Climate Change Presents a Real Threat to Society

The Institute of European Affairs (IEA) hosted Carbon Day, today Friday (1 June 2007) sponsored by Bank of Ireland Global Markets.

Dr Pachauri, Chairman of Intergovernmental Panel on Climate Change (IPCC), in his first visit to Ireland, addressed an audience of over 100 Institute members outlining key findings from the IPCC?s fourth annual report. The report, compiled by over 2500 scientists across 130 countries over a period of six years outlines how human society can respond to climate change.

Dr Pachauri in his key note address commented that temperature increases and sea level rises would continue for centuries, even if greenhouse gas concentrations were to be stabilised. He went on to say:
"In Africa by 2020, between 75 and 250 million people are projected to be exposed to an increase of water stress due to climate change. Agricultural production, including access to food, in many African countries and regions is projected to be severely compromised by climate change."

The IPCC report outlines how changes in lifestyle and behaviour patterns can contribute to climate change mitigation by;

Speaking at Carbon Day, Paul Harris, Head of Energy & Emissions, Bank of Ireland Global Markets said: "Carbon emissions and climate change present a real threat to the environment, business, industry and the way we live. Unless we address the issues raised by Dr Patchuri and his team, we run the risk of irreversible damage to the planet both for ourselves and future generations. Bank of Ireland Global Markets has embraced developments in both the carbon markets and renewable energy and continues to lead in the provision of financial structures designed to facilitate the move towards green energy and sustainable, low carbon business. "

In February 2007 the IEA established four working groups to explore the strategic implications of Climate Change for Ireland in the post-2012 period. Chairpersons of the four IEA Climate Change working groups presented interim findings of their research in the following areas:

These findings will be collated and submitted to all political parties for consideration in the formation of future government policy.

Ends

Contact:

Anne Mathews
Media Relations Manager
Tel:01 604 3836 or 087 246 0358

Joseph Curtin
Institute of European Affairs
Tel:01 877 3018

Bank of Ireland Global Markets is the sole domestic bank offering companies involved in the EUETS a transactional capability and the bank is active in dealing with both Emissions Allowances and Certificates of Emission Reduction (CERs).

Bank of Ireland Global Markets is the number one treasury services provider in Ireland. Global Markets' key offering is a comprehensive range of treasury and international banking services to Irish and international companies from its global headquarters in Dublin. Customers are provided with a single point of contact to handle all their treasury management needs from currency, interest rate and international trade risk management to treasury investment solutions and global payments. It has built up considerable expertise in risk management and has a reputation for innovation and price competitiveness in the marketplace. Bank of Ireland Global Markets' No. 1 position is recognised through award winning, including the iMoneyNet Offshore Money Fund Report (OMFR) Award for its US Dollar liquidity fund, the Irish Association of Corporate Treasurers (IACT), Euromoney and The Banker publications.