Connect with us

Current

Carbon border tax would be a climate change ‘persuader’

Voice Of EU

Published

on

Climate change is a policy challenge unlike most others, because success will require a global effort in a sphere which will bring significant upfront costs for each economy. And, although the world will benefit in the future from concerted policy initiatives, to date that hasn’t been enough to generate combined action on the scale required.

A continuing refrain from those opposed to taking painful action today is that domestic action will be largely offset by international inaction. If the EU takes urgent measures, a water-bed effect could see the reduction in emissions in the EU being countered by a rise in emissions elsewhere.

There is some validity to this concern. The first task of global policymakers is to try and convince the bulk of the world economy to act, leaving few free riders. Alternatively, there is a need to develop policies to allow some economies, such as the EU, to move faster on tackling climate change, without favouring laggards.

At the upcoming UN climate conference in Glasgow in November, the task of getting greater buy-in to action will not be easy to achieve.

At the Climate Dialogues conference in Dublin this week, Prof Biying Yu of the Beijing Institute of Technology presented results from her modelling which showed that most economies in the world would be better off in the long run by taking action on climate change, as the harm from global warming would greatly offset the costs of action.

However, while policymakers may be convinced of this result, it will be challenging to build public support for difficult measures which will only fully pay off decades hence. While China may be able to think strategically in these terms, that is not true in most other major economies, and for democratic rather than command systems of government.

One approach suggested by the Nobel Prize economist William Nordhaus is that the EU, the US and other willing partners should form a “Climate Club”, which takes urgent action by imposing a big carbon tax to drive domestic change. The danger that this tax would drive business elsewhere would be dealt with by imposing a tariff on all goods coming from countries outside the club.

He argues that the cost of the tariff would incentivise many others to join the club. In the fissiparous world of today, this theory may not work in practice.

A more targeted variant of this approach was discussed by Pascal Lamy, the former director general of the World Trade Organisation, at the Dublin conference. He suggested that goods whose production was heavy on carbon emissions should face a “carbon border tax” if there wasn’t a satisfactory carbon tax in their country of origin.

The advantage of this approach is that there would be no incentive to move production of carbon-intensive goods from Europe to other countries with more lax standards. It would also incentivise non-participants to impose suitable carbon taxes on their domestic production.

This proposed border tax would only apply to goods that involve lots of greenhouse gas emissions in their production, such as cement and steel.

Trying to calculate the carbon content of a pair of runners coming from China or Thailand compared to a Portuguese product would introduce too much complexity.

Once a carbon border tax was imposed, it would be possible to levy a common high tax on emissions from heavy industry in the EU without the fear that they would relocate elsewhere. That tax would incentivise heavy industry to find better ways of producing their product, seriously reducing greenhouse gas emissions.

Lamy also indicated that, because of the targeted nature of the border tax, it would fit in with existing trade agreements.

The EU are likely to propose something along these lines later this summer. However, it appears the US may oppose such a move and the UK’s position, which could be important for Ireland, is also not clear.

A common feature of all of these proposals is that they involve a substantial tax on emissions from using fossil fuels. Ireland already has a carbon tax but, if effective action is to be taken to dramatically cut greenhouse gas emissions, it may need to ramp that tax up much more rapidly than currently planned.

It would also help if similar action were taken elsewhere in the EU as going it alone on taxation could see some loss of economic activity to non-participants. For Ireland, this could well be a problem if the UK, and Northern Ireland in particular, does not take similar action, given the open border on the island.


Business Today

Get the latest business news and commentarySIGN UP HERE

Source link

Current

How a Dublin house sold for €13.25m but stayed under the radar

Voice Of EU

Published

on

It is often said that things get lost in translation. That’s the beauty of language, that it isn’t linear; but when it comes to illustrating the housing market, a data picture paints a thousand words.

Surveying the property price register, or PPR, is a national pasttime for many. While the Property Services Regulatory Authority has always pointed out that it isn’t a price index, most pedestrian users use it to see what certain homes sold for. Such curiosity gets the better of most of us. Neighbours will always want to know what Mary down the road got for her place. What Mary’s place sold for is in the public domain, if you can find it. And the amount it made might even prompt her neighbours to consider doing likewise.

The register isn’t perfect. Senior economist Siobhán Corcoran, associate director at Sherry FitzGerald, leads a team that spends days per quarter cleaning its data, eliminating the multiple private rental sector and social housing sales to get a clearer picture of the market. She downloads the listings, by either county or city, and has her team go through it to get a clearer picture.

The lists give the address of the property, what it sold for and the property type: a new dwelling house/apartment; second-hand dwelling house/apartment; or the lesser-spotted teach/árasán cónaithe atháimhe. Because the data is entered manually there is the risk of human error, meaning some are logged incorrectly.

It is every citizen’s personal choice to register the sale of their home in either Irish or English. Irish is our first language and has dual status.

