Fossil fuel ban could cost economy €1.8bn

A proposed ban on the future exploration and extraction of fossil fuels in Ireland could cost the economy up to €1.8bn each year, according to a new report.

Independent research by the Oireachtas Library and Research Service has estimated that controversial legislation proposing the ban on issuing gas and oil exploration licences by the Minister for Communications, Climate Action and Environment could come at a high cost including potential losses to the Exchequer of up to €50m per annum.