Mr. Mark Griffin:

The carbon revenue levy account is used for the acquisition of carbon credits where such acquisition is needed to comply with the State’s EU emissions reduction targets for 2020. That is the carbon fund.

The climate action fund is a statutory fund that was set up under the National Oil Reserves Agency (Amendment) and Provision of Treasury Services Act 2020. There was a commitment in the programme for Government for €500 million to be committed over a ten-year period to fund projects primarily in the renewable energy and energy-efficiency area. It is funded through the NORA levy.

The energy-efficiency national fund, EENF, was set up originally in 2014 by way of regulation. I will get Mr. Deegan to explain this a bit better if needed. We have an energy-efficiency obligation scheme which is in place for certain energy companies that have to provide a level of energy retrofit to meet their obligations under the scheme. If they do not comply with that by the delivery of the works, a compensatory financial amount can be paid and allocated to the fund. As set out by the Comptroller and Attorney General in the appropriation account and in his opening statement, in 2021 we transferred €160 million of an underspend from the Vote to the EENF to be used for two things.