In this week’s Sustainability/ESG Bulletin read about the Small-scale Renewable Electricity Support Scheme, sustainability and innovation in a new leadership programme for SMEs resources for creating a sustainable business, and a new nature recovery fund for Northern Ireland. Also covered is the sustainability implications for businesses of the new EU Competitiveness Compass, the new standards and guidance from IAASB and IESBA to strengthen sustainability reporting and assurance, and well as the usual articles and upcoming events.
Ireland news
Small-scale Renewable Electricity Support Scheme
The Small-scale Renewable Electricity Support Scheme (SRESS), the renewable electricity scheme without an auction, operated by the Department of the Environment, Climate and Communications, opened for applications this week (27 January). Small-scale renewable energy projects are defined as renewable electricity generation technologies with an electricity output greater than 50kW, but smaller than typical commercial generators. The SRESS will be operated on the basis of a policy lifetime out to 2030 and includes a 15-year tariff support lifetime for successful export applicants.
CSO figures on 2022 fossil fuel subsidies released
CSO figures released this week show a 68% increase in fossil fuel subsidies in Ireland in 2022, from €2.8 billion in 2021 to €4.7 billion in 2022, including direct subsidies to households and tax rate reductions on petrol and diesel.
Separately, 2024 was confirmed by the Copernicus Climate Change Service (C3S) to be the warmest year on record globally. Human-induced climate change remains the primary driver of extreme air and sea surface temperatures, with fossil fuel use one of the key contributing factors.
Sustainability and innovation in new Dynamic Leadership SME programme
Enterprise Ireland, in partnership with Dublin City University (DCU), has launched Dynamic Leadership: Roadmap to Growth. The leadership development programme is designed to equip senior leadership teams of Irish SMEs with the tools, strategies, and insights required for sustainable growth and international success. Programme highlights include a focus on innovation and sustainability, workshops on digital transformation, sustainability, and calculating carbon footprints.
Resources for businesses to optimise energy usage and reduce costs
The Sustainable Energy Academy Ireland (SEAI) has launched two free new eLearning modules through the SEAI Energy Academy platform: www.seaienergyacademy.ie/. Designed to help businesses optimise their energy usage and reduce costs, the modules are:
- The new "Fundamentals of Hot Water" module provides comprehensive guidance on managing hot water systems effectively across various business settings. While particularly valuable for sectors with high hot water demands—such as hospitality, manufacturing, and healthcare—the module offers insights relevant to businesses of all sizes.
- "Introduction to Building Management Systems," focuses on the increasingly important role of Building Energy Management Systems (BEMS) in modern business operations. This module demonstrates how BEMS technology can revolutionise the way businesses control their building services and reduce energy waste.
Women in Finance Charter 2025 Annual Survey underway
The 2025 Annual Survey is now underway for Signatories of the Women in Finance Charter, an initiative to promote greater gender equality in the financial sector. Firms signing the Charter commit to achieving greater gender balance across their organisations, set targets appropriate to the company, and formulate an action plan to achieve these targets. The closing date for the survey is 9 February and further details on the Charter and guidelines for signatories will be available on the Balance for Better Business website.
Case Studies for sustainable businesses
The Department of Enterprise, Trade and Employment (DETE) has published case studies on how businesses are becoming more sustainable. Three businesses are profiled, including Sweet N Green café, Stories by Ola, and Laundry Lab. For more information on all the supports available to business visit the National Enterprise Hub on neh.gov.ie.
Northern Ireland/UK news
Northern Ireland launches nature recovery fund
A new fund to support Nature Recovery environmental projects, the first of its kind, across Northern Ireland, has been launched by Environment Minister Andrew Muir. Councils and voluntary organisations can now apply for the Nature Recovery Challenge Fund Competition 2025/26 – 2027/28 which will offer a minimum grant award of £50,000. More details are on the DAERA website.
UK government announces offshore infrastructure measures
The UK government has announced measures to accelerate the construction of offshore infrastructure, with up to 13 major offshore wind projects expected to generate up to 16GWs of electricity, create employment in the offshore wind sector, and potentially unlock £20-30bn of investment in clean power. Earlier in January the government announced measures to support nature recovery at scale in for the Planning and Infrastructure Bill as part the government’s Plan for Change.
Aligning transition planning and financial planning- resource
Accounting for Sustainability (A4S) has developed a resource on transition plans, with support from ICAEW. The resource, Aligning Transition Planning and Financial Planning: key questions for finance teams, outlines key questions for finance teams to help understand the different transition planning activities that may have financial implications. Transition plans can have many benefits, such as delivering new revenue streams, but to turn them into action they need to be supported by adequate financial resources.
