Ireland announces €22 billion low carbon investment

Ireland’s government has announced plans to invest €22 billion to transition the country to a low carbon and climate resilient society with nearly zero emissions by the middle of the century.

According to Ireland’s National Development Plan published last week, the funds will be used to reduce carbon emissions from transport, agriculture and the energy sector, as well as flood defences, reports UN Climate Change.

“While Ireland clearly faces a very significant task in reducing its greenhouse gas emissions, the current profile of which reflects the particular structure of our economy, action can be taken now to position Ireland to harness significant benefits from realising a low-carbon economy,” the report says.

“These include, for example, the creation of sustainable green jobs, sustainable food production, deepening our energy security, and making the environment healthier.”

The plan also includes the creation of a new climate action fund with a promised initial investment of €100 million and an annual income of €50 million.

To help avoid the worst impacts of climate change, Ireland aims to reduce its greenhouse gas emissions by 80 to 95% by 2050 by phasing out the use of coal and peat burning over the next 12 years.

The country also plans to ban the purchase of diesel and petrol vehicles by 2030. Electric buses for public transport will be widely introduced beginning next year.

Image credit: Steve Valasek via Flickr

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