Oireachtas Joint and Select Committees

Wednesday, 22 November 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have two final questions on the ICNF. Each year, €2 billion is being invested, and the total contributions will be no more than €14 billion. The general scheme allows the Government to increase those contributions following a resolution passed by the Dáil, but they can never go above €14 billion. The Government is not going to meet its climate targets, so the reality is that money is going to be drawn down from the climate fund in 2025, I assume, which is allowed for under the legislation. In my view, we will not have situation where there will ever be €14 billion in the fund. If the Government brings a resolution, let us say in a bumper corporation tax year, to put more into the climate fund, can we put an extra €2 billion in it if €14 billion of contributions have already been paid into it, even if some of them have been withdrawn at that stage?

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