Network for Chartered Accountants working in ESG

  In this week’s Sustainability/ESG bulletin, read about sustainability in the 2023 Action Plan approved to deliver the Ireland for Finance Strategy. Also covered is the launch of a set of statutory guidelines to assist local authorities in preparing climate action plans, the €2.1 million funding announced for research into innovative climate solutions, a stakeholder survey on sustainability and offsetting in Northern Ireland and the proposed reform of EU’s electricity market design, as well as articles, podcasts, and events.  Sustainability and Ireland’s Action Plan - updated Finance Strategy ‘Revising and updating the Government’s Sustainable Finance Roadmap’, and developing ‘an updated sustainable finance value proposition’ are among the 12 key deliverables of the first Action Plan for delivering the Ireland for Finance Strategy. The 2023 Action plan, which received Cabinet approval last week, follows an update to the Ireland for Finance strategy in 2022, which sets out the key measures that the public and private stakeholders will take this year to support the further development of the international financial services sector in Ireland. Local authority climate action plans See also news from our colleagues in Professional Accounting [link] The Minister for the Environment, Climate and Communications Eamon Ryan, T.D., has launched a set of statutory guidelines to assist local authorities in preparing local authority climate action plans.  Under the Climate Action and Low Carbon Development (Amendment) Act 2021, each local authority in Ireland must prepare a local authority climate action plan for its respective administrative area. The plans are to enable them to address, in an integrated way, the mitigation of greenhouse gas emissions and climate change adaptation and strengthen the alignment between national climate policy and the delivery of effective local climate action. Once adopted, each plan will be valid for five years. €2.1 million announced for research into innovative climate solutions Funding of €2.1 million has been announced for six new research teams who are developing innovative solutions to climate action challenges. The research teams will compete as part of the Sustainable Development Goals (SDG) Challenge. Run in partnership between Science Foundation Ireland (SFI) and Irish Aid, the focus of the SDG Challenge is the development of innovative solutions relating to challenges associated with climate, biodiversity and the environment, with a specific objective of addressing challenges in countries where Irish Aid works.  The challenge will see teams competing for an overall prize of €1 million as they tackle climate action issues on life below water and life on land. Northern Ireland stakeholder survey on sustainability and offsetting Belfast City Council is conducting a stakeholder survey on sustainability and the level of interest in offsetting. The survey is to evaluate the opportunity for a local offsetting scheme in Northern Ireland. (While not reducing GHG emissions, offsetting is a commonly used means of compensating for GHG emissions and delivering progress towards Net Zero targets and ambitions.) The survey includes 24 questions and will take approximately five minutes to complete. There will be two short online briefings about the project at 10am on Wednesday 22 March and 10am on Thursday 23 March, and the survey will close on Friday 14 April 2023. Read more Proposed reform of EU’s electricity market design The European Commission has proposed to reform the EU’s electricity market design to “boost renewables, better protect consumers and enhance industrial competitiveness”.  Part of the Green Deal Industrial Plan and in line with the European Green Deal and the REPowerEU Plan, the proposed reform foresees revisions to several pieces of EU legislation and aims to decrease the impact of fossil fuels on consumer electricity bills, boost “open and fair competition” in the European wholesale energy markets, and ensure a sustainable and independent energy supply to the EU through building a renewables-based energy system. The proposals will have to be discussed and agreed by the European Parliament and the Council before entering into force.     Ask the Expert Interview – Climate Technology Opportunities Aideen O’Hara, Co-Founder of SustainabilityWorks, climate innovation advocate and lead co-author of a recent report with PWC on The Irish Climate Tech Opportunity 2023, will join Institute’s Sustainability Officer Susan Rossney on Thursday, 23 March for a lunchtime Q&A to discuss climate innovation and the range of Irish climate tech companies that demonstrate the potential for Ireland as a global leader in climate technology. Register free here.  