And yet while it is our right to log the property in the Irish language, very few sales are actually are registered as Gaeilge.

“While many of the housing estates in Ireland have Irish names, the proportion of PPR entries logged with an Irish address in its entirety, including county in the address field is minute, zero point zero zero per cent over the last number of years,” Corcoran explains. “Properties on the register listed as the proportion of PPR entries logged as a ‘teach/árasán cónaithe atháimhe’ have been in single digits over the past number of years.”

When you download the CCV text file for the Dublin listings so far this year, just one abode – in Diswellstown, Baile Átha Cliath 15 – is described thus.

A sale that garnered a lot of attention was Lissadell, number 9 Shrewsbury Road in Dublin 4, which was described in this newspaper as having been purchased by Marlet chief Pat Crean last June, and yet to appear on the register but believed to have sold for in excess of €11 million.

In a letter to the editor of this newspaper on September 20th, Simon Twist helpfully pointed out that the transaction was listed as Uimhi [sic] a Naoi, Botha [sic] Sriusbaire, Dublin 4, and that it sold for €13.25 million on May 19th. The difference is some 17 per cent. (This is the highest price achieved in Dublin, according to the register; in June, Stripe co-founder John Collison paid about €20 million for the Abbey Leix estate, in Co Laois.)

As it is written, the address of Lissadell is near-impossible to find unless you know this exact spelling. It doesn’t come up when you simply search for properties listed in Ballsbridge, for example.

The classifications are often a confusing hybrid of English and Irish. Corcoran says that most of these properties with “full” Irish addresses have not been classified as a “teach/árasán cónaithe atháimhe” in the description field. While the Shrewsbury address “Uimhi a Naoi, Bótha Sriúsbaire” is logged in Irish, it is not classified as a “teach/árasán cónaithe atháimhe”.

Galway-city based conveyancying solicitor Mark Killilea has a suggestion for solving this difficulty. Just go to landdirect.ie, find the relevant folio where the property will be listed as registered. “It’s just another hurdle, but not an insurmountable one,” he says.

But should we have to jump through these hurdles at all? Cork-based software engineer Eddie Long believes it shouldn’t be up to the inputter to decide on what way the address is entered. “At present the freeform index allows whatever they like. Instead the inputter should have to choose from a dropdown menu of addresses, like that used to determine Eircode listings.”

Should these listings be in English or Irish? “Irish is an officially appointed language, so it should in both.”

Citizens are entitled just to list the address in Irish. But the process should be transparent. Ba mhaith linn trédhearcacht.

Source link

Continue Reading

Current

Robbie Williams lists sprawling 72-acre country estate for £6.75 million

Voice Of EU

Published

on

Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million.

The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million.

The property is located close to the quaint village of Compton Bassett in Wiltshire about 85 miles from London

Take that! Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million

Take that! Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million

Ready to move on: The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million

Big family: Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one

Ready to move on: The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million. Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one

Robbie said, via the listing agent Knight Frank: ‘Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic, and on rainy days – of which there are many in England – we have played and splashed around the indoor pool, much to our delight.’ 

Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one.

The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills.

Also outside in the grounds is a helicopter hangar, a walled garden with a pavilion, a tennis court, and paddocks for horses. 

Robbie said, via the listing agent: 'On rainy days - of which there are many in England - we have played and splashed around the indoor pool, much to our delight'

Robbie said, via the listing agent: ‘On rainy days – of which there are many in England – we have played and splashed around the indoor pool, much to our delight’

Sprawling: The floorplan shows the layout of the impressive three-storey mansion

Sprawling: The floorplan shows the layout of the impressive three-storey mansion

Serene: The property boasts a walled garden with a pavilion, a tennis court, and paddocks for horses

Serene: The property boasts a walled garden with a pavilion, a tennis court, and paddocks for horses

Chopper-ready: Also outside in the grounds is a helicopter hangar

Chopper-ready: Also outside in the grounds is a helicopter hangar

The mansion itself is spread across 19,913 square feet, boasting seven bedrooms, and eight bathrooms.

There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room.

The gourmet chef’s kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings.

Robbie and American actress Ayda’s quirky tastes are evident throughout – with giant dog sculptures lined around the hardwood floored cooking space. 

Music mogul: Robbie shot to fame as one fifth of 90s boyband Take That [pictured in the early 1990s with Jason Orange, Howard Donald, Gary Barlow and Mark Owen]

At it alone: Robbie has become the only one of the band to carve out a particularly successful solo career, since going on to collaborate with stars such as Nicole Kidman [pictured  in 2001]

Music mogul: Having shot to fame as one fifth of 90s boyband Take That [pictured L in the early 1990s with Jason Orange, Howard Donald, Gary Barlow and Mark Owen] Robbie has become the only one of the band to carve out a particularly successful solo career, since going on to collaborate with stars such as Nicole Kidman [pictured R in 2001] 

Rural retreat: 'Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic,' Robbie said of the estate

Rural retreat: ‘Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic,’ Robbie said of the estate

Sweeping: The property is located close to the quaint village of Compton Bassett in Wiltshire

Sweeping: The property is located close to the quaint village of Compton Bassett in Wiltshire

Quirky: The gourmet chef's kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings

Quirky: The gourmet chef’s kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings

Extra space: There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests

Extra space: There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests

The property features modern classical architecture and several stone fireplaces.

