Dáil Éireann Debate, Tuesday - 18 May 2021
214. Deputy Patricia Ryan asked the Minister for the Environment, Climate and Communications the amount the State has spent on carbon credits in each of the years 2018 to 2020 and to date in 2021 (details supplied); the sources of these credits; if these credits were ethical; and if he will make a statement on the matter. [26299/21]
View answerThe 2009 Effort Sharing Decision 406/2009/EC (ESD) sets annual binding emissions reduction targets for EU Member States for the period 2013 to 2020. These targets cover emissions from sectors outside of the EU Emissions Trading System, such as agriculture, transport, buildings and waste. For the year 2020 itself, the target set for Ireland is that emissions should be 20% below their value in 2005. The ESD allows Member States to meet their targets using surplus emissions credits from earlier years or through purchasing credits from other Member States or on international markets. Ireland has already met its emissions targets from 2013 to 2018. However, the latest greenhouse gas emissions report, published by the Environmental Protection Agency in January 2021, indicates that Ireland will cumulatively exceed the 2019 and 2020 annual targets by approximately 11 to 12Mt. Ireland will, therefore, need to purchase additional allowances to meet the projected shortfall. In anticipation of a requirement for the State to purchase carbon credits in partial fulfilment of Ireland’s Kyoto Protocol and ongoing obligations, in 2007 the Carbon Fund Act established a carbon fund 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. 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.
Any requirement to use already purchased or additional credits for compliance under the ESD will be undertaken in accordance with all relevant regulations as set out by the European Union, the European Commission, the United Nations and all relevant international agreements.
