Mr. Bill Callanan:

I certainly hope I do not fail in these objectives. There is a certain concern among farmers around all of this and understanding it. We have to be open and honest. I have been dealing with farmers for a long time and I think they appreciate our directness in terms of where we see this going. The first challenge is in overcoming the fact our soils are emitting. We must deal with that in the first instance. The second point is that if we look to the longer term, including the EU's target of carbon neutrality by 2050, realistically, there will be residual emissions out there, whether from aviation or, as I outlined to farmers, vintage tractor runs or whatever else. Wherever they are coming from, there will be residual emissions. The only way we can see to offset them is through the likes of carbon capture, storage and land management. We are seeing technology coming on board internationally to do that but it is at a very early stage.

We are looking at the management of peat soil in a situation where farmers are struggling to fatten cattle off it and so on. Whether carbon is priced at €20 or €60 a tonne is one thing; there is a clear direction of travel in the price of carbon and it is upwards. If these soils are removing carbon and it becomes valuable, the general view on how to maximise it will hit home because farmers certainly are driven by economic reality. In the trajectory from here to 2050, although I am not saying it will be done by then, I see there being a greater understanding of the value of environmental services provided by agriculture. Let us be honest about the fact we need to create some sort of economic model to support that. It is fine to say somebody should do something but we are clear that we must work with farmers to ensure it is socially, environmentally and economically sustainable.

My ambition is certainly not to fail in this space. However, we must recognise, in terms of the evolving landscape, that we need to work out how to create a market that works for farmers, etc. That is why we have an internal group looking at the issues. We cannot do it half-heartedly and it must be financially rewarding. Equally, we need to have credibility about it. We must be able to show a roadmap for farmers in terms of what needs to be done, setting out actions that are valid and verifiable, and we must ensure farmers are not led up the garden path as to what can and cannot be done. The Deputy has put the challenge full square in front of us and we are happy to take it on.