Dr. Hannah Daly:

Regarding investment costs, the table Deputy O'Rourke asked about is the upfront total investment cost in the energy system, which ranges from €5 billion to €7 billion per year on average for the next decade. I wish to clarify that this does not take into account the huge savings in reduced fossil fuel consumption that is brought about by different scenarios because of efficiency, replacing it with renewables and demand reduction. It is the upfront cost rather than the average cost over the lifetime of an investment. It is about how much finance is needed over the next decade. If we average it out, it is around half of that or less because much of the investment will replace investment that would be needed in any case in the business-as-usual scenario or lower climate action scenario and will have a longer lifetime over the next ten years.