Mr. Robert Watt:

One of the issues, which was a gap in the system, was the price we put on emissions. We had a price which was under €10 per tonne of carbon. In the revised public spending code, we have very significant increases in the price per tonne of carbon. That will discourage investment and will lead to an increase in emissions or lock us into a particular pattern of living that is carbon intensive. However, it will also provide clear incentives to prioritise projects that will lead to abatement. That will have a material impact over time on the choice of projects. Ultimately, it depends on whether the system has done the work to establish those right policies and whether we have the right structures to ensure they are fed in appropriately and are prioritised. That comes down to the priorities of individual Departments as well as to political leadership across the system.