Darren O'Rourke (Meath East, Sinn Fein)
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12. To ask the Minister for Finance the status of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024; the reason for restricting access to the climate and nature fund until 2026; the process by which projects may apply for the fund; the expected timeline for decision-making and the intervals at which funds can be applied for or if they will be on a rolling basis; and if he will make a statement on the matter. [15183/24]

Michael McGrath (Cork South Central, Fianna Fail)
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The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 was published on 25 March 2024.

The Infrastructure, Climate and Nature Fund (ICN Fund) is one of the two new funds being established under this Bill. From 2026, it will be possible to draw down from the fund to support State expenditure in certain circumstances. The rationale for allowing access to the ICN Fund only from 2026 is to allow for resources to build up within the ICN Fund. Each year from 2024 to 2030, it is intended that €2 billion will be transferred into the ICN Fund.

In terms of the climate and nature aspect of the ICN Fund, the process outlined in the Bill provides for the designation of projects as “environmental projects”, where a relevant Minister is satisfied that the project contributes directly or indirectly, or is likely to so contribute to:

• A reduction of greenhouse gas emissions in the State;
• The achievement of environmental objectives derived from a number of EU Water Regulations (including those related to the quality of surface water, ground water and marine water);
• The achievement of conservation objectives or the implementation of conservation measures or administrative and contractual measures, established under the Birds and Habitats Directive, or
• The implementation of a plan, programme or strategy, the National Biodiversity Action Plan or guidelines under the Wildlife Act 2000.