Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

The next item is No. 1434B, from Mark Griffin, Secretary General of the Department of the Environment, Climate and Communications. It is dated 1 September 2022 and provides a summary of the report requested by the committee regarding climate action plan targets that was undertaken by McKinsey & Company. The Department has consulted with McKinsey and there is no issue with publication of this material. It is proposed to note and publish this item of correspondence. Is that agreed? Agreed.

I have flagged this item of correspondence because the figures in it are out of this world. Members will see that there are figures in the first section of the document. It goes into the cost of delivering on a pathway and states that major investment of €119 billion is required by 2030, focused on electricity at €36 billion, transport at €42 billion and upgrading of buildings at €31 billion. The document goes on to state that the alternative scenario is reduced ambitions in agriculture, resulting in a higher total economy cost. I just thought that the figures were very high. I know that there is private sector investment and, obviously, public investment, but the document really sets out the challenge economically in meeting this. It does, however, go on to outline that there are some positive signs as to what is happening in other countries in that maybe they are a bit ahead of us in terms of the cost of solar decreasing, for example, and other developments happening there. I just think that in the next eight years we face into significant challenges. Does any Member wish to comment on this?