The Irish government has approved the Circular Economy Bill 2021 that will implement many of the actions in the Government’s Waste Action Plan for a Circular Economy; the International Monetary Fund (IMF) published its review of the Irish economy and was approving of the Government’s policy response to the COVID-19 pandemic; and Northern Ireland’s Department for the Economy published its ‘Trade and Investment for a 10X Economy’ as part of its 10X economic strategy. These stories and more are in our Public Policy Bulletin this week.
New legislation to implement a Circular Economy
Cabinet this week approved the general scheme of the Circular Economy Bill 2021. This Bill will implement many of the actions in the Government’s Waste Action Plan for a Circular Economy and the forthcoming Circular Economy Strategy, and will put that strategy on a statutory footing, ensuring that this issue remains a priority for future governments.
“Circular economy” means an economy in which resources are kept in use for as long as possible, the maximum value is extracted from those resources while they are in use, and products and materials are recovered and regenerated at the end of life. The circular economy is at the heart of the European Union’s ‘European Green Deal’ strategy, with the EU launching its Second Circular Economy Action Plan in March 2020. Ireland is currently finalising its first Whole-of-Government Circular Economy Strategy in order to ensure policy coherence across the public sector and to outline the Government’s overall approach to the circular economy for stakeholders and the public.
The aim of the Circular Economy Bill 2021 is to address waste-segregation incentives and services for both households and the commercial sector, and the use of recyclable packaging and other items. Other measures in the Bill include addressing the delays in End-of-Waste and By-Products decisions, providing for GDPR-compliant use of range of technologies for waste enforcement purposes, and introducing prohibitions on exploration for and extraction of fossil fuels like coal. The Bill also intends to re-designate the existing ‘Environment Fund’ as a ‘Circular Economy Fund’.
Speaking about the Bill, Minister for the Environment, Climate and Communications and Minister for Transport, Eamon Ryan TD, described the Bill as “replacing our current, unsustainable ‘take, make, dispose’ model with a circular economy that also helps us meet our Climate ambitions”.
Ireland entered pandemic with reduced vulnerabilities and high growth, according to IMF report
The International Monetary Fund (IMF) has this week published its annual review of the Irish economy: the ‘Article IV Report’. This report is the output of an annual analysis of Ireland’s economic and financial policies carried out by IMF economists. This regular analysis is a requirement for all members of the Fund. This year’s report notes that the Irish economy had been on a favourable path of high growth and declining vulnerabilities in the run-up to the pandemic and that the swift and comprehensive fiscal policy response has made good use of the policy space that had been built before the pandemic.
Commenting on the publication, Minister for Finance, Paschal Donohoe TD, welcomed the findings and pointed to the Government’s intention to address what he described as the pandemic’s ‘highly asymmetric’ impact on Ireland’s economy and society: “The recent publication of Ireland’s Economic Recovery Plan sets out how we are addressing these issues and outlines how we will support the full resumption of economic activity and get people back to work.”
According to the report, Ireland’s domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. However, uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation point to risks Ireland’s economy.
Details of Statutory Sick Pay Scheme published
Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD has announced further details of a new law to give all workers the right to paid sick leave following the Government’s approval of the drafting of the General Scheme of the Sick Leave Bill 2021
To help employers, particularly small businesses, to plan ahead and manage the additional cost, the scheme will be phased in over a four-year period, starting with three days per year in 2022, five days in 2023 and seven days in 2024. Employers will eventually cover the cost of 10 sick days per year in 2025.
The Tánaiste also published a Regulatory Impact Assessment (RIA) on the Sick Leave Bill today, a copy of which is available here
Following engagement with members via a survey, this Institute responded to the public consultation for Statutory Sick Pay which had been issued by the Department of Enterprise, Trade and Employment in 2020. Our response to the consultation can be found here.
‘Trade and Investment for a 10X Economy’ publishes
The Department for the Economy of Northern Ireland has published ‘Trade and Investment for a 10X Economy’, the latest in a suite of papers publishing under the umbrella of Northern Ireland’s 10X Economic Strategy.
‘10X Economy’ is the Department for the Economy’s economic vision for the coming decade. Described as “a transformational mind-set centred on what can be achieved with the right levels of ambition”, the concept embraces innovation to deliver a ten times better economy with benefits for all citizens.
The Trade and Investment for a 10X Economy paper focusses on the strategic priorities and high-level ambitions that will shape Northern Ireland’s approach to trade and investment. Its intention is to provide “a clear direction of travel for investors, businesses and the public” as the government develops its approach in driving an inclusive, green growth agenda over the coming decade through trade and investment to help meet the vision of Northern Ireland as a 10X economy.
More on the 10X Economy strategy for Northern Ireland can be found here.
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