Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

I will outline the six headings under which I hope to develop a whole-of-government policy working with my Government colleagues in all Departments as this cannot be confined to a single Department. One is the regulatory framework. The second is how we spur the adoption of known technologies throughout the community. The third is how we address market failure. As many Senators will know we have clearly signalled that we need to set a trajectory for carbon price. The fourth is how we will drive change in business models. As well as posing a challenge to business there are great opportunities for business in moving to a low-carbon environment. We need to ensure businesses anticipate and become leaders not followers in that sphere. The fifth is how the public sector can lead by example. The public sector owns a very substantial stock of housing and buildings. It purchases many vehicles and has other procurement. Much of that can impact and lead the way to a low-carbon environment.

The last heading, which in some ways is the most important one, is how we will engage with citizens and communities so that everyone plays their part. This cannot be funded by the State. For example, the cost of upgrading our housing to the standards we need to achieve by 2030 would be about €50 billion. Over the next ten years the Minister for Public Expenditure and Reform, Deputy Donohoe, has allocated about €4 billion to my Department in supporting that. The vast majority of the funding has to be achieved by people making investments on their own. While they will pay back, the payback periods will be long. We will need to consider how we can support the funding of these changes that people will need to make.

The same is true as we go through each sector. While it is very important that we accommodate a just transition, which was very much a theme yesterday, Senators must bear in mind that the State cannot fund all the change that must be made. A just transition cannot mean the State picking up the cost because that is simply not possible. We must make major behavioural change as a community, including in enterprises, in homes and in the way we travel, live and eat. It goes across every segment. I am delighted to have the opportunity to say a few words on the transition statement today.