The Sunday Times reports that, due to its failure to meet EU greenhouse gas emission targets, the State could be faced with fines of at least €5 billion by the end of this decade. This analysis, put forward by the Department of the Environment, highlights that these costs could average to €1 billion per year in the latter half of the decade, even if the Coalition’s climate action plan is followed completely. Eamon Ryan, the Green Party leader and Environment Minister, states that a projected reduction in emissions of 29% under the climate action plan, falling short of the EU’s 51% target, could result in this heavy financial penalty under EU regulations.
The Business Post reported that international investor Stefan Jaeger’s firm, Landfair, is supporting property developer Johnny Ronan in his attempts to regain control of a collection of valuable assets. The 11 properties, including the iconic Bewley’s cafe on Grafton Street and Connaught House in Dublin 4, went into receivership last year. Ronan is understood to be amongst a few potential bidders who are interested in acquiring all 11 properties as a single package, with bids due this week.
In further news, Flahavan’s, a porridge producer based in Waterford, has reported a drop in pretax profits of over €800,000 due to rising operational costs, according to the Sunday Independent. Figures for the parent company, Finegrove Holdings, reveal that despite revenue rising by more than €4.1 million to nearly €33.5 million for the year ending June 30th, 2023, pretax profit fell to slightly above €1.8 million from €2.6 million in the previous year. A 10% increase in operating costs, to nearly €8.5 million, contributed to this dip in profits.
The Sunday Times also reported that the Land Development Agency (LDA) has begun initial discussions regarding the acquisition of a land bank in north Dublin, with the capacity to accommodate more than 1,900 homes.
The newspaper has reported ongoing negotiations between the Land Development Agency (LDA) and Richmond Homes, an affiliate of investment firm Avestus Capital Partners, regarding 125 acres of land in Baldoyle. Despite the development of nearly 100 homes on the land, previously known as the Coast, room for further development still exists according to the publication. The LDA refused to comment on this matter.
Regarding energy usage, UK energy giant SSE reported a significant upturn in Ireland following a across Europe post Russia’s attack on Ukraine. The Sunday Independent claims that SSE is finalising investment plans for two large hydrogenated vegetable oil-powered plants situated in Tarbert in County Kerry and Platin in County Meath. Alistair Phillips-Davies, the CEO of SSE, mentioned during an analysts’ call that the resurgence of energy usage in Ireland is notable. He added that the company is also contributing to new emergency power generation there.