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02/05/2008
Carbon Tax Could Mean €1bn
An Oireachtas committee has heard the Government could be receiving an extra €1bn a year in carbon-related taxes within the next five years.
After 2013, electricity generators will have to "buy" carbon emissions. This could see carbon contributions totalling €1bn a year to the Exchequer.
Peter Brennan, Consultant on climate change was speaking to the Energy Security Committee on the coming windfall the government can expect from the incoming carbon taxes.
He said: "We have to decide what to do with this money. Should it be used to help further reductions, by subsidising conservation measures, for instance, or to help those suffering from 'fuel poverty,' or to offset the serious stress which these policies will cause in parts of the economy?"
A final EU agreement is due next year on the level of carbon reduction required of each member state.
Presently it is thought to be aiming towards the 30% mark, which will be a challenging level of reduction for Ireland’s agriculture industries that presently account for 40% of the state’s total emissions.
Mr Brennan said: "Irish researchers are looking for different ways of farming which might produce a 20% reduction, but agriculture is the sector least open to solutions."
The result will be hefty carbon taxes on Irish agriculture to enable the government to avoid penalties from Europe.
(DW)
After 2013, electricity generators will have to "buy" carbon emissions. This could see carbon contributions totalling €1bn a year to the Exchequer.
Peter Brennan, Consultant on climate change was speaking to the Energy Security Committee on the coming windfall the government can expect from the incoming carbon taxes.
He said: "We have to decide what to do with this money. Should it be used to help further reductions, by subsidising conservation measures, for instance, or to help those suffering from 'fuel poverty,' or to offset the serious stress which these policies will cause in parts of the economy?"
A final EU agreement is due next year on the level of carbon reduction required of each member state.
Presently it is thought to be aiming towards the 30% mark, which will be a challenging level of reduction for Ireland’s agriculture industries that presently account for 40% of the state’s total emissions.
Mr Brennan said: "Irish researchers are looking for different ways of farming which might produce a 20% reduction, but agriculture is the sector least open to solutions."
The result will be hefty carbon taxes on Irish agriculture to enable the government to avoid penalties from Europe.
(DW)
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