Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

I am disappointed. We should not be saying that we cannot hypothecate. Green bonds do hypothecate: they have to go towards sustainable investments. The market for those bonds is looking for exactly the type of project I am talking about. I remember Mr. Andrew McDowell coming here a couple of years ago and he was crying out to lend long-term for these bonds but lamenting the fact that there were no counter parties. We can provide the counter parties with specific projects.

I was on "Prime Time" the other night with Deputy Michael Healy-Rae to discuss retrofitting. I mentioned that, on private homes alone, we are probably looking at a €50 billion investment to get rid of fossil fuel heating systems. We have to go further with our public buildings and our social housing. It will require a massive, multi-billion euro investment. The savings from the reduction in fuel costs can help to cover it if a long-term loan is required. That type of hypothecation is the type of investment the market wants to invest in because it provides a future income stream. It is similar in forestry. We have to move towards a massive level of afforestation and continuous cover forestry. The difficulty is that forestry is a 50 year, 80 year or 100 year project. However, an income stream can be derived from the thinnings as the forest grows. That has a real value, and the market can put a price on it, which provides it with confidence. If there is confidence around those big capital, long-term projects then low-cost funding can be provided. The Minister has to hypothecate to make that happen. He should think big and think long-term.

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