Latest news with #TeagascMarginalAbatementCostCurve
Agriland
6 days ago
- Business
- Agriland
Government ‘delusional' on emissions targets
The government is 'delusional' if it believes Ireland won't face billions of euro in EU fines for missing its 2030 greenhouse gas (GHG) emissions targets. That's according to Social Democrats TD Jennifer Whitmore, following the latest publication today by the Environmental Protection Agency (EPA). It has stated that total greenhouse gas (GHG) emissions from the agriculture sector 'will range from a 1% increase to a 16% decrease over the period of 2018 to 2030″. According to the EPA, these projections are based on the level of adoption of measures contained in the Climate Action Plans, AgClimatise and the Teagasc Marginal Abatement Cost Curve (MACC). Social Democrats Deputy, Jennifer Whitmore, who is the party's spokesperson on climate, said: 'The latest analysis from the Environmental Protection Agency offers a bleak assessment of the government's efforts to meet our legally binding 51% emissions reduction target in five years' time. 'The report warns that even if every measure in the Climate Action Plan is fully implemented on time, the best we can hope for is a fall of 23% 'This is even lower than the 29% reduction projected by the EPA last year, showing that Ireland is going backwards when it comes to our climate responsibilities,' Whitmore added. 'Despite dire warnings from the Irish Fiscal Advisory Council and the Climate Change Advisory Council that Ireland could face EU fines of up to €26 billion for missing our targets, the government continues to be in denial, with the Taoiseach recently dismissing these fears as 'highly speculative'.' The Wicklow TD has claimed that the current approach by the government will cost Ireland, not just economically, but also in terms of the severe risks posed by more extreme weather events caused by global warming. 'According to the EPA report, we are making insufficient progress in areas such as onshore wind, offshore wind, electric vehicles and district heating,' Whitmore continued. 'In transport and agriculture, emissions are projected to remain well above the sectoral ceilings for 2030. And despite the growth in renewable energy, this is negated by our continued reliance on gas during times of peak demand.' Deputy Whitmore has also raised concerns abut 'logjams' in the planning system which she said could result in wind power companies pulling out of Ireland. 'Today's report represents a major setback for our climate ambitions. How many more wake-up calls does this government need before it takes this issue seriously?' Deputy Whitmore concluded.
Agriland
7 days ago
- Business
- Agriland
EPA: Agriculture ‘made some progress' in reducing GHG emissions
Total greenhouse gas (GHG) emissions from the agriculture sector 'will range from a 1% increase to a 16% decrease over the period of 2018 to 2030″ according to a new report published today (Wednesday, May 28) by the Environmental Protection Agency (EPA). According to the EPA these projections are based on the level of adoption of measures contained in the Climate Action Plans, AgClimatise and the Teagasc Marginal Abatement Cost Curve (MACC). The decrease in GHG emissions would potentially come from a variety of measures including limits on nitrogen fertiliser usage, switching to different fertilisers and 'bovine feed additives'. Mary Frances Rochford, EPA programme manager, said: 'The agriculture sector has made some progress in reducing emissions through the successful rollout of actions on nitrogen fertilisers, low emission spreading technologies and national liming programmes. 'In parallel, in line with new research, the EPA refined the information underpinning the agricultural figures which has led to a reduction in the overall agriculture emission estimates'. According to the EPA programme manager, it is now 'imperative that this new research and information is incorporated into updated carbon budgets and sectoral ceilings to ensure that they reflect latest science, data and knowledge on greenhouse gas emissions in Ireland and alignment with the national reduction target for the sector of 25%.' But in the meantime, a direct comparison of the agricultural sector against its sectoral emission ceiling 'is no longer viable', the agency has detailed in the latest GHG Emissions Projects 2024-2055 report. EPA However while the EPA has underlined the 'progress' the agriculture sector has made in relation to reducing GHG emissions, it has also warned that emissions from the Land Use, Land-use Change and Forestry (LULUCF) sector are projected to increase by up to 95%. The agency has detailed that GHG emissions from the LULUCF sector are projected to increase 'between 39% to 95% over the period of 2018 to 2030' chiefly because forestry is reaching its 'harvesting age and changes from a carbon sink to a carbon source'. 'Planned policies and measures for the sector, such as increased afforestation, water table management on agricultural organic soils and peatland rehabilitation are projected to reduce the extent of the emissions increase,' the EPA outlined. It has indicated that, even with current planned measures, it 'is unlikely' that Ireland will meet this sector's European commitments. Overall, according to the EPA, Ireland is projected to achieve a reduction of up to 23% in total GHG emissions by 2030, compared to a national target of 51%. Laura Burke, director general of the EPA said: 'The EPA's projections show that full delivery of all climate action plans and policies could deliver a 23% reduction in GHG emissions. 'Although emissions trends are going in the right direction, the gaps to our European and national emission reduction targets are now projected to be larger than last year. 'This highlights the economy-wide effort needed to decarbonise our society and the focus must shift from policy aspiration to practical implementation.' The EPA's latest report also details that the first carbon budget and second carbon budget are projected to 'be exceeded' with almost all sectors on a trajectory to exceed their national sectoral emissions ceilings for 2030.
