Alice-Mary Higgins (Independent) | Oireachtas source

Politically, the assumption should be that major factors can and will change. One such factor, which is not speculation and we know is a major factor, is climate. While Ireland may be in a position to invest in climate, I am very concerned that climate is not something that can be tackled as one country. The EU, for example, needs to tackle it collectively, as indeed does the world.

I am concerned that these fiscal rules, as applied to our fellow countries across Europe, serve to further constraints, as they did during austerity, on investment for climate action. Will the witnesses comment on climate investment? There are two aspects I would like them to comment on. The witnesses have the graphic; I think it is on one of the additional slides. When we talk about shocks, we want to prevent them but not investing in a timely way in preventative spending causes shocks. Mr. Barnes gave the example, which I have given before, of flood defences. There may or may not be a growth return but the fact is, unless we spend that money, we create a greater risk of natural disasters and shocks to the entire system from the impacts of climate change. What is the scope in preventative spending in that context and even, specifically, in the debt sustainability analysis in which I think Mr. Barnes sees the independent fiscal institutions having a role? What is the scope for reflecting preventative spending in that regard or in the net performance indicators for the State? I believe we lost a lot of time on climate action due to the rules.