Darren O'Rourke (Meath East, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

75. To ask the Minister for Communications, Climate Action and Environment the amount in the Climate Action Fund; if the recently announced reduction in the National Oil Reserves Agency levy will reduce projected revenues raised for the Fund; if so, the extent to which; and if he will make a statement on the matter. [61421/21]

Eamon Ryan (Dublin Bay South, Green Party)
Link to this: Individually | In context | Oireachtas source

The recently published Climate Action Plan 2021 commits to incrementally raising the proportion of biofuels blended into petrol and diesel between now and 2030. I recently announced that the next increase in the rate of supply of biofuels blended in diesel and petrol will take effect from 1 January 2022.

Interim measures are to be put in place to help with any fuel price impact caused by this increase, and having regard to the impacts of the recent global increases in energy and fuel prices. These measures will involve a combination of a 1 cent per litre reduction in the National Oil Reserves Agency’s (NORA) levy and a 1 cent per litre reduction in excise.

The change to the NORA levy is expected to result in reduced revenues into the Climate Action Fund in the range of €30 to €35 million in 2022. The current balance in the Climate Action Fund is just over €49 million.