Ireland risks a hefty €20 billion financial penalty if it fails to meet its agreed-upon climate emissions targets by 2030. The Fiscal Advisory Council warns that the country is currently on track to significantly miss its 42% emission reduction goal compared to 2005 levels, primarily due to shortcomings in the transport, agriculture, and household sectors. The article highlights the urgent need for the next government to address this issue and emphasizes the importance of planning reform and increased investment in renewable energy sources, particularly wind power, to mitigate these costs.
For the wider economy, the planned increase in wind power is central to powering the grid with clean energy and here planning reform seems to be the key. How much of a bill will Ireland face if it does not meet its climate goals in 2030? Up to recently the indications were that this could be expensive for the State, but not financially punitive.
from the Fiscal Advisory Council estimates that the total bill Ireland could face in the early 2030s from not meetings its target for the years 2021 to 2030 could be up to €20 billion. In trying to assess this risk – a cost equivalent to nearly all the money spent by the State in one year on investment projects – we need to understand what is going on. And realise that this is now an issue for the next government.The State has a range of targets on the road to planned for carbon neutrality by 2050. The relevant one in this context is agreed with the EU as part of a sharing out of the burden of cutting emissions across member states (If our finances go flat, how will Ireland pay its bills?Big polluting sectors like power generation and heavy industry are already covered under a separate scheme, so the relevant targets here cover the rest of the economy and here Ireland is committed to cutting emissions by 42 per cent by 2030, compared to 2005 levels. In turn this involves individual targets for the different sectors – the big ones being transport, agriculture and households. As things stand, Ireland is not going to meet these targets – not by a long way. And this is where the financial penalties come in.If targets are not met, member states are obliged to buy carbon credits from other states – the idea being that the laggards can buy from the over-achievers who in turn can invest the resulting cash to reduce emissions furthe
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