Michael Lowry (Tipperary, Independent) | Oireachtas source

I recognise the intent of the Bill, as does everybody on the committee, but it does nothing to reduce carbon emissions or import costs. It most definitely endangers Irish energy security.

There is also the view that the legislation bans any future exploration. It also has a significant current day impact because it would effectively prevent the commercialisation of a discovery on an existing licence. That would have implications in terms of claims and would effectively end exploration and render our energy sources completely insecure. The Oireachtas Library and Research Service has calculated that there could be a negative impact on the economy of roughly €1.7 billion or €1.8 billion per annum if the Bill is implemented.

The Bill does not take into account the potential loss of revenue from a ban on future licences, nor would it make a difference to emission levels. It fails to take into account that there must be a transition to renewables and that the transition must and will be aided by oil and gas. We must secure energy supply in the long term, particularly in the context of Brexit. Ireland needs to protect its energy resources and sources, rather than making them more vulnerable, against a backdrop of global volatility. For these reasons, I am opposed to the Bill.