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Carbon FundAnnual Report2019

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Duga an Státchiste, Cé an Phoirt Thuaidh, Baile Átha Cliath 1, D01 A9T8, Éire

Treasury Dock, North Wall Quay, Dublin 1, D01 A9T8, Ireland

+353 1 238 4000 +353 1 238 4890 @NTMA_IE

www.ntma.ie [email protected]

28 May 2020

Mr Richard Bruton TD,

Minister for Communications, Climate Action and Environment,

29-31 Adelaide Road,

Dublin 2,

D02 X285.

Dear Minister,

Please find enclosed the Report and Accounts of the Carbon Fund for

the year ended 31 December 2019.

Yours sincerely

Maeve Carton

Chairperson

NTMA CARBON FUND ANNUAL REPORT 2019 1

Table of Contents

Summary 2

Background 3

Measuring Greenhouse Gas Emissions 4

Carbon purchases for compliance with the Kyoto Protocol First

Commitment Period (2008-2012)

4

Ireland’s obligations under the 2020 EU Effort Sharing Decision 5

European progress in meeting the overall emissions targets 6

Ireland’s progress in meeting its emissions targets 6

2019 purchases and units received from multilateral funds 7

Financial Statements 8

NTMA CARBON FUND ANNUAL REPORT 20192

Summary

The Carbon Fund was created for the acquisition of

carbon credits and any other assets to meet Ireland’s

international climate change obligations.

In order to assist with Ireland’s obligations under

the first commitment period of the Kyoto Protocol

(2008-2012), the National Treasury Management

Agency (NTMA) purchased 5,255,000 carbon units

during 2008 and 2009. Other units were received

from multilateral funds in which Ireland had invested.

Following the final retirement of units for compliance

with the first Kyoto commitment period in 2015, the

carbon units purchased by the NTMA and some

units from multilateral funds were not required for

compliance and were carried forward to meet Ireland’s

Effort Sharing Decision (ESD) 2020 targets.

The Environmental Protection Agency (EPA) 2019

projections of greenhouse gas emissions indicated

that Ireland will face compliance gaps in relation to

its targets under the ESD for 2020. As a result, in

November 2019, the Minister for Communications,

Climate Action and Environment requested the

NTMA to reactivate the carbon credit purchasing

programme to assist in meeting Ireland’s obligations.

1 The Clean Development Mechanism (CDM) which is a carbon offsetting mechanism introduced in the Kyoto Protocol provides for the creation of Certified Emissions Reduction Units (CERs). For more information and greater detail of different types of carbon units and the Clean Development Mechanism please see: “Carbon Fund Report 2007” https://www.ntma.ie/publications/carbon-fund-annual-report-2007 ; and “Achievements of the CDM: Harnessing Incentive for Climate Action 2001-2018” https://unfccc.int/sites/default/files/resource/UNFCCC_CDM_report_2018.pdf

In December 2019, a purchase of carbon units was

executed, in which the NTMA bought 400,576 Certified

Emissions Reduction units (CERs) 1. This was the first

transaction in the fund since 2009. In addition to the

CERs purchased for the first commitment period and

the units purchased in 2019, the fund has, in recent

years, received additional carbon units from Ireland’s

investment in multilateral funds. The number of carbon

credits held in the fund as at the end of 2019 was

6,045,431.

Section 6 of the Carbon Fund Act 2007 states:

“As soon as may be, but not later than 6 months

after the end of each financial year of the Agency,

the Agency shall make a report to the Minister of

its activities in relation to the performance during

the year concerned of the functions delegated to it

under this Act, and the Minister shall cause copies

of the report to be laid before each House of the

Oireachtas.”

This report is the thirteenth report to the Minister for

Communications, Climate Action and the Environment

under the Carbon Fund Act, and covers the year

ended 31 December 2019.


Background

The Carbon Fund was established under the Carbon

Fund Act 2007 for the acquisition of Kyoto Units and

any other such instruments or assets on behalf of the

State to meet international climate change obligations

under the 1992 United Nations Framework Convention

on Climate Change, the 1997 Kyoto Protocol to that

Convention, and future agreements to which the state

becomes bound. Units purchased in the fund were

intended to supplement domestic mitigation action.

Management of the Fund was delegated to the

National Treasury Management Agency (NTMA). The

NTMA was also designated as the purchasing agent

for the acquisition of the necessary credits. Carbon

credits are referred to in the legislation as Kyoto Units.

The NTMA continues to manage the Fund and

purchase units as directed to meet Ireland’s obligations

under the EU Effort Sharing decision.

Statement of Agency’s ResponsibilitiesThe National Treasury Management Agency (the

“Agency”) is required by the Carbon Fund Act 2007

(as amended) (the “Act”) to prepare financial statements

in respect of the operations of the Carbon Fund for

each financial year.

In preparing those statements, the Agency:

l selects suitable accounting policies and then

applies them consistently;

l makes judgements and estimates that are

reasonable and prudent;

l prepares the financial statements on a going

concern basis unless it is inappropriate to do so;

l discloses and explains any material departure

from applicable accounting standards.

The Agency is responsible for keeping in such form

as prescribed under Section 5 of the Act, all proper

and usual accounts in relation to the performance by

it of the functions delegated or granted to it under

the Act. The Agency shall whenever requested to do

so in accordance with the Act, provide such financial

statements and such information in relation to such

financial statements as is required under legislation.

The Agency is also responsible for safeguarding

assets under its control and hence for taking

reasonable steps for the prevention and detection

of fraud and other irregularities.


Measuring Greenhouse Gas EmissionsCarbon Dioxide (CO2) is the most common greenhouse

gas (GHG) and a tonne of CO2 is used as the common

unit of measure. Carbon Units therefore are each

equivalent to a tonne of CO2. Emissions of other GHGs

are measured as equivalents of carbon dioxide (CO2e)

in terms of their Global Warming Potential (GWP) over

a 100-year period. By definition, CO2 has the GWP

of 1. See Table 1 for further details.

Table 1

GWP-100

Carbon dioxide (CO2) 1

Methane (CH4) 21

Nitrous Oxide (N2Os) 310

Hydrofluorocarbons (HFCs) 150 – 11,700

Perfluorcarbons (PFCs) 6,500 – 9,200

Sulphur Hexafluoride (SF6) 23,900

Carbon purchases for compliance with the Kyoto Protocol First Commitment Period (2008- 2012)Ireland’s strategy to meet the carbon emission

reduction requirements of the Kyoto Protocol involved

a number of investments to deliver carbon units.

Between 2006 and 2007 the Irish Government

undertook investments in three multilateral funds.

2 The European Investment Bank partnered with the EBRD in managing the MCCF; Ireland’s agreement was only with the EBRD. This fund is now closed.3 The Carbon Fund for Europe was formally closed in April 2018.4 The Carbon units received from these funds were ERU, AAU and tCERs. For more information and greater detail of different types of carbon units please see:

“Carbon Fund Report 2007” https://www.ntma.ie/publications/carbon-fund-annual-report-2007

5 The functions of the Minister for Finance under the Carbon Fund Act 2007 were transferred to the Minister for Public Expenditure and Reform on 29 July 2011. The functions of the Minister for the Environment, Community and Local Government under the Carbon Fund Act 2007 were transferred to the Minister for Communications, Climate Action and Environment on 22 July 2016.

6 For more information about previous commitment period see: Chapter 9, Report on the Accounts of the Public Services 2018. Greenhouse gas related financial transaction. Office Of The Comptroller & Auditor General. https://www.audit.gov.ie/en/Find-Report/Publications/2019/2018-Annual-Report-Chapter-9-Greenhouse-gas-related-financial-transactions.pdf

These are:

l The Multilateral Carbon Credit Fund (MCCF)2

of the European Bank for Reconstruction and

Development;

l The World Bank Carbon Fund for Europe (CFE)3;

l The World Bank BioCarbon Fund.

These investments predate the Carbon Fund

and are managed directly by the Department of

Communications, Climate Action and the Environment

(DCCAE). However the units received from the

investments are held in the Carbon Fund. The units

received4 from investments in multilateral funds were

surrendered when the final transaction of the first

commitment period took place in 2015 and those not

surrendered were carried forward to the next period.

Furthermore as mandated by the Government, the

NTMA purchased 5,255,000 carbon units during 2008

and 2009. Following the decline in economic activity

during the 2008 economic crisis and consequent

reduction in carbon emissions the Department of

the Environment, Community and Local Government

suspended the purchase programme in 20095. The

unused credits, including those purchased by the

NTMA were carried over with the intention to use

them towards Ireland’s commitments in the current

period (2013-2020) under the ESD which is part of

European Union’s 2020 Climate and Energy

Package6.

Background (continued)


Ireland’s obligations under the 2020 EU Effort Sharing DecisionThe European Union’s 2020 Climate and Energy

Package aims, by binding legislation, to ensure the EU

meets its climate and energy targets for the year 2020.

The package consists of key EU-wide targets including

a 20% cut in greenhouse gas emissions (from 1990

levels) and a 20% share of energy from renewable

sources. There are two key parts to the Climate and

Energy package to ensure the EU meets these targets:

A. The European Union Emissions Trading System

(EU ETS)

The industry emissions are covered by the European-

wide “cap and trade” scheme for major polluters

– the EU ETS. Under the system, 45% of the EU’s

GHG emissions are controlled in sectors including

commercial aviation, aluminium production and

extractive and chemical-intensive industries7.

These bodies are given direct emissions targets

and allowances to manage themselves. Over

100 Irish installations participate in the scheme.

B. The Effort-Sharing Decision (ESD)8/National

emission reduction targets

The 2009 Effort Sharing Decision 406/2009/EC

established 2020 greenhouse gas emission targets

for EU Member States including Ireland. Targets are for

sectors not included in the EU ETS, such as transport

(excluding aviation), buildings, agriculture and waste.

Ireland’s target is a reduction of 20% of non-Emissions

Trading System (non-ETS) sector emissions compared

to 2005 levels, with annual binding limits set for each

year over the period 2013-2020. This compares

with an EU average reduction of 10%. Along with

Denmark and Luxembourg, Ireland’s target is the most

demanding 2020 reduction target allocated to EU

Member States under the (ESD).

7 EU Emissions Trading System (EU ETS), European Commission website https://ec.europa.eu/clima/policies/ets_en

8 Effort sharing: Member States’ emission targets, European Commission website https://ec.europa.eu/clima/policies/effort_en

Table 2 describes the minimum targets for each

country.

Table 2

Member State GHG emission limits in 2020 compared to 2005 GHG emissions levels

Denmark -20%

Ireland -20%

Luxembourg -20%

Sweden -17%

Netherlands -16%

Austria -16%

Finland -16%

United Kingdom -16%

Belgium -15%

Germany -14%

France -14%

Italy -13%

Spain -10%

Cyprus -5%

Greece -4%

Portugal 1%

Slovenia 4%

Malta 5%

Czech Republic 9%

Hungary 10%

Estonia 11%

Slovakia 13%

Poland 14%

Lithuania 15%

Latvia 17%

Romania 19%

Bulgaria 20%


European and Ireland’s progress in meeting emissions targetsEuropean progress in meeting the overall emissions targetsThe European Union is on track to meet the overall

targets for 2020. According to the European

Commissions and the European Environment Agency

(‘EEA’) between 1990 and 2018, the EU has reduced

greenhouse gas emissions by 23%, while the economy

has grown 61%9. Therefore, the 2020 GHG emission

reduction target of 20% can reasonably be expected

to be met10.

Ireland’s progress in meeting its emissions targetsThe most recent Environmental Protection Agency

(EPA) projections published in June 2019, describe

Ireland’s progress towards achieving its emissions

targets as set under the ESD. Ireland’s 2020 target is

to achieve a 20% reduction of non-Emission Trading

Scheme (non ETS) emissions on 2005 levels.

During the period 2013 to 2015 greenhouse gas

emissions were below the ESD targets. However the

EPA found that Ireland has exceeded its annual limits

9 The European Green Deal. Page 4 https://ec.europa.eu/info/sites/info/files/european-green-deal-communication_en.pdf

10 EEA Report . Trends and projections in Europe 2019, Tracking progress towards Europe’s climate and energy targets https://www.eea.europa.eu/themes/climate/trends-and-projections-in-europe/trends-and-projections-in-europe-2016/international-climate-commitments-in-europe#tab-related-publications

11 Ireland’s Greenhouse Gas Emissions Projections 2018-2040 https://www.epa.ie/pubs/reports/air/airemissions/ghgprojections2018-2040/


13 EPA Current Situation. https://www.epa.ie/ghg/currentsituation/

for three consecutive years from 2016 to 2018. In 2018,

provisional estimates indicate an exceedance of 5.2

million tonnes carbon dioxide equivalent (Mt CO2 eq)11.

