Increased global competition one of several challenges to FDI model Addressing infrastructural deficit critical to ensuring continued FDI growth Chartered Accountants Ireland launches FDI guide, highlighting critical role its members play in supporting investment   Ireland faces greater competition as a location for global Foreign Direct Investment (FDI) than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point, according to Chartered Accountants Ireland.  The Institute, the largest professional body on the island of Ireland, representing over 38,400 members, has today launched its new guide to FDI in Ireland at an event in conjunction with IDA Ireland in Dublin.   Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said  “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said  “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”    

  In this week’s Sustainability/ESG bulletin read about Ireland and the UN Biodiversity COP16, €55 million in new funding for Irish business decarbonisation, and the €1 million from Irish businesses to nature-positive actions. Also covered is DAERA’s consultation on draft environmental principles policy statement, the launch of the UK SME Climate Hub’s new platform of climate action tools, reports from the WBCSD and the London Stock Exchange, as well as the usual resources, podcasts, webinars, articles and events.   Ireland news Accounting for Nature - the Biodiversity COP Ireland attended COP16, the United Nations conference aimed at protecting and restoring biodiversity, which took place in Colombia from 22 Oct to 1 November. At the conference, Minister for Nature and Heritage Malcolm Noonan reportedly committed to continue to scale up nature restoration and protect its vulnerable ecosystems, while improving climate resilience. Chartered Accountants Ireland has written an explainer about COP16 and what it means for businesses.  Ireland’s competitive advantage The Department of the Taoiseach has published the Response to Ireland’s Competitiveness Challenge 2024, outlining how the Government is addressing the priority areas and actions proposed by the National Competitiveness and Productivity Council (NCPC). Among other issues, the report highlights the promotion and delivery of sustainable development, and the measures taken to deal with expenditure pressures, including ageing, climate, digitalisation and other fiscal and economic shocks that may arise in future. (See also our event Maintaining Ireland’s Competitive Advantage: FDI in 2024 and Beyond, taking place on 12 November in Chartered Accountants House). New Heat Bill paves the way for district heating nationwide The Irish Government has approved the General Scheme of the Heat (Networks and Miscellaneous Provisions) Bill 2024, which aims to facilitate the growth of a district heating industry in Ireland. District heating utilises a centralised heat source, such as a waste facility or data centre, to heat multiple buildings across a potentially wide geographical area. The development of such legislation would establish a regulatory model to ensure price protection for large and small heat network consumers. Increase in approvals of Energy Efficiency Grant applications Approval of applications for the Energy Efficiency Grant has nearly doubled since a series of revisions to its terms last July, according to a statement made by the Department of Trade, Enterprise and Employment. The grant, administered by the Local Enterprise Offices (LEOs), is for businesses investing in new energy efficient equipment, smart control systems, heat recovery and more. Welcoming the news, Minister for Enterprise, Trade and Employment, Peter Burke, T.D., encouraged interested businesses to contact their LEO, commenting: “Sustainability is good for business. By cutting energy costs, businesses will save money.” Separately the SEAI has launched a new section on its website sign-posting businesses to technologies to enhance energy efficiency and move towards carbon neutrality. Smart Energy for Business also includes tips for staff interested in smart energy habits at home. Significant projected gaps to energy targets The Sustainable Energy Authority of Ireland (SEAI) has published its National Energy Projections 2024 report, which points to significant projected gaps in Ireland’s ability to meet all legally binding targets, including national carbon budgets and sectoral emissions ceilings, as well as EU obligations on renewable energy, energy efficiency and greenhouse gas emissions. The report goes on to state that “unprecedented technology change must be combined with strong policies and measures to limit growth in energy demand and disincentivise behaviours and practices that incur wasteful energy use in all parts of society”.  Enterprise Ireland Approves Over €55 Million in Funding to Drive Decarbonisation in Irish Businesses Enterprise Ireland (EI) has approved over €55 million in funding to support the decarbonisation of Irish businesses it was announced this week. Approved under the Environmental Aid scheme and EI’s Green Transition Fund, the funding has benefited more than 400 Irish companies since June 2022, reducing CO2 emissions by an estimated 130,000 tonnes. The Department of Enterprise, Trade and Employment also allocated a further €300 million in June this year under the Environmental Aid scheme to support EI’s broader commitment to advancing sustainable growth among Irish companies. Public support for climate action remains high across Ireland The Environmental Protection Agency (EPA) has announced that public support for climate action remains high across Ireland, according to national, regional, and county-level data about people’s climate change beliefs, attitudes, policy preferences and behaviours. There is majority support for all surveyed policies nationally, although an emerging divergence was noted between Dublin and other counties regarding support for taxing fossil fuel-powered cars. The data noted an increased awareness of the potential impacts of risks resulting from climate change among people in counties with a history of environmental risks such as flooding, water shortages or wildfires. Businesses commit over €1 million to finance Irish farm biodiversity A new national initiative has launched that aims to make farming for nature sustainable and scalable, while providing businesses with an opportunity to fund nature-positive actions on Irish farms in a way that can be reported on under new EU sustainability reporting directives. ReFarm, established by Dr Brendan Dunford, a founder of Burrenbeo Trust, and impact investor Anke Heydenreich, leverages private finance to complement public subsidies. A collaboration between Trinity College Dublin, Burrenbeo Trust and local and international organisations, ReFarm has already started to finance projects on Irish farms to address the biodiversity and climate crises.   Northern Ireland/UK news (From the Institute’s Tax News) UK Government publishes response to UK CBAM consultation The UK Government has published its response to the March 2024 consultation on the introduction of a UK Carbon Border Adjustment Mechanism ‘CBAM’. (The Institute responded to the consultation earlier this year.) The response confirms that the UK CBAM will be introduced on 1 January 2027, placing a carbon price on goods at risk of ‘carbon leakage’ that are imported to the UK from the aluminium, cement, fertiliser, hydrogen and iron and steel sectors. Read more here. DAERA opens consultation on draft environmental principles policy statement The Department of Agriculture, Environment and Rural Affairs (DAERA) is consulting on a draft environmental principles policy statement (EPPS). The statement sets out how five internationally recognised environmental principles should be interpreted and proportionately applied to policy making. When fully in force, all Northern Ireland government departments and United Kingdom government ministers making policy for NI will have a statutory duty to have due regard to the statement. The consultation close on Monday, 9 December. UK SME Climate Hub launches new platform of climate action tools The UK SME Climate Hub has launched its Action Space, a new platform of climate action tools, created for SMEs to understand the steps needed to achieve their net zero goals. The SME Climate Hub is a non-profit global initiative that empowers small to medium sized companies to take climate action and build resilient businesses for the future. London Stock Exchange warns of risks to 49 cities The COP29 Net Zero Atlas report by London Stock Exchange Group has called for G20 countries to set ambitious new 2035 targets to accelerate the pace of the transition and limit warming to well below 2°C by the end of the century.  