Dáil debates

Thursday, 30 November 2006

Multilateral Carbon Credit Fund: Motion

 

12:00 pm

Photo of Fiona O'MalleyFiona O'Malley (Dún Laoghaire, Progressive Democrats)

I welcome the decision to extend the debate to accommodate Deputies, including me, who wish to contribute. On a minor technical issue, there appears to be a slight conflict of interest in terms of the conduct of the European Bank for Reconstruction and Development. Given that Ireland is a member of the bank, which will raise funds for its operations through the fees imposed on transactions, is it appropriate that the EBRD should suggest selling us carbon credits?

Climate change and carbon trading are difficult issues. The carbon trading market does not operate successfully. While I accept that we are groping in the dark, the international phenomenon of climate change requires an international response.

A sense of proportion is required on whether Ireland has honoured its commitments and obligations under the Kyoto Protocol. Steps are being taken to reduce our carbon emissions. We face a major challenge because most of our economic growth took place after the benchmarking process under which our emissions ceiling was set. As the Minister noted, Ireland has successfully decoupled pollution and emissions from the rate of economic growth. This welcome development should not be overlooked. Irrespective of whether it is attributable to changes in agriculture or large industry, it is a significant achievement.

One could conclude from other contributions that Ireland is a major polluter. A sense of perspective is required on the amount of emissions we create. This does not absolve us from our duties at international level and we must show good example. As the Minister indicated, the purchase of carbon credits forms part of the mix of our approach to addressing climate change. This type of safety mechanism, while a wise investment, should not deflect us from the long-term consequences of the problem. It is irrelevant to climate change and global warming whether emissions are produced in Ireland, eastern Europe or the United States. The problem is caused by the accumulation of emissions across the globe. Ireland must take responsibility and show leadership on how we tackle the problem.

Today's edition of the Financial Times highlights the failures and shortcomings of the emissions trading system. An article on the topic notes that British industries will be allowed to emit more carbon dioxide in 2008 than they did in 2005 under a ruling delivered by the European Commission yesterday. This is a failure by any measure as we should not take backward steps. The same article notes that the United Kingdom proposed stringent emission controls in the first round in a move designed to make the second round less strict. This will have a negative global effect, which clearly demonstrates that the trading mechanism does not work.

From the tone of the debate, one would be forgiven for believing that the Minister was responsible for the failure of the system.

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