Irish Fiscal Advisory Council chair Seamus Coffey described it as a “clear case of being able to reduce a massive fiscal risk”.
Ireland could face €7.5-26.4 billion in EU penalties for missing climate targets. A report advises immediate action, including upgrading the energy grid (€7 billion), subsidizing electric vehicles and charging networks (€4 billion), and investing in forestry and peatlands (€1 billion), which would be cheaper than inaction and reduce potential penalties to €3.4-11.9 billion. Ireland is currently not on track to meet various EU climate targets.
