Network for Chartered Accountants working in ESG

  In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland’s involvement in the business-led Green Pearse Street campaign, and how a sustainable future will be the focus for the 2023 National Economic Dialogue. Also covered is ISIF’s commitment to Just Climate's $1.5 billion fundraising to addresses the Net Zero challenge at scale, how Ireland is at risk of not meeting EU waste targets, and the increase in Northern Ireland’s use of renewable energy, as well as the usual useful resources, podcasts, articles and events. Chartered Accountants Ireland and business-led Green Pearse Street campaign  Chartered Accountants Ireland is a founding member of a new group, Green Pearse Street, which launched last week. Green Pearse Street comprises a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green. The aim of the new campaign is to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, and more social space for people. The campaign launch, covered by Independent.ie, Dublin Live and others, coincides with EU Green Week, the EU's annual event to showcase the bloc's climate projects and policies, which run from Saturday 3 June and Sunday 11 June. ‘A sustainable future’ the focus for 2023 National Economic Dialogue The discussions at the 2023 National Economic Dialogue are to focus around the theme of ‘enabling a sustainable future’ for all for the economy in 2030, it has been announced this week. A breakout session of the event - “Charting a sustainable path towards achieving our National climate action objectives”- is to be chaired by Minister for the Environment, Climate and Communications and Minister for Transport, Eamon Ryan T.D. The National Economic Dialogue, which will take place on 12 June, is the principal institutional forum for public consultation and discussion on the Budget. Hosted jointly by the Department of Finance and the Department of Public Expenditure and Reform, it provides a deliberative forum for stakeholders to participate in an open and inclusive exchange on the competing economic and social priorities facing the government. Representatives from Chartered Accountants Ireland will participate in the event. Ireland Strategic Investment Fund addresses the Net Zero challenge at scale The National Treasury Management Agency (NTMA) has reported that Just Climate, an investment business created by former US Vice President Al Gore’s Generation Investment Management, has announced the closing of its inaugural $1.5 billion fund, ‘Climate Assets Fund I’. The Ireland Strategic Investment Fund (ISIF) was a member of the fund’s founding investor group, which also include Microsoft Climate Innovation Fund and Harvard Management Company. The Fund, which exceeded its $1 billion target, will be part of Just Climate’s industrial climate solutions focus and will pursue investments which have the potential to deliver ‘transformational climate impact’ across some of the highest-emitting, hard-to-abate industries. Commenting, Paul Saunders, head of climate for ISIF, reportedly explained that “[t]he extent and urgency of the climate challenge require ISIF and other major investors to work together to drive innovation in climate action. We believe this initiative is a major step forward in sustainable investing and increasing the capital available to target high-impact areas in the shift to a low-carbon economy.” Ireland at risk of not meeting EU waste targets Ireland is one of 18 Member States identified in a report published this week by the European Commission as being at risk of not meeting the 2025 preparing for re-use and recycling targets for municipal and all packaging waste and the 2035 landfilling target. In the report the Commission presented recommendations to the Member States, building on continuous financial and technical support provided for improving performance on waste management, and covering a broad range of actions from reducing non-recyclable waste to increasing reuse, improving governance, deploying economic instruments and awareness-raising. The factsheet for Ireland states that while Ireland is on track to meet the 2025 recycling target for all packaging waste and is likely to meet the 2035 target for landfilling of municipal waste, it is at risk of missing the 2025 target for reuse and recycling of municipal waste. Increase in Northern Ireland’s use of Renewable Energy The percentage of total electricity consumption in Northern Ireland generated from renewable sources (48.5 percent) has increased by 4.6 percentage points in the 12-month period April 2022 to March 2023 compared to the previous year. This is according to a report, published this week by the Department for the Economy, which aids reporting on performance against the commitments in the Northern Ireland Energy Strategy ‘Path to Net Zero Energy’ and the Climate Change Act target which is to “ensure that at least 80% of electricity consumption is from renewable sources by 2030.” The full report is available on the Electricity Consumption and Renewable Generation Statistics page on the Department’s website.  World Environment Day Monday 5 June was World Environment Day, the United Nations day which celebrates environmental action and the power of governments, businesses and individuals to create a more sustainable world. Led by the United Nations Environment Programme (UNEP) and held annually since 1973, this year’s World Environment Day focussed on global solutions to combat plastic pollution.             