The report, which aims to provide investors with analysis of physical and transition climate risks across the G20, points to the need for clear policy signals among companies and investors taking steps to mobilise long-term investment in greening the global economy. Highlighting the cost of inaction and the need for large scale adaptation measures and financing, the report points to physical effects of climate change intensifying across the globe, showing that 49 cities accounting for nearly 20% of global GDP, will be particularly affected. Separately, the Business Breakthrough Barometer report from the World Business Council for Sustainable Development (WBCSD) has emphasised the need for government action to unlock private sector investment at scale, upon which hinges the ability of countries to achieve plans to halve emissions by 2030 and meet the 1.5°C climate target. Notably, 91% of business leaders surveyed view the transition to net zero as an investment opportunity, but that without long-term, investment-positive policies, the next wave of large-scale investments are at risk. Europe news Copernicus confirms a new milestone in global temperature records 2024 is virtually certain to be the warmest year on record, and the first year above 1.5°C,  according to Copernicus Climate Change Service (C3S), the European Centre for Medium-Range Weather Forecasts on behalf of the European Commission. Commenting, Samantha Burgess, C3S Deputy Director, said: “This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming Climate Change Conference, COP29.” Sustained progress needed to meet ambitious Climate Law targets Total net greenhouse gas emissions in the European Union dropped by 8% last year, according to the European Environment Agency’s recently published Energy Trends and Projections report. The drop was led by a significant decline in coal use and growth of renewable energy sources and supported by reduced energy consumption across Europe. The report cautions that sustained progress will be needed towards 2030 and beyond to meet ambitious targets set by the EU Climate Law. World news The Institute of Singapore Chartered Accountants (ISCA) has issued an illustrative sustainability report based on ISSB’s and GRI’s standards. The main objective of this report is to provide a glimpse of how a sustainability report could look like when a company adopts both the IFRS Sustainability Disclosure Standards and GRI at the same time. The Global Capacity Building Coalition (GCBC), which launched during September’s New York Climate Week, has released the beta version of their global capacity building platform. The platform will act as a ‘one-stop shop’ with a suite of resources, tools, and training on climate finance and related topics, for financial institutions and finance professionals seeking to develop their organisational capacity and individual knowledge and skills to accelerate and scale climate finance. The World Business Council for Sustainable Development (WBCSD) has published the twelfth edition of its ‘Reporting Matters’ series, aimed at enhancing the effectiveness of corporate sustainability reporting. Changing Gears: How are companies navigating higher expectations and demands in sustainability reporting offers insights into how effective reporting adds value and provides strategic direction. It includes latest reporting trends and data gathered from an in-depth review of 181 reports. The International Public Sector Accounting Standards Board (IPSASB) has announced the release of SRS ED 1, a new draft climate-related disclosure standard for governments and other private sector entities. This would be the first sustainability reporting standard for the public sector. SRS ED 1 is open for public comment until February 28, 2025.  Over 20 organisations have founded Nature Positive Matters, recognising the importance of nature positive action to economies and communities. A government-backed initiative, Nature Positive Matters is a network of leaders who recognise the growing international importance and economic value of looking after nature. Members of the network announced they will work together to support business uptake of nature-related reporting and data collection, pilot programs to inform policies and investment decisions that are good for nature, and develop tools to help investors understand whether an economic activity is environmentally sustainable. The United Nations Environment Programme (UNEP) has published a report that finds that nations must deliver dramatically stronger ambition and action in the next round of Nationally Determined Contributions (NDCs). The report, Emissions Gap Report 2024: No more hot air … please!, now in it’s 15th edition, brings together many of the world’s leading climate scientists to examine future trends in and provide potential solutions to the challenge of global warming. Updated NDCs are to be submitted early next year ahead of the COP30 climate talks in Brazil.  Did you know The Deposit Return Scheme, which launched on 1 February 2024, has collected over 635 million containers, refunding €110 million in deposits to consumers. Every month, over 100 million containers are collected and last month 73% of plastic bottles were returned. €70,000 has been collected for the Return for Children charity. Podcast Chair Emmanuel Faber and Vice-Chair Sue Lloyd discuss the latest ISSB developments  (Podcast -22 mins) Articles How we can leverage CSRD to drive sustainability and innovation (Accountancy Ireland – Briefly) Lack of female leaders in public companies a disgraceful indictment of Irish business (The Business Post) Greenwashing risks: a growing challenge for legal professionals (GRI) How to cut our dependence on fossil fuels rapidly (SEAI Blog – Hannah Daly, Jim Sheer) Why Tax is Essential for Comprehensive and Transparent CSRD Reporting (Grant Thornton) Upcoming Events COP29 Climate Summit Date: Nov 11-22 Location: Azerbaijan Host: CBD, UN 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) Business for Biodiversity, Business & Biodiversity 101 Broaden your understanding of your business relationship with nature and get to grips with where to start on credible nature action and legislative compliance for your organisation. Topics include risks businesses are facing in this nature crisis, how they can address these risks and how can the Nature Positive approach bring opportunities to businesses. Virtual, 14 November, 13:00-14:00 Dublin Chamber, Sustainable Business Practices - Strengthening Customer Connections Designed for professionals in customer-facing roles, this workshop will provide the tools to incorporate sustainability into customer engagement strategies, leading to improved satisfaction and loyalty. Virtual, 15 November, 9.30-12.30 iQuest & Business Post, ESG Autumn Summit Date: Nov 20th Location: Croke Park Chartered Accountants Ireland (part of Sustainable Finance Ireland Week 2024), Access to sustainable finance by SMEs Part of Sustainable Finance Week Ireland, this seminar will describe the landscape of finance and other support options available for SMEs and entrepreneurs which can facilitate businesses taking action. It aims to debunk the concept of ‘green finance’ for SMEs and paint a clear picture of the steps and the commercially viable – scalable – actions SMEs could take to improve their impact and their ability to source finance for projects. Commercial financial products will be discussed, alongside the grants available from local enterprise offices (LEOs), Enterprise Ireland, the Sustainable Energy Authority of Ireland (SEAI). In person, Chartered Accountant House, Wednesday, 27 November, 17.00-18.00 Dublin Chamber, Internal Sustainability Integration - Building a Sustainable Workplace Culture Are you a professional in an internal facing role such as finance, operations, or HR? Our upcoming workshop at The Sustainability Academy is designed specifically for you. This session will guide you in integrating sustainability practices within your organisation’s internal mechanisms, demonstrating how these practices can improve employee engagement, operational efficiency, and the overall workplace environment. Virtual, 29 November, 09:30-13.00 Belfast Harbour Commissioners, Responsible Innovation Conference This conference will bring together business leaders, technology experts, and academics to discuss the ethical implications of technology. Participants will learn about managing the social and environmental impacts of technology while driving growth and innovation. The event will also include networking opportunities, allowing attendees to exchange ideas and collaborate on responsible business practices. In person, Belfast Harbour Commissioner, 29 November 2024, from 8:15 am 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: November 27, 18:00-19:00 In person, Chartered Accountant House – Drinks & Networking 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.

