Mr. Seán McCabe:

We have a public spending code that specifies societal outcomes and shadow costs. It exists but is a kind of box-ticking exercise. We need to make it meaningful. Consider, for example, the impact were we to manage to keep open GAA clubs around the country that have suffered outward migration and closure. Na Fianna in Phibsborough did a social value assessment of its operations and for every euro invested, €50 was returned. We have to consider these intangible co-benefits of climate action. If we distribute opportunities across the country and if a GAA club is kept open, that is astounding. It is very important and I hope we can find proper measures.

Another key point to make is that Nicholas Stern, a conservative economist from the UK, has previously indicated that the tail risk associated with climate action is so enormous and contains such negative social outcomes that we also need to factor that into the cost-benefit analysis.