Dáil Éireann Debate, Tuesday - 4 March 2014
250. Deputy Denis Naughten asked the Minister for the Environment, Community and Local Government the estimated cost of purchasing carbon credits to offset each tonne of CO2 emitted above our EU targets; and if he will make a statement on the matter. [10689/14]
View answerThe cost of offsetting greenhouse gas emissions in excess of Ireland’s target under the 2009 EU Effort-Sharing Decision will depend on a range of factors. The Decision includes provision for various flexibilities, such as limited use of units created under the Kyoto Protocol. It also provides for purchasing arrangements between Member States, if necessary.
The cost of any units purchased will depend on market price and availability of various unit types at the time of purchase, and the volume of units required. At present, according to the latest projections by the EPA, Ireland’s cumulative distance to its 2020 target under the Effort-Sharing Decision is in the range 7-24 million tonnes of carbon dioxide equivalent. A key objective of the current Programme for the development of national climate policy and legislation is to close that potential compliance gap. To the extent that purchases may be required in 2020, the type of units that might be purchased include those currently available on the open market at approximately €0.28 per unit.
