Sustainability/ESG bulletin from Chartered Accountants Ireland, Thursday 16 March 2023

Happy St Patrick's Day! 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

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 Research 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'Hora , Co-Founder of  SustainabilityWorks Ireland , climate innovation advocate and lead co-author of a recent report with PwC Ireland 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 Coghlan Chief Executive of Friends of the Earth Ireland 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 Northern Ireland 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.

• Charterted Accountant Ireland's 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)

• Goodbody Clearstream 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.