Europe News
The European Commission has launched its Competitiveness Compass framework, a strategic initiative which aims to “rekindle economic productivity and secure the EU’s competitive edge”. It aims to promote sustainability through an Affordable Energy Action Plan, a Clean Industrial Deal, an Industrial Decarbonisation Accelerator Act and through tailor-made action plans for energy intensive sectors, such as steel, metals, and chemicals. It further sets out an approach and a selection of flagship measures to achieve the three transformational imperatives identified in the Draghi report, i.e. around innovation, decarbonisation and competitiveness, and security.
One such measure is the Simplification Omnibus Packages, which aim to reduce the reporting obligations for businesses by up to 25 percent (and up to 35 percent for SMEs), and align various EU regulations related to sustainability, such as the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy. It is anticipated that the Competitiveness Compass will help smaller companies integrate sustainability into their operations without facing excessive administrative burdens.
World news
IAASB and IESBA unveil new standards and guidance to strengthen sustainability reporting and assurance
The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have launched an integrated effort to support effective implementation of their landmark standards aimed at advancing trust and transparency in sustainability reporting and assurance. Taken together, the IAASB and IESBA sustainability-related standards, as well as the new IESBA standard on using the work of experts, provide a unified global approach to address the growing demand for trustworthy sustainability information to support stakeholder decisions.
Report highlights carbon pricing as essential for green hydrogen growth
A report from the Potsdam Institute for Climate Impact Research has shown that the growth of green hydrogen is unattainable without carbon pricing. The report, Green hydrogen: Big gaps between ambition and implementation, emphasises the need to focus more on demand-side measures to increase the number of green hydrogen consumers, rather than concentrating solely on supply-side measures. It highlights legislation like the EU’s Renewable Energy Directive, which mandates that green hydrogen must constitute 42 percent of all hydrogen used in industry by 2030, as a crucial step forward. Additionally, it advocates for carbon pricing to account for the environmental costs of producing hydrogen with fossil fuels.
Planetary Insolvency report - Risk management and policy decisions
A new report has identified an increasing risk of ‘Planetary Insolvency’ – severe societal and economic disruption caused by a breakdown in critical ecosystem services. The report, Planetary Solvency - finding our balance with nature, brings together risk management techniques, the latest climate science, and systemic risk assessment methodologies assesses the ability of our planet now, and in the future, to support human society and the economy. It is the latest in a series of papers focussing on climate risk from the Institute and Faculty of Actuaries (IFoA) and the University of Exeter, and highlights how risk management techniques, informed by the latest science, can help to guide policy decisions to support future prosperity.
Technical Roundup
(From our colleagues in Professional Accounting)
The FRC has published a thematic review of Climate-related Financial Disclosures by Alternative Investment Market (AIM) and large private companies, following their first cycle of mandatory reporting in the UK.
EFRAG has published a document mapping the voluntary Eco-Management and Audit Scheme against the ESRSs.
Accountancy Europe has set up a tracker that monitors the transposition of the CSRD across the European Economic Area.
(
update)
Accountancy Europe has also published a FAQs webpage addressing common questions about sustainability reporting assurance. It’s organised into two sections: 1. key concepts of assurance in sustainability reporting and 2. EU regulatory framework.
Articles
Events
A4S, The Sustainability Value Triangle
The webinar includes exclusive findings from research with professionals: The sustainability actions with the highest perceived impact on value; Insights into overcoming barriers to cross-functional collaboration; The role of mandatory reporting in fostering integration. Expert panelists include: Brad Sparks, A4S;’ Dr. Robert Eccles, Saïd Business School, University of Oxford; Mardi McBrien, IFRS Foundation
Virtual, 6 February, 16.00 GMT
Chartered Accountants Leinster Society, 𝗣𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲𝘀 𝗼𝗻 𝗖𝗦𝗥𝗗 𝗶𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻
Discover how the implementation of CSRD will present both challenges and opportunities for companies in Ireland from Deloitte's Hollie Keating, Director and Sustainability Reporting & Assurance Lead, and Gareth Martin, Audit Managing Director
Virtual, 12 Feb | 1-2pm | FREE
Queen’s Business School, QBS Business Breakfast Insights: Sustainability 2030 and beyond
Queen’s Business School is hosting the Business Breakfast Insights series, offering insights to help businesses navigate economic and environmental challenges. This first event will explore sustainability in business, with a focus on digital sustainability and sustainability reporting.
In person, 13 February, 8.30-10.30, Queen’s Business School, Riddel Hall, Belfast, BT9 5EE
A4S, Sustainability in Action Webinar: Management Information
This interactive webinar, aimed at finance professionals, will provide practical insights on how to refocus management reporting and management information by introducing a more integrated approach. Information drives decisions – our speakers will show how considering social and environmental factors results in better information that drives better decisions.
Virtual, 25 February, 16.00 GMT
Jobs
Trinity College Dublin seeks a researcher/project manager for Ecosystem Accounting project (Link to job details)
Sustainability Centre
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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