Latest news with #RepublicofIreland
Irish Times
3 days ago
- Automotive
- Irish Times
Climate Council calls for €10,000 EV grants as transport emissions cuts ‘unlikely to be achieved'
Supports for purchasing electric vehicles need to be ramped up by the Government with grants of up to €10,000 for low-income households purchasing smaller vehicles, the Climate Change Advisory Council (CCAC) has told the Government. This measure is one of a series of interventions required to ensure the transport sector does not exceed legally binding limits on carbon emissions , it said. With emissions falling by an estimated 1.3 per cent last year, 'urgent Government intervention [is needed] to support sustained emissions reductions and people making the switch to public transport', it added. The Republic has a national target of a 51 per cent reduction in carbon emissions by 2030. Key to delivering transport emissions reductions 'is ending reliance on harmful and expensive fossil fuels', the independent advisory body said in its latest review of the sector published on Wednesday. READ MORE 'An increase in new battery electric vehicle (Bev) registrations and the achievement of targets for Bev adoption under the Climate Action Plan must be realised.' To drive this forward, the council has recommended grants of up to €10,000 (for Bevs less than €35,000) for lower-income households, particularly in places with limited access to public transport, including rural areas. EV grants have been pared back in recent years. A grant of up to €3,500 is available for new Bevs with a price of between €14,000 and €60,000. In parallel, there needs to be accelerated roll-out of publicly accessible EV charging infrastructure alongside ambitious electricity network reinforcement. That is 'a measure which is critical to support access to charging for those without off-street parking and decarbonisation of commercial vehicles', the CCAC said. With only 18 per cent (172,000 out of 945,000) of primary and post-primary pupils accessing the School Transport Scheme, it strongly supports expanded eligibility criteria and greater integration of school and public transport services. Expansion of the safe routes to school programme, which aims to encourage as many students as possible to safely walk, cycle and wheel to school, was also needed to support the required shift in the sector. 'Transport is Ireland's biggest source of energy demand, and emissions from the sector must reduce by half if the sector is to meet its target,' Marie Donnelly, chair of the CCAC, said. 'Urgent and decisive action must now be taken by Government to end our reliance on fossil fuels and deliver the kind of transformative change that is required in this sector.' There were signs of progress in public transport, she said, with more than half of the redesigned BusConnects network in Dublin implemented; a 48 per cent increase in passenger boardings on redesigned routes, and a significant growth in the number of EV and hybrid buses on Irish roads. The review also highlighted the potential benefits of 'vehicle to everything charging' that can increase resilience in rural areas during power outages by providing temporary grid support for households while the main grid is restored. 'Bidirectional charging' and 'vehicle-to-grid' technology are increasingly available in EVs, which can provide home backup power for a number of days but also helps stabilise grids and decrease costs for electric vehicle owners. 'There is a significant opportunity for bidirectional charging, in tandem with solar photovoltaic and battery storage systems, to increase resilience to storm events,' the review finds. Highlighting learning from storms Darragh and Éowyn, Ms Donnelly said the Government must 'scale up investment to enhance the climate resilience of vulnerable and critical transport infrastructure' including road, rail and aviation. Ports are particularly vulnerable to extreme weather events and it is 'crucial that the National Ports Policy is updated to reflect these risks'.
BBC News
3 days ago
- Politics
- BBC News
Republic of Ireland housing: Raise the Roof protest takes place outside Dáil
A major protest is taking place outside the Dáil (lower house of the Irish parliament) over the Republic of Ireland's growing housing Raise the Roof protest has been coordinated by the Irish Congress of Trade Unions which has described the crisis as "the greatest political failure of our time".The rally on Tuesday evening coincides with a Dáil debate on the issue."Workers are being priced out of homes or can only rent or purchase with considerable financial burden," said Ethel Buckley, SIPTU deputy general secretary. "Alongside the human cost of this, we are seeing the serious knock-on effects, with thousands of unfilled vacancies in key sectors, and young people once again choosing to emigrate."What is needed now is a radical reset with sustained action to deliver secure, affordable housing." Renting The growing housing crisis across the country has left the government walking a tightrope between the interests of tenants, landlords and number of people who are now living in rented accommodation goes to the heart of the current is the only option for many people, especially young people, who cannot afford to buy their own home because of the cost of domestic rates now average more than €2,000 (£1,700) a month nationally, according to a recent report by the property website and are higher in government has been trying to introduce measures aimed at restricting rent price increases while also encouraging developers and investors to come into the building (Irish prime minister) Micheál Martin says the government wants to introduce proposals which will "dramatically increase the supply of housing and apartments to the country, to