In June 2019 the EPA estimated that non-ETS sector

emissions will be between 5% and 6% below 2005

levels by 2020.12 However this estimate is expected

to be revised in 2020 due to significant anticipated

changes in fuel consumption and also the economic

impact of Covid 19 outbreak. The emissions targets for

2019 and 2020 are 38.7 and 37.7 Mt CO2 equivalent13.

Table 4 Ireland greenhouse gas targets 2019-2020

2019 to 2020 Targets (Mt CO2 eq) 2019 2020

Effort sharing decision targets 38.7 37.7

The State’s obligations under the ESD will finish in

2020, at which point it will be followed up by the

Effort Sharing Regulation. The regulation, adopted in

May 2018, sets out binding annual greenhouse gas

emissions targets for Member States for the period

2021-2030 inclusive.

Table 3 Ireland greenhouse gas emissions and targets 2013-2018

Emissions and Targets (Mt CO2 eq) 2013 2014 2015 2016 2017 2018

Total Non-ETS emissions 42.2 41.7 43.0 43.8 43.8 45.0

Effort sharing decision targets 46.9 45.8 44.6 43.5 40.9 39.8

Distance to target -4.7 -4.1 -1.6 0.3 2.9 5.2

Note: 2013 to 2017 data has been reviewed, and compliance agreed, by the European Commission. 2018 is a preliminary estimate Source: Environmental

Protection Agency


2019 purchases and units received from multilateral fundsAs of the end of 2019 there are no further commitments

to be paid to the three multilateral funds. The MCCF

and the CFE have been closed. However the Carbon

Fund continues to receive units from the World Bank

BioCarbon Fund. In 2019, 138,383 temporary Certified

Emission Reduction units (tCERs) were received which

compares to 176,508 tCERs in 2018.

As the EPA 2019 forecast indicated that Ireland would

not achieve the 20% ESD greenhouse gas emissions

reductions target by the end of 2020, the Minister for

Communications, Climate Action and Environment

(under Section 2(5) of the Carbon Fund Act) requested

the NTMA to reactivate the carbon credit purchasing

programme to purchase units in excess of those

already held.

In December 2019, a purchase of Certified Emissions

Reduction units (CER’s) was executed in which the

NTMA bought 400,576 units at 25 cents per unit. This

is the first transaction in the fund since 2009. Following

the purchase, the number of carbon credits held in the

fund as at the end of 2019 was 6,045,431 compared

with 5,506,472 at the end of 2018. This amount

includes tCERs received from the BioCarbon

Fund in 2019.

8 NTMA CARBON FUND ANNUAL REPORT 2019

For the Year Ended 31 December 2019

Statement on Internal Control 10

Report of the Comptroller and Auditor General 13

Statement of Financial Position 15

Fund Account 16

Notes to the Financial Statements 17

Financial Statementsof the Carbon Fund

9NTMA CARBON FUND ANNUAL REPORT 2019


Statement on Internal Control

The National Treasury Management Agency (the

“Agency”) is the manager of the Carbon Fund (the

“Fund”). The Agency’s system of internal control is

set out below.

Scope of ResponsibilityOn behalf of the National Treasury Management

Agency (“the Agency”) we acknowledge the Agency’s

responsibility for ensuring that an effective system

of internal control is maintained and operated. This

responsibility takes account of the requirements of

the Code of Practice for the Governance of State

Bodies (2016).

Purpose of the System of Internal ControlThe system of internal control is designed to manage

risk to a tolerable level rather than to eliminate it. The

system can therefore only provide reasonable and

not absolute assurance that assets are safeguarded,

transactions authorised and properly recorded and

that material errors or irregularities are either

prevented or detected in a timely way.

The system of internal control, which accords

with guidance issued by the Department of Public

Expenditure and Reform has been in place in the

Agency for the year ended 31 December 2019 and

up to the date of approval of the financial statements.

Capacity to Handle RiskThe Agency has a formal risk management and

governance framework in place, designed to support

the proactive management of risk. The Agency’s Risk

Management Policy and Framework and Risk Appetite

Framework, together set out its risk appetite, its risk

management processes and details the roles and

responsibilities of staff in relation to risk. The Agency

has ultimate oversight and accountability in relation to

risk management and provides direction by approving

the Risk Management Policy and Framework and

the Risk Appetite Framework. Thereafter the Agency

assures itself on an on-going basis that executive

management is responding appropriately to risks

and it is assisted in this regard by the Audit and Risk

Committee (ARC), which monitors adherence to risk

governance and risk appetite and ensure risks are

properly identified, assessed, managed and reported.

In 2019, the ARC comprised three Agency members,

with financial and audit expertise, one of whom is the

Chair. The Committee met seven times in 2019.

An executive-level Enterprise Risk Management

Committee (ERMC) oversees the implementation

of the Agency’s overall risk appetite and senior

management’s establishment of appropriate systems

to ensure enterprise risks are effectively identified,

measured, monitored, controlled and reported.

The Risk Management Policy and Framework and

Risk Appetite Framework which were updated in 2019

were published and communicated to all staff who are

expected to comply with the requirements therein.

The embedding of risk management was supported

by a programme of risk training and awareness in the

reporting period.

Risk and Control FrameworkThe Agency’s Risk Management Policy and Framework,

supported by the Risk Appetite Framework, provides

the methodology and processes, by which key

risks are identified, assessed, managed, monitored

and reported and are supported by a suite of risk

management policies.

Individual business units and corporate functions

maintain risk registers in which their key risks and

controls are recorded and responsibility for operation

of the controls assigned. These registers are reviewed

twice yearly by the respective businesses units and

corporate functions and the controls therein are

attested by the control owners. Risk registers were

reviewed by the appropriate risk committees during

the reporting period.

The ARC also conducted two reviews of the Agency’s

principal risks in the reporting period, based on a

top-down risk assessments exercise conducted

by the ERMC.


The Agency has an established control environment,

as part of which:

l Authority and financial responsibilities are

delegated by the Agency Chief Executive to Agency

management and staff through the use of delegated

authorities which define their authority and financial

responsibilities to act on behalf of the Agency.

l It has developed policies and procedures in

respect of the management of the key aspects

of its activities. These policies and procedures are

reviewed by their business owners and updated

to align with business processes.

l It has an appropriate financial and budget

management system, incorporating accounts

payable controls as well as regular reporting of

the Agency’s costs and monitoring of costs against

budget to the Executive Management Team.

l It has an established financial reporting framework

to support its external and statutory reporting

obligations in respect of its businesses.

l It has established systems, procedures and controls

in place to manage and safeguard its business

assets including property, equipment and

vehicle assets.

l It takes all reasonable measures considered

necessary to protect information and systems

including the confidentiality, integrity and authenticity

of the information stored on Agency systems

and to minimise so far as practicable the risk of

unauthorised access to information from both

internal and external sources. This protection is

achieved through the application of recognised

standards, policies and controls.

l It has an established Cyber Security Framework to

facilitate identification, assessment and management

of the cyber risks that the Agency may be exposed

to. Regular Staff Awareness Training on cyber risks

is also in place for all Agency staff.

l It has a business continuity framework with a view

to ensuring the Agency is able to manage disruptive

scenarios, provide contingency premises, recover

key systems and maintain as far as possible the

continuity of critical operations, and resume

normal business operations in a timely manner.

Ongoing Monitoring and ReviewThe Agency has established processes for the on-going

monitoring and review of the effectiveness of controls

which are carried out through its three lines of-defence

model which includes:

l The first line, comprising the Agency’s business units

and corporate functions, own the risks associated

with business activities and are primarily responsible

for managing those risks on a day-to-day basis. This

includes implementing and monitoring adherence

to the Agency’s risk management policies and

risk appetite, conducting risk and control self-

assessments, managing operational events

and implementing appropriate responses. They

provide reports for the Agency’s Risk Governance

Committees on their risks and controls and

operational events.

l The second line comprises the Agency’s Risk and

Compliance functions and is independent of the

first line management and operations. The Risk

function oversees compliance with risk management

policies across the Agency, provides independent

review and challenge to the first line, and provides

risk reports and information to the various risk

governance committees. The Compliance Function

and Data Protection Officer promote compliance and

personal data protection awareness through training,

codes of conduct and relevant policies. They

provide compliance and personal data protection

support, advice and independent challenge to first

line management and submit regular reports to the

ERMC and ARC.

l Internal Audit is a third line of defence, providing

independent risk-based assurance to key

stakeholders on the robustness of the Agency’s

governance, risk management system and the

design and operating effectiveness of the internal

control environment under a planned programme

of work approved by the ARC. The internal auditor

provides regular reporting to the ARC on the status

of the internal control environment in the context of

reviews undertaken and the status of internal audit

issues raised previously.


Statement on Internal Control (continued)

ProcurementThe Agency has an established Procurement

Policy (published on its website) and a Procurement

Procedure. The Agency’s procurement practices are

in accordance with the aforementioned documents.

A corporate procurement plan, based on the template

published in the Office of Government Procurement

Policy framework document, is in place and is being

implemented. The corporate procurement plan is

updated annually.

The Agency’s Procurement Policy and Procurement

Procedure remain under review on an on-going basis.

Annual Review of EffectivenessWe confirm that the National Treasury Management

Agency has procedures to monitor the effectiveness

of its risk management and control procedures. The

National Treasury Management Agency’s monitoring

and review of the effectiveness of the system of

internal control is informed by the work of the

internal and external auditors, the Audit and Risk

Committee which oversees their work, and the senior

management within the National Treasury Management

Agency responsible for the development and

maintenance of the internal financial control

framework.

We confirm that the Agency conducted an annual

review of the effectiveness of the internal controls

for 2019.

Internal Control IssuesNo weaknesses in internal control in respect of

the Carbon Fund were identified in relation to 2019

that require disclosure in the financial statements.

On behalf of the Agency members

Maeve Carton, Chairperson

National Treasury Management Agency

Gerardine Jones, Chairperson

Audit and Risk Committee

National Treasury Management Agency

5 May 2020


Comptroller and Auditor GeneralReport for presentation to the House of the Oireachtas


Comptroller and Auditor General (continued)


Statement of Financial Position as at 31 December 2019

Note

2019

€000

2018

€000

Carbon Fund assets 4 91,976 91,853

Receivables 5 123 607

Other liabilities 6 (123) (607)

Net assets of Fund 91,976 91,853

The accompanying notes form an integral part of the financial statements.

On behalf of the Agency

Conor O’Kelly, Chief Executive Maeve Carton, Chairperson

National Treasury Management Agency National Treasury Management Agency

5 May 2020


Fund Account For the year ended 31 December 2019

Note

2019

€000

2018

€000

Income 7 123 607

Return of Capital - (98)

Movement in Fund during the year 123 509

Net assets at 1 January 91,853 91,344

Net assets at 31 December 91,976 91,853

The accompanying notes form an integral part of the financial statements.

On behalf of the Agency

Conor O’Kelly, Chief Executive Maeve Carton, Chairperson

National Treasury Management Agency National Treasury Management Agency

5 May 2020


Notes to the Financial Statements

1. BackgroundThe Carbon Fund was established under the Carbon Fund Act 2007 for the acquisition of Kyoto Units14 and

any other such instruments or assets on behalf of the State to meet international climate change obligations

under the 1992 United Nations Framework Convention on Climate Change, the 1997 Kyoto Protocol to that

Convention and future agreements to which the State becomes bound. The National Treasury Management

Agency (the “Agency”) has been designated as the purchasing agent on behalf of the State and administers

and manages purchases of Kyoto Units.

The Agency may use the following mechanisms to purchase Kyoto Units:

l direct purchase of Kyoto Units from other Kyoto Protocol parties

l direct investment in Joint Implementation and Clean Development Mechanism projects

l investment in managed funds

l direct market purchases of Kyoto Units

l or a combination of some or all of these.

Any surplus Kyoto Units held by the State at the end of the 2008-2012 commitment period can be used

in a subsequent commitment period of the Kyoto Protocol or any successor treaty. The final accounting

transactions for the first commitment period of the Kyoto Protocol (2008-2012) were carried out in 2015.

