Richard Bruton
Question:113. Deputy Richard Bruton asked the Minister for the Environment, Climate and Communications the number of carbon credits this country purchased in 2021; and if he will make a statement on the matter. [22418/22]
View answerThursday, 5 May 2022
Questions (113)
Written answers
The 2009 Effort Sharing Decision (ESD) set 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. To enable Member States to comply with their annual emissions targets, the legislative framework of the ESD provides for a number of compliance options, including banking excess allowances from earlier years, purchasing international carbon credits, and trading excess allowances between Member States. Generally, compliance is calculated 18 months after the year in question (e.g. compliance for 2020 will take place in late 2022). To date Ireland has complied with its obligations under the ESD through direct emissions reductions and availing of the options to bank allowances from earlier years and to purchase international carbon credits.
The latest estimates of greenhouse gas emissions, published in October 2021 by the Environmental Protection Agency, indicate that for 2020, the projected shortfall to Ireland’s target is 6.7 MtCO2eq.
As Ireland currently holds 2.9 million international credits, of which 1.4 million were purchased in 2021, the State will need to purchase an additional 3.8 million credits (from the international market) or allowances (from other Member States) to comply with the ESD target for 2020. As the designated purchasing agent on behalf of the State, the National Treasury Management Agency (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.
Question No. 114 answered with Question No. 112.
Question No. 115 answered with Question No. 111.