Ms Sadhbh O'Neill:

I agree with Deputy Smith that some of the key highlighted points in the IPCC report stand out and are quite dramatic. I refer in particular to the point she referred to about this being within our grasp and that we can afford to do it. A cost of a couple of percentage points of global GDP over the next couple of decades is completely affordable and does not even take account of the avoided damages and the other co-benefits for health outcomes and so on, as I mentioned earlier. The question really is about what financial instruments we have in place to implement that policy. One example is a windfall tax on the profits of fossil fuel companies that could be used either to support domestic climate action and-or to support the new loss and damage fund at UN level that we hope will be introduced in the coming years to support vulnerable countries that are experiencing devastating climate losses. We must think not just in terms of the local benefits of that kind of financial instrument but also how it can support the sustainable development goals.

Regarding the energy markets, Ireland's approach will be guided by EU policy, which favours a blend of state and markets. We also must take into account that renewable electricity permits very small-scale generation. In Ireland, we do not see many energy co-operatives coming together to develop renewable energy and either sell it to the grid or use it in some community context. There are lots of opportunities we can explore that are not either specifically State-run monopolies or private sector enterprises but, rather, a kind of community and co-operative model that has been very successful in other countries.

The future, however, will likely be a blend of both. The energy system, electricity system and electricity markets are changing dramatically. There will be new opportunities for businesses and householders alike to benefit from this, not just in terms of lower energy costs but from a kind of breaking the monopolies of large utilities that often do not have the interests of their customers and the environment to the forefront.