The unused credits were carried over with the intention to use them to meet Ireland’s 2020 commitments

under the EU Effort Sharing Decision (“ESD”) which is part of the European Union’s 2020 Climate and Energy

Package. The State’s obligations under the ESD will finish in 2020, at which point it will be followed up by

the Effort Sharing Regulation. This Regulation, which was adopted in May 2018, sets out binding annual

greenhouse gas emission targets for Member States for the period 2021–2030 inclusive.

The functions of the Minister for Finance under the Carbon Fund Act 2007 were transferred to the Minister

for Public Expenditure and Reform on 29 July 2011. The functions of the Minister for the Environment,

Community and Local Government under the Carbon Fund Act 2007 were transferred to the Minister

for Communications, Climate Action and Environment on 22 July 2016.

2. Basis of PreparationThe financial statements have been prepared in accordance with section 5(1)(a) of the Carbon Fund Act 2007

in a format that was approved by the Minister for the Environment, Heritage and Local Government, with the

consent of the Minister for Finance. The reporting currency is the euro which is denoted by the symbol €.

Where used, €m denotes million.

3. Accounting Policies

3.1 Carbon Fund AssetsCarbon Fund assets represent investments in the following:

Direct Holdings

Kyoto Units purchased are recorded on delivery at cost of acquisition. The cost of acquisition includes Value

Added Tax paid and payable in respect of the purchase of the Kyoto Units.

14 A Kyoto Unit is defined in the Carbon Fund Act 2007 as “a unit, equivalent to one metric tonne of carbon dioxide, issued pursuant to the Kyoto Protocol and the decisions adopted pursuant to the Convention and the Kyoto Protocol”. Kyoto Units are generally referred to as carbon credits. The legislation allows for the disposal of Kyoto Units only with the consent of the Minister for Communications, Climate Action and Environment and the Minister for Public Expenditure and Reform and on such terms as they may specify.


Notes to the Financial Statements (continued)

3. Accounting Policies (continued)

3.1 Carbon Fund Assets (continued)

Indirect Kyoto Units

Investments in indirect units are made in managed funds. Investments in these funds are recorded at

investment cost. Such investments relate to carbon reducing projects that may or may not produce Kyoto

Units. The total number of units, if any, will not be known until a future date when the projects are complete.

The Minister for the Environment, Heritage and Local Government invested €20 million in 2006 in a

Multilateral Carbon Credit Fund established by the European Bank for Reconstruction and Development.

That investment does not form part of the Fund but the units produced by projects undertaken are included

herein as explained in Note 4(d).

3.2 Gains and Losses on Carbon Fund AssetsThe Kyoto Units were acquired with the intention to meet Ireland’s obligation under the Kyoto Protocol, in

the commitment period 2008 to 2012. The final accounting transactions for the first commitment period of the

Kyoto Protocol (2008-2012) were carried out in 2015. On 20 December 2016 the unused credits were carried

over with the intention to use them to meet, in part, Ireland’s 2020 commitments under the European Union’s

2020 Climate and Energy Package.

3.3 Fund AccountThe Fund Account records the accumulated income received or receivable from the relevant Department.

Investments are funded initially through repayable advances from the Central Fund under section 3 of the

Carbon Fund Act 2007 pending receipt of this income.

3.4 Foreign CurrenciesAll transactions in foreign currencies are translated into euro at the rates of exchange prevailing at the date

of such transactions. Unfunded commitments to non-euro investments are translated into euro using the

foreign exchange rates prevailing at the year end date.

3.5 TaxationThe income and profits of the Carbon Fund are exempt from Irish corporation tax. The purchases of Kyoto

Units by the Carbon Fund are liable to Value Added Tax as such transactions are regarded as a supply of a

service, as defined by Section 25(1) of the Value-Added Tax Consolidation Act 2010. VAT incurred is included

in the cost of acquisition of the Carbon Fund assets.

3.6 Asset Surrender/Carry Over to Next Commitment PeriodDirect holdings of Kyoto units are surrendered at the average cost of the direct holdings at the date of

surrender.

Indirect Kyoto units are surrendered at the average cost of the investment in the relevant managed fund

at the date of surrender.

Direct and indirect Kyoto units are carried over at cost from the first commitment period of the Kyoto

Protocol (2008 – 2012) to meet Ireland’s commitments under the European Union’s 2020 Climate and

Energy Package.


4. Carbon Fund Assets

(a) Summary of Assets2019

€000

2018

€000

Direct Holdings 90,340 90,217

Indirect Holdings 1,636 1,636

91,976 91,853

(b) Analysis by Currency of Acquisition2019

€000

2018

€000

Euro 90,340 90,217

US dollar 1,636 1,636

91,976 91,853

(c) Indirect Holdings2019

€000

2018

€000

World Bank – Bio Carbon Fund 1,636 1,636

The Agency administers payments on behalf of the Minister for Communications, Climate Action and

Environment in respect of the World Bank Fund. Investments in this fund relate to projects which may yield

Kyoto Units but the total number of units will not be known until a future date when the projects complete.

At 31 December 2019, there were no uncalled commitments in respect of these investments.

(d) Credits Delivered and HeldThe number of carbon credits delivered and held with the Union Registry of the European Commission at 31

December:

2019 2018

Purchased Directly 5,655,576 5,255,000

Acquired Via Indirect Holdings 389,855 251,472

6,045,431 5,506,472

At 31 December 2019, 30,795 units (2018: 30,795) of the 6,045,431 units (2018: 5,506,472) relate to credits

acquired through investments made by the Department of the Environment, Community and Local

Government prior to the establishment of the Carbon Fund.


Notes to the Financial Statements (continued)

5. Receivables2019

€000

2018

€000

Receivable from the Department of Communications, Climate Action and

Environment 123 607

The amounts owed to the Carbon Fund are due under Section 3(4) of the Carbon Fund Act 2007 from the

Department of Communications, Climate Action and Environment.

6. Other Liabilities2019

€000

2018

€000

Amounts owed to the Central Fund 100 607

Amounts owed to the NTMA 23 -

123 607

Other liabilities will be repaid to the Central Fund and the NTMA when the Carbon Fund receives funds from

the Department of Communications, Climate Action and Environment.

7. Income2019

€000

2018

€000

Income from Department of the Environment, Community and Local

Government 123 607

8. Operating ExpensesOperating expenses of the Carbon Fund, where incurred, are charged to the Agency’s Administration

Account and are paid out of the Central Fund. This charge in 2019 is €nil (2018: €nil).

9. Contingent LiabilitiesThe Carbon Fund had no contingent liabilities at 31 December 2019.

10. Events after the reporting periodNo events requiring adjustment or disclosure occurred after the end of the reporting period.

11. Related Parties

(a) Minister for Public Expenditure and ReformUnder Section 3 of the Carbon Fund Act 2007, the Minister for Public Expenditure and Reform may advance

monies to the Carbon Fund from the Central Fund which are reimbursed by the Carbon Fund out of monies

made available by the Minister for Communications, Climate Action and Environment.


(b) Minister for Communications, Climate Action and EnvironmentUnder Section 2(3) of the Carbon Fund Act 2007, the Minister for Communications, Climate Action and

Environment manages and controls the Carbon Fund.

Under Section 2(4) of the Carbon Fund Act 2007, the management of the Carbon Fund is delegated to

the Agency.

Under Section 8 of the Carbon Fund Act 2007, the Minister for Communications, Climate Action and

Environment, following consultation with the Minister for Public Expenditure and Reform, may give directions

or guidelines to the Agency in relation to the performance by it of the functions delegated or granted to it

under the Act.

(c) National Treasury Management AgencyUnder Section 2(4) of the Carbon Fund Act 2007, the management of the Carbon Fund is delegated to

the Agency.

Under Section 8 of the Carbon Fund Act 2007, the Minister for Communications, Climate Action and

Environment, following consultation with the Minister for Public Expenditure and Reform, may give directions

or guidelines to the Agency in relation to the performance by it of the functions delegated or granted to it

under the Act.

12. Approval of Financial StatementsThe financial statements were approved by the Agency on 5 May 2020.

Treasury Building,Grand Canal Street,Dublin 2, DO2XN96, Ireland

T +353 1 238 4000E [email protected]

www.ntma.ie

ntma.ie

An Ciste CarbóinTuarascáil Bhliantúil2019

Duga an Státchiste, Cé an Phoirt Thuaidh, Baile Átha Cliath 1, D01 A9T8, Éire

Treasury Dock, North Wall Quay, Dublin 1, D01 A9T8, Ireland

+353 1 238 4000 +353 1 238 4890 @NTMA_IE

www.ntma.ie [email protected]

28 Bealtaine2020

An tUasal Richard Bruton TD,

Oifig an Aire,

An Roinn Cumarsáide, Gníomhaithe ar son na hAeráide agus Comhshaoil,

29-31 Bóthar Adelaide,

Báile Átha Cliath 2,

D02 X285.

A Aire, a Chara,

I gceangal leis seo gheobhaidh tú Tuarascáil agus Cuntais an Chiste

Carbóin don bhliain dar críoch an 31 Nollaig 2019.

Mise le meas

Maeve Carton

Cathaoirleach

GBCN AN CISTE CARBÓIN TUARASCÁIL BHLIANTÚIL 2019 1

Clár na nÁbhar

Achoimre 2

Cúlra 3

Astaíochtaí Gás Ceaptha Teasa a thomhas 4

Ceannacháin carbóin gcloífaí leis an Chéad Tréimhse

Geallantais Phrótacal Kyoto (2008-2012)

4

Oibleagáid na hÉireann faoi Chinneadh an AE maidir le

Comhroinnt Díchill go 2020

5

Dul chun cinn na hEorpa maidir lena spriocanna astaíochtaí

iomlána a chomhlíonadh

6

Dul chun cinn na hÉireann maidir lena spriocanna astaíochtaí

a chomhlíonadh

6

Ceannacháin agus aonaid 2019 a fuarthas ó chistí iltaobhacha 7

Ráitis Airgeadais 8

GBCN AN CISTE CARBÓIN TUARASCÁIL BHLIANTÚIL 20192

Achoimre

Cruthaíodh an Ciste Carbóin le Rialtas creidmheasanna

carbóin agus aon acmhainní eile le dualgais a shealbhú

Cruthaíodh an Ciste Carbóin le Creidmheasa Carbóin

agus aon sócmhainní eile a shealbhú le dualgais

idirnáisiúnta Éireann i dtaca leis an t-athrú aeráide a

chomhlíonadh.

Le go gcuideofaí le hÉirinn a hoibleagaidí faoin

gcéad tréimhse gealltanais de Phrótacal Kyoto (2008-

2012), cheannaigh Gníomhaireacht Bainistíochta an

Chisteáin Náisiúnta (GBCN) 5,255,000 aonad carbóin

le linn 2008 agus 2009. Fuarthas aonaid eile ó chistí

ilthaobhacha ar infheistigh Éire iontu. Tar éis aistarraingt

dheiridh aonaid le aghaidh chomhlíonadh faoin chéad

tréimhse gealltanais de Phrótacal Kyoto i 2015, ní

raibh gá le na haonaid a cheannaigh GBCN agus ní

raibh gá le cuid de na haonaid ó chistí ilthaobhacha i

dtaca le chomhlíonadh agus tugadh ar aghaidh iad le

spriocanna na hÉireann faoin Chomhroinnt Díchill (ESD)

2020 a bhaint amach.

Léırigh meastacháin an Ghníomhaireacht um

Chaomhnú Comhshaoil in astaíochtaí gás ceaptha

teasa go mbeidh bearnaí ag Éirinn i gcomhlíonadh i

dtaca lena spriocanna faoin ESD do 2020. Mar thoradh,

i Samhain 2019, d’iarr an tAire Cumarsáide, gníomhú

ar son na hAeráide agus Comhshaoil ar GBCN an clár

ceannacht aonaid carbóin a athghníomhú le cúnamh le

hÉirinn a hoibligeáidí a chomhlíonadh.

