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Carbon credit ‘stock exchange’ to create 200 new jobs in city

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Date Published: 24-Jun-2010

BY ENDA CUNNINGHAM

Galway City is set for another major jobs boost in the coming months, with at least 200 highly-skilled positions set to be created in a new ‘stock exchange’ for carbon credits, the Galway City Tribune can reveal.

And the business has the potential to expand dramatically, making Galway a global financial hub for carbon trading.

However, IDA officials – who are understood to have already had preliminary meetings with a number of businessmen behind the plans – are remaining tight-lipped on the matter.

Newly-elected Mayor Michael Crowe said he couldn’t comment on any potential business start-ups in the city, but would always lobby on their behalf if it would lead to job creation here.

Under the Kyoto Protocol, countries and major industries can purchase carbon ‘credits’ to offset their greenhouse gas emissions.

The trading of credits – where companies have a surplus to requirements – has become big business, and is expected to be worth $150 billion per annum by 2012.

The Galway City Tribune understands that the IDA was approached by venture capitalists in recent months with a view to setting up the new business in the city.

An IDA spokesperson refused to comment when contacted by the Galway City Tribune. However, this newspaper understands that the company has decided on Galway as its preferred location, and will set up a ‘stock exchange’ business to buy and sell carbon credits.

As well as traders, actuaries and management, the company would be supported by a large ‘back office’ staff, including IT workers.

Under the Kyoto system, one carbon credit allows a company to emit one tonne of carbon and under a process called ‘cap-and-trade’, a company which has not used all of its credits in any particular year is entitled to sell them.

Companies which register with the carbon ‘stock market’ can trade through a broker who negotiates a price between both parties.

For more on this story, see the Galway City Tribune

Galway in Days Gone By

The way we were – Protecting archives of our past

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A photo of Galway city centre from the county council's archives

People’s living conditions less than 100 years ago were frightening. We have come a long way. We talk about water charges today, but back then the local District Councils were erecting pumps for local communities and the lovely town of Mountbellew, according to Council minutes, had open sewers,” says Galway County Council archivist Patria McWalter.

Patria believes we “need to take pride in our history, and we should take the same pride in our historical records as we do in our built heritage”. When you see the wealth of material in her care, this belief makes sense.

She is in charge of caring for the rich collection of administrative records owned by Galway County Council and says “these records are as much part of our history as the Rock of Cashel is. They document our lives and our ancestors’ lives. And nobody can plan for the future unless you learn from the past, what worked and what didn’t”.

Archivists and librarians are often unfairly regarded as being dry, academic types, but that’s certainly not true of Patria. Her enthusiasm is infectious as she turns the pages of several minute books from Galway’s Rural District Councils, all of them at least 100 years old.

Part of her role involved cataloguing all the records of the Councils – Ballinasloe, Clifden, Galway, Gort, Loughrea, Mountbellew, Portumna and Tuam. These records mostly consisted of minutes of various meetings.

When she was cataloguing them she realised their worth to local historians and researchers, so she decided to compile a guide to their content. The result is For the Record: The Archives of Galway’s Rural District Councils, which will be a valuable asset to anybody with an interest in history.

Many representatives on these Councils were local personalities and several were arrested during the political upheaval of the era, she explains.

And, ushering in a new era in history, women were allowed to sit on these Rural District Councils – at the time they were not allowed to sit on County Councils.

All of this information is included in Patria’s introductory essay to the attractively produced A4 size guide, which gives a glimpse into how these Rural Councils operated and the way political thinking changed in Ireland during a short 26-year period. In the early 1900s, these Councils supported Home Rule, but by 1920, they were calling for full independence and refusing to recognise the British administration.

“I love the tone,” says Patria of the minutes from meetings. “The language was very emotive.”

That was certainly true of the Gort Rural District Council. At a meeting in 1907, following riots in Dublin at the premiere of JM Synge’s play, The Playboy of the Western World the councillors’ response was vehement. They recorded their decision to “protest most emphatically against the libellous comedy, The Playboy of the Western World, that was belched forth during the past week in the Abbey Theatre, Dublin, under the fostering care of Lady Gregory and Mr Yeats. We congratulate the good people of Dublin in howling down the gross buffoonery and immoral suggestions that are scattered throughout this scandalous performance.

 

For more from the archives see this week’s Tribunes here

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Early tries scupper Wegians in Bateman Cup

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Date Published: 24-Jan-2013

WOMAN TOLD TO LEAVE GALWAY OR FACE JAIL

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Killimor wary of favourites tag for semi-final

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Date Published: 30-Jan-2013

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