Funds Raised From Increased Ca...

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Funds Raised From Increased Carbon Tax Will Go To Climate Action projects

Kim Buckley
Kim Buckley

7:45 AM - 23 Sep 2019



All money raised from increased carbon taxes is to be ring-fenced to fund climate action projects.

The Taoiseach will make the announcement at the UN Climate Summit later.

Leo Varadkar is in New York this week for a series of UN summits and meetings with other world leaders.

Today it's the Climate Action Summit - where leaders from around the world are expected to outline what they're doing to combat climate change.

Leo Varadkar will address the summit later and confirm that increased revenue from a hike in the Carbon Tax will be ringfenced for climate action projects and funding a just transition.

The Taoiseach expects it to raise billions of euro over the coming years.

An all-party Oireachtas committee has committed to raising carbon taxes from 20 euro a tonne to 80 euro a tonne by 2030.

It would mean increases in the price of fuel, briquettes and coal among other things.

The Taoiseach argues that re-investing the money raised in ensuring a just transition will offset the impact of fuel and energy cost increases.

Reporting by Sean Defoe.



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Carbon Tax Climate Action UN Climate Summit

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