Failing to take action on climate change could cost the State up to \u20ac13 billion by 2050, the State’s fiscal watchdog has warned.<\/p>\n
The Irish Fiscal Advisory Council said a credible plan costing \u20ac4bn could reduce the overall cost of climate change.<\/p>\n
It warned that stalling action on climate change poses a major risk to the public finances.<\/p>\n
It called on the Government to invest domestically to lower living costs and protect the economy.<\/p>\n
It also urged the State to invest in home retrofits, public transport, renewable energy, and the electricity grid.<\/p>\n
The organisation has also warned that as more people shift to electric vehicles, the taxes collected from fossil fuels will fall.<\/p>\n
It said that the Government must devise a strategy to replace the lost revenue through congestion charges and distance-based road charges.<\/p>\n
But it added that replacing these taxes did not mean increasing the overall tax burden but instead urged changing the way taxes are levied on travel.<\/p>\n
Council chairperson Seamus Coffey said: “We can wait for global action and leave our economy exposed to big budget risks and volatile energy prices.<\/p>\n
“Or we can take control by investing in our own homes, transport, and energy networks.<\/p>\n
“Spending the money here in Ireland would help ensure lower living costs and better health outcomes for citizens, making it the sensible approach.”<\/p>\n","protected":false},"excerpt":{"rendered":"Failing to take action on climate change could cost the State up to \u20ac13 billion by 2050, the…\n","protected":false},"author":2,"featured_media":527267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-527266","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/527266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=527266"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/527266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/527267"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=527266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=527266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=527266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}