get from 30,000 to 50,000 per annum for a sustained period of time".But, the opposition, led by Sinn Féin, has consistently accused the government of failing to take the correct action to address the crisis. Damien moved to Dublin a few years ago from Tyrone and was at today's protest. The 27-year-old said he has, "no hope of ever owning a home of my own in Dublin". "I am paying the majority of my salary every month on rent, it leaves me with a thousand euros". "It leaves it really hard to get by", he added. Liam is 22-years-old and has just finished college, he still lives at home with his studying he commuted daily from the Trim, "it was a draining journey to college every day, the commute was two to three hours every day", he said he knows people who dropped out of his course because "it was so draining". He made the choice to commute because of the "mad money" required to rent in Dublin. Ahead of Tuesday's protest outside the Dáil, the opposition characterised the situation as "an emergency".Sinn Féin's spokesperson on Housing, Eoin Ó Broin TD, says opposition parties have joined together to introduce a motion in the Dáil "to tell the government very clearly that we need an emergency response to the housing emergency they have created"."It means taking action to protect renters - not what we have seen from the government in terms of the hollowing-out of rent pressure zones, but actually banning rent increases for all renters as well as supports to reduce the cost of rent," he Pressure Zones (RPZ) are designated areas of the country where rent increases are capped to protect the interests of Dáil motion on the issue has been drawn up by the combined opposition of Sinn Féin, the Social Democrats, Labour, People Before Profit, the Green Party and members of the progressive independents technical well as trade unions, the Raise the Roof campaign is also backed by housing and homeless agencies, women's groups, political parties, representatives of older people, Traveller groups, children's advocacy groups, community organisations and student unions.
Irish Times
3 days ago
- Business
- Irish Times
Low start-up costs a ‘key factor' behind surge in new Irish companies
Ireland saw a surge in new business registrations last year, a phenomenon likely related to the low cost of starting a company here, digital bank Bunq has said. The Dutch-registered fintech conducted a study of start-up costs across the ten countries with the highest gross domestic product in the European Union. Bunq found that while Greece and Portugal have the lowest financial barriers to starting a business in the sample of countries at €287 and €751, the Republic is 'competitive' with start-up costs €808.17. The initial costs associated with setting up a new business relate to notary fees, the cost of tax advice for entry into commercial registers and fees for registering the business with the relevant statutory body and setting up a company bank account. READ MORE In Germany – where start-up costs for limited liability companies stand at around €26,266, according to Bunq – companies also have to comply with high mandatory capital requirements, raising business set-up costs. Here, the mandatory capital requirement is just €1, while the Companies Registration Office (CRO) charges a 'nominal fee' of €50 to register a new business, the fintech said. Bunq said the Republic also compared favourably with other countries due to the relatively low cost of essential tax advice, which it calculated at €750 for 15 hours. This sits 'well below' countries like France and Austria, where essential tax advice costs €3,300 and €3,000 respectively. Ireland's statutory 12.5 per cent rate of corporation tax also offers an 'unbeatable' advantage. Citing CRO figures, Bunq said some 23,384 new businesses of all types were established in 2024, up 5.5 per cent from 2023. Last year was 'the second busiest year for new business registrations in over a decade', Bunq said. 'Only 2021, right after the pandemic, saw more.' A 'key factor' in this low financial barriers to establishing a business
Irish Times
12-06-2025
- Business
- Irish Times
Tariff ‘uncertainties' could ‘weigh heavily' on Irish economic growth
Ireland is the country most exposed to the threat of US tariffs after Mexico and Canada, the OECD said on Tuesday, with exports to the US accounting for close to 20 per cent of GDP. The group's economic outlook says Donald Trump's trade policies will damage consumer and business sentiment in Ireland and could 'weigh heavily' on economic growth if the US administration adds pharmaceuticals to the list of imports subjected to tariffs. The Paris-based organisation also warned that public spending in the Republic is 'surging' as the new Government rolls out measures announced in Budget 2025. While the State's tax revenues remain strong, the impact of Mr Trump's trade agenda could lead to 'weaker' returns, putting pressure on the public coffers. The OECD said these 'looming risks warrant greater fiscal prudence' on the Coalition's part. READ MORE The organisation also warned that mounting uncertainties around tariffs are expected to weigh on consumer and business sentiment and 'restrain business investment and household consumption' in 2025 and 2026. Due to the 'key role of a few foreign-owned multinationals in export-oriented sectors, like pharmaceuticals or advanced computer and business services', it said, new industry-specific tariffs could lower economic growth and 'adversely impact fiscal balances'. In Ireland, GDP group is now projected to come in at 3.7 per cent this year, falling to 2.3 per cent in 2026. Modified domestic demand, which controls for the big distortions arising from the activity of multinationals, is projected to expand by 2.2 per cent in 2025 and 2.1 per cent best year, in 2026, below its long-term average of 2.7. Gloablly. the OECD forecasts global economic growth to slow to 2.9 per cent this year from 3.3 per cent in 2024. It expects the rate of expansion in the US will tumble further, to 1.6 per cent from 2.8 per cent last year – an outlook that is significantly lower than its projection 2.2 per cent in March. Washington's policies have tipped the world economy into a downturn clouded in heightened uncertainty, with the US among the hardest hit, it said in its twice-yearly economic outlook report on Tuesday. 