Failing to meet climate targets would see Ireland hit by 'compliance costs', while meeting them in full will mean 'substantial impacts' on public finances
The State is not ready to deal with the substantial financial impacts that will come as a result of climate change, the Irish Fiscal Advisory Council has said.
However, projections based on existing plans show Ireland missing these requirements.The report found that even if the targets are met in full, there would also be"substantial impacts" on the public finances.A sharp decrease in tax on fuel and energy use - which stems from lower excise duties and reduced petrol and diesel consumption - and lower VAT rates on electricity will all contribute.
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