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:

Legislation on the ICNF has trigger points on the climate and nature aspect and also a trigger point relating to the infrastructure and countercyclical part. That will be set out in legislation and also in the context of the future Ireland fund. If the Government decided to do that, it would have to change the legislation. That is the hurdle. If that is its decision, it can make that change. However, as Mr. McCarthy outlined, there is the reputational aspect,. Internationally, people are looking at how we are constructing this. We are making a commitment to do this and outlining our framework. If we upend that, there will be a reputational aspect. However, the legislation can be changed. Once the legislation as proposed gets through the House, that can then be changed.