Mr. Derek Moran:

The Deputy is right that the Department of Finance hates hypothecation. However, I said at the outset that we have a multi-annual trajectory for carbon taxation and recycling some of the revenues to mitigate some of the distributional issues would be worth doing. It has better links to ensure some of the money is going back. The €430 million or so which we collect in carbon tax now goes into the general taxation pot. However, it is part funding a lot of stuff in the national development plan in that area. Whether some or all of the carbon taxes collected go back to mitigation will ultimately be a decision for the Government of the day. We have touched on further incentives on and off. There will always be an argument for incentives. However, there has to be a balance between the carrot and the stick to incentivise changing behaviours.

On Deputy Pringle's Bill, the ISIF investment mandate will change in line with the legislation. It is an amendment to the NTMA Act. That is the material effect. The NTMA's investment strategy changes in line with the legislation. If I am right, the Bill goes to the Seanad this week and, with a change to the Title, it will be done.