1 Leagann an Mheicníocht Ghlanfhorbraíochta (CDM), gur meicníocht cúitimh carbóin é a tugadh isteach i bPrótacal Kyoto, síos do chruthú Aonaid Laghdú Astaíochtaí Deimhnithe. Le teacht ar níos mó eolais agus sonraí faoi na cineálacha difriúla aonaid carbóin agus an Mheicníocht Ghlanfhorbraíochta féach ar: “Tuarascáil Ciste Carbóin 2007” https://www.ntma.ie/publications/carbon-fund-annual-report-2007; agus “Achievements of the CDM: Harnessing Incentive for Climate Action 2001-2018” https://unfccc.int/sites/default/files/resource/UNFCCC_CDM_report_2018.pdf

I mí na Nollag 2019, cuireadh ceannachán aonad

carbóin i gcrích, inár cheannaigh an GBCN 400,576

Aonad Laghdú Astaíochtaí Deimhnithe (CER)1. Seo

an chéad idirbheart sa chiste ó 2009. Chomh maith

leis na CERanna ceannaithe don chéad tréimhse

gealltanais and na haonaid ceannaithe i 2019, fuair an

ciste, le blianta beaga anuas, aonaid carbóin breise

ó infheistíocht na hÉireann i gcistí ilthaobhacha. Is

6,045,431 an líon aonad carbóin sa chiste ag críoch

2019.

Sonraítear in alt 6 den Acht um an gCiste Carbóin

2007:

“A luaithe is féidir, ach tráth nach déanaí ná 6 mhí

tar éis dheireadh gach bliana airgeadais de chuid na

Gníomhaireachta, tabharfaidh an Ghníomhaireacht

tuarascáil don Aire faoina gníomhaíochtaí i ndáil le

comhlíonadh na bhfeidhmeanna atá tarmligthe di

faoin Acht seo le linn na bliana lena mbaineann agus

cuirfidh an tAire faoi deara cóipeanna den tuarascáil

a leagan faoi bhráid gach Tí den Oireachtas.”

Is í seo an tríú tuarascáil déag don Roinn Cumarsáide,

Gníomhú ar son na hAeráide agus Comhshaoil faoin

Acht um an gCiste Carbóin, agus cumhdaítear an

bhliain dar críoch an 31 Nollaig 2019 inti.


Cúlra

Bunaíodh an Ciste Carbóin faoin Acht um an gCiste

Carbóin 2007 chun Aonaid Kyoto agus ionstraimí

agus sócmhainní ar bith eile dá leithéid a cheannach

thar ceann an Stáit chun oibleagáidí idirnáisiúnta um

athrú aeráide faoi Chreat-Choinbhinsiún na Náisiún

Aontaithe 1992 maidir leis an Athrú Aeráide, faoi

Phrótacal Kyoto 1997 leis an gCoinbhinsiún sin agus

faoi chomhaontaithe sa todhchaí nach mór don Stát

a chomhlíonadh. Bhí sé beartaithe go bhforlíonfadh

na haonaid a ceannaíodh sa chiste gníomhaíocht

maolaithe intíre.

Rinneadh bainistíocht an Chiste a tharmligean chuig

Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta

(GBCN). Ainmníodh GBCN mar an ngníomhaí

ceannaigh chomh maith chun na creidmheasanna

riachtanacha a cheannach. Déantar tagairt do

chreidmheasanna carbóin sa reachtaíocht mar Aonaid

Kyoto.

Leanann GBCN ag bainistiú an chiste agus ag

ceannach aonad mar a threoraítear le hoibleagáidí na

hÉireann faoi chinneadh maidir le Comhroinnt Díchill an

AE.

Ráiteas maidir le Freagrachtaí na GníomhaireachtaCeanglaítear ar Ghníomhaireacht Bainistíochta an

Chisteáin Náisiúnta (an “Ghníomhaireacht”) leis an Acht

um an gCiste Carbóin 2007 (arna leasú) (an “tAcht”)

ráitis airgeadais a ullmhú i dtaca le hoibríochtaí an

Chiste Carbóin do gach bliain airgeadais.

Agus na ráitis sin á n-ullmhú, déanann an

Ghníomhaireacht:

l beartais chuntasaíochta chuí a roghnú agus iad a

cur i bhfeidhm ar bhonn comhsheasmhach;

l breithiúnais agus meastacháin atá réasúnta agus

stuama;

l na ráitis airgeadais a ullmhú ar bhonn an ghnóthais

leantaigh mura bhfuil sé míchuí é sin a dhéanamh;

l imeacht ábhartha ar bith ó na caighdeáin

chuntasaíochta is infheidhme a nochtadh agus a

mhíniú.

Tá an Ghníomhaireacht freagrach as na cuntais

go léir is cuí agus is gnách i dtaca le feidhmíocht a

feidhmeanna a tarmligeadh chuici nó a tugadh di a

choinneáil i cibé foirm atá forordaithe faoi Alt 5 den

Acht. Soláthróidh an Ghníomhaireacht, nuair a iarrfar

uirthi amhlaidh a dhéanamh i gcomhréir leis an Acht,

ráitis airgeadais dá leithéid agus cibé faisnéis maidir

leis na ráitis airgeadais sin mar a cheanglaítear faoin

reachtaíocht.

Tá an Ghníomhaireacht freagrach chomh maith as

na sócmhainní atá faoina rialú agus dá réir sin as

bearta réasúnta a dhéanamh chun calaois agus

neamhrialtachtaí eile a chosc agus a bhrath.


Astaíochtaí Gás Ceaptha Teasa a thomhasIs é Dé-ocsaíd Charbóin (CO2) an gás ceaptha teasa

is coitianta agus úsáidtear tona CO2 mar an aonad

coitianta tomhais. Dá bhrí sin tá gach Aonad Carbóin

coibhéiseach le tona CO2. Déantar GCTanna eile a

thomhas mar choibhéisí dí- ocsaíde carbóin (CO2e) i

gcomhthéacs a bPoitéinsil Téimh Dhomhanda (GWP)

thar thréimhse 100 bliain. De réir sainmhínithe, tá GWP 1

ag CO2. Féach tábla 1 chun tuilleadh eolais a fháil.

Tábla 1

GWP-100

Dí-ocsaíd charbóin (CO2) 1

Meatán (CH4) 21

Ocsaíd Nítriúil (N2Oanna) 310

Hidreafluaracarbóin (HFCanna) 150 – 11,700

Sárfhluaracarbóin (PFCanna) 6,500 – 9,200

Sulfar Heicseafluairíd (SF6) 23,900

Ceannacháin carbóin gcloífaí leis an Chéad Tréimhse Geallantais Phrótacal Kyoto (2008- 2012)Bhí líon infheistíochtaí i gceist le haonaid carbóin a

sholáthar i straitéis na hÉireann le riachtanais laghdú

astaíochtaí carbóin Phrótacal Kyoto a bhaint amach.

Idir 2006 agus 2007, chuir Rialtas na hÉireann

infheistíochtaí i dtrí chiste ilthaobhach i bhfeidhm.

2 Tá an Banc Eorpach Infheistíochta i bpáirtíocht le EBAF leis an CICC a bhainistiú; tá comhaontú na hÉireann le EBAF amháin. Tá an ciste seo dúnta anois.3 Dúnadh an Ciste Carbóin don Eoraip go foirmiúl in mí Aibreáin 2018.4 Bá iad ERU, AAU and tCERanna na haonaid Carbóin a furthas ó na cistí seo. Le níos mó eolais agus sonraí a fháil faoi na cineálacha difriúla aonaid carbóin féach ar:

“Tuarascáil Ciste Carbóin 2007” https://www.ntma.ie/publications/carbon-fund-annual-report-2007

5 Aistríodh feidhmeanna an Aire Airgeadais faoin Acht um an gCiste Carbóin 2007 chuig an Aire Caiteachais Phoiblí agus Athchóirithe ar 29 Iúil 2011. Rinneadh feidhmeanna an Aire Comhshaoil, Pobail agus Rialtais Áitiúil faoi Acht um an gCiste Carbóin 2007 a aistriú chuig an Aire Cumarsáide, Gníomhú Aeráide agus Comhshaoil ar 22 Iúil 2016.

6 Le haghaidh níos mó eolais faoin tréimhse gealltanais roimh seo féach ar: Caibidil 9, Tuarascáil ar Chuntais na Seirbhísí Poiblí 2018. Idirbhearta airgeadais a bhaineann le gás ceaptha teasa. Oifig an Ard-Reachtaire Cuntas agus Ciste. https://www.audit.gov.ie/ga/Aimsigh%20tuarasc%C3%A1il/Foilseach%C3%A1in/2019/Caibidil%209%20-%20Idirbhearta%20airgeadais%20a%20bhaineann%20le%20g%C3%A1s%20ceaptha%20teasa.pdf

Is iad seo:

l An Ciste Iltaobhach um Chreidhmeasanna Carbóin

(MCCF)2 arna bhunú ag an mBanc Eorpach

Athfhoirgníochta agus Forbartha;

l An Ciste Carbóin don Eoraip an Bhanc Domhanda

(CFE)3;

l An Ciste Bithcharbóin an Bhanc Domhanda.

Bhí na hinfheistíochtaí seo ann roimh an Chiste Carbóin

agus deánann an Roinn Cumarsáide, Gníomhú ar

son na hAeráide agus Comhshaoil iad a bhainistiú

go díreach. Ach coinnítear na haonaid a fhaightear

ó na hinfeistíochtaí seo sa Chiste Carbóin. Tugadh

suas na haonaid a fuarthas4 ó infheistíochtaí i gcistí

ilthaobhacha nuair tharla an t-idirbheart deirneach ón

chéad tréimhse gealltanais i 2015 agus tugadh chun

tosaigh chuig an chéad tréimhse eile iad siúd nár

tugadh suas.

Ina theannta sin, mar a thug an Rialtas sainordú,

cheannaigh an GBCN 5,255,000 aonad carbóin le

linn 2008 agus 2009. Tar éis an titim i ngníomhaíocht

eacnamaíoch le linn na gearrchéime eacnamaíche i

2008 agus an laghdú in astaíochtaí carbóin de bharr

gur chuir an Roinn Comhshaoil, Pobal agus Rialtais

Áitiúil an clár ceannacháin ar fionraí i 20095. Tugadh na

creideamheasanna nár húsáidiú, iad sin ceannaithe ag

GBCN, ar aghaidh leis an rún go n-úsáidfí iad maidir le

gealltanais na hÉireann sa tréimhse reatha (2013-2020)

faoin ESD atá mar pháirt de Phacáiste Comhtháite um

Fhuinneamh agus um Athrú Aeráide 2020 an AE6.

Achoimre (ar lean)


Oibleagáid na hÉireann faoi Chinneadh an AE maidir le Comhroinnt Díchill go 2020Cuireann an Pacáiste Comhtháite um Fhuinneamh

agus um Athrú Aeráide 2020 roimhe cinntiú go

gcomhlíonann an AE a spriocanna aeráide agus

fuinnimh tríd reachtaíocht ceangailteach; laghdú 20%

in astaíochtaí gáis ceaptha teasa (ó léibhéil 1990)

agus sciar 20% de fhuinnimh ó fhoinsí in-athnuaite.

Tá dhá eochairpháirt den Phacáiste Comhtháite um

Fhuinneamh agus um Athrú Aeráide le cinntiú go

gcomhlíonfaidh an AE na spriocanna sin:

A. Córas AE i ndáil le Trádáil Astaíochtaí (EU ETS)

Tá na hastaíochtaí tionscail cumhdaithe faoi scéim

“teorannaithe agus trádála” astaíochtaí na hEorpa do

mhórthruaillitheoirí – EU ETS. Faoin gcóras, rialaítear

45% d’astaíochtaí GCT an AE in earnálacha lena

n-áirítear na tionscail tráchtála, eitlíochta, táirgeadh

alúmanaim asgu eastóscacha agus diancheimiceáin7.

Tugtar spriocanna astaíochtaí agus lamháltais

dhíreacha do na comhlachtaí lena mbainistiú iad féin.

Ghlac os cionn 100 gléasra Éireannach páirt sa scéim.

B. Cinneadh maidir le Comhroinnt Díchill (CCD)8/

Spriocanna náisiúnta um laghdú astaíochtaí

Bhunaigh an Cinneadh maidir le Comhroinnt Díchill

406/2009/EC spriocanna astaíochtaí gáis ceaptha

teasa 2020 do Bhaill Stáit an AE, Éire san áireamh. Is

do earnálacha nach bhfuil san EU ETS, amhail iompair

(seachas eitlíocht), tithíocht, talmhaíocht agus dramhaíl,

na spriocanna.

