Mr. David Owens:

Each year, some of the funds from the green bonds are allocated to nature restoration and peatland restoration. As I understand it, those projects are part funded by the green bond proceeds. As we said, there is a huge appetite for green bonds. The NTMA wanted to raise about €3 billion. It was oversubscribed ten times. In the end, €3.5 billion was raised in January. There is a massive appetite from investors for something they can rely on. They feel they can rely on the Irish State. Each year, the allocation report specifies in detail exactly what the green bond proceeds are used for. It also has a third party validation in that it meets a market-based standard. It is not fully taxonomy-aligned, but the International Capital Market Association will give it that level. As I have said, some of that is spent on nature restoration. Some goes on improving the water network and just transition measures. There are different parts to it. Biodiversity comes under the remit of the Department of Housing, Local Government and Heritage. It has to really be embedded as the recommendation that came to us from the national biodiversity plan, NBP. It has to be considered when we are making tax policies. It is one of the many factors that has to be brought to bear.