IMF: Government’s Climate Bill to cost a staggering €20 billion….per year

The International Monetary Fund (IMF) has said that the cost of implementing the  Government’s Climate Action Bill will cost €20 billion  annually for next 10 years.  

That’s ten times the cost of the National Children’s Hospital  at €1.74 billion or almost twice the amount of revenue generated annually by Irelands Corporation Tax at approximately €12 billion.

The commitment to emission reduction measures and infrastructure requirements laid out in the Government’s controversial Climate Action and Low Carbon Development (Amendment) Bill 2021 comes with an enormous price tag.

The estimate of €20 Billion represents an annual spend equivalent to 5 percent of the States entire GDP every year until at least 2030.

The IMF also say that when compared internationally, Ireland’s “disproportionately high share of capital spending on green projects provides an important signal of Ireland’s commitment to the climate agenda.”

The data from the IMF was released as part of the background documentation that will inform its periodic consultation with Ireland as member country of the Fund.
The IMF’s €20 billion climate emissions price tag is the equivalent to almost four times the €5.3 billion expenditure incurred to date for the operation of the Pandemic Unemployment Payment (PUP).

It is also the equivalent cost of twenty National Cancer Strategies (€840 million), or six National Broadband Plans (€3.5 billion). It also represents more than ten times the current cost of the National Children’s Hospital (1.74 billion).

The IMF analysis is likely to deepen existing fears that the goals of the Government’s Climate Bill are financially unsustainable and economically reckless.

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