Resources Chartered Accountants Ireland - Further your knowledge about the European Sustainability Reporting Standards. In the second of our series on EU sustainability reporting, Dee Moran, Chartered Accountants Ireland and Orla Carolan, Director in Grant Thornton demonstrated how to navigate the content and disclosures included in the first set of ESRSs, what undertakings should do to prepare for implementation, and how to understand more about the requirements of the CSRD. Watch the recording here.  The Sustainable Energy Authority of Ireland (SEAI) hosted a Business Briefing on 'Reduce Your Use' in May. The topics explored included the Climate Toolkit for Business, the benefits of an Energy Audit, Electric Vehicle supports and more. Watch the recording. Podcast ‘Green skills for all’ Five Degrees of Change, the Business Post's energy and environment podcast sponsored by PwC, interviewed Andrew Brownlee, chief executive of Solar, the Irish state agency responsible for further education and training (Listen) Articles Global greenhouse gas emissions at 'all-time high' (Irish Times) What exactly counts as a carbon credit? (Bloomberg) Singapore launches carbon exchange despite market’s greenwashing scandals (Financial Times) Green accountancy guide to aid 'investor-grade' greenhouse gas reporting (GreenBiz) ESG an “immense” market for mid-tier accounting firms to tap into (AccountancyAge) Upcoming Events   The Northern Ireland Energy Summit Delivered in partnership with the Department for the Economy and the Centre for Advanced Sustainable Energy (CASE), the Northern Ireland Energy Summit will take place at the ICC, Belfast, on Wednesday 21 June 2023. The event will focus on building an informed consensus on how best to take Northern Ireland forward in meeting its renewable energy targets and net zero ambitions, whilst driving 10X economic growth across innovation, sustainability and inclusion. 21 June CSRD: striving for consistent and quality sustainability assurance engagements across the EU Accountancy Europe is inviting key stakeholders to exchange on their expectations for assurance engagements, the practical implications of the CSRD assurance requirement and the role of the assurance standard. This event is in person and by invitation only. For more information, contact events@accountancyeurope.eu. 5 July Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd or 4th Wednesday of every month Next: 28 June, 2023  14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

  In this week’s Sustainability/ESG bulletin, read about Ireland’s attempts to decouple economic growth from rising CO2e emissions, as predictions from the EPA indicate that Ireland will fall well short of its climate targets for 2030. Also covered is the Energy Efficiency Grant announced for small businesses, the funding announced for circular economy projects, the new Sustainability Handbook, details of Sustainability and ESG awards, new resources for accounting and finance professionals for enhancing Greenhouse Gas (GHG) reporting, and updates from Europe, as well as articles and events. Economic growth and Ireland’s carbon emissions trajectory New data has been published by Ireland’s Central Statistics Office (CSO) that for the first time focuses on the extent to which economic growth and emissions are linked in Ireland. The data reportedly indicates that in comparison with most EU countries, there has been only ‘modest decoupling’ of increased emissions in Ireland – particularly around transport – resulting from increased economic activity since 2010. The news comes as the Environmental Protection Agency (EPA) published a report which predicts that Ireland will fall well short of its climate targets for 2030. In its assessment of Ireland’s total projected greenhouse gas (GHG) emissions out to 2040, the EPA found that Ireland is not on track to meet its 51 percent emissions reduction target (by 2030 compared to 2018) even if most of the 2023 Climate Action Plan measures are implemented. Further measures still need to be identified and implemented to achieve the targets. Separately this week a Joint Declaration of Intent on cooperation in the field of green hydrogen - predicted to play a crucial role in decarbonising Ireland’s energy system -  was signed between the Irish Department of the Environment, Climate and Communications and the German Federal Research Ministry. The Declaration was signed to formalise cooperation in respect of green hydrogen between Ireland and Germany. The Irish Government is currently developing a National Hydrogen Strategy, due to be finalised shortly, which will set out Ireland’s vision for how hydrogen will be produced and used in Ireland. White Paper on Enterprise Implementation Plan 2023-2024 published Minister for Enterprise, Trade and Employment, Simon Coveney T.D., has published an implementation plan to support delivery of the policy objectives outlined in the White Paper on Enterprise 2022-2030, published last December. The White Paper on Enterprise Implementation Plan 2023-2024 is the first in a series of consecutive two-year implementation plans to realise the Government’s vision for Irish-based enterprise. The first of the policy’s seven priority enterprise policy objectives – ‘Integrating decarbonisation and net zero commitments’ – includes a target to reduce emissions from industry by 35 percent by 2030, with a 45 percent reduction in emissions expected in the commercial built environment by 2030. New Energy Efficiency Grant announced for small businesses An Energy Efficiency Grant to help small businesses was announced this week by Minister for Enterprise, Trade and Employment, Simon Coveney, T.D. The new support, available through Local Enterprise Offices, will enable small businesses to invest in technologies and equipment to make their businesses more energy efficient. The grant will cover up to 50 percent of the costs to a maximum amount of €5,000.  