Dick Roche (Wicklow, Fianna Fail)

The notion that purchasing carbon credits is somehow dubious was further contradicted in a joint press release that was issued yesterday by the European Bank for Reconstruction and Development and the European Investment Bank. Announcing the fund in which Ireland has invested, the president of the European Bank for Reconstruction and Development stated:

The region [in which the fund is to be invested] has huge potential to address the issues of climate change and energy security, which are two themes that dominate the global agenda. The European Bank for Reconstruction and Development is helping the region to realise this potential by financing the efficient use of energy that will cut demand and imports, and also reduce pollution and adverse climate change.

Management of this investment will be taken over by the National Treasury Management Agency on enactment of the Bill. This is endorsement internationally of the ethical nature of the very investment we have been discussing somewhat heatedly.

Early enactment of the Carbon Fund Bill is a further important step in demonstrating progress towards meeting our Kyoto target. It is a sensible and perfectly valid option which will ensure that the Irish companies participating in the European emissions trading scheme do not bear an unfair share of the national or international burden in the period 2008-12.

Ireland will play its part in terms of the Kyoto commitments but we must bear one fact in mind. Our emissions are minuscule in terms of the global problem. That does not take away from our moral responsibility to meet our targets but if we were to close down all of Irish business, we would save less than the equivalent of 20 seconds of the globe's emissions. The impact globally would be negligible. The impact nationally would be catastrophic. A sense of balance is needed in the debate.

The importance of this Bill for the viability and competitiveness of Irish industry cannot be overstated. I thank the Whips for making time for today's debate. I commend the Bill to the House and urge all sides to support it.

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