Enda Kenny (Mayo, Fine Gael)

I can confirm for Deputy Martin that the Cabinet sub-committee on climate change did meet on 30 June. It was to meet on 19 October but for a number of reasons that could not happen. As Deputy Martin is aware, green finance refers to capital markets, investment banking activities and related advisory services that support the development, financing and promotion of a low-carbon economy. The group to which I referred has not reported back yet. The value of carbon as a pricing mechanism for the activity of renewable energy generation and energy efficiency and, in the wider context, water, waste and weather management is an issue which is at the core of green finance. The Green IFSC Steering Group has identified that central role in carbon markets as being pivotal to the success of the initiative. The IFSC is part of the IDA Ireland International financial services portfolio, which comprises about 150 global companies with a range of activities employing over 20,000 people. I can assure the Deputy that vigilance is being kept in this regard. The clearing house group dealing with the IFSC and green finance is chaired by the Secretary General of my Department. The first meeting of that group is due to take place shortly.

The Minister for the Environment, Community and Local Government, Deputy Hogan, has direct responsibility for climate change in a broader sense. He has made it clear that he wants to meet the Kyoto targets. We will do so. There must also be a rational and pragmatic discussion about policy change before committing to legislation that would come from such a debate in which everybody can participate.

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