Dáil Éireann Debate, Thursday - 4 February 2021
19. Deputy Marc Ó Cathasaigh asked the Minister for the Environment, Climate and Communications if the funding from his Department to the carbon fund for Europe and the biocarbon fund is counted in Ireland’s overseas development aid; and if he will make a statement on the matter. [6212/21]
View answerUnder the first period of the Kyoto Protocol (2008-2012), Ireland committed to limiting total national greenhouse gas emissions to 13% above 1990 levels. In anticipation of a requirement for the State to purchase carbon credits in partial fulfilment of Ireland’s Kyoto Protocol and ongoing obligations, the Carbon Fund Act 2007 established a carbon fund for this purpose and empowered the National Treasury Management Agency (NTMA) to undertake such purchases on behalf of the State. As the designated purchasing agent on behalf of the State, the NTMA administers and manages purchases of carbon credits. Ireland’s strategy to meet its targets under the first commitment period included investments, commencing in 2006, in three multilateral funds: the Multilateral Carbon Credit Fund (MCCF) managed by the European Bank for Reconstruction and Development; and the Carbon Fund for Europe (CFE) and BioCarbon Fund (BioCF), both managed by the World Bank. These funds delivered carbon credits to participants from various projects across numerous countries. Ireland has now finished all financial commitments to the three funds.
Details of all transactions entered into by the NTMA are published annually in a Carbon Fund Report at www.ntma.ie in accordance with section 6 of the Carbon Fund Act 2007.
The expenditure on these funds is not included in Ireland’s overseas development aid.
