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

We absolutely acknowledge that these price rises are hitting and hurting our people and businesses across the country and we have to do everything to protect them. We also have to at every time remind our people that the reason for that is the war in Ukraine and the Russian Government’s use of energy of a weapon of war, which is a direct attack on our people. We will continue, as we have done over the past year, to look at the best way to do so.

I do not believe the Sinn Féin plan is the right one. I want to set out why. It is very similar to what the Tory party is looking to do. In fact, Jacob Rees-Mogg this morning, I believe, set out pretty much the same policy for Northern Ireland. Sinn Féin is following a Tory Government approach. I do not agree with it. The first problem in principle is that it would actually benefit the better off, who tend to use more energy, have bigger houses and bigger bills. They would benefit most from the approach the Deputy is suggesting.

Secondly, as in the Tory party approach, it would benefit the energy industries.

That is something that we do not need to do at this time. What we need to do is to apply windfall charges and give that money back to people rather than providing a cap where they get a free pass in any amount after that.

Third, I recommend the Deputy read the article written by Martin Wolf and published in The Irish Times today and originally in the Financial Times earlier in the week. The economics of this are deeply uncertain in terms of the potential cost and length and the effect on the public purse. We have to be careful with that because we need it to provide for social protection, such as the investment in social welfare increases through this difficult time.

The Deputy's plan is simple but it is not the right one. This is not easy. Every country has slightly different circumstances. We have to adopt and look at what the right approach is. I believe our approach is the right one - first and foremost with the likes of the investment in the fuel allowance and other social welfare provisions because we have to protect those on lowest income first and most.

The Deputy is against giving people an energy credit. I argue that it is actually the right approach because the price increases are such that they affect everyone. One could address that with a cap but that would really benefit the better-off. It is better to do the credit, mixed with social welfare contributions.

The third element we need because businesses are going to be hard hit this winter in particular is to look at business supports, which is what we are doing as part of the preparations for the budget package. Again, in doing that it is best to target. There is a particular problem for many small and medium businesses that happen to have high energy use, be that a refrigeration system, a heating system or other power usage. That is down to the local shop, café or hairdresser. There is a variety of businesses that are particularly badly affected so we should target and address that.

That targeted approach in social welfare and how businesses are supported is better than the Tory giveaway that the Deputy is advocating. There has been a lot of debate on this issue in the House in recent days. We need to recognise that the fundamental way to get us out of this is to have ambition in the development of our own renewable power such that we are not held to ransom. We also need to focus on being good on reducing energy use and being energy efficient and flexible.

Lastly, what we are doing is working in a European Union approach because the real story here is that Vladimir Putin is looking to divide Europe. That is one of the key things he is looking to achieve in the coming six to 12 months. We are working on that at the European energy council and the Heads of Government are working at the European Council to provide a united Europe response. That is why we will use European methods towards windfall taxation. It is why we will work with Europe on how we reform the market rather than going with the Tory party in a way that does not serve our needs.

See this speech in context