 18 May. The competition is open to all firms within the Irish Funds industry (including professional services firms) and seeks to engage employees, enabling them to discover how small differences in our day-to-day behaviour can have a big impact on our carbon footprint. Register your interest / find out more at greenteamnetwork.ie/climatechallenge.
The UK Green Taxonomy
The Green Technical Advisory Group (GTAG) have published its advice to the UK Government on promoting the international interoperability of a UK Green Taxonomy. GTAG's new paper highlights how the UK must align sustainable rules with the EU where possible, or risk falling behind in the race to attract green finance. The Green Technical Advisory Group (GTAG) provides independent, non-binding advice to Government on the design and implementation of a UK Green Taxonomy. The EU Taxonomy, a classification system, establishing a list of environmentally sustainable economic activities, has been established as a way to help the EU scale up sustainable investment and implement the European green deal.
IPSASB, IFAC and Accountancy Europe to host interactive discussion on sustainability standards and reporting
The International Public Sector Accounting Standards Board (IPSASB), IFAC and Accountancy Europe will host an interactive in-person discussion on April 4 in Brussels around key ideas the IPSASB is exploring related to the development of sustainability standards and the resources necessary to deliver the urgently needed public sector reporting guidance. The discussion follows a new report published by IFAC, AICPA & CIMA – the State of Play in Sustainability Assurance benchmarking – which captures and analyses the extent to which companies are reporting and obtaining assurance over their sustainability disclosures, which assurance standards are being used, and which companies are providing the assurance service.
Newsletters
Here are some good sustainability-related newsletters to subscribe to:
Articles
- How to travel from Dublin to London by ferry and rail – A detailed guide from Dublin City Councillor Michael Pidgeon.
- State launches green transport incentive scheme for workplaces - Businesses will get gold, silver and bronze ratings based on efforts to reduce staff driving to work (Business Post)
- Every 1-degree rise in ocean temperatures produces huge increase in rainfall, Irish study finds (Irish Times)
Competitions
Accounting for Sustainability (A4S) is now accepting applications for the A4S Academy 2023. The 18-month programme will begin at the end of June 2023, with applications closing on 31st March. More details, including programme outline, eligibility and fees are on the A4S website or by email.
Upcoming Events
- Trinity College Dublin is running free Climate Action & Sustainability webinars on Wednesdays 1-2pm. Join 12 leading academics in Trinity College Dublin as they speak about technologies and solutions that will help deliver our goals in the areas of Climate Action and Sustainability.
- Carlow Local Enterprise Office is hosting a free webinar from ‘The Green Panel’ which aims to inform, inspire, and engage owner managers and their key staff in how they can implement green technologies, processes and products to their business in order to be more competitive. (8 March 11.00am)
Jobs
Financial/Reporting Accountant for major energy provider in Ireland’s Energy/Sustainability/Renewables sector. Newly qualified ACAs can contact Dave Riordan, Careers Team, Chartered Accountants.
Certificate in Sustainability Strategy, Risk and Reporting
Classes start Wednesday 3 May
Following three sellout sittings, our Certificate in Sustainability Strategy, Risk and Reportingfor accountants is back again in May 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. |
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Find out more
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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 : 22 March, 2023
- 14.00-15.00/30
- Chartered Accountant House/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.