At the outset it should be noted that my Department, in carrying out its role in coordinating the NDP Review, does not consider the merit of individual projects or sectoral policy strategies as this is primarily a matter for individual Departments and Agencies.
With that point noted, I would be glad to give a summary of the NSO 8 which seeks the Transition to a Climate-Neutral and Climate-Resilient Society. The next ten years are critical in order to address the climate crisis and we have significantly stepped up our climate ambition by committing to reduce our overall greenhouse gas emissions by 51% by 2030, and to achieving net zero emissions by 2050.
This is set out in the new Climate Action and Low Carbon Development (Amendment) Act 2021. Under the new legislation, the Climate Action Plan must be updated every year so that our actions keep step with the trajectory required to achieve our targets.
The sectoral strategies for flood risk management are outlined in the Government’s Climate Change Sectoral Adaptation Plan for Flood Risk Management. These strategies play a critical role in identifying the goals and priorities for the sector and are therefore critical in informing the investment projects set out in the NDP.
Over the period out to 2030 an additional €5 billion of the expected €9.5 billion in additional carbon tax receipts will be invested in energy efficiency. In terms of strategic investment priorities for the energy sector, this includes supporting the delivery of offshore renewable energy, retrofitting of 500,000 homes, and the installation of 600,000 heat pumps. Specific projects include the Celtic Interconnector, which will be, when completed in 2026, Ireland’s largest electricity interconnector. Strategic investment priorities for Transport include the transition to a low or zero emissions public bus fleet, an additional 500,000 sustainable journeys per day and nearly one million electric vehicles on the road by 2030. In addition, there are a wide range of major flood risk management projects planned throughout the country, for example the Lower Lee flood relief scheme.
These are just some of the many investments which will be delivered under this NSO in the coming years to support Project Ireland 2040. Further details on projects, by NSO, can be found on the investment tracker on gov.ie/2040.