Mr. David Owens:

What I personally would expect to happen over time is that investors will begin to demand taxonomy-aligned investments. For example, the ESB has issued a fully taxonomy-compliant green bond. The Irish State has not yet gone there both because the taxonomy is incomplete and also because the EU green bond standard has not been fully adopted yet. In time, we will have to consider that the NTMA will be looking at it, whether or not it is something we can meet. The difficulty is probably finding the projects that fully align with the taxonomy. It is a very demanding standard, as I think the witnesses in the previous session were saying. It is difficult for businesses to meet the standard. Just to give one example, if you are doing a construction project, 70% or more of all the spoil from a site must be fully recycled and go into the circular economy. It cannot become waste. That is difficult to achieve. Finding those projects will be the issue, and getting industry to create a pipeline of taxonomy-compliant projects will be part of what we need to see here.