  COP16, the major United Nations summit on biodiversity, concluded on 1 November in Cali, Colombia, after a record number of attendees attended two weeks of negotiations on progress towards the goals of the United Nations Convention on Biological Diversity. Governments failed to agree on how the goals of the 2022 Global Biodiversity Framework will be financed, but some key agenda items were adopted and are now operative (see below). This article provides background to the summit and what it means for accountants.   What is the Biodiversity COP? ‘COP’ stand for ‘Conference of the Parties’. COPs are the main decision-making bodies of the United Nations treaty bodies. At COPs representatives of all the ‘Parties’, i.e. countries that have agreed to participate in and be bound by the treaties, converge to discuss their progress on achieving the goals of the treaties. The Biodiversity COP – also known as the Convention on Biological Diversity (CBD) or the ‘Nature COP’ – was established to promote the conservation and sustainable use of biodiversity, as well as the fair and equitable sharing of benefits arising from genetic resources. While the more famous ‘Climate COPs’ take place every November, the Biodiversity COPs happen every second October. Biodiversity COPs are becoming increasingly relevant to business as the scale of biodiversity destruction, and its impact on people, planet and economies, becomes clear.   What was the theme of COP16? The headline of the COP16 summit was “peace with nature”. It focused on how the nature crisis is entrenching poverty and jeopardizing economies and undermining the Sustainable Development Goals.  The theme of COP16 was ‘COP of the People’, as explained by Susan Gardner, director of the Ecosystems Division at the United Nations Environment Programme (UNEP): “For too long, humanity has viewed itself as separate from nature…That perspective is starting to shift and COP16 will be an important opportunity to re-enforce the message that humanity and nature are intrinsically linked.”  This summit saw the launch of The World Coalition of Peace With Nature: A Call for Life,  a coalition of 21 countries that agreed to a set of principles aimed at changing humanity's relationship with nature. It called for “the development of public policies to strengthen institutional and human capital, governance, intercultural dialogue, technical capabilities, and adequate finance to achieve a balanced and harmonious relationship with nature”.   Why was this COP so important? The primary agenda of COP16 was the implementation of the ‘Kunming-Montreal Global Biodiversity Framework’ (GBF) Often described as the “Paris Agreement for nature”, the ‘GBF’ had been adopted at COP 15 in December 2022 in Montreal, Canada. It set out four long-term goals and 23 specific targets to be achieved by 2030 to halt and reverse biodiversity loss. Under the GBF, countries are expected to submit updated national plans detailing how they will meet their targets under GBF. These National Biodiversity Strategy and Action Plans (NBSAPs) were to be submitted by the start of conference on October 21. Only 17% of the 196 countries had submitted their updated NBSAPs by the start of the conference, among them Colombia, Mexico, Suriname, and Cuba. By the close of the summit, only 44 out of 196 parties – 22% – had come up with new biodiversity plans.   Why does biodiversity matter to business? UN Secretary-General António Guterres has emphasised how prompt and effective action on the nature and biodiversity crisis makes economic sense: “Every dollar invested in ecosystem restoration creates up to thirty dollars in economic benefits.” At COP16, Guterres warned delegates that humanity faces a “dangerous and uncertain tomorrow” caused by its destruction of life-sustaining nature. Many businesses and financial institutions have already acknowledged the real risks this presents to business and livelihoods and signed a call to heads of states and governments for renewed policy ambition in advance of COP16 to implement the Global Biodiversity Framework and halt and reverse nature loss this decade. In recognition that businesses and the accountancy profession need to be part of the solution, the Global Accounting Alliance (GAA) in March 2022 launched a call to action to the accounting profession in response to the nature crisis. In October 2024, it published a report taking stock of the GAA’s collective accomplishments against its four nature commitments. The report, The GAA’s Progress and Pathway to 2030, considers relevant trends affecting the profession, such as the growing market trend towards transparency, reporting and regulation on nature-related issues. It also sets out actions that the GAA and its members will take to help further accelerate collective progress towards our nature commitments.   Accounting and finance at COP Finance was a critical issue at COP16, as $700 billion annually is reportedly needed to achieve the GBF targets on biodiversity protection and restoration. For the second time in its history, a Finance & Biodiversity Day took place at a Biodiversity COP, but funding commitments have fallen short of the target, with only seven countries pledging a total of $243 million to the newly established UN fund for the GBF. The lack of sufficient funding threatens the implementation of biodiversity projects on the ground. A new ‘Cali Fund’ was agreed to collect voluntary contributions from pharmaceutical and other companies to cover their use of genetic data from nature, but overall COP16 failed to reach consensus on global finance for nature.   Nature-related reporting was a major theme at COP16, with discussions on how companies can better assess and communicate their impacts and dependencies on nature. This includes aligning business practices with the UN Sustainable Development Goals (SDGs), particularly those related to responsible consumption and production, climate action, and sustainable cities and communities. Among the highlights:   The International Sustainability Standards Board (ISSB) attended the summit, organising events particularly focused on biodiversity, ecosystems and ecosystem services disclosures.   The Association of Chartered Certified Accountants (ACCA) released a paper designed to help accountants support organisations to undertake nature-related reporting and tackle sustainability-related challenges: Empowering Business: Navigating Nature-Related Reporting”.   The Taskforce on Nature-related Financial Disclosures (TNFD) published a draft paper as part of its work to help markets access decision-useful nature-related data.A roadmap for upgrading market access to decision-useful nature-related data is now available for consultation and feedback.   Biodiversity credits were also to the forefront in COP16, with three international organisations releasing a set of 21 high-level principles for biodiversity credits which aims to steer the emerging market. The organisations were The World Economic Forum (WEF) the Biodiversity Credit Alliance (BCA) and the International Advisory Panel on Biodiversity Credits (IAPB). These principles were first launched in 2022 in an attempt “to explore the potential of biodiversity credits to unlock new financing for measurable positive outcomes for nature and its stewards.” The WEF also published a new report, Nature Finance and Biodiversity Credits: A Private Sector Roadmap to Finance and Act on Nature, that aims at empowering business leaders to take decisive actions towards a nature-positive future.   What’s next? This is the first of three UN environment COPs taking place in 2024. The Climate COP - COP29 – will take place in Azerbaijan from 11-22 November. In December, Saudi Arabia will host another COP, this one focused on desertification. Chartered Accountants Ireland will bring you highlights as they happen.   Articles COP16: Key outcomes agreed at the UN biodiversity conference in Cali, Colombia (Carbon Brief) UN summit agrees deal on genetic data but fails on wider finance to protect nature (Financial Times) Countdown to COP16: are businesses and government turning the tide on nature loss? (Business for Nature) Malcolm Noonan tells Cop16 Ireland making progress in ending biodiversity loss (Irish Times)     For more resources on nature and accounting, visit Biodiversity - Accounting for Nature in the Chartered Accountants Ireland Sustainability centre.

