Richard Bruton (Dublin Bay North, Fine Gael)
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171. To ask the Minister for Agriculture, Food and the Marine if he has assessed the value of greenhouse gas savings over a twenty-year timeframe, calculated at the carbon price used in capital project evaluation under the public spending codes of diversification initiatives (details supplied); and if he will make a statement on the matter. [26875/22]

Charlie McConalogue (Donegal, Fianna Fail)
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The Irish agri-food sector is committed to the challenge of meeting environmental targets over the coming years, as set out in the Climate Action Plan 2021, and work on assessing the options to identify the best way forward is ongoing.

As the Deputy will be aware, Teagasc are assisting in designing and evaluating these options, and the Teagasc Marginal Abatement Cost Curve (MACC) was developed to identify ways for the sector to progress towards these targets.

The MACC allows for the ranking of measures based on the cost-effectiveness and includes measures as outlined by the Deputy on the rewetting of drained organic land and afforestation. However, it must be noted that the MACC is not a static analysis and will be subject to revisions as both the scientific knowledge and socioeconomic conditions evolve.

On the measures specifically highlighted by the Deputy, the MACC, as published in 2019, refers to the afforestation of 7,000 ha per year; estimated to sequester 2.1 MtCO2e. It also refers to the rewetting of 40,000 ha of organic grassland soils; estimated to sequester 0.44 MtCO2e over the period. On the question of biofuels, the actual impact will depend on the specific biofuel and type of grassland but this is an area my Department and Teagasc will continue to examine.

The current price of carbon used in the Public Spending Code (PSC) is based on the estimated costs associated with achieving a 30 per cent reduction in greenhouse gas emissions by 2030, but as the Deputy will know, the Government's climate ambitions have been considerably strengthened. My colleague, the Minister for Public Expenditure and Reform has indicated that the price applied in the PSC must be updated to reflect this enhanced ambition, with that work, by the Department of Public Expenditure and Reform, expected to take place in the coming months.

An exercise to assess the value of GHG savings over the twenty year timeframe calculated at this carbon price has not been undertaken to date. It is something that is worth consideration when the methodologies are revised.

I want to assure the Deputy that I am committed to supporting initiatives to facilitate the sector in reaching its climate targets, such as the work ongoing in the Food Vision Dairy Group, and will continue to engage so that we can together achieve the ambition of being a world leader in sustainable food systems.