Ivana Bacik
Question:417. Deputy Ivana Bacik asked the Minister for Finance if he will make a statement on recommendations No. 35 and No. 38 of the Report of the Citizens' Assembly on Biodiversity Loss. [18092/23]
View answerTuesday, 18 April 2023
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The Terms of Reference for the Citizens' Assembly on Biodiversity Loss specify that: the Government shall, on consideration of the report from the Citizens’ Assembly, provide in the Houses of the Oireachtas a response to each recommendation of the Assembly, setting out a timeframe for implementing those recommendations which it accepts.
Having now received the report of the Citizens' Assembly, the Government is commencing the process of preparing a comprehensive response to the full set of recommendations from the Assembly. Further information on the timeline of this response will be provided in due course.
In relation to recommendation no. 35, Ireland has committed to a number of measures addressing greenhouse gas (GHG) emissions and climate issues through the adoption of the Climate Action and Low Carbon Development (Amendment) Act 2021 and actions under successive Climate Action Plans (CAPs). The actions addressing climate change through GHG emissions reduction are kept under review through the Climate Action Delivery Board and through the review process of CAPs. Environmental taxation is reviewed annually through the budget process including examining tax measures and tax expenditures from a green budgeting perspective and by way of analysis contained in annual Tax Strategy Group Papers which are available online.
In relation to recommendation no. 38, I would highlight to the Deputy that strengthening the resilience of the European banking sector to environmental, social and governance (ESG) risks is one of the key objectives of the EU Banking Package. Improving the way banks measure and manage these risks is essential, as is ensuring that markets and investors can monitor what banks are doing. Prudential regulation has a crucial role to play in this respect. The EU Banking Package is currently at the trilogue negotiation stage with the co-legislators and it is hoped that final agreement will be achieved later this year.
On 8th November 2022, Government approved the establishment of a €500 million Growth and Sustainability Loan Scheme (GSLS). The Strategic Banking Corporation of Ireland will deliver the Scheme, which will provide for loans of €25,000 to €3m for terms of 7 to 10 years. The GSLS will be available to SMEs, including farmers and fishers. Under the scheme, 70% of the lending volume will be provided for investment in business growth and sustainability, while a minimum of 30% of lending volume will be directed to investment in environmental sustainability. The GSLS is due to be launched in Q2 2023.
Furthermore, Ireland’s 4th National Biodiversity Action Plan (NBAP) is currently in development. The Plan will set the national biodiversity agenda for the period 2023-2027 and aims to deliver the transformative changes required to the ways in which we value and protect nature.