  In this week’s Sustainability/ESG bulletin read how Irish SMEs favour green investments despite cost barriers, the Just Transition Commission, and the new Nature Strategy Accelerator Programme from Business for Biodiversity Ireland. Also covered are updates from Northern Ireland and the EU, and calls from the global accountancy profession for G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches, as well as the usual articles, resources and upcoming events.   Ireland news   Irish SMEs favour green investments despite cost barriers, survey finds A new survey by the Strategic Banking Corporation of Ireland (SBCI), the State’s promotional financial institution, has revealed a strong preference among Irish SMEs for green investments that reduce energy costs, such as solar panels and energy-efficient lighting. Among the barriers to investing in sustainable options are cost (45%), payback period (42%) and uncertainty about the benefits of sustainability investment (22%). A diverse range of motivations for businesses embracing sustainable practices were cited, including hoping to play a role in climate action by reducing emissions (26%) and aiming to decrease heating and electricity costs (29%).     Ibec and Davy Horizons launch comprehensive CSRD Toolkit for Businesses Business group Ibec, partnering with Davy Horizons, has published a toolkit for large and small enterprises, Unpacking CSRD A guide for business. The guide aims to be a comprehensive resource for understanding and implementing the CSRD requirements. It has insights and guidance for both organisations in scope of CSRD, and small enterprises beginning their sustainability journey and who may be part of the supply chain of an in-scope organisation.   €88.5m partnership for offshore wind and infrastructure project The Port of Cork Company and ISIF are partnering to develop new port infrastructure in Cork Harbour. The €88.5 million investment will support Ireland’s first offshore wind projects and enhance the Cork Container Terminal. The investment also aligns with the Port of Cork’s MasterPlan 2050 to improve multi-purpose berths and increase efficiency for international customers, and will support Ireland’s transition to Net Zero.   Government appoints members to Just Transition Commission The government has approved the appointment of members to the Just Transition Commission. This independent advisory body will advise and support the Government on ensuring the climate transition is achieved fairly, and on the potential impacts, risks and opportunities for different sectors. Membership of the Just Transition Commission comprises independent experts from a range of backgrounds, as well as nominees from the five ‘pillars’ of social dialogue: Agriculture, Community and Volunteer, Employer, Environment and Trade Union.   Minister announces advisory committee for Ireland’s Nature Restoration Plan The Minister for Nature, Heritage and Electoral Reform, Malcolm Noonan TD, announced the establishment of an independent Advisory Committee on Nature Restoration to support the development of Ireland’s Nature Restoration Plan (NRP). The NRP is to be developed under the Nature Restoration Law and is due to be submitted to the EU Commission by 1 September 2026. A Finance Working Group will consider the financial aspects of the plan to 2030 and beyond, including socio-economic impact evaluation, the maximisation of existing programmes, and new financial mechanisms.   Business for Biodiversity Ireland releases Nature Strategy Accelerator Programme for businesses Business For Biodiversity Ireland (BFBI) has released its Nature Strategy Accelerator Programme to guide Irish businesses to develop a strong, credible strategy to identify their impacts and dependencies on nature and ensure compliance with the new EU legislation regarding environmental reporting.  The Nature Strategy Accelerator Programme  reflects a model of best practice in line with current international developments, tailored to the Irish context and aligned with grants available in Ireland through Local Enterprise Offices, Enterprise Ireland, Údarás or the IDA.   National Youth Assembly Calls for Tax Incentives on Eco-Friendly Items The Report from the third National Youth Assembly on Climate has called for less taxation on eco-friendly items. The annual assembly, which this year took place on 11 April, is part of the government’s National Dialogue on Climate Action and annual Climate Action Plan. Among the many recommendations from the young people were for initiatives, careers and a rewards systems in place in order to keep people engaged in climate, and more taxation on non eco-friendly items.   CCAC warns of costs exceeding €8 billion for failure to meet climate targets The cost of failing to meet EU targets could exceed €8 billion for the period up to 2030, warns the Climate Change Advisory Council (CCAC) in its recently published Annual Review 2024 - Cross Sectoral Review. The report also calls for an end to Ireland’s reliance on – and subsidies for – harmful, expensive and unsustainable fossil fuel use. The CCAC also called for a detailed implementation plan to deliver the diverse range of bioeconomy and ecosystem services required to maintain a sustainable, resilient and biodiversity rich economy.   Northern Ireland news   In a letter to the Exchequer Secretary to the Treasury, Chartered Accountants Ireland  has highlighted a range of tax policy and tax administration recommendations and concerns ahead of next week’s Budget and the 2025 Spending Review. Among the recommendations made was for UK tax policy to be used to help drive behavioural change which in turn should result in decreasing carbon emissions and promoting of nature-positive measures. Suggestions included introducing incentives to make investing in nature-positive actions more attractive to businesses, and ring fencing for nature restoration some of the receipts from the climate change levy currently imposed on all businesses.   Northern Ireland’s Department of Agriculture, Environment and Rural Affairs (DAERA) is consulting on a draft environmental principles policy statement (EPPS), which sets out how five internationally recognised environmental principles should be interpreted and proportionately applied to policy-making. The consultation will close on Monday 9 December 2024 and can be accessed here.   The Northern Ireland Budget Sustainability Plan has set out how the Executive intends to meet the condition in the financial package to raise at least £113 million in additional revenue. Commenting on the Plan, which was published this month by the Department of Finance following agreement by the Executive, Finance Minister Dr Caoimhe Archibald, emphasized the importance of a vibrant economy to sustainably fund public services and meet increasing demands: “We need budgeting and financial management that looks at tomorrow as well as today.”   Europe news The European Parliament has demanded an EU budget for 2025 that focuses on improving people's lives, boosting competitiveness, and addressing current challenges. Parliament wants to boost programmes vital in, among other things, helping people suffering from natural disasters, improving climate action, managing migration and security needs, and strengthening EU support for neighbouring regions experiencing geopolitical and humanitarian crises.    The EU Committee on the Environment, Public Health and Food Safety has adopted its demands for the UN Climate Change Conference COP29. Phasing out fossil fuels and related subsidies and adopting carbon-pricing mechanisms worldwide are among the matters in the resolution to be put to a vote by the full house during the plenary session of 13-14 November. The Commission had secured ambitious EU negotiating mandate for the ‘triple COPs’ on climate, biodiversity and desertification earlier this month.   The European Commission has selected 85 net-zero projects to receive €4.8 billion in grants from the Innovation Fund. The selected projects are set to enter into operation before 2030. Over their first 10 years of operation they are expected to reduce emissions by about 476 million tonnes of CO2e. This will contribute to European decarbonisation objectives, reducing emissions from those sectors that are particularly difficult to decarbonise.    The Commission has granted more than €380 million to 133 new projects across Europe under the LIFE Programme for environment and climate action. The allocated amount represents more than half of the €574 million total investment needed for these projects - the remainder coming from national, regional and local governments, public-private partnerships, businesses, and civil society organisations. Of the 133 projects, 26 will promote a more circular economy and quality of life, 25 will support nature and biodiversity in a wide range of areas, 23 climate change resilience and mitigation projects, and 59 will aim to ensure a clean energy transition.   