It is crunch time here in Copenhagen. During the next 72 hours, the people gathered at the United Nations climate change conference have the future of this planet in their hands.

Representatives of 190 countries are here to try to seal a deal on climate change. One-hundred-and-10 Government heads, including Taoiseach Brian Cowen, will attend the conference later this week, making it one of the largest gatherings of world leaders ever to have taken place.

The success -- or failure -- of this conference will have consequences for generations to come. In my opinion, failure cannot be an option.

Climate change is not some far-away problem. It will hit our homes and lives in Ireland in a big way if the world fails to act.

The recent floods that devastated the homes of so many people across the country show us what is potentially in store for Ireland. And in what some might see as a bitter irony, we will also see water shortages in other parts of the State.

So it is in our own interest that we get a deal in Copenhagen that will lead to real cuts in emissions globally.

The Government believes a new deal on climate change is vitally important, and we have worked hard to play our part in that. Last Friday we pledged €100m in aid as part of a wider European financial package to help developing countries adapt to climate change in the next three years.

We believe poorer countries need financial assistance to help them tackle climate change. After all, these countries did least to cause the problem and stand to suffer most from its impacts.

We also believe that developed countries -- such as the US, Canada and EU countries, including Ireland -- must pledge to make significant cuts in emissions.

There is no doubt that those cuts for Ireland will be onerous but we should not see them as a cost. We should see them as an opportunity.

Every euro we spend on petrol, oil, gas or coal means money leaving this island, because we import the vast bulk of our fossil fuels.

So if we reduce energy consumption or replace it with renewable energy produced at home, we will make Ireland more competitive and keep more cash in the economy.

In last week's Budget, we introduced a carbon tax with this in mind.

The aim of the levy is similar to that of the plastic bag tax. We want to encourage people to use less fossil fuels. We are also going to use that money to invest €130m in insulating thousands of homes across the country. The money is also allowing us to reduce taxes in other areas, including VAT and PRSI for employers who take people off the dole.

Earlier this month the Action Group on Green Enterprise reported that 80,000 additional jobs could be created in Ireland in the Green Economy, accounting for up to 4pc of the total workforce by 2020.

If the world is to tackle climate change, it will mean changing the way we do things. That means new types of products and new types of services.

For Ireland, with our educated and skilled workforce, this is an enormous economic opportunity for us, and that is what the Action Group's report is about.

- John Gormley