Oireachtas Joint and Select Committees

Wednesday, 25 June 2025

Committee on Climate, Environment and Energy

Carbon Budget: Climate Change Advisory Council

2:00 am

Mr. George Hussey:

We had some macroeconomic analysis carried out by Professor John FitzGerald, our former chairperson, in tandem with the Central Bank. They looked at the energy side and the agricultural side. I cannot answer the question directly. The additional investment required across the energy scenarios examined by University College Cork will be up to 1.4% of gross national income in the 2026 to 2030 period. That is additional investment required. The response of investment to both scenarios is similar in the short term, with an investment front-load in both scenarios, rising to between 9.5% and 11% above the baseline level of investment in the period to 2030. It drives additional labour demand, putting upward pressure on wages and a deterioration relative to its trading partners as indicated. Some work has also been done on this area in the private sector, but I do not have that set of numbers available at the moment. Apologies for that.

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