Ossian Smyth (Dún Laoghaire, Green Party) | Oireachtas source

It is not proposed to specify in this legislation what the companies can use the increased borrowing limits for. A borrowing limit increase for Bord na Móna will underpin the company's brown-to-green transition. The company has ceased its peat harvesting activities and is accelerating the deployment of renewable energy, particularly in these former peat harvesting regions. Just transition is already a part of Bord na Móna's brown-to-green strategy and is being implemented, as seen with the peatlands climate action project, which forms a crucial part of the Government's and Bord na Móna's just transition plans, securing employment for the 350 employees previously engaged in peat harvesting activities.

Bord na Móna has commenced the enhanced decommissioning, rehabilitation and restoration scheme, the EDRRS programme. The EDRRS will deliver a range of climate action benefits from greenhouse gas mitigation through reduced carbon emissions, carbon storage and accelerated carbon sequestration. The scheme is expected to be completed by the end of 2025 and is expected to protect the storage of millions of tonnes of CO2 emissions, enhance biodiversity and provide employment opportunities as part of a just transition in the midlands.

Bord na Móna is one of five partners in the LIFE IP Peatlands and People project with an overarching aim to be a climate action catalyst, connecting Ireland’s peatlands, policies and people to support the realisation of a carbon neutral, low emission, climate resilient and environmentally sustainable society and economy by 2050, thereby playing a significant role in achieving Ireland’s climate action plan targets, CAP 2019. One of the pillars to the project is the just transition accelerator, which is an accelerator programme for systemic innovation focused on low carbon and circular economies. Furthermore the shareholder letter of expectations, SLOE, for Bord na Móna is being updated to reflect its repositioning as a climate solutions company and the continued importance of a just transition. On this basis I propose to reject the Senator’s amendment.