Sustainability/ESG bulletin from Chartered Accountants Ireland, Friday 16 February 2024

IRELAND

€21 million grant scheme to boost EV charging infrastructure

The Minster for Transport, Eamon Ryan T.D. has announced the launch of a new €21m scheme to accelerate the development of high-powered Electric Vehicle (EV) charging infrastructure across Ireland’s road network. The scheme targets publicly available facilities within 3km driving distance of the motorway/dual-carriageway network, such as service area operators, hotels, and retail outlets. Future schemes, which will be rolled out over the coming year, will continue to target other parts of the road network as well as recharging at destinations and in neighbourhoods. Further information is outlined in the scheme brochure which is available on EV Scheme, and all submissions are to be made via eTenders before noon on 10 April 2024.

Consultation on Ireland’s Draft National Energy and Climate Plan

A public consultation has been launched on an updated draft of Ireland’s National Energy and Climate Plan (NECP). The NECP, which covers 2021 to 2030, focuses on the actions Ireland is taking to meet its EU 2030 targets for greenhouse gas emission reductions, renewable energy, energy efficiency and electricity interconnection, as mandated by EU Regulations and Directives. The aim of this consultation is to engage stakeholders and gather valuable feedback that will inform and shape a final version of the NECP. The closing date for submissions is 5.30pm, on 7 March.

Report into Ireland's progress on UN goal to eliminate poverty

The latest report on Ireland’s progress against the United Nations Sustainable Development Goals (UN SDGs) has published, with data on 13 indicators for Ireland, divided over four chapters: Poverty, Housing, Environment, and Financial Support. The publication, which was developed by the Central Statistics Office (CSO) in collaboration with the Department of Social Protection, shows an increase in a number of key indicators in Goal 1, such as financial support, but also in consistent poverty and ‘at risk of poverty’.

Slight drop in number of new electric cars licensed in Ireland

Figures from the Central Statistics Office (CSO) show a 1 percent drop in the number of electric cars licensed for the first time: 14 percent in January 2024, compared with 15 percent in January 2023. There was no change to the number of diesel cars licensed and a 37 percent increase in the number of used cars licensed.

Migratory species at risk of extinction

One in five migratory species is at risk of extinction, according to a new report by the United Nations. The news comes as the Government-backed national platform, Business for Biodiversity Ireland platform, calls on Irish businesses of every size and sector to come together to accelerate action for nature by signing up to their members’ hub. 

IRELAND AND NORTHERN IRELAND

Report calls for ‘all-island’ approach on energy and climate

The Confederation of British Industry (CBI) Northern Ireland and business membership organisation Ibec have jointly published a report calling for an ‘all-island’ approach to energy security and climate challenges. The report is titled ‘Shared Energy Futures Report’, and its key recommendations include embracing new opportunities for All-island collaboration and policy alignment on energy and climate action, providing greater regulatory and policy certainty for investors in the green transition, and cooperating to address skills gaps, supply chain constraints, and shared transition challenges.

EUROPE

• The Internal Market and Environment committees adopted their position on the rules on how firms can validate their environmental marketing claims (Read more)
• EU co-legislators have reached provisional agreement on a revamp of EU economic governance, making it clearer, investment friendly, more tailored to each country’s situation, and more flexible (Read more)
• The Transport Committee is pushing for “greener” trucks and buses, with MEPs saying that zero-emission trucks and buses could be longer and heavier to reduce the number of trips they make and to help the climate transition (Read more)
• Accountancy Europe has published its February 2024 Sustainability Newsletter (Read it here)

GLOBAL

International Energy Agency pledges to strengthen energy security

Energy and climate ministers representing close to 50 countries have pledged to strengthen energy security and accelerate clean transitions to keep 1.5 °C target alive. The major gathering of high-level energy decision makers at the meeting the International Energy Agency (IEA) was co-chaired by France and Ireland. In addition to discussing membership talks with India and the launch of a critical minerals security programme, IEA ministers recognised the significant focus on energy in the outcomes of COP28 and directed the IEA to take a leading role in ensuring their implementation.

OECD publishes policy paper on climate adaptation by local governments

A policy paper, Climate adaptation: Why local governments cannot do it alone, has been published by the Organisation for Economic Co-operation and Development (OECD), providing an overview and a discussion of the roles and responsibilities for climate adaptation across levels of government. The paper argues that co-operation across levels of government is needed to strengthen adaptation at the local level.

Did you know?

$2.4 trillion in funds will reportedly be needed each year by 2030 to keep global climate goals “within reach”.

RESOURCES 

Sustainability Diplomas

• Chartered Accountants Ireland is launching two new Diplomas in Sustainability in March 2024: a Diploma in Sustainability Reporting and a Diploma in Auditing and Assuring Sustainability Reporting.
• Watch back: Chartered Accountants Ireland, CSRD – Building Finance & IT partnerships. Click here to find links to our webinar on how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements, with speakers David Codd and Paul Power.
• Carbon accounting – a software guide: Chartered Accountants Australia and New Zealand (CAANZ) has published a Carbon Accounting Software Guide which explores the two predominant tracking methods of tracking and reporting on carbon emissions - Spend Tracking and Activity Tracking.

ARTICLES

• Carbon Brief explores how a new government in Northern Ireland might approach tackling climate change (Carbon Brief)
• Over a third of electricity was produced by wind power last month (RTÉ News)
• Surge in borrowing to buy electric cars, while green loans for home improvements also up (Irish Independent)
• Investors Wrestle With the ‘Scope 3 Conundrum’ (Bloomberg Green)
• How ESG is shaking up accountants’ careers (ICEAW)

UPCOMING EVENTS  

• Chapter Zero Ireland Chapter Zero Ireland - a focus on transport journeys and biodiversity The next Chapter Zero Ireland event will be hosted by An Post on 21 February at their Exo Building Headquarters in the Dublin Docklands. The event will present a unique opportunity to gain insights on An Post’s transport journey and how, as a non agri-food business, they are making progress in biodiversity. The session will also feature breakout sessions to allow delegates to share their own perspectives on how boards are thinking about biodiversity. Chartered Accountants Ireland are very proud to be a partner of Chapter Zero Ireland , a community of non-executive directors committed to leading crucial boardroom discussions on the impacts of climate change. Non-executive directors can apply for free membership of Chapter Zero Ireland using this link.

• Accountancy Europe Supporting SMEs with sustainability information Environmental, Social and Governance (ESG) data requests that SMEs are getting from financial institutions and large value chain partners, voluntary initiatives such as the planned non-listed SME standard for sustainability reporting, the OECD’s work and industry-led initiatives, and SMEs’ support requirements for their sustainable transition 21 February, 17:00 - 19:00 Brussels time

• A4S Sustainability In Action Webinar: Management Information An interactive webinar focusing on techniques to help finance professionals develop and integrate information needed to respond to social and environmental risks and opportunities into core management information processes. 27 February, 08:00
• ISFCOE Unpacking COP28 and looking forward to COP 29: How Transition Finance Underpins our Net Zero and Nature Positive Future Convening leaders from the public and private sectors for a series of high-level dialogues, this event will reflect on recent COP28 outcomes while looking forward to COP29 in Baku in mid-November (and October’s Biodiversity COP16). Discussions will delve into the financial solutions, products and architecture required to support the meeting of net zero and nature positive targets, while maintaining social and economic balance. 27 February, 09:15 – 16:15 
• NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre 
• InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh 
• A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 
• Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 18 April, 08:30 – 13.00 
• National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS

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.

• Next: Wednesday, 28 February, 14:00-15.30
• 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.