Monday 19 August 2019

Ibec backs Government decision to block ban on future oil and gas exploration

Ibec chief executive Danny McCoy
Ibec chief executive Danny McCoy
Donal O'Donovan

Donal O'Donovan

Employers group Ibec has backed a Government decision to block a ban on future oil and gas exploration.

The Climate Emergency Bill would have undermined energy security by cementing reliance on imports, left the State financially exposed and increased Irish reliance on imported gas, which has a higher carbon footprint, Ibec said.

The Bill, proposed by People Before Profit TD Bríd Smith, was passed by the Dáil but blocked by the Government’s withholding of a so-called money message needed to give it force. Ibec said the Government move was "sensible given the important role that natural gas will still have to play in Ireland’s energy mix and low-carbon transition".

Deputy Smith and climate groups condemned the move.

The shift against oil and gas is increasingly mainstream. The London Stock Exchange this week re-categorised oil and gas firms as ‘non-renewable’ in its FTSE Russell index.

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