Earlier this week, the Climate Change Advisory Council (CCAC) signed off on Ireland’s first carbon budgets, covering the periods 2021-2025 and 2026-2030. Once adopted by the Oireachtas, Minister for the Environment, Climate and Communications Eamon Ryan will prepare sectoral emissions ceilings. These will form the basis of a legally binding pathway to reducing national emissions by 51% by 2030.

Along with publishing the carbon budgets, the CCAC produced a carbon budget technical report. The report lays bare both the scale of the challenge in terms of reducing emissions by 51% within the next eight years and the multibillion euro price tag associated with various mitigation strategies. Caitriona Morrissey goes into detail in this week's edition. It is remarkable that this economic analysis comes after and not before Government committed to a legally binding emissions reduction targets under the Climate Act.