Eamon Gilmore (Dún Laoghaire, Labour)
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Question 55: To ask the Minister for the Environment, Heritage and Local Government the position regarding the amount of money that is to be paid under the Kyoto Protocol, if any, for exceeding our carbon emissions targets for 2008 and 2009; if he will be required to purchase carbon credits for 2008 and 2009; when these carbon credits will have to be purchased; and if he will make a statement on the matter. [2452/10]

John Gormley (Dublin South East, Green Party)
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In the period 2008-2012, Ireland will meet its target for the purposes of the Kyoto Protocol through a series of national measures to reduce greenhouse gas emissions, supplemented as necessary by the purchase of carbon units on the international market. Government policy in this regard is set out in the National Climate Chance Strategy 2007-2013 and, for the purpose of purchasing carbon units as required, the National Treasury Management Agency (NTMA) has been designated as purchasing agent for the State.

The total cost of purchasing carbon units for Kyoto compliance purposes in the commitment period 2008-2012 is estimated at €99.6 million. This is made up of €73.7 million for credits already purchased by the NTMA and €25.9 million for credits to be delivered prior to 2012 from investments made in the Carbon Funds operated by the World Bank and European Bank for Reconstruction and Development.

In 2008 the NTMA purchased 3.455m carbon credits at a cost of some €52.1 million. In 2009, they purchased 1.8m units at a cost of some €21.6 million.

The economic downturn has implications for the carbon credit purchasing programme. Recent EPA projections suggest that, with full implementation of all announced emission reduction measures, sufficient carbon units may already have been purchased or contracted for, to meet our Kyoto commitments. In these circumstances, the NTMA has been asked to put its purchasing programme on hold for the foreseeable future. Purchasing requirements are being kept under review and will be revised as necessary in the light of future projections.