Is é sprioc na hÉireann laghdú 20% a dhéanamh ar

astaíochtaí na n-earnálacha nach bhfuil sa Chóras i

ndáil le Trádáil Astaíochtaí (neamh-ETS) i gcomparáid

le leibhéil 2005, agus tá spriocanna bliantúla

ceangailteacha leagtha amach do gach bliain thar an

tréimhse 2013-2020. Tá seo i gcomparáid le meán-

laghdú 10% an AE. Is í sprioc na hÉireann, chomh

7 Suíomh idirlíon Scéim an AE maidir le Trádáil Astaíochtaí (ETS) an Choimisiún Eorpaigh: https://ec.europa.eu/clima/policies/ets_en

8 Comhroinnt Díchill: Spriocanna astaíochtaí Baill Stáit, suíomh idirlíon an Choimisiún Eorpaigh https://ec.europa.eu/clima/policies/effort_en

maith leis an Danmhairg agus Lucsamburg, an sprioc

laghdaithe 2020 is éilithí leithdháilithe ar Bhaill Stáit an

AE faoin CCD.

Déantar cur síos i dTábla 2 ar na híos-spriocanna le

haghaidh gach tíre.

Tábla 2

Teorainneacha astaíochtaí GCT na mBallstát in 2020 i gcomparáid le leibhéil astaíochtaí GCT 2005

An Danmhairg -20%

Éire -20%

Lucsamburg -20%

An tSualainn -17%

An Ísiltír -16%

An Ostair -16%

An Fhionlainn -16%

An Ríocht Aontaithe -16%

An Bheilg -15%

An Ghearmáin -14%

An Fhrainc -14%

An Iodáil -13%

An Spáinn -10%

An Chipir -5%

An Ghréig -4%

An Phortaingéil 1%

An tSlóivéin 4%

Málta 5%

Poblacht na Seice 9%

An Ungáir 10%

An Eastóin 11%

An Slóvaic 13%

An Pholainn 14%

An Liotuáin 15%

An Laitvia 17%

An Rómáin 19%

An Bhulgáir 20%


Dul chun cinn na hEorpa agus na hÉireann maidir le spriocanna astaíochtaí a chomhlíonadh

Dul chun cinn na hEorpa maidir lena spriocanna astaíochtaí a chomhlíonadhTá ag éirigh leis an Aontas Eorpaigh a spriocanna

ghinearálta do 2020 a bhaint amach. De réir na

gCoimisiúin Eorpach agus de réir na Ghníomhaireachta

Eorpaí Comhshaoil (‘EEA’) laghdaigh astaíochtaí gás

ceaptha teasa de 23% idir 1998 agus 2018 agus d’fhás

an eacnamaíocht de 61%9Mar sin de is féidir bheith ag

súil go réasúnta go bhainfear amach sprioc 2020 de

laghdú 20% de astaíochtaí gás ceaptha teasa10.

Dul chun cinn na hÉireann maidir lena spriocanna astaíochtaí a chomhlíonadhCuirtear síos i réamh-mheastachán is déanaí na

Gníomhaireachta um Chaomhnú Comhshaoil, a

foilsíodh i mí Meitheamh 2019, ar dhul chun cinn na

hÉireann i dtreo a spriocanna astaíochtaí leagtha

amach faoi Cinneadh maidir le Comhroinnt Díchill an

AE a bhaint amach. Tá sé mar sprioc ag Éireann laghdú

20% a dhéanamh ar astaíochtaí Chóras i ndáil le Trádáil

Astaíochtaí (neamh-ETS) ó leibhéil 2005.

Le linn na tréimhse ó 2013 go 2015 bhí astaíochtaí

gás ceaptha teasa faoi spriocanna na Comhroinnte

Díchill. Ach fuair an Ghníomhaireacht um Chaomhnú

Comhshaoil gur sháraigh Éire a teorainneacha

9 The European Green Deal. Leathanach 4 https://ec.europa.eu/info/sites/info/files/european-green-deal-communication_en.pdf

10 Tuairisc LEE. Trends and projections in Europe 2019, Tracking progress towards Europe’s climate and energy targets https://www.eea.europa.eu/themes/climate/trends-and-projections-in-europe/trends-and-projections-in-europe-2016/international-climate-commitments-in-europe#tab-related-publications



13 EPA Current Situation. https://www.epa.ie/ghg/currentsituation/

ceangailteacha bliantúla ar feadh trí bliana as a

chéile ó 2016 go 2018. I 2018, léiríonn meastacháin

sealadacha barraíocht de 5.2 milliún tona decoibhéis

dé-ocsaíde carbóin (Mt CO2 eq)11.

I mí Mheitheamh 2019, mheas an GCC go raibh

astaíochtaí neamh-ETS idir 5% agus 6% faoi leibhéil

2005 ag 2020.12 Ach táthar ag súil go ndeánfar

leasú ar an mheastachán seo mar gheall ar athruithe

suntasacha atáthar ag dúil le hídiú breosla agus

tionchar eacnamiúl briseadh amach Covid 19. Is iad

38.7 agus 37.7 Mt de choibhéis dé-ocsaíde13 carbóin na

spriocanna astaíochtaí do 2019 agus 2020.

Tábla 4 Spriocanna astaíochtaí gás ceaptha teasa na hÉireann 2019-2020

Spriocanna 2019 go 2020 (Mt CO2 eq) 2019 2020

Spriocanna Comhroinnt Díchill 38.7 37.7

Tiocfaidh deireadh le hoibligeáidí an Stáit i dtaca le

Comhroinnt Díchill an AE i 2020, ag an bpointe sin

leanfaidh an Rialúchán Comhroinnt Díchill é. Leagann

an rialúchán, ar glacadh leis i mí na Bealtaine 2018,

amach spriocanna astaíochtaí gás ceaptha teasa

bliantúla ceangailteacha do Bhaill Stáit don tréimhse

2021-2030, na blianta sin san áireamh.

Tábla 3 Spriocanna agus astaíochtaí gás ceaptha teasa na hÉireann 2013-2018

Astaíochtaí agus Spriocanna (Mt CO2 eq) 2013 2014 2015 2016 2017 2018

Astaíochtaí neamh-ETS Iomlán 42.2 41.7 43.0 43.8 43.8 45.0

Spriocanna Cinneadh maidir le Comhroinnt 46.9 45.8 44.6 43.5 40.9 39.8

Fad go Sprioc -4.7 -4.1 -1.6 0.3 2.9 5.2

Nóta: Tá athbhreithniú deánta ar shonraí 2013 go 2017, agus comhlíonadh aontaithe, ag an gCoimisiún Eorpach. Is réamhmheastachán 2018. Foinse:

Gníomhaireacht um Chaomhnú Comhshaoil


Ceannacháin agus aonaid faighte ó chistí ilthaobhacha 2019Ag deireadh 2019, ní raibh aon ghealltanais breise le

híoc leis an trí chiste ilthaobhach. Dúnadh an MCCF

agus an CFE. Ach leanann an Ciste Carbóin ag fáil

aonad ó Chiste Bithcharbóin an Bhanc Domhanda.

I 2019, fuarthas 138,383 aonaid sealadacha Laghdú

Astaíochtaí Deimhnithe (tCERanna) i gcomparáid le

176,508 tCERanna i 2018.

Mar gur leag réamháisnéis na Gníomhaireachta

um Chaomhnú Comhshaoil i 2019 amach nach

mbainfeadh Éirinn amach sprioc an ESD de laghdú

20% in astaíochtaí gás ceaptha teasa roimh dheireadh

2020, d’iarr an tAire Cumarsáide, Gníomhú ar son na

hAeráide agus Comhshaoil ar GBCN (faoi Alt 2(5) den

Acht um an gCiste Carbóin) an clár ceannacht aonaid

carbóin a athghníomhú le go gceannófaí níos mó

aonad ná mar a bhí i seilbh cheana féin.

I mí na Nollag 2019, rinneadh ceannachán aonaid

sealadacha Laghdú Astaíochtaí Deimhnithe (tCERanna)

inár cheannaigh GBCN 400,576 aonaid ag 25 cent

an taonad. Seo an chéad idirbheart sa chiste ó bhí

2009 ann. Tar éis an cheannacháin ba é 6,045,431 an

líon creidmheasanna carbóin a bhí sa chiste ag críoch

2019 i gcomparáid le 5,506,472 ag críoch 2018. Tá

tCERanna a fuarthas ón Chiste Bithcharbóin i 2019 san

áireamh.

8 GBCN AN CISTE CARBÓIN TUARASCÁIL BHLIANTÚIL 2019

Don bhliain dar chríoch an 31 Nollaig 2019

Ráiteas maidir le Rialú Inmheánach 10

Tuarascáil an Ard-Reachtaire Cuntas agus Ciste 13

Ráiteas maidir leis an Staid Airgeadais 15

Cuntas an Chiste 16

Nótaí leis na Ráitis Airgeadais 17

Tuarascáil agus Cuntais an Chiste Carbóin

9GBCN AN CISTE CARBÓIN TUARASCÁIL BHLIANTÚIL 2019


Ráiteas maidir le Rialú Inmheánach

Is í Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta

(an “Ghníomhaireacht”) bainisteoir an Chiste Carbón

(the “an Ciste”). Tá sonraí thíos faoi chóras um rialú

inmheánach airgeadais na Gníomhaireachta.

Raon feidhme FreagrachtaThar ceann Ghníomhaireacht Bainistíochta an Chisteáin

Náisiúnta (an “Ghníomhaireacht”) aithnímid freagracht

na Gníomhaireachta as a chinntiú go gcoimeádtar

agus go bhfeidhmítear córas éifeachtach rialaithe

inmheánaigh. Áiríonn an fhreagracht seo ceanglais

an Chóid Chleachtais um Rialachas Comhlachtaí Stáit

(2016) san áireamh.

Cuspóir an Chórais Rialaithe Inmheánaigh Tá an córas rialaithe inmheánaigh ceaptha chun

riosca a bhainistiú go leibhéal inghlactha seachas é a

dhíchur. Dá bhrí sin, ní féidir leis an gcóras ach dearbhú

réasúnta agus gan dearbhú iomlán a sholáthar go

bhfuil sócmhainní cosanta, idirbhearta údaraithe agus

taifeadta i gceart agus go gcuirtear cosc ar earráidí

nó neamhrialtachtaí ábhartha nó go mbraitear iad ar

bhealach tráthúil.

Tá an córas rialaithe inmheánaigh, a thagann le treoir a

d’eisigh an Roinn Caiteachais Phoiblí agus Athchóirithe,

curtha i bhfeidhm ag an nGníomhaireacht don bhliain

dar críoch 31 Nollaig 2019 agus suas go dtí dáta

fhaomhadh na ráiteas airgeadais.

Cumas Riosca a LáimhseáilTá creat bainistíochta riosca agus rialachais

foirmeálta in áit ag an Ghníomhaireacht, deartha le

tacú le bainistíocht onnghníomhach riosca. Leagann

Beartas agus Creat Bainistíochta Riosca agus

Creat Inghlacthachta Riosca na Gníomhaireachta le

chéile amach a próisis inghlacthachta riosca agus

bainistíochta riosca agus sonraíonn siad róil agus

freagrachtaí na foirne i dtaca le riosca. Tá maoirseacht

agus cuntasacht deiridh ag an Ghníomhaireacht i dtaca

le bainistíocht riosca agus cuireann sí treoir ar fáil tríd

an Bheartas agus Creat Bainistíochta Riosca agus

tríd an Chreat Inghlacthachta Riosca a fhaomhadh.

Ina dhiaidh sin, deimhníonn an Ghníomhaireacht

í féin ar bhonn leanúnach go bhfuil bainistíocht

fheidhmeannach ag freagair mar is cuí do rioscaí agus

go bhfuil cuidiú á thabairt di ag an Choiste Iniúchta

agus Riosca (ARC), a dhéanann monatóireacht ar

chloí le rialachas agus inghlacthacht riosca agus a

chinntíonn go ndéantar rioscaí a shainaithint, a mheas,

a bhainistiú agus a thuairisciú.

I 2019, tá trí chomhalta den Ghníomhaireacht ar an

ARC, le saineolas airgeadais agus iniúchta, is duine

acu an Chathaoirleach. Tháinig an ARC le chéile seacht

n-uaire i 2019.

Déanann an CBRF maoirsiú ar fhorfheidhmiú fhonn

riosca foriomlán na Gníomhaireachta agus ar lucht

ardbhainistíochta agus iad ag bunú córais lena chinntiú

go ndéantar rioscaí fiontair a shainaithint, a thomhas, a

mhonatóiriú, a rialú agus a thuairisciú go héifeachtach.

