The Government published the draft text of its landmark Climate Action Bill with the main target being to reach carbon neutrality by 2050.

It appears that the new law will affect every element of society, with legally binding five-yearly carbon dioxide limits on the State, and all major sectors being subject to a cap on carbon pollution.

The announcement comes as the European Parliament adopts its position on the EU climate law, making Europe’s 2050 goal of reducing greenhouse gases to net-zero legally binding, and voting for an ambitious target to reduce emissions by 60 percent compared to their 1990 levels, by as early as 2030.

It also comes after increased activity among investor groups, framework- and standard-setting bodies, and the Big 4 accounting firms and World Economic Forum, all of which are moving towards agreed consistency on the reporting of climate-related and other non-financial information.