Economic and Investment Outlook

Climate Action Legislation The Climate Action & Low Carbon Development Act 2021 aims for Net Zero by 2050 Climate Action & Low Carbon Act: Carbon Budgeting: The Act embeds the process of carbon budgeting into law. It requires Government to adopt a series of economy-wide-five-year carbon budgets. 51% reduction: First carbon budgets will aim for a reduction of 51% of emissions by 2030. Climate Action Strategy: A national plan will be prepared every five years and actions for each sector will be updated annually. All of Government approach: Local authorities are required to prepare a Climate Action Plan and public bodies obliged to conduct their functions in line with the national plan. Carbon Budgets & Sectoral Ceilings Budget Period MtCO2eq Average Annual Reduction 2021-2025 2026-2030 2031-2035 (provisional) 295 4.8% 200 8.3% 151 3.5% Sector % Reduction by 2030 relative to 2018 GHG emissions 2030 Ceiling Electricity Transport 75% 3 MtCO2eq 50% 6 MtCO2eq Buildings (Commercial and Public) 45% 1 MtCO2eq Buildings (Residential) 40% 4 MtCO2eq 25% 4 MtCO2eq 25% 17.25 MtCO2eq 50% 1 MtCO2eq Industry Agriculture Other* Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency *F-gases, Petroleum Refining and Waste 46

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