Dáil Éireann Debate, Thursday - 17 June 2021
184. Deputy Eoin Ó Broin asked the Minister for the Environment, Climate and Communications the current and capital costs involved with each action item in the Interim Climate Action Plan under his Department’s responsibility. [32693/21]
View answerThe European Green Deal commits to delivering net zero greenhouse gas emissions at EU level by 2050 and increasing the EU-wide emissions reduction target from 40% to up to at least 55% by 2030. This ambition aligns with our Programme for Government commitment to an average 7% per annum reduction in emissions from 2021 to 2030, and to achieving net zero emissions no later than 2050.
The key aim of the Interim Climate Action Plan is to maintain a whole-of-government focus on implementation, and continue to progress new climate actions while the Climate Action Plan 2021, to reach an average 7% per annum reduction in greenhouse gases over the decade to 2030, is being developed. It will ensure that planning and implementation go hand in hand. Once the Climate Action Plan 2021 is finalised, new actions will be ready which will build upon those in Interim Climate Actions 2021.
Achieving the transition to net zero will require both public and private investment, complimented by taxation, regulatory and behavioural change measures. In terms of Exchequer investment, the National Development Plan 2018 - 2027, which is currently being reviewed, allocated €30.4 billion for investment in climate action, while the Programme for Government commits to legislating to hypothecate all additional carbon tax revenue, estimated €9.5 billion over the next ten years, for climate action with a particular emphasis on ensuring a just transition. In addition, the EU’s €750 billion Next Generation EU recovery package and €1 trillion budget require that money can only be spent on projects that meet certain green criteria, with 30% of all funding to go on climate change mitigation.
In terms of economic and Exchequer risk, it should be noted that failure to rapidly move to a carbon-neutral economic model will have far reaching negative impacts on the economy and the public finances; undermine the long-term, sustainable competitiveness of the economy; and lock Ireland into a redundant fossil-fuel based economic model. Embracing the transition will support further job creation through the development of new and emerging sectors. The green economy, including the retrofitting and renewable energy sector, the circular economy, clean mobility, green and blue infrastructure, sustainable agriculture and the bio-economy will create high quality employment opportunities that will be a source of significant employment growth over the coming decades, as well as supporting a stable tax base. In addition, failure to meet our legally binding EU targets could result in a cost to the Exchequer of up to €1.75 billion.