'Weakened economic prospects will be felt around the world, with almost no exception,' chief economist Alvaro Pereira said. 'Lower growth and less trade will hit incomes and slow job growth.' The assessment indicates how Trump's policies have become the most pressing problem for the global economy, with no easy solution in sight. The situation could yet be exacerbated by retaliation from US trading partners, a further erosion of confidence, or another bout of repricing on financial markets, the OECD said. The club of 38 rich countries published its forecasts just as its members' ministers convene in Paris for an annual meeting. Top commerce officials are expected there include US trade representative Jamieson Greer and EU trade commissioner Maroš Šefčovič. Lin Feng, a representative from China's ministry of commerce, is also scheduled to attend. 'Agreements to ease trade tensions and lower tariffs and other trade barriers will be instrumental to revive growth and investment and avoid rising prices,' the OECD said. 'This is by far the most important policy priority.' Yet the organisation also said that even if Trump reversed course on tariffs, the bonus in terms of growth and reduced inflation would not materialise immediately, due to a persistent drag from heightened uncertainty over policy. For the US, the OECD said curbs on immigration and a sizeable reduction in the federal workforce add to the trade-related drag on the economy. It also cautioned that the budget deficit will expand further as the effect of weaker economic activity will more than offset spending cuts and revenues from tariffs. Inflation in the US will also move higher this year, making it likely that the Federal Reserve will not resume easing policy until 2026, according to the OECD. That process may even be derailed if consumer-price expectations get de-anchored, it added. Besides the fallout from global trade, the organisation also warned that fiscal risks are intensifying around the world, with 'tremendous' pressures for more spending on defence, climate and ageing populations. It called for governments to reduce non-essential spending and raise revenues by broadening tax bases. – Additional reporting by Bloomberg
Irish Times
12-06-2025
- Business
- Irish Times
Irish business seeing ‘silent slowdown' as confidence plummets
Irish businesses are much less optimistic about the future than they were in late 2024, according to Azets Ireland, suggesting a 'silent slowdown' in the economy may be under way. Conducted between April and May, the corporate advisory firm's latest Barometer Survey, a poll of 119 mid-market companies in the Republic, revealed decreasing confidence levels among firms in recent months. Overall, survey respondents rated their economic prospects at 5.5 out of 10, down from 6.5 out of 10 in the previous survey in November. Even so, Irish businesses are the second most optimistic in northern Europe, according to the survey, ahead of the UK , Norway and Finland . READ MORE Azets said the latest score was the lowest since the survey was inaugurated one year ago. The data suggests a 'silent slowdown' may be under way in the Republic, the firm said. 'Irish business leaders are steering their organisations through one of the most uncertain periods in recent memory – where trade tariffs, geopolitical risks and economic uncertainty are increasing,' said Neil Hughes, chief executive at Azets Ireland. 'Our latest barometer shows that this volatility is beginning to dent business confidence, with a marked drop in optimism since late last year Businesses said they were most concerned about trade and tariff uncertainty stemming from recent shifts in US trade policy under US president Donald Trump. Geopolitical instability was cited as the second biggest concern. However, 41 per cent of firms said that higher labour costs remain a top concern, particularly among mid-sized businesses. Declining confidence was particularly evident among microbusinesses with fewer than 10 employees. This is a 'particularly concerning trend', Mr Hughes said. 'These firms report the lowest confidence in both their financial health and future prospects,' he said. 'They are the backbone of local economies across Ireland, yet rising labour costs and the growing cost of doing business are putting them under real pressure.' [ I gave my friends hats which said 'Make America Hate Again'. That's what Trump is trying to do Opens in new window ] More reassuringly, Mr Hughes said, the survey reveals Irish businesses are entering this period of volatility in relatively sound financial health. Survey respondents ranked their financial wellbeing at 6.6 out of 10 overall, second only to Denmark, although larger businesses tended to outperform their smaller competitors in this area, Azets said. The OECD last week warned that Mr Trump's trade policies will damage consumer and business sentiment in Ireland and could 'weigh heavily' on economic growth if the US administration adds pharmaceuticals to the list of imports subjected to tariffs. Washington's policies have tipped the world economy into a downturn clouded in heightened uncertainty, with the US among the hardest hit, it said in its twice-yearly economic outlook report.