The European Commission has announced a proposal to amend the three EU regulations to ensure that EU funds can be quickly mobilised in support of recovery from climate-related disaster. The proposal will now go through the ordinary legislative procedure in the European Parliament and the Council of the European Union. The proposals come as a direct response to the floods affecting Central and Eastern European countries and wildfires in Portugal in September 2024.   World news The Biodiversity COP16 is currently underway in Cali, Colombia, from October 21 to November 1, 2024. This summit focuses on implementing the Kunming-Montreal Global Biodiversity Framework, which aims to halt biodiversity loss by 2030. Delegates are discussing strategies to protect ecosystems and mobilize resources for global biodiversity conservation. Read more here.. The International Energy Agency (IEA) predicts that demand for electricity will surge over the next decade, due to new factories, electric vehicles, air-conditioners and data centres. In its annual World Energy Outlook report, the agency calls for urgent public-private dialogue between policymakers, the tech sector and the energy industry ,and reportedly predicts that growth in renewable energy could potentially cause coal, oil and natural gas use to peak this decade. The global accountancy profession, through the International Federation of Accountants (IFAC), is urging G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches. A new publication, G20 Call to Action 2024: Building a Just World & a Sustainable Planet, underscores the essential role high-quality sustainability information, reporting and assurance play in achieving global sustainability targets.   Did you know Dublin is currently the 3rd most congested city in Europe due to its heavy reliance on private vehicles, which contributes to air pollution and compromises Ireland’s sustainability goals (particularly Goal 11: Sustainable Cities & Communities). This is according to the recently published Capital City, the first report from the Dublin City Taskforce established by Government in May 2024 to view measures required to rejuvenate Dublin City Centre. FC Barcelona is to host first-ever carbon neutral general assembly. As part of its 2026 Strategic Plan focused on sustainability, the club will measure and compensate for greenhouse gas emissions from all activities related to the event, including transportation, energy use, and catering. Articles Sustainable practices power business growth (Accountancy Ireland - Briefly) Employers face a rising climate conundrum - Younger workers in unexpected places are pressing their firms to take serious action on emissions (FT) How the accountancy sector can boost business support for the SDGs (Sustainable Views - FT) New York officials call for big oil to be prosecuted for fuelling climate disasters (The Guardian) Irish firms less worried about geopolitical disruption than counterparts abroad (The Irish Times) CCAC urges end to subsidised fossil fuels, says failure to meet EU targets 'could cost Ireland €8bn' (The Journal) The Offsets Whack-a-mole (Bloomberg Green) New Resources Accountancy Europe has published its Accountancy Europe Sustainability Update - October. Highlights including CEAOB issuing guidelines on limited assurance and IAASB approves its global sustainability assurance standard Donal Daly, Ingrid De Doncker and a team of authors have published The Customer is the Planet: A handbook for sustainable business. Available on Amazon in paperback and, hardback and Kindle, this book’s structure mimics the European Sustainability Reporting Standards and explains the why, what, so what, of the problem or opportunity in each key area of sustainability. Upcoming Events Convention on Biological Diversity, COP16 Date: Oct 21-Nov 1 Location: Colombia   Chartered Accountants Ireland, Practical considerations for preparing for CSRD implementation In the third of our series on EU sustainability reporting, join Dee Moran, Chartered Accountants Ireland and guest, as they review some of the practical challenges that companies have faced in preparing to comply with the CSRD. Virtual, 6 November, 10-11   Chartered Accountants Ireland, Risk, Governance and Leadership Conference 2024 (ROI/NI) This conference includes a section on sustainability supply chain due diligence and value chain reporting Virtual, 7 November, 9.30-13.30   Dublin Chamber, Sustainable Business Practices - Strengthening Customer Connections Designed for professionals in customer-facing roles, this workshop will provide the tools to incorporate sustainability into customer engagement strategies, leading to improved satisfaction and loyalty. Virtual, 15 November, 9.30-12.30   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. 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: November 27, 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.

  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 Social mobility can widen talent pool ((The Times (UK)) Fossil Fuel Companies Made Bold Promises to Capture Carbon. Here’s What Actually Happened (DeSmog) Renewables provided a third of electricity in September (Irish Examiner)   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.

There were a number of tax and expenditure measures specific to sustainability in Budget 2025, announced this week on Tuesday 1 October.   Tax policy measures A Benefit In Kind (BIK) exemption is being provided in circumstances where an employer incurs an expense in connection with the provision of a facility for the electric charging of Battery Electric Vehicles (BHEVs) at the home of a director or employee.    An emissions-based approach to VRT for category B commercial vehicles is being introduced with a view to incentivising uptake of these lower emissions vehicles. The proposal will introduce a lower 8% rate for category B vehicles with CO2 emission of less than 120 grams per kilometre. The weight carriage ratio for electric commercial vehicles is also being changed to enable them to qualify for the VRT rate of €200.   A VAT reduction to 9% for heat pumps is proposed from 1 January 2025 to incentivise homeowners to install them.    The Accelerated Capital Allowances scheme for gas and hydrogen-powered vehicles and refuelling equipment provides a tax incentive for companies and unincorporated businesses investing in these vehicles/equipment for the purposes of their trade. The relief will be extended for a further year, to 31 December 2025.    The CO2 thresholds for claiming capital allowances on business cars are being adjusted downward in light of improved vehicle emissions standards.  From 1 January 2027, an expenditure of €24,000 will be allowable for cars with CO2 emissions of 0-120g/km. A reduced amount of €12,000 will be allowable for vehicles with CO2 emissions of 121-140g/km. There will be no allowable expenditure for vehicles with emissions >141g/km.    Expenditure measures Along with the €750 million committed to develop the electricity grid, Budget 2025 includes funding of €469 million from the carbon tax for Sustainable Energy Authority of Ireland (SEAI) residential and community energy upgrades, including the Solar PV (photovoltaic) Scheme. This is an increase of €89 million on last year, and applicants to this scheme can avail of the Clean Export Guarantee (CEG) tariff to receive payments for excess renewable electricity they export to the grid. This revenue was generated from the carbon tax levied on fossil-fuel use. This levy is set to increase again this year in line with commitments to raise the rate of carbon tax to €100 per tonne of carbon dioxide emitted by 2030 (as per the trajectory set out in Finance Act 2020). From 9 October 2024, the rate per tonne of carbon dioxide emitted for auto diesel and petrol will increase from €56.00 to €63.50. This increase will apply to all other fuels from 1 May 2025.  €51.7 million has been committed to deliver the EU Just Transition programme in 2025, the programme that aims to ensure that no sector of society or community is left behind in the movement to a climate-neutral, sustainable and digitally-connected Ireland. €172 million has been allocated to Climate action and environment leadership, under which heading comes climate research and the development of new technologies, building capacity across Government departments and agencies, and providing funding for developing countries €127 million has been allocated to protecting our environment and growing the circular economy, including additional resourcing for the Environmental Protection Agency (EPA) and €18 million to remediate former landfill sites. Notably, up to €3.15 billion of the Infrastructure, Climate and Nature Fund is being set aside for the multi-annual funding of designated environmental projects over the period 2026 to 2030 to support the transition to a low carbon economy and improved environmental outcomes. Designated environment projects will include those that contribute, either directly or indirectly, or are likely to contribute to the reduction of greenhouse gas emissions, an improvement in water quality or an improvement in nature and biodiversity objectives.   Find more informed, reliable commentary on the impact of this year's Budget on business in Ireland, compiled by the Chartered Accountants Ireland team of experts.  

