Oireachtas Joint and Select Committees

Thursday, 17 November 2022

Public Accounts Committee

2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund

9:30 am

Mr. John Hogan:

I can help as I have the briefing note in front of me. For 2020, Ireland is subject to two key climate and energy targets, namely, greenhouse gas emission reductions and increased renewable energy use. The total cost of compliance with 2020 climate energy targets is therefore likely to be in the range of €63 million. For 2030, the picture is much more complex. Any projected total compliance cost is extremely speculative. There is a lot of change around this. There are European Council decisions and with the Fit for 55 package, there is an EU-wide target of a 40% reduction, to at least 55% compared to 1990 levels, by 2030. The note does not provide a number for that. It is being worked through at the moment with discussions at a European level and in turn how that interacts with our own climate action plan. The note does not give a number but if there is anything we can add to that I would be happy to come back to the Deputy.