In relation to Ireland's Kyoto obligations for greenhouse emissions, the national climate change strategy provides a framework for achieving greenhouse gas emission reductions in the most efficient and equitable manner, while continuing to support economic growth and preparing Ireland for the more ambitious commitments that will be required after 2012. One of the measures put forward in the strategy in relation to the energy sector is the expansion of renewable energy generation.
There are different methods of encouraging renewable energy. For instance, in Finance Act, 1998, I provided for corporate tax relief for investments made over a three year period in renewable energy projects that were certified by the Minister for Public Enterprise. Relief may be obtained on up to 50% of all capital expenditure, excluding land, net of grants, or £7.5 million for a single project, whichever is the lesser. Other countries use a variety of methods in regard to reducing greenhouse emissions, for example through grants/subsidies, pricing or compulsory purchase mechanisms in regard to renewable energy generation. Very few countries provide for personal income tax incentives.