Dáil Éireann Debate, Tuesday - 5 October 2021
772. Deputy Matt Carthy asked the Minister for Agriculture, Food and the Marine the way he plans to engage with farmers that are engaged with forestry with regard to the ownership of carbon credits; and if he will make a statement on the matter. [48114/21]
View answerUnder the agreed Effort Sharing and LULUCF regulations, EU Member States must account for emissions and removals of greenhouse gases from the land-use, land use change and forestry sector during the 2021 to 2030 period. This does not necessarily imply ownership , but simply reflects the requirement for those reductions or emissions to be counted in the State’s inventory.
Those regulations do not create an accounting framework for private individuals or companies, nor do they create a private market for forest carbon credits or debits.
There are precedents developed by private operators in some other countries, for forest owners and organisations to pursue voluntary initiatives in the trading of carbon and other corporate social responsibility mechanisms, as long as they do not impact on the State’s reporting and accounting obligations.
In Ireland my Department directly funds afforestation by providing a range of grants, premiums and tax incentives on the sale of timber. It may be possible to develop a carbon farming framework in parallel with this system to encourage reductions in emissions and develop a potential alternative source of income for landowners and foresters. My Department will be exploring the potential for this in consultation with relevant stakeholders. It is also noted that carbon farming is highlighted as an option in the EU Green Deal and the European Commission is examining ways of encouraging activities that remove carbon across sectors.
