Denis Naughten (Longford-Roscommon, Fine Gael)
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Question 373: To ask the Minister for the Environment, Heritage and Local Government his plans for carbon or green credits; the way in which he will allocate these credits; and if he will make a statement on the matter. [43403/06]

Dick Roche (Wicklow, Fianna Fail)
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I refer to the reply to Question No. 192 of 5 October 2006.

Carbon credits will be used by the government for the sole purpose of achieving compliance with Ireland's commitment under the Kyoto Protocol to limit its greenhouse gas emissions to 13% above 1990 levels.

The Government has stated its intention to purchase up to a maximum of 3.607 million allowances or credits per annum over the Kyoto Protocol commitment period 2008-2012. Budget 2007 announced a commitment to provide up to €270 million for the purchase of allowances or credits.

Following the approval of the Dáil on 30 November, I signed a contract with the European Bank for Reconstruction and Development for €20 million to source carbon allowances through the Bank's Multilateral Carbon Credit Fund. Last Friday I published the Carbon Fund Bill 2006 and this is scheduled for second stage debate on Thursday 14 December. I am also seeking Dáil approval this week to enter into agreements with the World Bank with a view to an investment of a further €20 million.