Funding announced for innovative circular economy projects Funding of €640,000 for 13 projects across Ireland was announced this week under the second Circular Economy Innovation Grant Scheme (CEIGS). The Circular Economy Innovation Grant Scheme is designed to help communities make the transition to a circular economy, and to a more sustainable future, by reducing and eliminating waste and keeping resources in use for as long as possible. The CEIGS complements other circular economy work being progressed, including the introduction of new environmental levies such as the new waste recovery levy, incentivization of commercial waste collection, the introduction of a Deposit Return Scheme for plastic bottles and cans, and the publication of the National Food Waste Prevention Roadmap.   ‘Building Better Businesses’ event series continues The Department of Enterprise, Trade and Employment (DETE) has announced the next in its series of Building Better Business events across the country. The events are aimed at helping businesses navigate their transition to a green economy and boosting business performance through digital transformation. The next event, on Friday, 23 June 2023, 8.30am – 1.30pm in the Osprey Hotel, Naas, Co Kildare, will feature panel discussions on the opportunities and challenges presented by digital transformation and the transition to a low carbon economy, expert information on the range of government supports available to businesses, and an opportunity to network and connect with other businesses. It is open to businesses based in Kildare, Meath and Wicklow. Register and find out more about the event here.  New Sustainability Handbook Business in the Community Ireland has published its 2023 Sustainability Handbook to help develop a common understanding of the role of business powerful agents for good in bringing about a low-carbon economy where everyone thrives. Focusing on ‘Economic, Environment, Social Goals, underpinned by Governance’ (‘EESG’), the handbook aims to introduce readers to the depth and breadth of sustainability, support sustainability practitioners in setting and delivering strategic objectives relating to EESG topics, and facilitate anyone who wants to learn more how businesses can be powerful actors for positive change. Sustainability and ESG Reporting Awards – Chartered Accountants Ireland Leinster Society The Chartered Accountants Ireland Leinster Society’s Published Accounts Awards 2023 has now been launched, and is welcoming entries from across all types of reporting bodies – whether they are large listed companies, or small not-for-profit organisations. The competition will focus on annual reports in respect of financial years ended on or before 31 March 2023. There are two Sustainability and ESG Reporting Awards this year, one for Listed entities and one for Unlisted entities. The deadline for entries is Friday 14 July 2023 and winners will be announced on 9 November at an event in The Shelbourne Hotel, Dublin. Funding for UK businesses to capitalise on offshore wind The Offshore Wind Growth Partnership (OWGP) has issued its next funding call, with a total funding pot of £2 million for projects that will lead to a step-change in company growth within the offshore wind sector. Grants of £50,000 to £500,000 are available to UK businesses for projects that align to identified scope areas, and the call is open to a wide range of proposals across the existing offshore wind supply chain and new market entrants. The deadline for Stage 1 applications is 5pm on Friday 21 July 2023 and details are available here. European State of the Climate report published The 2022 release of the European State of the Climate (ESOTC) report has published, providing detailed analysis of the past calendar year and giving updates on the long-term trends of key climate indicators. The report found that 2022 was the second warmest year on record in Europe, at 0.9°C above average. Summer was the warmest on record, at 1.4°C above average, and 0.3–0.4°C above the previous warmest summer, in 2021. European Parliament adopts position on rules to tackle companies’ impact on human rights and the environment The European Parliament has adopted its position for negotiations with member states on rules to integrate human rights and environmental impact into companies’ governance. Companies will be required to identify, and where necessary prevent, end or mitigate the negative impact of their activities on human rights and the environment such as on child labour, slavery, labour exploitation, pollution, environmental degradation and biodiversity loss. They will also have to monitor and assess the impact of their value-chain partners including not only suppliers but also sale, distribution, transport, storage, waste-management and other areas. Parliament also adopted recommendations