Written answers
Tuesday, 21 May 2024
Department of Public Expenditure and Reform
Public Expenditure Policy
Marian Harkin (Sligo-Leitrim, Independent)
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243. To ask the Minister for Public Expenditure and Reform if there is an indicative list of existing and potential projects that are being considered under the climate and nature fund; and if he will make a statement on the matter. [22482/24]
Paschal Donohoe (Dublin Central, Fine Gael)
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The Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 proposes to establish the Infrastructure, Climate and Nature Fund. This legislation is the responsibility of my colleague, the Minister for Finance. I understand that the Bill passed all stages in Dáil Éireann on 15 May.
It is intended that the ICN Fund will support the economy in times of exceptional need and will be available to support Ireland’s transition to a low carbon economy. A total of €2bn will be invested in the Fund each year from 2024 to 2030 building up to an overall fund of €14bn.
The Fund will support expenditure by the State:
- In any year from 2026, where there has been, or is likely to be in the subsequent year, a significant deterioration in the economic or fiscal position of the State. Up to 25% of the ICN Fund can be used in the given year for this purpose; and
- In the years 2026 to 2030, on designated environmental projects to address climate change issues and nature and water quality degradation. Up to 22.5% of the fund may be drawn down to support designated environmental projects in any given year from 2026 to 2030, up to a cumulative maximum of €3.15bn.
The intention is that, once the ICN Fund has been established, allocations from the Fund will be carried out in line with the standard Estimates process. My officials will engage with Departments in this regard.
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