Agriland
11-05-2025
- Business
- Agriland
Sustainability-linked loans making an impact on Irish farms
Bank of Ireland's head of agri sector, Eoin Lowry, says that the bank's Enviroflex loans are helping farmers improve the environmental footprint of their farms. According to Lowry, agriculture in Ireland is at a crossroads. The sector is facing the dual challenge of maintaining productivity while significantly reducing its environmental impact. With farming directly responsible for 37% of national greenhouse gas emissions, the sector is required to reduce these emissions by 25% by 2030 under the Climate Action Plan. In response to this challenge, Bank of Ireland has developed an innovative financial solution that recognises the unique nature of farming and supports sustainable agricultural practices. Agriculture's climate challenge and responsibility Lowry said: 'The stark reality of how we farmed in the past will not be how we farm in the future. 'At Bank of Ireland,we recognise that the sector needs to play its part in meeting the global environmental and climate challenge. Simply put – if it doesn't, the sector will become unviable and unsustainable.' Unlike other businesses that can decarbonise by changing light bulbs or heating systems, farmers must fundamentally change how they farm – from the types of animals they raise to how they grow grass and feed their livestock. The industry has a clear roadmap outlining key actions to address climate change, and most farmers recognise the importance of this transition. Lowry notes that many sustainable farming practices not only enhance environmental sustainability but can also contribute to improving overall farm profitability. Additionally, agriculture can support the decarbonization of other sectors, such as energy. Introducing Enviroflex: Supporting farmers' sustainability journey Recognising the distinctive challenges farmers face, Bank of Ireland developed Enviroflex, a sustainability-linked loan that supports and rewards farmers who implement sustainable actions on their farms through discounted interest rates. 'Enviroflex recognises that farming is different. It understands that farmers need to go on a journey to change their farms,' Lowry said. Enviroflex builds on established frameworks, integrating with the Teagasc Marginal Abatement Cost Curve (MACC) and Bord Bia's Origin Green programme. To qualify, farmers must participate in a co-op sustainability programme and implement an agreed number of sustainable actions on their farms. Once these conditions are met, farmers can use the loans for general purposes including investing in machinery, farm buildings, solar panels, slurry and wastewater facilities, and milking equipment. The programme specifically excludes land purchases and working capital. Collaborative development and industry recognition Enviroflex was born from collaboration, initially developed with Kerry Dairy Ireland. Rather than reinventing the wheel, Bank of Ireland built upon existing co-op sustainability schemes. 'Enviroflex offers an additional reward to farmers through discounted finance on top of what the co-op is providing,' Lowry explained. 'It is highly innovative and the first of its kind not only in Ireland but across Europe. 'It recognises that farming is different and it supports farmers for doing the right thing on their farms while allowing them to invest in general purpose investments—not just green investments.' Safeguarding the land for future generations The relationship between farmers and their land is generational and profound. As Lowry points out: 'A farmer's greatest asset is their land. It has been handed down from generation to generation in many cases. A field in Ireland only comes up for sale every 200 years on average.' Source: Bank of Ireland Bank of Ireland has been financing many family farms for generations and recognises the importance of intergenerational farming and sustainability across lifetimes. The bank aims to ensure farmers are supported and encouraged to protect and enhance their core asset. 'We want to ensure they are not harming nature or the environment, and banks can play a key role here in building farmers' knowledge and awareness and then supporting environmental transition through sustainability-linked loans like Enviroflex,' Lowry said. Farmer response and expansion plans The Enviroflex platform has seen a significant success since its launch. Over €30m has been applied for by farmers, with an average loan size of €65,000. Currently, Enviroflex is available to over 95% of dairy farmers who participate in a co-op sustainability scheme, with 12 co-ops now supporting the rollout across the dairy sector. Individual co-ops and their representative groups, ICOS and Dairy Industry Ireland, have embraced the initiative, seeing the win-win benefit for their members and farmer suppliers. 'They can be rewarded through the co-op sustainability programme and also be rewarded by a lower interest rate from their bank,' Lowry noted. The bank has already partnered with Irish distillers and their Spring Barley Sustainability Programme to provide Enviroflex for tillage farmers and is working with other stakeholders to extend the programme to beef farmers in the future. The future of agricultural finance Bank of Ireland sees sustainability-linked finance as increasingly important for the agricultural sector. Such financing not only rewards practices that protect farmers from future risks but also safeguards the bank's investments by ensuring the long-term viability of farming operations. As agriculture continues its journey toward more sustainable practices, innovative financial solutions like Enviroflex demonstrate how banks and farmers can work together to address climate challenges while maintaining productivity and profitability for generations to come. Looking ahead, Lowry says Bank of Ireland plans to expand the programme's reach. 'During 2025, we aim to have Enviroflex available to all dairy farmers and roll out the product to farmers in other sectors,' he said. Lending criteria, terms and conditions apply. Over 18s only. Warning: The cost of your repayments may increase. Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. Bank of Ireland is regulated by the Central Bank of Ireland.