There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests.

The home features a long stony driveway, rolling up to the impressive 1929 home – previously owned by the famous architect Sir Norman Foster.

Other features include stone mullioned windows, a study and a hidden staircase to the floor above. 

Part-timer: Robbie still dips in and out of performing with Take That [pictured in 2018]

Part-timer: Robbie still dips in and out of performing with Take That [pictured in 2018]

Master suite: The mansion itself is spread across 19,913 square feet, boasting seven bedrooms

Master suite: The mansion itself is spread across 19,913 square feet, boasting seven bedrooms

Modern meets regal: The property features modern classical architecture and several stone fireplaces

Modern meets regal: The property features modern classical architecture and several stone fireplaces

Niche: The décor and accents are a clear nod to their eccentric owners

Niche: The décor and accents are a clear nod to their eccentric owners

‘Although our clients are sad to be leaving, they’re certain that the next owners will love it as much as they have,’ the listing agent said. ‘The house has the benefit of being on the edge of the village but also has beautiful gardens, and grounds surrounding it providing complete privacy and protection.’

Having shot to fame as one fifth of 90s boyband Take That, Robbie has become the only one of the band to carve out a particularly successful solo career.

Despite his wild child younger years, he has recently established himself firmly as a family man, marrying Los Angeles native Ayda in 2010. 

Style secrets: Robbie and American actress Ayda's quirky tastes are evident throughout - with giant dog sculptures lined around the hardwood floored home [pictured in 2018]

Style secrets: Robbie and American actress Ayda’s quirky tastes are evident throughout – with giant dog sculptures lined around the hardwood floored home [pictured in 2018]

Decadent: The home features a whopping eight bathrooms, some with freestanding tubs

Decadent: The home features a whopping eight bathrooms, some with freestanding tubs

Quirky: Robbie and American actress Ayda's quirky tastes are evident throughout - with one poster featuring a play on words from his Let Me Entertain You song - 'Let Me Excavate You'

Quirky: Robbie and American actress Ayda’s quirky tastes are evident throughout – with one poster featuring a play on words from his Let Me Entertain You song – ‘Let Me Excavate You’

60s meets modern: There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room

60s meets modern: There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room

Tranquil: The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills

Tranquil: The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills

Robbie quit Take That in 1995 but returned to the band between 2006-2011, on and off.

He still occasionally performs with them; the group continue on as a three-piece, with Gary Barlow, Howard Donald and Mark Owen. Fifth member Jason Orange quit in 2014.

Robbie’s solo career has seen him collaborate with the likes of Nicole Kidman and Kylie Minogue on tracks, and he has released 12 studio albums to date.

He is said to be worth £195 million, as reported by The Sunday Times in May 2021. 

Out in the sticks: The location is 85 miles away from London

Out in the sticks: The location is 85 miles away from London

Source link

Continue Reading

Current

Property investors offended by ‘vulture funds’ label, conference hears

Voice Of EU

Published

on

People in Ireland need to stop calling property investment firms “vulture funds” and development and building rules need to stop changing if the housing crisis is to be solved, property and banking sector representatives have said.

Marie Hunt, executive director of research at real estate firm CBRE, told an Irish Council for Social Housing conference that the “fundamental problem” in the Irish housing market “is a lack of supply”.

She said bureaucracy and regularly changing public policy were also issues, noting the political discussion this week about potentially changing the link between rent and inflation because prices were rising.

Ms Hunt said investors were not going to come into a market where the rules kept changing halfway through the game.

She said that calling investors “vulture funds” was unhelpful and that name calling “in the media” should stop.

“We need that capital and we need that investment.”

She said investors who bought a nursing home or an office block were welcomed but that those who bought housing received very negative publicity “and they don’t need that”.

Take interest elsewhere

Pat O’Sullivan, head of real estate research at AIB, said policy changes were problematic and that the term “vulture fund” was offensive to investors, who could take their interest elsewhere.

He said Ireland isn’t the only economy that requires funding and “we have got to be very careful about the amount of changes we make to policy, how we describe the investment”.

Ms Hunt said that from a developer’s perspective, many housing schemes were not viable due to high construction and “input” costs and “because we have raised the bar so high in terms of the planning regime and design requirements”.

She instanced the judicial review process, which has been used to bring challenges to fast-track strategic planning developments, as another problem. Ms Hunt said “anecdotally” developers were hiring senior counsel and barristers ahead of planners and architects, such was the level of challenges.

The conference continues on Thursday.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!