  In this week’s Sustainability/ESG bulletin read about sustainability measures in Budget 2025, calls by the EPA for a national policy position on the environment, and a new report on the circulatory gap. Also covered is the UK becoming the first major economy to exit coal power, the publication of Northern Ireland’s first Environmental Impact Report, how experts are needed to help businesses with nature integration, a new taskforce for fairer societies, and the usual resources, articles and upcoming events. Ireland news Sustainability in Budget 2025 Budget 2025 was announced this week on Tuesday 1 October, with a number of tax measures specific to sustainability. Read more here Beyond GDP – Quality of Life Assessment - Ireland Ireland is performing well relative to other countries on the OECD’s Better Life Index and on the UN’s Sustainable Development Goals (SDGs). This is according to Beyond GDP - Quality of Life Assessment, a report prepared by the Department of Finance analysing the broader impacts of budgetary policy on economic, social and environmental well-being. From a national perspective, progress on the measurement and delivery of the UN SDGs in Ireland is positive, with over four-fifths of the assessable targets on track to being achieved. However, 14% are of concern, though are being partially achieved, and the remainder (4%) are not being achieved. EPA calls for national policy position on the environment The Environmental Protection Agency (EPA) Ireland is calling for a national policy position on the environment in its 2024 State of the Environment Report. The report, which publishes every four years, is the eighth in the series, and provides an integrated assessment of the overall quality of Ireland’s environment, the pressures being placed on it and current responses to environmental issues. This report points to serious deficits in the implementation of relevant legislation and programmes across Ireland, along with ongoing insufficiencies in policy responses. Commenting, EPA’s Director General Laura Burke described Ireland’s environmental and climate measures as ‘incremental’, designed to barely meet compliance rather than address root issues.  “We are always playing catch-up. We now have virtually no seriously polluted rivers, but we have hardly any pristine ones left, either. We now recycle more, but produce more waste than ever and export much of it”. Read the full report here. New Circularity gap report launches The Department of the Environment, Climate and Communications has commissioned a new report analysing Ireland’s material consumption and carbon emissions profile and the potential for circular economy strategies to mitigate environmental impacts. The report, The Circularity Gap Report Ireland, was commissioned to understand Ireland’s material and carbon footprint for key systems such as the bio economy, the built environment, and manufactured goods. Recommendations include shifting incentives to redirect finance towards sustainable resource use by repurposing and reforming fiscal instruments, using pollution and resource taxes more strategically and effectively, and further leveraging and using public spending strategically to support circular business models and supply chains. UK/Northern Ireland news US Net Zero Advisory Board to boost green economy in Northern Ireland Northern Ireland Economy Minister Conor Murphy has announced a new Advisory Board designed to enhance Northern Ireland’s standing as a global leader in green technology and the net zero economy. The Net Zero Advisory Board, supported by Joe Kennedy III, U.S. Special Envoy to Northern Ireland for Economic Affairs, will tap into the expertise of Northern Ireland’s strategic diaspora community through Northern Irish Connections. The Board will focus on raising international awareness of Northern Ireland’s green economy, forging strategic partnerships, and facilitating key investments in low-carbon technologies. Northern Ireland’s first Environmental Improvement Plan publishes Northern Ireland has published its first Environmental Improvement Plan (EIP), an overarching document setting out Northern Ireland’s environmental priorities. The EIP includes a mix of both existing and new environmental objectives, targets and actions for the Department of Agriculture, Environment and Rural Affairs (DAERA) and other departments with a role in improving the environment. The objectives of the EIP are: excellent air, water and land quality, a healthy and accessible environment, ‘thriving, resilient and connected’ nature and wildlife, sustainable production and consumption on land and at sea, zero waste and a highly developed circular economy, and Net zero greenhouse gas emissions and improved climate resilience and adaptability. The EIP is a statutory obligation arising from the Environment Act 2021, enacted in part as a result of the UK’s EU Exit and resulting impact in terms of environmental governance with the Office of Environmental Protection having oversight of progress in implementing the EIP. Find out more here. The EIP publication coincides with the release of Northern Ireland Greenhouse Gas Projection Statistics. These figures show a 23% decrease on the 29 MtCO2e emitted in the base year (1990). UK becomes “first major economy to exit coal power” The UK has become the first G7 country to phase out coal power as the last of its coal-fired power plants closed this week. From October 1, UK electricity production will be coal-free, compared to the 1980s when coal power made up 80% of the country’s electricity needs. UK power sector emissions have fallen by 74% since 2012.  Commenting, campaign director at climate change think-tank E3G, Ed Matthew, reportedly stated: “The UK was the first country to build a coal-fired power station. It is right that it is the first major economy to exit coal power”.  Greenwashing: CMA issues tailored guide for fashion brands The UK’s Competition and Markets Authority (CMA) has issued practical guidance for the fashion industry on making green claims about products. The guide, accompanied by 17 advisory letters to business, is the latest in a series of actions by the regulator addressing fashion brands’ green claims. From Spring 2025, the CMA will have strengthened consumer powers under the Digital Markets, Competition and Consumers Act 2024. This will enable the CMA to fine businesses up to 10% of their worldwide turnover if they break consumer law, suggesting that businesses should take steps now to make sure their claims are accurate and do not mislead shoppers. Europe news The European Union (EU) has reportedly warned Ireland that it has two months to formally transpose the revised Renewable Energy Directive 2023/2413 into its  own laws – a measure that should have been completed by July 1st this year.  The Directive was introduced to bolster efforts to increase the use of renewable energy across the bloc. The directive’s provisions, among other things, aims to simplify and accelerate permit granting procedures for renewable energy projects, such as wind and solar farms, and the infrastructure needed to ensure they can supply electricity. World news Experts needed to help businesses with nature integration, report finds 80% of business respondents are turning to experts when seeking to integrate nature into their organisation, a new report finds. The report, White paper: integrating nature into business decision-making, sets out the results of a survey of more than 170 sustainability professionals who were asked about drivers for action on nature, challenges faced when integrating nature into business-decisions, and how these can be overcome. The report finds that that the main drivers for action on nature are adapting to and preparing for policy and legal changes and avoiding reputational damage (88% and 84%, respectively), and that supply chain analysis and designing targets for nature are the main challenges when integrating nature into business decision-making. The report can be downloaded here. UN Pact for the Future World leaders have adopted a Pact for the Future that includes a Global Digital Compact and a Declaration on Future Generations (A/RES/79/1). The 42-page Pact covers a broad range of themes including peace and security, sustainable development, climate change, digital cooperation, human rights, gender, youth and future generations, and the transformation of global governance. The report challenges the leaders of the 193 member nations of the UN to turn promises into real actions that make a difference to the world.  