Report to propose new green stimulus package

The Government's Sustainable Development Council is due to publish a document today proposing environmentally-friendly ways to boost the country's economic recovery.

The document, entitled Towards a Green New Deal, is expected to focus on the promotion of environmentally-friendly infrastructure and renewable energy projects.

The council, which is officially known as Comhar, is expected to recommend that the Government commit 2% of GDP to green stimulus measures over the next two years.

It will reportedly propose that the money be raised through carbon taxes, the introduction of government-backed "green bonds" and the auctioning of Irish allowances under the EU emissions trading scheme.

Reports this morning say it will also propose that Anglo Irish Bank be re-designated as a "green bank" offering finance to people who want to build low-energy housing and companies that want to invest in renewable energy or in boosting their energy efficiency.