Podcasts Interview with Oisín Coughlan, Chief Executive of Friends of the Earth about Ireland’s Climate Policy goals (Listen Back) (7 mins) Articles EU green deal efforts at risk of ‘being compromised’ (Irish Times) Transforming the worst performing dwellings into energy-efficient homes could lift people out of energy poverty (Irish Independent) Global floods and droughts worsening with warming, study suggests (Irish Examiner) UK pension funds threaten to vote against BP and Shell directors over climate targets (Financial Times) UK Labels Nuclear Power ‘Green’ to Attract Climate-Friendly Capital (Bloomberg Green) Are we 50 years away from gender pay equality? (Briefly, from Accountancy Ireland) UN deputy chief warns of faltering progress towards SDGs (UN News) Competitions Accounting for Sustainability (A4S) is now accepting applications for the A4S Academy 2023. The 18-month programme will begin at the end of June 2023, with applications closing on 31st March. More details, including programme outline, eligibility and fees are on the A4S website or by email. Upcoming Events   Trinity College Dublin is running free Climate Action & Sustainability webinars on Wednesdays 1-2pm. Join 12 leading academics in Trinity College Dublin as they speak about technologies and solutions that will help deliver our goals in the areas of Climate Action and Sustainability. Coming up: Is the Circular Economy a Route to Sustainability? As Clear as Plastic? Wednesday 22nd March from 1pm - 2pm Trinity's Green Week (🌍👉http://bit.ly/3JeD8K4) turns 21 this month! It runs from 20-24 March and it's a week to celebrate, learn, explore, network, solve and have fun http://bit.ly/3JeD8K4 Social Enterprise NI is running a range of events for social enterprises or people interested in social entrepreneurship starting on 21 March. Events include ‘eBay for Change’ ‘Social Entrepreneurs Ireland’, ‘Social Enterprise NI: Dragons Den Event’ and ‘Maximise your CRM’.  Find out more. Leinster Society Sustainable Fashion: Workwear Essentials  - Wednesday 22 March | 12:30pm – 1:30pm - with personal stylist Orla Sheridan to discuss how to be more sustainable in our everyday fashion choices, both at home and in the workplace. She will discuss the "30 wear rule" and talk us through some key wardrobe essentials for the office. Natural Capital Investment Conference 2023 22 March, London Invest Northern Ireland/Keep NI Beautiful - Interested in becoming more climate smart in your home, business, local community? Wondering where to start? Invest Northern Ireland will be hosting a free webinar in partnership with Keep NI Beautiful to describe what changes we can make as individuals, groups, and organisations to make a significant impact 28 March 10:00 – 11:15 Clearstream Solutions and sustHub webinar - The Business Case for Sustainability 31 March, 12:00 – 13:00 Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 3 May Following three sellout sittings, our Certificate in Sustainability Strategy, Risk and Reportingfor accountants is back again in May 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Find out more   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd Wednesday of every month Next : 22 March, 2023 14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.    

  In this week’s Sustainability/ESG bulletin, read about calls for more financial services firms to sign up to Ireland’s Women in Finance Charter. Also covered is the publication of the annexes to Ireland’s Climate Action Plan 2023; the UK Climate Change Committee's advice for the first three Northern Ireland Carbon Budgets; the percentage of Northern Ireland electricity generated from renewable sources in 2022; and the landmark UN agreement on global ocean conservation, as well as articles, resources and events.  Women in Finance Charter Minister of State at the Department of Finance for Financial Services, Insurance and Credit Unions Dr Jennifer Carroll MacNeill, T.D., has urged firms in the financial services industry to demonstrate their commitment to delivering gender balance by singing up to Ireland’s Women in Finance Charter. The Charter, launched in 2022, commits signatory firms to improving the number of women in management and board level positions. Over 50 firms, representing 44 000 employees, have already signed up to the Charter. The statement comes on the day before the announcement of the Government’s intention to hold a referendum on gender equality, as recommended by the Citizens’ Assembly on Gender Equality and the Special Joint Oireachtas Committee on Gender Equality. Ask the Expert Interview – Climate Technology Opportunities Aideen O’Hara, Co-Founder of SustainabilityWorks, climate innovation advocate and lead co-author of a recent report with PWC on The Irish Climate Tech Opportunity 2023, will join Institute’s Sustainability Officer Susan Rossney on Thursday, 23 March for a lunchtime Q&A to discuss climate innovation and the range of Irish climate tech companies that demonstrate the potential for Ireland as a global leader in climate technology. Register free here. Climate Action Plan 2023 Annex of Actions publishes The Irish Government has approved the Annex of Actions to the 2023 Climate Action Plan. The Climate Action Plan sets out a roadmap on how to halve Ireland’s CO2e emissions by 2030 and reach ‘net zero’ no later than 2050. The ‘Annex of Actions’ is the specific actions required to implement the targets set out in the Plan. The 2023 Plan takes account of the carbon budgets and sectoral emissions ceilings agreed in 2022.   In other climate news, plans to accelerate the delivery of 5GW of offshore wind by 2030 have received Cabinet approval, and key actions for 2023 under the Offshore Wind Energy Programme, the system-wide plan developed by the Offshore Wind Delivery Taskforce were also published. UK Climate Change Committee (CCC) publishes advice for first three Northern Ireland Carbon Budgets The UK Climate Change Committee (CCC) has published its advice for the first three Carbon Budgets for Northern Ireland, the first of which will cover the period 2023 – 2027. (A carbon budget is the maximum amount of greenhouse gases that can be emitted in a given period.) The advice will help inform the carbon budget being prepared for consultation and the content of Northern Ireland’s first Climate Action Plan for 2023 to 2027. This is required to be in place by end of 2023 under the Climate Change (Northern Ireland) Act 2022. In a press