Seán Canney (Galway East, Independent) | Oireachtas source

I thank the Deputy for the question. The climate action fund is one of four funds established under the National Development Plan 2018-2027 as part of Project Ireland 2040. The fund supports initiatives that contribute to the achievement of Ireland's climate and energy targets in a cost-effective manner. It also offers the potential for innovative interventions which, in the absence of support from the fund, would not otherwise be developed.

Following the first call for applications, the Department announced the seven successful projects which will receive up to €77 million in support. Funding was allocated following a competitive process with public and private sector organisations eligible to apply. Many of these projects will be developed over a number of years and therefore I estimate that the expenditure from the fund in 2020 will be approximately €10 million. As funding for the climate action fund is financed from non-Exchequer resources, no specific allocation provided in budget 2020.

The national development plan provided an allocation of €500 million for the fund from 2018 to 2027. This funding will be provided from non-Exchequer resources, with the majority coming from excess levy income collected by the National Oil Reserves Agency, NORA. The legislation to enable these funds to be repurposed is expected to be published shortly for consideration by the Oireachtas.

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