The pact was adopted at the opening of the two-day “Summit for the Future” on 20-21 September called by UN Secretary General Antonio Gutérres. A new taskforce for fairer societies   A new taskforce has launched that aims to incentivize business and financial practices create fairer, stronger societies and economies. The Taskforce on Inequality and Social-related Financial Disclosures (TISFD) is a global initiative to develop recommendations and guidance for businesses and financial institutions to understand and report on impacts, dependencies, risks, and opportunities related to people. Officially launched in September 2024, the taskforce has been described as the “missing piece” of the puzzle, which will build on the work of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). September 2024.   Technical update See Technical updates from the Professional Accounting team at Chartered Accountants Ireland: Sue Lloyd, Vice-Chair of the International Sustainability Standards Board, spoke at the World Standard-setters Conference in London on 23 September 2024. The ISSB Update, summarising the September 2024 International Sustainability Standards Board (ISSB) meeting, has been issued.    Articles Comment: The Global Goals are a litmus test for human progress, and we are failing. Here’s how to get back on track (Reuters) Analysis: UK must spend £1.7bn more on nature by 2026 to meet climate-finance goal (Carbon Brief) The great green business rethink is finally happening - an overdue push to reshape markets, not just individual companies, is under way at last (Financial Times) The climate crisis and Budget 2025: Big spend and strategic focus undermined by bottlenecks(Irish Times) Switzerland is redrawing parts of its border with Italy because of land changes due to glaciers melting (and with France, for reasons linked to transport and rivers) (SWI) Harm to nature is unavoidable and we need a plethora of solutions to right our wrongs (SustainableViews – pay-per-view) California Sues Exxon Over Plastics Pollution and Recycling ‘Myth’ (New York Times)   A4S International Case Competition - corporate decarbonization and a fair and just climate transition Accounting for Sustainability (A4S) has launched the 2025 A4S International Case Competition (A4SICC). This year’s case challenge asks students to focus their business skills on corporate decarbonization within the broader context of a fair and just climate transition. This year’s competition will again offer students a transformative and practical learning experience with the unique opportunity to travel to Toronto, Canada for the face-to-face finals, win a cash prize of CA$10,000 (winning team) or CA$5,000 (runner-up) and much more.   Podcasts Succession director Adam Kay is a climate advocate. You can listen to him interviewed here for Carbon Brief.   Upcoming Events   Accountancy Europe, Unpacking CSRD transposition across Europe This webinar will take stock and share insights into the Corporate Sustainability Reporting Directive (CSRD) transposition across EU Member States. Join us for this overview with experts. Speakers to be confirmed. Programme coming soon. Virtual, October 8 October 2024 (12:00 - 13:15) Brussels time Enterprise Ireland, National Biodiversity Data Centre, The Business Case for Biodiversity Business for Biodiversity Ireland lead Lucy Gaffney will join the Sustainable Enterprise webinar series for a talk on The Business Case for Biodiversity. How businesses impact on nature and how businesses are dependent on nature will be discussed, as well as how businesses can improve their positive impacts and reduce their negative impacts on nature.  Webinar, October 9, 2024, 1-2pm, 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 Network Ireland, 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   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.  

In this week’s Sustainability/ESG bulletin read about Ireland’s Green Budgeting, including Carbon Tax Exchequer Revenue Projections. Also covered are new funding products for sustainable and green projects, news about boards and climate change, a report into climate tech and Ireland, coverage of the New York Climate Week, the A4S case competition, and the usual resources, articles and upcoming events. Ireland news Ireland’s Department of Finance Green Budgeting update Ireland’s  Department of Finance has published an update on Green Budgeting, as part of Ireland’s whole-of-government approach to Climate Action. This approach aims to achieve the targeted reductions in overall greenhouse gas emissions by 2030 and reach net-zero emissions by no later than 2050, in line with Ireland’s strategic objective of supporting environmentally sustainable economic progress. ‘Green budgeting’ is the process of documenting the impact of budgetary measures and wider fiscal policy on the transition to a more sustainable and climate friendly economy. The update’s focus is on analysis of the tax system, and the work complements the green budgeting expenditure analysis undertaken by the Department of Public Expenditure, NDP Delivery and Reform (DPENDR). Carbon Tax Exchequer Revenue Projections 2024-2030 publish The Department of Finance have published Carbon Tax Exchequer Revenue Projections 2024-2030, a report examining trends in carbon tax exchequer yields in Ireland over the last decade. It also provides forward projected estimates of carbon tax yields to 2030. Key findings highlight that overall environmental taxes as they currently exist, such as the carbon tax, excise duty and value added tax (VAT) on fuel, vehicle registration tax (VRT) and motor tax, account for a little under €6.8 billion annually of overall exchequer tax revenues in 2023, having risen from €5.1 billion of overall exchequer tax revenues in 2013. Over the last decade (2013 – 2023), carbon tax yields in Ireland have generated revenues of over €6 billion for the Exchequer, rising from €388 million in 2013 to €935 million (this amounts to approximately 1 per cent of total exchequer tax receipts in 2023). Over the next six years (2024 to 2030), the report estimates, the tax will raise €8.8 billion in exchequer revenue, approximately €6.4 billion of which will be directly allocated to climate actions in this period on a no-policy-change basis. SBCI and BVP launch €50m Green Transition Finance product The Strategic Banking Corporation of Ireland (SBCI) and Business Venture Partners (BVP) have announced a partnership with the launch of a new €50 million financing initiative. Designed to support the green and sustainable transition of Irish businesses, the ‘Green Transition Finance product’ is tailored to meet the needs of SMEs and Small Mid-Caps investing in sustainable and green projects and assets, as well as those already operating in a sustainable manner, subject to specific criteria. Loans range from €500,000 to €5,000,000 for terms up to 10 years, with competitive interest rates and flexible repayment terms tailored to support business growth. Boards and climate change The annual FTSE 350 Boardroom Bellwether survey, recently published by the Chartered Governance Institute UK & Ireland, has reported that only 29% of boards in the UK see climate change as a very important driver of risk (compared with 45 per cent last year). Supply chain disruption was likewise only ranked as a very important risk by a third of board, despite, a paper published in Nature in March 2024, concluding that heat stress alone will have impacts on supply chains of an estimated $25tn net losses by mid-century. The report did find that companies in the UK are performing well in making their boards more diverse and inclusive, with 76% of boards satisfied that their company policies and guidelines about ethnic minorities in the workplace are fit for purpose. Climate Tech Opportunity in Ireland A new report highlighting opportunities to unlock economic growth and simultaneously tackle climate change through the climate tech companies has published. ‘The Irish Climate Tech Opportunity 2024’ – the second such report published by SustainabilityWorks and PwC Ireland – showcases 22 entrepreneurs and companies from industries as diverse as construction, food, and transport. The report calls on the Irish government to recognise Climate Tech as a sector in its own right and to provide targeted funding and supports across this nascent ecosystem. Europe News Accountancy Europe has published a factsheet to help the accountancy profession in its role in supporting companies enforce the new Corporate Sustainability Due Diligence Directive (CSDDD). This law introduces mandatory due diligence obligations to EU and non-EU large companies and establishes liability in case of non-compliance. Small and medium-sized businesses (SMEs) will also be affected as they are part of value chains. MEPs have expressed deep concern about increasing intensity and frequency of extreme EU and global weather events. In the past 30 years, floods in Europe have affected 5.5 million people, taking almost 3,000 lives and causing more than EUR 170 billion in economic damage. The summer of 2024 was the hottest on record globally and in Europe. In a resolution on the devastating floods in Austria, Czechia, Germany, Hungary, Poland, Romania and Slovakia, approved on Thursday 19 September, MEPs express dissatisfaction with recent budget cuts to the EU’s Civil Protection Mechanism and have called for sufficient and upgraded funding to increase preparedness and improve capacity building. World news It was New York Climate Week this week. Now in its 16th year, this week-long event aims to inspire change in the mainstream of business and government. Climate Week NYC’s overall message this year was “It’s Time”, highlighting the urgency of acting decisively now, rather than deferring bold climate action to the future. New York Climate Week takes place every year in partnership with the United Nations General Assembly (UNGA) and is run in coordination with the United Nations and the City of New York.  