The Government's Climate Action Plan puts Ireland on a pathway to the achievement of the country's 2030 climate and energy targets that are consistent with a net zero emissions target by 2050.
The plan sets out ambitious emissions savings targets for sectors of the economy. The Departments responsible for the achievement of these targets will, over the coming months, be developing the policies and measures required to reach these targets. These policies and measures will incorporate a blend of expenditure, taxation, regulation and behavioural change initiatives that will encourage the investment decisions required across the public and private sectors, as well as by individual citizens, to achieve these targets.
Much of the Exchequer investment required to support these policies and measures was already anticipated and provided for through the commitments included in the National Development Plan (NDP), which includes over €30bn in investment to fund the transition to a low carbon and climate resilient society and initiatives in sustainable mobility.
The Government has agreed that the cumulative Exchequer costs of the commitments included in the Climate Action Plan will be delivered within the existing multi-annual ceilings and the funding commitments made in the NDP.
In addition to this, any new revenue raised from any increase in the carbon tax in 2020 will be ring-fenced and used to fund new climate action measures, including just transition.