Foilsíodh agus cuireadh an Beartas agus Creat

Bainistíochta Riosca agus Creat Inghlacthachta Riosca

na Gníomhaireachta, a nuashonraíodh i 2019, in iúl

do gach bhall foirne atá le cloí le na riachtanais ann.

Thacaigh clár oiliúna riosca agus feasachta le daingniú

bainistíocht riosca le linn na tréimhse tuairiscithe.

Creat Riosca agus RialaitheSolathraíonn an Beartas agus Creat Bainistíochta

Riosca na Gníomhaireachta, tacaithe ag an Chreat

Inghlacthachta Riosca, na polasaithe agus próisis

le gur féidir príomhrioscaí a shainaithint, a thomhas,

a mhonatóiriú, a rialú agus atá tacaithe ag sraith

polasaithe bainistíochta riosca.

Coinníonn gach aonad gnó aonaoir agus

gníomhaíochtaí gnó cláir riosca ina dhéantar a

bpríomhrioscaí agus rialúcháin a thaifead agus

freagracht as oibríocht na rialúcháin a tugadh. Déanann

gach gnó faoi seach athbhreithniú ar na cláir seo dhá

uair sa bhliain agus dearbhaíonn úinéirí na rialúchán na

gníomhaíochtaí gnó agus rialúcháin atá leagtha amach

iontua. Rinne na coistí riosca cuí athbhreithniú ar na

cláir riosca le linn na tréimhse tuairiscithe.


Rinne an ARC dhá athbhreithniú ar phríomhrioscaí na

Gníomhaireachta le linn na tréimhse tuairiscithe, bunaite

ar chleachtaí measúnauithe ón mbarr anuas a chuir an

ERMC i gcrích.

Tá timpeallacht rialaithe bunaithe ag an

Ghníomhaireacht, lena bhfuil seo a leanas mar pháirt de:

l Tairmligeann Príomhfheidhmeannach na

Gníomhaireachta freagrachtaí údaráis agus

airgeadais do bhainistíocht agus fhoireann na

Gníomhaireachta tríd úsáid údaráis tairmligthe a

thugann sainmhíniú ar a bhfreagrachtaí údaráis

agus airgeadais le gníomhú thar ceann na

Gníomhaireachta.

l Tá polasaithe agus nósanna imeachta forbartha

aici i dtaca le bainistiú phríomhghnéithe a

gníomhaíochtaí. Athbhreithníonn úinéirí na ngnóthaí

seo na polasaithe agus nósanna imeachta agus

nuashonraítear iad le hailíniú le nósanna imeachta

gnó.

l Tá córais airgeadais cuí agus córais bainistíochta

buiséid, a chuimsíonn rialúcháin cuntais iníoctha

chomh maith le gnáthtuairisciú ar chostais na

Gníomhaireachta agus ar mhonatóireacht ar chostais

i gcoinne buiséid chuig an Fhoireann Bhainistíochta

Fheidhmiúcháin.

l Tá creat tuairiscithe airgeadais bunaithe aici le

tacú lena hoibligeáidí tuairiscithe seachtracha agus

reachtúla i dtaca lena gnóithe.

l Tá córais bunaithe, nósanna imeachta agus

rialúcháin ar fáil lena sócmhainní gnó ag cuimsiú

sócmhainní réadmhaoine, trealaimh agus feithicle a

bhainistiú agus a chosaint

l Glacann sí céimeanna réasúnta uilig a mheastar

bheith cuí le heolas agus coráis lena n-áirítear

rúndacht, sláine agus barántúlacht an eolais

stóráilte ar choráis na Gníomhaireachta a chosaint

agus riosca rochtain gan údarú ar eolas ó fhoinsí

inmheánnacha agus seachtracha a íoslaghdú.

Baintear an chosaint seo amach tríd cur i bhfeidhm

caighdeáin, polasaithe agus rialúcháin aitheanta.

l Tá Creat um Chibearchosaint bunaithe aici le

sainaithint, tomhas agus bainistiú na rioscaí

cibear ar a bhféadfaí an Ghníomhaireacht bheith

neamhchosanta a éascú. Tá Oiliúint Feasachta

Gnáthfhoirne ar chibear-rioscaí curtha in áit do ghach

ball foirne na Gníomhaireachta.

l Tá creat leanúnach ghnó aici le hiarracht a

dhéanamh cinntiú gur féidir leis an Ghníomhaireacht

cnámha scéil trioblóidigh a bhainistiú, áitreach

teagmhais a sholáthar, príomhchórais a aisghabhadh,

agus gnáthoibríochtaí gnó a thosacht arís go pras.

Monatóireacht agus Athbhreithniú leanúnachTá próisis bunaithe ag an Ghníomhaireacht do

mhonatóireacht agus athbhriethniú leanúnach ar

eifeachtacht na rialúchán atá curtha i bhfeidhm tríd a

múnla trí-líne-chosanta, ina n-áirítear:

l Is leis an chéad líne, a chuimsíonn aonaid

ghnó agus feidhmeanna corparáideacha na

Gníomhaireachta, úinéireacht na rioscaí a bhaineann

le ghníomhaíochtaí gnó agus atá freagrach go

príomha as rioscaí a bhainistiú ar bhonn laethúil.

Áiríonn seo cur i bhfeidhm agus monatóireacht ar

chloí le polasaithe bainistíochta riosca agus fonn

riosca na Gníomhaireachta, féinmheasúnaithe riosca

agus railúcháin a dhéanamh, imeachtaí oibríochtúla

a bhainistiú agus freagraí cearta a chur i bhfeidhm.

Cuireann siad tuairisc ar fáil do Choistí Rialachas

Riosca ar a rioscaí agus rialúcháin agus imeachtaí

oibríochtúla.

l Cuimsíonn an dara líne feidhmeanna Riosca

agud Rialúcháin na Gníomhaireachta agus tá sé

neamhspléach ó bahinistíocht agus oibríochtaí na

céad líne. Déanann an feidhm Riosca monatóireacht

ar cloí le polasaithe bainistíochta riosca ar

fud na Gníomhaireachta, ag cur athbhreithniú

neamhspléach agus dúshlán don chéad líne ar fáil,

agus soláthraíonn sé tuairiscí riosca agus eolas

do na coistí rialúcháin riosca éagsúla. Cuireann na

hOifigigh Fheidhm Comhlíontachta agus Cosanta

Sonraí feasacht chun cinn tríd oiliúint, cóid iompair

agus polasaithe ábhartha. Soláthraíonn siad

tacaíocht, comhairle agus dúshlán neamhspléach

don bhainistíocht líne thosaigh agus cuireann siad

tuairiscí rialta isteach chuig an CBRF agus an ARC.


Ráiteas maidir le Rialú Inmheánach (ar lean)

l Is Iniúchadh Inmheánach an tríú líne cosanta, a

chuireann deimhniú neamhspleách rioscabhunaithe

ar fáil do phríomhpháirtithe leasmhara maidir

le stóinseacht chóras bainistíochta riosca na

Gníomhaireachta, maidir lena rialachas, bainistiú

riosca ghinerálta agus maidir le dearadh agus

éifeachtacht oibríochtúil thimpeallacht an rialaithe

inmheánaigh faoi chlár oibre pleanáilte ceadaithe

ag an ARC. Cuireann an t-iniúchóir inmheánach

tuairisiciú rialta ar fáil don ARC ar stádas na

timpeallachta rialaithe inmheánaigh i gcomhtheacs

athbreithnithe déanta agus stádas ceisteanna

iniúchta inmheánacha roimhe.

SolátharTá Beartas Soláthair bunaithe ag Gníomhaireacht

Bainistíochta an Chisteáin Náisiúnta (arna fhoilsiú ar

a láithreán gréasáin) agus Nós Imeachta Soláthair.

Tagann cleachtais soláthair Ghníomhaireacht

Bhainistíochta an Chisteáin Náisiúnta leis na doiciméid

thuasluaite. Tá plean soláthair chorparáidigh ar bun

agus á chur chun feidhme, atá bunaithe ar an teimpléid

a foilsíodh i gCreatdoiciméad Beartaisna hOifige

um Sholáthar Rialtais. Déantar an plean soláthair

chorparáidigh a nuashonrú gach bliain.

Tá Beartas Soláthair agus Nós Imeachta Soláthair na

Gníomhaireacht faoi athbhreithniú ar bhonn leanúnach.

Athbhreithniú Bliaintiúil ar ÉifeachtachtDeimhnímid go bhfuil nósanna imeachta i bhfeidhm ag


chun monatóireacht a dhéanamh ar éifeachtacht a

nósanna imeachta bainistíochta riosca agus rialaithe.

Tá monatóireacht agus athbhreithniú Ghníomhaireacht

Bainistíochta an Chisteáin Náisiúnta ar éifeachtacht

an chórais rialaithe inmheánaigh bunaithe ar obair

na n-iniúchóirí inmheánacha agus seachtracha, obair

an Choiste Iniúchóireachta agus Riosca a dhéanann

maoirsiú ar a gcuid oibre, agus obair na bainistíochta

shinsearaí laistigh de Ghníomhaireacht Bainistíochta an

Chisteáin Náisiúnta atá freagrach as an gcreat rialaithe

airgeadais inmheánaigh a fhorbairt agus a chothabhái.

Deimhnímid go ndearna an Ghníomhaireacht

athbhreithniú bliantúil ar éifeachtacht na rialuithe

inmheánacha do 2019.

Saincheisteanna um Rialú Inmheánach Níor aithníodh aon laigí sa rialú inmheánach i dtaca leis

an Ciste Carbóin maidir le 2019 a éilíonn nochtadh sna

ráitis airgeadais.

Thar ceann chomhaltaí na Gníomhaireachta

Maeve Carton, Cathaoirleach


Gerardine Jones, Chairperson

Choiste Iniúchta agus Riosca


5 May 2020


An tArd-Reachtaire Cuntas agus CisteTuarascáil lena cur faoi bhráid Thithe an Oireachtais

Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor Genereal

Tuarascáil lena cur faoi bhráid Thithe an Oireachtais

Tuairim maidir leis na ráitis airgeadais

Tá ráitis airgeadais Chiste Carbóin ullmhaithe ag an Ghníomhaireacht Bainistíochta an Chisteáin Náisiúnta (an Gníomhaireacht) iniúchta agam don bhliain dar chríoch an 31 Nollaig 2019 de réir mar a éilítear faoi fhorálacha alt 5 an Achta um Ciste Carbóin 2007. Cuimsítear leis na ráitis airgeadais an cuntas infheistíochta agus eisíocaíochta, an cuntas cúlchiste, an ráiteas maidir leis an Staid Airgeadais agus nótaí leis na ráitis airgeadais.

Is é mo thuairim go dtugann na ráitis airgeadais léargas ceart

l ar iarmhéid an Chiste ag 31 Nollaig 2019, agus

l ar idirbhearta 2019.

Bunús leis an tuairim

Rinne mé m’iniúchadh ar na ráitis airgeadais i gcomhréir leis na Caighdeáin Idirnáisiúnta Iniúchóireachta (ISAnna) mar a fhógraíonn an Eagraíocht Idirnáisiúnta Uasfhoras Iniúchóireachta. Tá cur síos ar mo chuid freagrachtaí faoi na caighdeáin seo in aguisín an tuairisc seo. Tá mé neamhspleách ón Ghníomhaireacht agus tá mo chuid freagrachtaí eiticiúla comhlíonta agam i gcomhréir leis na caighdeáin.

Creidim go bhfuil an fhianaise iniúchóireachta atá faighte agam leordhóthanach agus iomchuí le mo thuairim a bhunú uirthi.

Tuairisc ar eolas seachas na ráiteas airgeadais, agus ar nithe eile

Tá eolas eile faoi leith curtha i láthair ag an Ghníomhaireacht leis na ráitis airgeadais i dtaca le oibríocht an Chiste. Cuimsíonn sé tuarascáil bhliantúil an Ghníomhaireacht lena n-áirítear an ráiteas (maidir le rialachas, tuarascáil na stiúrthóirí) agus an ráiteas maidir le rialú inmheánach. Tá cur síos san aguisín a ghabhann leis an tuarascáil seo ar mo chuid freagrachtaí maidir le tuairisc a thabhairt ar an eolas sin, agus ar nithe eile faoi leith ar a dtuairiscím trí eisceacht.