release DAERA encouraged organisations across the public, private and third sectors “to consider and debate the report and recommendations in readiness for participation in the consultation on a carbon budget and Climate Action Plan in the coming months.” Renewable sources generated 51 percent of Northern Ireland’s electricity in 2022 A report detailing the percentage of electricity consumption in Northern Ireland generated from renewable sources has found that 51 percent of total electricity consumption in Northern Ireland was generated from renewable sources located in Northern Ireland in 2022. This is a 9.7 percent increase on the previous year. Of this, 85.3 percent was generated from wind. EU Fiscal Policy Guidance for 2024 - Promoting debt sustainability and sustainable and inclusive growth The European Commission has provided guidance to Member States on the conduct and coordination of fiscal policy for next year. Overall, fiscal policies in 2024 “should ensure medium-term debt sustainability and promote sustainable and inclusive growth in all Member States”. The preliminary fiscal policy guidance for 2024 will be updated as necessary as part of the European Semester Spring Package in May 2023. Urgent need to speed up implementation of adaptation measures A better understanding of the costs and benefits of adaptation measures to counter climate change is needed. This is according to a European Environment Agency (EEA) briefing which assesses the main methods, challenges and constraints in taking action. The briefing ‘Assessing the costs and benefits of climate change adaptation’ explains that as the resources available to government decision-makers are limited, better understanding is needed about the costs and benefits of adaptive actions — and the costs of adaptation compared to the costs of failing to take action. Landmark UN agreement on global ocean conservation A landmark United Nations agreement on global ocean conservation has concluded, and will provide a framework for global action to protect the ‘High Seas’. The Marine Biodiversity Beyond National Jurisdiction (BBNJ) protects seas which comprise two thirds of oceans and half the surface area of the planet, but fall outside the jurisdiction of any country. In particular, the agreement will provide for the creation of a global network of High Seas marine protected areas, and will strengthen processes for environmental impact assessments for activities that may impact the marine environment. Ireland has also announced a programme of measures designed to target the pressures on Ireland’s marine environment. The programme consists of a broad range of actions with commitments across Government Departments to ensure the sustainable use of Ireland’s seas and restore degraded ecosystems and species. Videos European Financial Reporting Advisory Group (EFRAG) has published a series of introduction videos to the first set of draft European Sustainability Reporting Standards (ESRS). Articles Here are some good sustainability-related newsletters to subscribe to: “Climate quitting”: what is it and how can you avoid it? As jobseekers show increasing willingness to vote with their feet on corporates’ ESG credentials – or lack thereof – how should businesses ensure they keep talent on board? (ICAEW Insights) How a tax break meant to curb climate change could make it worse (Washington Post) ‘Devastating loss’ of Irish plant life revealed in 20-year study (Irish Times) Climate action in slow motion as politicians balk at prospect of change (The Irish Independent)  Competitions Accounting for Sustainability (A4S) is now accepting applications for the A4S Academy 2023. The 18-month programme will begin at the end of June 2023, with applications closing on 31st March. More details, including programme outline, eligibility and fees are on the A4S website or by email. Upcoming Events   Trinity College Dublin is running free Climate Action & Sustainability webinars on Wednesdays 1-2pm. Join 12 leading academics in Trinity College Dublin as they speak about technologies and solutions that will help deliver our goals in the areas of Climate Action and Sustainability. Trinity's Green Week (🌍👉http://bit.ly/3JeD8K4) turns 21 this month! It runs from 20-24 March and it's a week to celebrate, learn, explore, network, solve and have fun http://bit.ly/3JeD8K4 Natural Capital Investment Conference 2023 22 March, London Invest Northern Ireland/Keep NI Beautiful - Interested in becoming more climate smart in your home, business, local community? Wondering where to start? Invest Northern Ireland will be hosting a free webinar in partnership with Keep NI Beautiful to describe what changes we can make as individuals, groups, and organisations to make a significant impact 28 March 10:00 – 11:15 Clearstream Solutions - Return on Sustainability Investment Webinar 31 March, 12:00 – 13:00   Jobs Financial/Reporting Accountant for major energy provider in Ireland’s Energy/Sustainability/Renewables sector. Newly qualified ACAs can contact Dave Riordan, Careers Team, Chartered Accountants. Certificate in Sustainability Strategy, Risk and Reporting Classes start Wednesday 3 May Following three sellout sittings, our Certificate in Sustainability Strategy, Risk and Reportingfor accountants is back again in May 2023. Over 8 weeks, you'll cover key reporting frameworks and metrics, and learn to address the ESG opportunities and challenges that organisations already face. Find out more   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd Wednesday of every month Next : 22 March, 2023 14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.