Economic and Investment Outlook slide image

Economic and Investment Outlook

Climate Action Plan 2023 Pillars to tackle emissions reduction Powering renewables .9GW onshore wind, 8GW solar and at least 7GW offshore wind by 2030 ⚫ Phase out and end use of coal and peat in electrical generation ⚫ Green Electricity Tariff incentive people to use lower cost renewable electricity at times of high wind and solar generation Building Better . Retrofit 500,000 dwellings by 2030 . Put heat pumps into 680,000 homes by 2030 . Generate 2.5TWh of district heating by 2030 • · Improve carbon sequestration and reduce management intensity of drained soils on grasslands Transport . Reduce distance driven across all car journeys by 20% . Walking, cycling, public transport will account for 50% of journeys .1 in 3 private cars will be EV's • Increase rural bus routes and frequency Agriculture Reduce use of chemical nitrogen as fertiliser Increase organic farming to 450,000 hectares . Expand indigenous biomethane sector . Contribute to delivery of land use targets for afforestation, reduce mgmt. intensity of organic soils • Increase uptake on protected urea on farms to 90-100% Enterprise . Reduce clinker content in cement and substitute products with lower carbon content for construction materials . Reduce fossil fuel share of final consumption • Increase total share of heating to 70-75% by 2030 . Grow the circular and bioeconomy Land Use • Increase annual afforestation rates to 8,000 hectares p/a from 2023 on · Promote forest management initiatives in forests to increase carbon sinks and stores . · Improve carbon sequestration and reduce management intensity of drained soils on grasslands ⚫ Rehabilitate 77,760 hectares of peatlands Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency 47
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