Níl aon ní le tuairisciú agam ina leith sin.

Seamus McCarthy An tArd-Reachtaire Cuntas agus Ciste

13 Bealtaine 2020


An tArd-Reachtaire Cuntas agus Ciste (ar lean)

Aguisín a ghabhann leis an tuarascáil

Freagrachtaí Ghníomhaireacht Bainistíocht an Chisteáin NáisiúntaLeagtar amach freagrachtaí na stiúrthóirí sa ráiteas maidir le freagrachtaí:

l ullmhú na ráiteas airgeadais san fhoirm a fhorordaítear faoi alt 5 an Achta um Chiste Carbóin 2007

l cinntiú go dtugtar léargas ceart ar chúrsaí an Chiste ag deireadh na bliana agus idirbhearta na bliana

l rialtacht idirbhearta a chinntiú

l oiriúnacht na húsáide a bhaineann na stiúrthóirí as an mbonn cuntasaíochta gnóthais leantaigh a mheas, agus

l cibé rialú inmheánach a mheasann siad is gá le go bhféadfar ráitis airgeadais a ullmhú atá saor ó mhíráiteas ábhartha, cibé acu mar gheall ar chalaois nó ar bhotún.

Freagrachtaí an Ard-Reachtaire Cuntas agus CisteCeanglaítear orm faoi alt 5 an Achta um Ciste Carbóin 2007 iniúchadh a dhéanamh ar ráitis airgeadais an chiste agus tuarascáil orthu a thabhairt do Thithe an Oireachtais.

Is é cuspóir m’iniúchta dearbhú réasúnta a fháil an bhfuil na ráitis airgeadais ina n-iomláine saor ó mhíráiteas ábhartha mar gheall ar chalaois nó ar bhotún. Is ionann dearbhú réasúnta agus leibhéal ard dearbhaithe, ach ní ionann é agus ráthaíocht go n-aimseoidh iniúchadh a dhéantar i gcomhréir leis na ISAnna míráiteas ábhartha i gcónaí. Féadfaidh míráitis eascairt as calaois nó botún agus meastar iad a bheith ábhartha más féidir a bheith ag súil go réasúnta go n-imreodh siad tionchar, go haonair nó go comhiomlán, ar chinntí eacnamaíocha a dhéanann úsáideoirí ar bhonn na ráiteas.

Mar chuid d’iniúchadh i gcomhréir leis na ISAnna, úsáidim breithiúnas gairmiúil agus sceipteachas gairmiúil ar feadh an iniúchta. Agus é sin á dhéanamh agam,

l Déanaim rioscaí maidir le míráitis ábhartha sna ráitis airgeadais, cibé acu mar gheall ar chalaois nó ar bhotún, a shainaithint agus a mheas; déanaim nósanna imeachta iniúchóireachta a dhearadh agus a chur i bhfeidhm a fhreagraíonn do na rioscaí sin; agus faighim fianaise iniúchóireachta atá leordhóthanach agus iomchuí le mo thuairim a bhunú uirthi. Tá an riosca nach n-aimseofar míráiteas ábhartha mar thoradh ar chalaois níos airde ná an riosca maidir le ceann a eascraíonn as botún, mar go bhféadfadh sé go mbeadh claonpháirteachas, brionnú, easnaimh d’aon ghnó, mífhaisnéis, nó gabháil treise ar an rialú inmheánach i gceist leis.

l Faighim tuiscint ar rialú inmheánach atá ábhartha don iniúchadh chun nósanna imeachta iniúchóireachta a dhearadh atá oiriúnach sna cúinsí, ach nach bhfuil oiriúnach chun tuairim a chur in iúl maidir le héifeachtacht na rialuithe inmheánacha.

l Déanaim measúnú ar oiriúnacht na bpolasaithe cuntasaíochta a úsáideadh agus réasúntacht na meastachán cuntasaíochta agus an nochta gaolmhar.

l Tagaim ar thátail maidir le hoiriúnacht na húsáide a bhaintear as an mbonn cuntasaíochta gnóthais leantaigh agus, bunaithe ar an fhianaise iniúchóireachta a fhaightear, maidir le cibé acu an bhfuil éiginnteacht ábhartha ann a bhaineann le himeachtaí nó cúinsí a d’fhéadfadh amhras suntasach a tharraingt ar chumas an Chiste leanúint ar aghaidh mar ghnóthas leantach. Má thagaim ar an tátal go bhfuil éiginnteacht ábhartha ann, éilítear orm aird a tharraingt i mo thuarascáil ar an nochtadh bainteach sna ráitis airgeadais nó, mura leor an nochtadh sin, mo thuairim a mhodhnú. Tá mo thátail bunaithe ar an bhfianaise iniúchóireachta a fuarthas suas go dáta mo thuarascála. D’fhéadfadh imeachtaí nó coinníollacha amach anseo, áfach, bheith ina gcúis leis an Chiste scor de bheith ina ghnóthas leantach.

l Déanaim measúnú ar chur i láthair, struchtúr agus ábhar foriomlán na ráiteas airgeadais, lena n-áirítear an nochtadh, agus cibé acu an léiríonn na ráitis airgeadais na hidirbhearta agus imeachtaí bunúsacha ar bhealach lena mbaintear cur i láthair cóir amach.

Cuirim in iúl dóibh siúd atá freagrach as rialachas, i measc nithe eile, raon feidhme beartaithe agus uainiú an iniúchta agus tátail shuntasacha an iniúchta, lena n-áirítear aon easnaimh a aimsím le linn m’iniúchta i dtaca le rialachas inmheánach.

Eolas nach mbaineann leis na ráitis airgeadaisNí chumhdaítear le mo thuairim faoi na ráitis airgeadais an t-eolas eile a chuirtear i láthair leis na ráitis sin, agus ní thugaim aon chineál tátail maidir le dearbhú ina leith.

I dtaca le m’iniúchadh ar na ráitis airgeadais, éilítear orm faoi na ISAnna an t-eolas eile a léamh a cuireadh i láthair agus, le linn dom é sin a dhéanamh, breathnú an bhfuil an t-eolas eile neamh-chomhréireach go hábhartha leis na ráitis airgeadais nó leis an eolas a fuarthas le linn an iniúchta, nó an cosúil ar shlí eile go bhfuil míráiteas ábhartha déanta ina leith. Más rud é go mbainim an tátal, bunaithe ar an obair atá déanta agam, go bhfuil míráiteas ábhartha ann i dtaca leis an eolas eile sin, éilítear orm é sin a thuairisciú.

Tuairisciú ar nithe eileDéantar m’iniúchadh trí thagairt do na léirbhreithnithe speisialta a bhaineann le comhlachtaí Stáit maidir lena mbainistíocht agus lena bhfeidhmiú. Tuairiscím má tá nithe ábhartha ann a bhaineann leis an mbealach ina bhfuil gnó poiblí déanta.

Féachaim le fianaise a fháil ar rialtacht idirbhearta airgeadais le linn an iniúchta. Tuairiscím aon chás ábhartha nár cuireadh airgead poiblí i bhfeidhm chun na críocha dá raibh siad ceaptha nó nár chloí idirbhearta leis na húdaráis a rialaíonn iad.

Tuairiscím freisin trí eisceacht má, i mo thuairim,

l mura bhfaighim an fhaisnéis agus na mínithe fo léir a theastaigh uaim chun m’iniúchadh a dhéanamh, nó

l mura raibh na taifead cuntasaíochta dóthanach le iniúchadh na ráitis airgeadais a cheadú go fonmhar agus i gceart, nó

l mura bhfuil na ráitis airgeadais ag teacht le na taifead cuntasaíochta.


Ráiteas maidir leis an Staid Airgeadais amhail an 31 Nollaig 2019

Nóta

2019

€000

2018

€000

Sócmhainní an Chiste Carbóin 4 91,976 91,853

Earraí Infhaighte 5 123 607

Dliteanais eile 6 (123) (607)

Glansócmhainní an Chiste 91,976 91,853

Tá na nótaí gaolmhara ina gcuid lárnach de na ráitis airgeadais.

Thar ceann na Gníomhaireachta

Conor O’Kelly, Príomhfheidhmeannach Maeve Carton, Cathaoirleach

Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta

5 Bealtaine 2020


Cuntas an Chiste Don bhliain dar chríoch an 31 Nollaig 2019

Nóta

2019

€000

2018

€000

Ioncam 7 123 607

Aisíoc Caipitil - (98)

Glauiseacht i gCiste le linn na bliana 123 509

Glansócmhainní amhail an 1 Eanáir 91,853 91,344

Glansócmhainní amhail an 31 Nollaig 91,976 91,853

Tá na nótaí gaolmhara ina gcuid lárnach de na ráitis airgeadais.

Thar ceann na Gníomhaireachta

Conor O’Kelly, Príomhfheidhmeannach Maeve Carton, Cathaoirleach

Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta

5 Bealtaine 2020


Nótaí leis na Ráitis Airgeadais

1. CúlraBunaíodh an Ciste Carbóin faoin Acht um an gCiste Carbóin 2007 chun Aonaid Kyoto14 agus ionstraimí

agus sócmhainní ar bith eile dá leithéid a cheannach thar ceann an Stáit chun oibleagáidí idirnáisiúnta

um athrú aeráide faoi Chreat-Choinbhinsiún na Náisiún Aontaithe 1992 maidir leis an Athrú Aeráide, faoi

Phrótacal Kyoto 1997 leis an gCoinbhinsiún sin agus faoi chomhaontaithe sa todhchaí nach mór don Stát a

chomhlíonadh. Ainmníodh Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta (an “Ghníomhaireacht”) mar

an ngníomhaí ceannaigh thar ceann an Stáit agus riarann agus bainistíonn sí ceannacháin Aonaid Kyoto.

Féadfaidh an Ghníomhaireacht na sásraí seo a leanas a úsáid chun Aonaid Kyoto a cheannach:

l aonaid Kyoto a cheannach díreach ó pháirtithe eile i bPrótacal Kyoto

l infheistíocht dhíreach i dtionscadail an tSásra cur chun Feidhme Chomhpháirtigh agus an tSásra Ghlain

Forbartha

l infheistíocht i gcistí bainistithe

l ceannacháin margaidh dhírigh d’Aonaid Kyoto

l nó comhcheangal de chuid dóibh sin nó dóibh uile.

Is féidir Aonaid bharrachais Kyoto arna seilbh ag an Stát ag deireadh na tréimhse gealltanais 2008- 2012 a

úsáid i dtréimhse gealltanas Phrótacal Kyoto ina dhiaidh sin nó i gconradh ar bith ina dhiaidh sin. Cuireadh na

hidirbhearta cuntasaíochta deiridh don chéad tréimhse gealltanais de Phrótacal Kyoto (2008-2012) i gcrích in

2015. Tugadh na creidmheasanna nár úsáideadh anonn chun iad a úsáid chun gealltanais 2020 na hÉireann

faoi Phacáiste Comhtháite um Fhuinneamh agus Cinneadh Maidir le Comhroinnt Díchill (CCD) an Aontais

Eorpaigh atá mar pháirt de phacáiste Athrú Aeráide 2020 an Aontais Eorpaigh a chomhlíonadh. Críochnóidh

oibleagáidí an Stáit faoin CCD i 2020, ag an am sin leanfaí Rialachán maidir le Comhroinnt Díchill é. Leagann

an Rialachán, ar glacadh leis i mí na Bealtaine 2018, amach spriocanna astaíochtaí gás ceaptha teasa

bhliantúil cengailteacha do ghach Ball Stáit don tréimhse 2021-2030 san áireamh.

Rinneadh feidhmeanna an Aire Airgeadais faoin Acht um an gCiste Carbóin 2007 a aistriú chuig an Aire

Caiteachais Phoiblí agus Athchóirithe an 29 Iúil 2011. Rinneadh feidhmeanna an Aire Comhshaoil, Pobail agus

Rialtais Áitiúil faoi Acht um an gCiste Carbóin 2007 a aistriú chuig an Aire Cumarsáide, Gníomhú Aeráide

agus Comhshaoil an 22 Iúil 2016.

2. Bunús an UllmhaitheRinneadh na ráitis airgeadais a ullmhú de réir alt 5(1) den Acht um an gCiste Carbóin 2007 i bhformáid a

d’fhaomh an tAire Comhshaoil, Pobail agus Rialtais Áitiúil le toiliú ón Aire Airgeadais. Is an euro an t-airgeadra

tuairiscithe atá curtha in iúl leis an tsiombail €. Sa chás go n-úsáidtear é, cuireann €m milliún in iúl.

