Seán Canney (Galway East, Independent) | Oireachtas source

NORA is currently funded by a levy at a rate of 2c per litre. This levy is charged on the sale of most petroleum products at the point of sale and paid for by consumers. It is collected by the oil companies each month and paid to NORA to fund its activities, including operating expenses incurred in the purchase of petroleum products and securing storage in Ireland and abroad. The NORA levy was increased in 2009 from 1c to 2c to reduce the €440 million debt NORA had accrued for the purchase of oil reserves in line with Government policy. On 29 May 2018, the Government approved the development of a climate action fund to fulfil the commitment set out in the national development plan. This Government decision approved the use of excess NORA levy moneys to provide financing to the fund.

A further Government decision, made on 27 November 2018, approved the general scheme of the National Oil Reserve Agency amendment Bill and provision of a central treasury services Bill, which provide for the use of surplus NORA levy funds for the climate action fund, subject to refinement following further discussions with the Office of the Attorney General. This legislation is being developed to amend the National Oil Reserve Agency Act 2007 to provide for the expansion of the use of levy funds collected to fund both agency expenses and the climate action fund. This legislation will be published for consideration.

Turning to fuel poverty, some €34 million has been allocated in that area this year and we have also doubled the allocation for the warmer homes scheme for 2020.

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