Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

At the outset, it should be noted that my Department, in carrying out its role in co-ordinating the national development plan, NDP, review, does not consider the merit of individual projects or sectoral policy strategies, as this is primarily a matter for individual Departments and agencies.

National strategic objective, NSO, 8 seeks the transition to a climate-neutral and climate-resilient society. The next ten years are critical in order to address the climate crisis, and we have significantly stepped up our climate ambition by committing to reduce our overall greenhouse gas emissions by 51% by the end of the decade, and to achieving net-zero emissions by 2050.

This is set out in the new Climate Action and Low Carbon Development (Amendment) Act 2021. The Act established a new legally binding framework for climate change, including the adoption of a series of three economy-wide, five-year carbon budgets and sectoral emissions ceilings, which set the maximum limit on greenhouse gas emissions for each sector of our economy. In addition, the Act provides for the climate action plan to be updated every year. The latest version of the plan for 2023 is expected to be brought to the Government in the coming weeks and it will be aligned with our carbon budgets and sectoral emissions ceilings.

The sectoral strategies for flood risk management are outlined in the Government's climate change sectoral adaptation plan for flood risk management. These strategies play a critical role in identifying the goals and priorities for the sector and are therefore critical in informing the investment priorities set out in the NDP.

Over the period to 2030, an additional €5 billion of the expected €9.5 billion in additional carbon tax receipts will be invested in energy efficiency. In terms of strategic investment priorities for the energy sector, this includes supporting the delivery of offshore renewable energy, retrofitting up to 500,000 homes and the installation of 600,000 heat pumps. Specific projects include the Celtic interconnector, which when completed in 2026, will be Ireland's largest electricity interconnector. I will add further details in a moment.

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