Anglo Irish Bank should be reconfigured as a green bank offering mortgages, bank loans and savings accounts that are environmentally friendly and sustainable, the State’s sustainable development council Comhar said today.
Comhar today launched its multi-million euro proposals for a “Green New Deal for Ireland”.
The document was launched by Minister for the Environment John Gormley at the Royal Irish Academy this morning. While he said there were many interesting proposals in the document, they would have to be scrutinised in great detail.
“I would be enthusiastic about many of the ideas contained in the report. They will have to be subject to greater scrutiny,” he said.
The document sets out the council’s proposals on how economic recovery can be achieved using a sustainable and green approach. Among the other major measures it proposes are the setting up of a national decarbonisation fund which would be used to move Ireland towards being a low-carbon society.
Comhar’s chairman Professor Frank Convery said at the launch the current recession affords Ireland an opportunity to rethink the fundamentals of the economy.
“The movement of the global economy in a low-carbon high-energy-efficiency direction is a trend that will intensify. It is is timely that Ireland takes full advantage of this new direction," he said.
In addition to the green bank, the paper also identifies a number of key areas for investment. These include the retrofitting of the existing housing stock; the transformation of the national electricity grid to accommodate wind power and other forms of renewable energy; as well as other large investments in infrastructure, the public sector and the transport system.
Comhar’s policy analyst Eoin McLoughlin said that Ireland should be prepared to commit up to 2 per cent of GDP (€3.7 billion) over the next two to three years in order to finance the initiative.
Mr McLoughlin pointed out that since July of last year, spending on the green deal has been 0.37 per cent of GDP.
He said there were three key elements: getting the policies and price signals right; to get the research and development system rights, as well as ensuring that financing was in place.
“To be a leader in Europe in green technology and green collar jobs by 2020, it’s important that we convert the challenge into opportunities,” he said.