Women climate leaders, including former Canadian environment minister Catherine McKenna and the German government’s special climate envoy, Jennifer Morgan, together with women from business, politics and non-profits, have launched the “women leading on climate network” at Climate Week NYC. Part of the group’s mandate is to empower women business leaders to step up and speak out on climate action.  Top leaders in global sustainability standard setting, regulation, and accounting, including IFAC, the IFRS Foundation, and IOSCO, attended Accelerating Climate and Sustainability-Related Disclosures: A Global Perspective, on September 23 as part of Climate Week NYC. The objective of the event was to advance global adoption and implementation of the ISSB Standards and build an understanding of sustainability assurance in its early days. A compilation of a recording of the event will be made available in due course. For more information and to be notified of the release of the recording, please reach out to climateweek@ifac.org A report by the Cambridge Institute for Sustainability Leadership says there is a “very real risk” that corporate action to address sustainability issues is negatively impacting the climate and nature crisis. The report, Survival of the Fittest: From ESG to Competitive Sustainability, calls for ESG to be replaced with a “competitive sustainability” agenda, with, with business leaders focusing on how their company can “compete and win” within a whole-of-economy transition, rather than setting sustainability targets. The Hague has become the first city in the world to pass legislation that bans the advertising of fossil fuel related products. The ban takes effect from 2025 and will see publicly and privately funded advertising for petrol and diesel, aviation and cruise ships banned from appearing in areas such as bus shelters and billboards.   Have your say on AI Chartered Accountants Worldwide is bringing together its member Institutes to undertake an important study on the impact of Artificial Intelligence (AI) on the future of the global Chartered Accountancy profession. Please support this research which aims to understand your views, experience and expectations regarding AI technologies in your professional role. (FYI: Watch the Chartered Accountants Ireland webinar on Socially Conscious AI and CSRD.) A4S International Case Competition  - corporate decarbonization and a fair and just climate transition Accounting for Sustainability (A4S) haslaunched the 2025 A4S International Case Competition (A4SICC). This year’s case challenge asks students to focus their business skills on corporate decarbonization within the broader context of a fair and just climate transition. This year’s competition will again offer students a transformative and practical learning experience with the unique opportunity to travel to Toronto, Canada, win a cash price of CA$10,000, access internships and cultivate critical skills and connect with industry leaders.  Places still available on Sustainability Reporting and Assurance Diplomas With the mandatory corporate Sustainability Reporting and Assurance in the EU starting this year, Chartered Accountants Ireland’s Sustainability Diplomas are back for the Autumn Schedule of our Professional Development courses. Tthe Diplomas are: Diploma in Sustainability Reporting, designed for chartered accountants and others leading the implementation of the new European Sustainability Reporting Standards (ESRS).  Diploma in Auditing and Assuring Sustainability Reporting, tailored for Chartered Accountants and others seeking to conduct sustainability assurance and become licensed as Sustainability Assurance Service Providers (SASPs). Articles We are incredibly vulnerable to an energy shock, so cutting fossil fuel dependence is a must (Irish Times) Research reveals challenges facing female SME owners (RTÉ) Materiality: The five steps that will get you on track (Business for Biodiversity Ireland) Podcasts Sustainable Views (FT): Can female leadership accelerate climate action? There was barely a woman to be seen in the official photograph of the world's climate leaders at COP28. This is a problem when half of the world's population is female. We spoke to former Canadian environment minister Catherine McKenna and Aron Cramer, CEO and president of sustainability consultancy BSR, about how they believe more women can be brought into the climate space and how this can change the dynamics around climate action (Listen) Did you know? Publishers are working to bring down the carbon footprint of books. ‘Sustainable Typesetting’ a project called from a Danish typesetting company has been developing fonts that reduce the number of pages while still prioritising readability. A typical paperback book accounts for around 1kg of carbon dioxide, and with 767 million paperback books being sold in the US last year alone, innovative initiatives are key to reducing emissions. Upcoming Events Ireland’s third SDG (Sustainable Development Goals) Week takes place this year from 20 – 29 September. The SDGs work towards ambitions such as an end to poverty, access to decent work, sustainable consumption, protection of nature, better health and wellbeing, universal access to education, gender equality, climate action, and peaceful societies. 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 UN Global Compact Network Ireland, 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 ESG Summit Europe, ESG Summit Europe 2024 In person, Madrid, October 1-2  ICAEW, Annual Conference 2024 Discover forward-looking insights on the economy, with a particular focus on sustainability, leadership, and technology designed to help you navigate a rapidly evolving external environment, drive business growth and discuss how to build a better, more resilient economic future. In person, Convene, London UK, 4 October, 08:00 - 17:00 BST  (WAIT LIST) Accountancy Europe, Unpacking CSRD transposition across Europe This webinar will take stock and share insights into the Corporate Sustainability Reporting Directive (CSRD) transposition across EU Member States. Join us for this overview with experts. Speakers to be confirmed. Programme coming soon. Virtual, October 8 October 2024 (12:00 - 13:15) Brussels time 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 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 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. In person, 1 November, Maynooth University 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.    

Minster for Finance, Jack Chambers, last week published the report of the independent examination of the Standard Fund Threshold (SFT). Following this review, the Government will implement phased increases in the SFT of €200,000 per year beginning in 2026 until 2029; after which the level of SFT will move with the applicable level of wage growth.    The SFT is the limit on the total capital value of an individual’s pension pot before unfavourable tax consequences are realised and has remained at €2 million for the past 10 years.   The Institute, under the auspices of the CCAB-I, responded to the public consultation on the SFT regime in December 2023 and recommended that the SFT should be increased in line with inflation as well as harmonising the treatment of public and private sector pensions when the SFT is breached.   The Minister also confirmed that there would be no change to the rate of chargeable excess tax (CET), currently 40 percent, but that this would be reviewed in 2030.  In relation to lump sums, the threshold for the higher rate of taxation to apply to a pension lump sum will be limited to €500,000 rather than a proportion of the SFT and this change will be introduced in Budget 2025.   Read the Minister's statement announcing the changes.