In this week’s Sustainability/ESG bulletin, read about Ireland’s progress in dealing with the climate emergency, Ireland’s new national policy statement on electricity interconnection, and a report into the potential fiscal impacts of the transition to a lower carbon economy. Also covered is Northern Ireland’s climate consultations, a new set of guidelines from Europe on national adaptation strategies, and Ireland and Europe’s progress towards the UN Sustainable Development Goals, as well as the usual roundup of articles, resources and events.
Ireland and the climate emergency
The Climate Change Advisory Council (CCAC) has published its Annual Review, in which the advisory body warns that at the current rate of policy implementation, Ireland will not meet the targets set in the first and second carbon budget periods. Among other recommendations, CACC is calling on the Government to find ways to help industry become more energy efficient and less reliant on fossil fuels, and that communities, NGOs and the private sector should be involved in adaptation planning and implementation. It also recommends that the Government build and maximise public support for climate action, ensuring a just transition and leveraging actions already in place.
The advice comes at a time when analysis by the World Weather Attribution network reportedly announced that European and North American heatwaves would be “virtually impossible without climate change,” and that these events are likely to become more frequent and more severe. The Environmental Protection Agency (EPA) has also published its provisional estimates on 2022 greenhouse gas emissions, which show that Ireland has already used 47 percent of its Carbon Budget for 2021-2025 in the past two years. An annual reduction of 12.4 per cent is now required for each of the remaining years if Ireland is to stay within the Budget. As emissions fell by only 1.9 percent in 2022, this has been described as “extremely challenging”.
New national on policy statement on electricity interconnection
The Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., has welcomed Cabinet approval of a new National Policy Statement on Electricity Interconnection which plans to make Ireland central to Europe’s energy future. The statement also outlines how a State-directed approach will ensure integrated forward planning, enabling the necessary infrastructure to unlock significant green energy export opportunities.
Potential fiscal impacts of the transition to a lower carbon economy in Ireland
Current environmental taxes are an important source of revenue for the State, according to a Department of Finance report recently published on the potential fiscal impacts of the transition to a lower carbon economy in Ireland. The report states that the taxes represent approximately €5.3 billion annually or around 6.4 per cent of overall exchequer tax revenue in 2022, and suggests that policy and policy makers will need to consider how to use taxation as an instrument in the economy’s transition to lower carbon over the medium term and towards carbon neutrality by 2050. Public finances in Ireland will come under increasing pressure from factors other than climate change, the report noted, such as population ageing and other demographic changes.
Northern Ireland climate consultations open
The Department for Agriculture, Environment and Rural Affairs (DAERA) on behalf of the Northern Ireland Executive has published a consultation on “Northern Ireland’s 2030 and 2040 Emissions Reduction Targets and First Three Carbon Budgets and Seeking views on Climate Change Committee (CCC) Advice Report: The path to a Net Zero Northern Ireland”. The main aim of the consultation is to consult on the proposed 2030 and 2040 emissions targets for NI and proposed carbon budgets for the periods 2023-2027, 2028-2032 and 2033-2037. A series of consultation sessions are planned to include sector specific workshops and a number of public consultation sessions, with registration links available. The consultation will run until Wednesday 11 October 2023.
Building a climate-resilient future in Europe
The European Commission has adopted a new set of guidelines to assist Member States in updating and implementing comprehensive national adaptation strategies, plans and policies in line with the European Climate Law and the EU Strategy on adaptation to climate change. The guidelines aim to make climate adaptation a top political priority and to enhance Member States’ strategies and plans. The announcement comes as a new Eurobarometer survey finds that a large majority of Europeans believe climate change is a serious problem facing the world (93 percent) and that 73 percent of Europeans agree that the cost of damage due to climate change is much higher than the investment needed for a green transition.
European Green Deal update
The European Commission has welcomed the final approval of the revised Energy Efficiency Directive, FuelEU Maritime Regulation and Alternative Fuel Infrastructure Regulation (AFIR), as part of the ‘Fit for 55’ package of legislation to reduce EU greenhouse gas emissions by at least 55 percent by 2030. The revised legislation aims to reduce energy use this decade and beyond, and put the EU on a cost-efficient pathway to become climate-neutral by 2050. Following the formal approval of both co-legislators, the new legislation can now enter into force on publication in the EU's official journal.
Progress on delivery of the UN Sustainable Development Goals
The European Union has presented its first Voluntary Review on the implementation of the 2030 Agenda for Sustainable Development at the United Nations in New York. The review gives an overview of how EU internal and external actions are contributing to delivering on the 17 Sustainable Development Goals (SDGs), both within the EU and in partner countries around the world.
Separately, Ireland’s Minister for the Environment, Climate and Communications, Eamon Ryan, T.D., presented Ireland’s second Voluntary National Review (VNR) on the SDGs, Building Back Better while Leaving No One Behind. The VNR outlines the progress Ireland is making, with 80 percent of the associated 169 targets reached.
The EU has performed best on ensuring decent work and economic growth, reducing poverty and fostering peace, security, and inclusive societies and institutions, while Ireland has made progress in a number of areas, such as education, employment, social protection, hunger reduction, health, community engagement and wellbeing.
Did you know?
Business in the Community Ireland (BITCI) has put together a list of Corporate Environmental Volunteering Opportunities for its member companies. Each of the volunteering opportunities listed provides contact details, information on the skills required of volunteers, and the time they need to commit to the cause or organisation.
Articles
Upcoming events
- The Future of Sustainable Finance – In person – 5 September, 8.30 – 10.00
The latest event in our Dublin 2050 series. Dublin has been steadily growing its reputation as a hub for sustainable finance in recent times, making significant progress in advancing sustainable finance practices and attracting investments aligned with ESG principles. This expert panel-led event aims to contribute to knowledge sharing, collaboration, and innovation within the business community. Venue: Dublin Chamber, 7 Clare Street, Dublin 2
Dublin Chamber – Sustainability Academy Workshops
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Dublin Chamber has announced it will offer Sustainability Academy workshops in Autumn. Beginning with a workshop on Sustainability/ESG 101 in September, the 3-hour Zoom workshops includes a free one-hour, post-workshop one-on-one advisory consultation per company with an expert advisor. Find out more here.
- Business Post LIVE and iQuest - Energy Transition Summit
Delivering Ireland’s energy revolution - 19 September 2023 - Croke Park, Dublin
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.
- 3rd or 4th Wednesday of every month
- Next: 23 August 2023
- 14.00-15.00/30
- Teams
If you would like to attend please email sustainability@charteredaccountants.ie
You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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