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
Mr. Oliver Gilvarry:
On the ICNF, the aim of €14 billion in contributions is roughly what the NDP provides for, as 5% of GNI*. The annual spend on capital is roughly €12 billion to €14 billion, so we are aiming for that. The intention is to build that up to 2030. Subject to correction from my colleagues, we are not intending to put additional money in there in a one-off basis. The plan is that in 2030 there will be a review and the government of the day can decide whether to continue to contribute €2 billion, or whatever amount, into the ICNF going forward. The whole aim is to bring ourselves up to €14 billion by 2030. If we are unlikely to meet our targets in relation to climate, nature and water quality, there could be a draw-down on that from 2026 to 2030. When we were looking at this, we wanted to ensure that we had learned the lessons of the past, or that is the intention of it. From what we have seen in capital expenditure over the years and as I pointed out earlier, the projects that are cut are usually the projects on which the shovel has not been put into the ground or have only started off. We are also looking forward so that at the end of the day, if we fail to meet our targets there will be problems for the State not only in potential fines, but also in respect of the impact on our biodiversity and water.