Ireland could become carbon trading hub

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A new report suggests Ireland has the capacity to become a global financial hub for carbon trading.

The report from the organisation Business in the Community concludes that if Ireland moves in this direction, it has the capacity to rebuild its financial reputation internationally.

Business in the Community is the leading organisation involved in corporate responsibility, and its membership includes heavy-hitting companies such as the ESB and Intel.

Last October, 80 chief executive officers from Ireland’s top firms met to consider the business response to climate change.

Today’s report, which is being presented to Minister for the Environment John Gormley today, follows on from their evaluations.

In the wide-ranging document, Business in the Community concludes that climate change provides a big opportunity for Ireland to capitalise on strengths in places like the International Financial Services Centre and become a world centre for low-carbon finance and investment.

On a carbon levy, the organisation says the Government needs to notify companies well in advance about the level of the tax; outline the availability of lower cost fuel alternatives; include incentives for improving energy efficiency; and - crucially - say whether green tax revenue generated from business will be recycled to business.