Climate action 'will deplete living standards but delaying it would be even worse'

It has proposed emission reductions of 67% by 2040, which requires an annual reduction of at least 6.3% on average year on year.

It includes phasing out fossil fuels as early as 2039, including a ban on vehicles that use petrol and diesel, the rapid deployment of heat pumps in buildings and reducing livestock agricultural activity.

It suggests that significant agricultural land, in the region of 400,000 hectares, would become available for other uses while milk output and beef output should also fall.

“The carbon budgets proposed by Council set out a challenging but necessary pathway for Ireland to achieve a climate-neutral and biodiversity-rich society before 2050, where Ireland no longer contributes to the increase in global temperatures,” its chairwoman Marie Donnelly said.

While the transition will bring significant political and social challenges, it presents us with an opportunity to achieve a more sustainable society, a cleaner environment with improved health and wellbeing for all of our citizens.

“A crucial step to help achieve this is for Government to prioritise investment and resources, now, by phasing out harmful fossil fuels as early as 2039 and saving people and businesses money. 

"This will help Ireland avoid future fines and compliance costs, provide the opportunity to deliver energy independence, reduce costs and help to maintain our competitive economy in a low carbon world, while building greater resilience to the impacts of climate change."

While such action will also have significant upfront costs, “delayed action will impose a greater financial burden on society in the longer term", it warned.

Furthermore, it admits that in the medium-term these adjustments will have a negative impact on living standards, between 2025 and 2035, and this will amount to between 0.5% and 1% of national income.