Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

The Deputy is right that there are different baselines and targets. The EPA target relating to emissions targets is 42% by 2030. This is broken down into two compliance periods, namely 2021 to 2025 and 2026 to 2030. The EPA is predicting that in the first period we will have a 0.06 megaton gap. In truth the cost of that is very small. To a certain extent the cost depends on how many other parties have a surplus and would have to negotiate any agreement. I do not expect there to be a significant compliance cost in the first period.

For the second period, we must focus on the EPA is looking at a compliance gap of 17.59 megatons. The Department of Finance is carrying out an assessment of the potential costs. They are significant. It is impossible to put a figure on it, however, because everything depends on whether other countries are in surplus and whether they would be able to meet and to trade. It is not insignificant. It would run to several billion euro. It would be far better for us to spend that money here in making emissions reductions and closing the gap, which I believe we can do, but it requires massive political effort. It is not too late. The outcome relating to second period will depend on what we do in the next two to three years.