“The reorientation of the financial system towards sustainability is only beginning but has a clear trajectory with real opportunities for countries, companies and communities that show leadership. The moment is right for leading financial centres to take a quantum leap to transition in this direction; in doing so, serve the needs of the real economy and support efforts at limiting climate change and biodiversity loss.”
Paschal Donohoe T.D., Minister for Public Expenditure and President of the Eurogroup
Communities of Practices –
With sustainable finance activity surging globally, it is planned that the centre will lead on research, specialist talent development, and advocacy activities aimed at supporting the design, development and launch of innovative financial mechanisms to facilitate the transition to a net-zero economy, in Ireland and further afield.
The centre will host various communities of practice for it’s members, bringing together sustainable finance professionals to collaborate and communicate, sharing knowledge between one another as a community and may also include observers as relevant (observers include academia, industry, professional and specialist bodies).
Our Partners -
The Centre is the national lead on research, talent development and leadership activities aimed at supporting the implementation of financial mechanisms designed to facilitate the transition to a sustainable economy here at home and further afield. A key output of the national Sustainable Finance Roadmap, the Centre is supported by the Department of Finance, Skillnet Ireland, the United Nations Development Programme (UNDP) as well as key partners across the public and private sectors.
Members include AIB, Bank of Ireland, Davy, Deloitte Ireland, Eirgrid, EY, First Derivatives, Goodbody, IDA Ireland, Irish Life Investment Managers, KPMG, Maples Group, New Ireland Assurance, Permanent TSB, PWC and TD.
Community of Practice Events –
February 2023 saw the delivery of the first two International Sustainable Finance Centre of Excellence Communities of Practice gatherings. The first, the ‘Climate Reporting and Disclosures’ group was formed to help finance professionals navigate the reporting landscape, including regulatory changes from an EU perspective. We were delighted to welcome Policy and External Affairs Director with International Financial Reporting Standards (IFRS) Mihály Zimonyi, to KPMG’s ‘Platform X’, to discuss regulatory convergence as well as the upcoming ISSB standards.
The second of the month’s sessions centred on the ‘Net-Zero Transition’ with guest speaker Sarah Ní Ruairc from the Department of the Environment, Climate and Communications, who spoke on the government’s Climate Action Plan 2023. The Climate Action Plan 2023 is the first to be prepared under the Climate Action and Low Carbon Development (Amendment) Act 2021 and follows the introduction of economy-wide carbon budgets and sectoral emissions ceilings in 2022.
The plan implements the carbon budgets and sectoral emissions ceilings and sets out a roadmap for taking decisive action to halve our emissions by 2030 and reach net-zero no later than 2050, as committed to in the Programme for Government. It sets out how Ireland can set climate solutions at the centre of social and economic development.
In the coming months, the Communities of Practice sessions will focus on topics (as selected by members) including Target Setting and KPIs, Stress Testing and CSRD.
A word from our partners –
Key benefits of Communities of Practice: