Ireland's finance ministry has announced €105m in tax relief for transport biofuels over the next three years under the 2006 national budget. The measure, which requires EU approval, will help Ireland reach a 2% biofuels share by 2008 and cut 0.25m tonnes of CO2 per year, the ministry said. More money is to be made available after 2008, it added.
Meanwhile, Ireland is to create a carbon fund of €20m to help buy carbon credits through the Kyoto protocol's flexible mechanisms. Irish greenhouse gas emissions are currently well above the country's Kyoto commitment. Purchasing credits for emission cuts made abroad will therefore have to be an important component of its compliance strategy (EED 17/10/05).
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