Ireland to recommence the purchase of carbon credits

It has been announced that Ireland would have to recommence the purchase of greenhouse gas emissions allowances and renewable credits.

The Minister for Communications, Climate Action and the Environment, Richard Bruton, made the announcement yesterday (Wednesday, November 21).

He added: “Increasing carbon taxes will have a strong role to play and I believe that we need to set a trajectory for increasing carbon taxes between now and 2030.”

Minister Bruton also announced that Government approval has been secured to draw up an all government plan to make Ireland a leader in responding to climate change.

“I welcome the comments by Eamon Ryan in the Dail today that each party should sign up to such a trajectory.

“This would give people certainty in deciding on the types of purchases to make in the coming years, regardless of the shape of the government.”

He outlined: “Ireland had agreed to reduce green house gas emissions by 20% below 2005 levels.

While Ireland has the most demanding targets (the EU average is 10%); Ireland is far off course. Current projections suggest that we might achieve a 1% reduction, meaning we would be 95% off target.

“During the recession, when output in the economy collapsed, Ireland was meeting its climate change targets. However, it is clear that we were only meeting our climate targets in those years because of the huge fall in output.

“Once economic growth resumed, the growth in carbon resumed with it, highlighting the very significant structural issues which still exist within the economy in terms of reliance on carbon.”

However, he outlined that from 2020 onwards, the cost of Ireland not meeting its climate commitments will “grow very significantly”.

Concluding, Bruton said: “Being a leader in responding to climate change means acting now, stretching ourselves and seizing enterprise opportunities in a low carbon economy.”