for the EU strategy for sustainable and circular textiles, for textile products sold in the EU to be more durable, easier to reuse, repair and recycle, the production of which should respect human, social and labour rights, the environment and animal welfare throughout the supply chain. MEPs also want EU and national measures to put an end to “fast fashion”. New resources for accounting and finance professionals -  enhancing Greenhouse Gas (GHG) reporting New resources are now available to help CFOs, accountants and finance professionals undertake or enhance cost-effective and investor-grade GHG reporting. The guidance, designed to be built on existing systems and processes, is divided into two parts: 8 Steps to Enhance GHG Reporting: A Roadmap for Accounting and Finance Professionals – a guide for finance and accounting professionals to engage with others across their business to prepare for GHG emissions reporting requirements aligned to financial reporting processes. GHG Reporting Building Blocks for Accountants – technical guidance necessary for accountants to collect and enhance the quality of data related to all scopes of GHG emissions at individual entity and group levels. The guidance was released by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability (A4S), Global Accounting Alliance (GAA), and World Business Council for Sustainable Development (WBCSD). Institute interview - Corporate Sustainability Reporting Directive Last week, Dee Moran, Professional Accounting Lead with Chartered Accountants Ireland, interviewed Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Corporate Sustainability Reporting Directive (CSRD) and what future developments might mean for Irish organisations. Watch webinar. (This interview was the first in our series on EU sustainability reporting. For the second event, Dee will be joined next week (June 8) by Orla Carolan, Director in Grant Thornton, to discuss the proposed European Sustainability Reporting Standards (ESRSs). Find out more and register here.) Newsletters The June edition of Accountancy Europe’s Sustainability Update The May edition of the International Sustainable Finance Centre of Excellence Newsletter Articles Bank of England Governor Andrew Bailey vows to press ahead with work to assess climate-related risks to the economy, brushing off criticism that officials have been distracted from their fight against inflation. (Bloomberg) UK regulator probes sustainable loans market (Financial Times) What dirty laundry? The problem with greenwashing (Accounting for Sustainability (A4S)) New Zealand manages climate impacts. The government will help to buy out the owners of cyclone and flood-damaged houses in areas deemed susceptible to severe weather events, beginning a process of managed retreat in the face of climate change.  (Bloomberg)    Rich nations say they're spending billions to fight climate change. Some money is going to strange places. (Reuters)  Upcoming Events    Accountancy Europe - Developing Green Skills for Finance Professionals – Building Capacity for a Fair and Sustainable Transition  In this EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts to discuss the skills and education needed for finance professionals to contribute to a green and just transition.  8 June, 15:00 - 16:15 (Dublin time) Ulster Society, Chartered Accountants Ireland - Advising on Net Zero for clients: the opportunities and the threats This free webinar in partnership with British Business Bank and featuring Julia Groves, will address the issue of sustainability, and the responsibilities upon businesses and their advisers in meeting sustainability targets. This presentation will cover the basics of net zero and carbon accounting, the broader consideration of environmental, social and governance factors in business decision, why SMEs should take action, what they can do and how British Business Bank is involved.   8 June, 12:00 - 13:30 Chartered Accountants Ireland - Further your knowledge about the European Sustainability Reporting Standards In the second of our series on EU sustainability reporting, join Dee Moran, Chartered Accountants Ireland and Orla Carolan, Director in Grant Thornton to understand more about the requirements of the CSRD, the content and disclosures included in the first set of ESRSs and what undertakings should do to prepare for implementation. 8 June, 10:00 - 11:00 Northern Ireland Healthy Working Lives Conference 2023  This free conference, organised by Business in the Community Northern Ireland for 8 June from 8:45am to 1pm in Riddel Hall, Stranmillis Road, Belfast, will bring together expert speakers and key business representatives to discover how businesses can embed a human-centred approach into their organisation’s culture. 8 June The Northern Ireland Energy Summit Delivered in partnership with the Department for the Economy and the Centre for Advanced Sustainable Energy (CASE), the Northern Ireland Energy Summit will take place at the ICC, Belfast, on Wednesday 21 June 2023. The event will focus on building an informed consensus on how best to take Northern Ireland forward in meeting its renewable energy targets and net zero ambitions, whilst driving 10X economic growth across innovation, sustainability and inclusion. 21 June Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd or 4th Wednesday of every month Next: 28 June, 2023  14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.