Michael Ring (Mayo, Fine Gael)
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Question 1299: To ask the Minister for the Environment, Heritage and Local Government the way the €20 million allocated in Budget 2006 for the purchase of carbon allowances was expended; the amount of carbon credits thus purchased and the recipients of this sum of money for such purchases; and if he will make a statement on the matter. [1922/08]

Michael Ring (Mayo, Fine Gael)
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Question 1300: To ask the Minister for the Environment, Heritage and Local Government the moneys allocated in budget 2008 for the purchase of carbon allowances; his plans for this expenditure; and if he will make a statement on the matter. [1925/08]

Michael Ring (Mayo, Fine Gael)
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Question 1301: To ask the Minister for the Environment, Heritage and Local Government if, in view of his commitment in budget 2007 to allocate €270 million for the purchase of carbon allowances in the period 2007 to 2013, he will detail the amount allocated under this heading in 2007; the amount of carbon credits purchased with this money; the persons, companies and organisations from whom these credits were purchased; and if he will make a statement on the matter. [1926/08]

John Gormley (Dublin South East, Green Party)
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I propose to take Questions Nos. 1299 to 1301, inclusive, together.

The Government has announced the provision of €270 million for the purchase of carbon allowances over the period 2007-13. This sum is in addition to €20 million provided in my Department's Vote in 2006. No additional funding was required or provided in Budget 2008. Following the enactment of the Carbon Fund Act in March 2007, the National Treasury Management Agency is now statutorily designated as purchasing agent for the acquisition of carbon allowances. The Agency is developing a purchasing programme on foot of the potential need indicated in the National Climate Change Strategy to purchase up to 18 million allowances in partial fulfilment of Ireland's obligations pursuant to the Kyoto Protocol. A national policy framework on the purchase of allowances, which is set out in Annex 3 to the National Climate Change Strategy 2007-12, provides guidance for the Agency in this regard.

In 2006, Ireland committed to investing €20m in the Multilateral Carbon Credit Fund offered by the European Bank for Reconstruction and Development, and a further €20m in Funds offered by the World Bank, namely the Carbon Fund for Europe and the second tranche of the BioCarbon Fund. No other commitments were made prior to the designation of the National Treasury Management Agency as purchasing agent. The return on these investments, in terms of the actual amount of credits acquired, will depend on the price of carbon as projects in the Fund mature and credits become available to the Fund participants. Current indications from the Fund managers point to a price in the range of €7 to €12 per credit. Total expenditure on these funds to date is €23.7m, €20m in 2006 and the remainder in 2007. Any further investments and related payments are a matter for the National Treasury Management Agency.