Commodity trading expert Pedro Nonay warned pig farmers at Teagasc’s pig conference in Cavan that the switch to renewable energy and the move to cut greenhouse emissions will add immense costs to commodities, including the ingredients used in livestock rations.

Nonay stated that the global cost of reaching net zero by 2050 is estimated to hit $300 trillion(approx. €276 trillion), according to the calculations contained in a recent report by consultancy firm McKinsey.

This will impact farmers dependent on purchased feed, as currently around 30% of the market cost of a tonne of cereals is energy-based when fertiliser and transport costs are accounted for, the conference heard.

“It is not going to be easy, it is not going to be cheap and it is not going to be quick and you, you are going to suffer. You know better than me how important the energy parts of your costs are,” the expert said.