3. Beartais Chuntasaíochta

3.1 Sócmhainní an Chiste CarbóinLéiríonn sócmhainní an Chiste Carbóin infheistíochtaí iontu seo a leanas:

Sealúchais Dhíreacha

Déantar Aonaid Kyoto a cheannaítear a thaifeadadh nuair a sheachadtar iad ar chostais an cheannacháin.

Áirítear ar chostas ceannacháin Cáin Bhreisluacha a íocadh agus atá iníoctha i dtaca le ceannach Aonaid

Kyoto.

14 Tá Aonad Kyoto sainithe san Acht um an gCiste Carbóin 2007 mar “aonad atá coibhéiseach le tona méadrach amháin de dhé-ocsaíd charbóin, arna eisiúint de bhun Phrótacal Kyoto agus na gcinntí arna nglacadh de bhun an Choinbhinsiúin agus Phrótacal Kyoto”. Tugtar creidmheasanna carbóin ar Aonaid Kyoto go ginearálta. Déantar foráil sa reachtaíocht le haghaidh Aonaid Kyoto a dhiúscairt le toiliú an Aire Cumarsáid, Gníomhaithe ar son na hAeráide agus Comhshaoil, agus an Aire Caiteachais Phoiblí agus Athchóirithe amháin agus ar cibé téarmaí a shonróidh siad.


Nótaí leis na Ráitis Airgeadais (ar lean)

3. Beartais Chuntasaíochta (ar lean)

3.1 Sócmhainní an Chiste Carbóin (ar lean)

Aonaid Kyoto neamhdhíreacha

Déantar infheistíochtaí in aonaid neamhdhíreacha i gcistí bainistithe. Déantar na hinfheistíochtaí sna cistí sin a

thaifeadadh ag costas na hinfheistíochta. Baineann infheistíochtaí dá leithéid le tionscadail um laghdú carbóin

a fhéadfaidh nó nach bhféadfaidh Aonaid Kyoto a tháirgeadh. Ní bheidh fios cá mhéad aonaid ar fad a bheidh

ann go dtí dáta amach anseo nuair a bheidh na tionscadail curtha i gcrích.

D’infheistigh an tAire Comhshaoil, Pobail agus Rialtais Áitiúil €20 milliún in 2006 sa Chiste Iltaobhach um

Chreidhmeasanna Carbóin arna bhunú ag an mBanc Eorpach Athfhoirgníochta agus Forbartha. Níl an

infheistíocht sin ina cuid den Chiste ach tá na haonaid a tháirgtear leis na tionscadail a rinneadh san áireamh

anseo istigh faoi mar a mhínítear i Nóta 4(d).

3.2 Gnóthachain agus Caillteanais ar Shócmhainní an Chiste CarbóinCeannaíodh Aonaid Kyoto agus é beartaithe oibleagáid na hÉireann a chomhlíonadh faoi Phrótacal

Kyoto sa tréimhse gealltanais 2008 go 2012. Cuireadh na hidirbhearta cuntasaíochta deiridh don chéad

tréimhse gealltanais de Phrótacal Kyoto (2008-2012) i gcrích in 2015. Ar an 20 Nollaig 2016 cuireadh na

creidmheasanna nár úsáideadh anonn chun iad a úsáid chun gealltanais 2020 na hÉireann faoi Phacáiste

Comhtháite um Fhuinneamh agus um an Athrú Aeráide 2020 an Aontais Eorpaigh a chomhlíonadh.

3.3 Cuntas an ChisteTaifeadtar an t-ioncam carntha a fuarthas nó atá le fáil ón Roinn ábhartha i gCuntas an Chiste. Déantar

infheistíochtaí a mhaoiniú ar dtús trí réamhíocaíochtaí inaisíoctha ón gCiste Lárnach faoi alt 3 den Acht um an

gCiste Carbóin 2007 ar feitheamh an t-ioncam sin a fháil.

3.4 Airgeadraí CoigrícheDéantar na hidirbhearta ar fad in airgeadraí eachtracha a aistriú go euro ag na rátaí malairte a bhíonn i réim ar

dháta na n-idirbheart sin. Déantar gealltanais neamhchistithe le hinfheistíochtaí neamh-euro a aistriú go euro

ag baint leas as na rátaí malairte coigríche a bhíonn i réim ag dáta dheireadh na bliana.

3.5 CánachasTá ioncam agus brabúis an Chiste Carbóin díolmhaithe ó cháin chorparáide na hÉireann. Tá ceannach

Aonaid Kyoto ag an gCiste Carbóin faoi dhliteanas Cáin Bhreisluacha agus dá bhrí sin breathnaítear ar

idirbhearta den sórt sin mar sholáthar seirbhíse arna shainiú in Alt 25(1) den Acht Comhdhlúite Cánach

Breisluacha 2010. Áirítear CBL a thabhaítear i gcostas ceannaigh shócmhainní an Chiste Carbóin.

3.6 Géilleadh sócmhainní/Tabhairt anonn go dtí an chéad Tréimhse Gealltanais eile Déantar sealúchais dhíreacha Aonaid Kyoto a ghéilleadh ag meánchostas na sealúchas díreach ar dháta an

ghéillte.

Déantar sealúchais neamhdhíreacha Aonaid Kyoto a ghéilleadh ag meánchostas na hinfhestíochta sa chiste

bainistithe ábhartha ar dháta an ghéillte.

Tugtar aonaid dhíreacha agus neamhdhíreacha Kyoto anonn ag costas ón chéad tréimhse gealltanais de

Phrótacal Kyoto (2008 – 2012) le ceangaltais Éireann faoi Phacáiste Comhtháite um Fhuinneamh agus um an

Athrú Aeráide 2020 an Aontais Eorpaigh a chomhlíonadh.


4. Sócmhainní an Chiste Carbóin

(a) Achoimre ar na Sócmhainní2019

€000

2018

€000

Sealúchais Dhíreacha 90,340 90,217

Sealúchais Neamhdhíreacha 1,636 1,636

91,976 91,853

(b) Anailís de réir Airgeadra an Cheannaigh2019

€000

2018

€000

Euro 90,340 90,217

Dollar SA 1,636 1,636

91,976 91,853

(c) Sealúchais Neamhdhíreacha2019

€000

2018

€000

An Banc Domhanda – Ciste Bithcharbóin 1,636 1,636

Riarann an Ghníomhaíocht íocaíochtaí ar son an Aire Cumarsáide, Gníomhaithe ar son hAeráide agus

Comhshaoil i dtaca le Ciste an Bhainc Domhanda. Baineann infhesitíochtaí sa ciste seo le tionscadail a

d’fhéadfaí Aonaid Kyoto a shaothrú, ach ní bheidh líon iomlán na n-aonad ar eolas againn go dtí dáta sa

todhchaí nuair a chríochnaíonn na tionscadail. Ag 31 Nollaig 2019,ní raibh aon gealltanais gan iarraidh i dtaca

le na n-infeistíochtaí seo.

(d) Creidmheasanna arna Seachadadh agus arna SealbhúLíon na gcreidmheasanna carbóin arna seachadadh agus arna sealbhú le Clárlann Aontais an Choimisiúin

Eorpaigh amhail an 31 Nollaig:

2019 2018

Ceannaithe go Díreach 5,655,576 5,255,000

Faighte trí Shealúchais Neamhdhíreacha 389,855 251,472

6,045,431 5,506,472

Ar an 31 Nollaig 2019, bhain 30,795 aonad (2018: 30,795) den 6,045,431 aonad (2018: 5,506,472) le

creidmheasanna a fuarthas trí infheistíochtaí a rinne an Roinn Comhshaoil, Pobail agus Rialtais Áitiúil sular

bunaíodh an Ciste Carbóin.


Nótaí leis na Ráitis Airgeadais (ar lean)

5. Earraí Infhaighte2019

€000

2018

€000

Infhaighte ón Roinn Cumarsáide, Gníomhaithe ar son hAeráide agus

Comhshaoil 123 607

Tá na méideanna atá le híoc leis an gCiste Carbóin dlite faoi Alt 3 (4) den Acht um an gCiste Carbóin 2007

dlite ón Roinn Comhshaoil, Pobail agus Rialtais Áitiúil.

6. Dliteanais Eile2019

€000

2018

€000

Méideanna dlite leis an Ciste Lárnach 100 607

Méideanna dlite leis an Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta 23 -

123 607

Baineann an dliteanais maidir leis an gCiste Lárnach le réamhíocaíochtaí as an gCiste Lárnach leis an gCiste

Carbóin, agus a Aisíocfar dliteanais eile leis an gCiste Lárnach agus an GBCN nuair a fhaigheann an Ciste

Carbóin cistí ón Roinn Cumarsáide, Gníomhaithe ar son hAeráide agus Comhshaoil.

7. Ioncam2019

€000

2018

€000

Ioncam ón Roinn Cumarsáide, Gníomhaithe ar son hAeráide agus

Comhshaoil 123 607

8. Costais OibriúcháinGearrtar costais oibriúcháin an Chiste Carbóin, atá tabhaithe, ar Chuntas Riaracháin na Gníomhaireachta agus

íoctar amach as an gCiste Lárnach iad. Is €niallas (2018: €niallas) an muirear i 2019.

9. Dliteanais TheagmhasachaNí raibh dliteanais theagmhasacha ar bith sa Chiste Carbóin amhail an 31 Nollaig 2019.

10. Teagmhais tar éis Dheireadh na Tréimhse TuairiscitheNí raibh aon teagmahis ar gá a choigeartú nó a nochtadh sna ráitis airgid tar éis dheireadh na tréimhse

tuairiscithe.


11. Páirtithe Gaolmhara

(a) An tAire Caiteachais Phoiblí agus AthchóiritheFaoi Alt 3 den Acht um an gCiste Carbóin 2007, féadfaidh an tAire Caiteachais Phoiblí agus Athchóirithe

airgead a réamhíoc leis an gCiste Carbóin ón gCiste Lárnach, a aisíoctar ón gCiste Carbóin as airgead a

chuireann an tAire Cumarsáide, Gníomhú ar son na hAeráide agus Comhshaoil ar fáil.

(b) An tAire Cumarsáide, Gníomhú ar son na hAeráide agus ComhshaoilFaoi Alt 2(3) den Acht um an gCiste Carbóin 2007, déanann an tAire Cumarsáide, Gníomhú ar son na

hAeráide agus Comhshaoil an Ciste Carbóin a bhainistiú agus a rialú.

Faoi Alt 2(4) den Acht um an gCiste Carbóin 2007, tá bainistíocht an Chiste Carbóin tarmligthe don

Ghníomhaireacht.

Faoi Alt 8 den Acht um an gCiste Carbóin 2007, féadfaidh an tAire Cumarsáide, Gníomhú ar son na hAeráide

agus Comhshaoil, i ndiaidh comhairliúcháin leis an Aire Caiteachais Phoiblí agus Athchóirithe, treoracha nó

treoirlínte a thabhairt don Ghníomhaireacht maidir le feidhmíocht na bhfeidhmeanna a tarmligeadh chuici nó

a tugadh di faoin Acht.

(c) Gníomhaireacht Bainistíochta an Chisteáin náisiúntaFaoi Alt 2(4) den Acht um an gCiste Carbóin 2007, tá bainistíocht an Chiste Carbóin tarmligthe don

Ghníomhaireacht.

Faoi Alt 8 den Acht um an gCiste Carbóin 2007, féadfaidh an tAire Cumarsáide, Gníomhú ar son na hAeráide

agus Comhshaoil, i ndiaidh comhairliúcháin leis an Aire Caiteachais Phoiblí agus Athchóirithe, treoracha nó

treoirlínte a thabhairt don Ghníomhaireacht maidir le feidhmíocht na bhfeidhmeanna a tarmligeadh chuici nó

a tugadh di faoin Acht.

12. Faomhadh na ráiteas AirgeadaisD’fhaomh an Ghníomhaireacht na ráitis airgeadais an 5 Bealtaine 2020.

Treasury Building,Grand Canal Street,Dublin 2, DO2XN96, Ireland

T +353 1 238 4000E [email protected]

www.ntma.ie

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Carbon Fund Annual Report 2019 - opac.oireachtas.ie Laid/pdf... · Between 2006 and 2007 the Irish Government undertook investments in three multilateral funds. 2 The European Investment