Darren O'Rourke (Meath East, Sinn Fein)
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312. To ask the Minister for Public Expenditure and Reform to report on the applications received for the climate, infrastructure and nature fund to date; to provide a breakdown, by Department, of how many applications have been submitted, in tabular form; if any assessment of applications has been reached or conclusions reached; and if he will make a statement on the matter. [44526/24]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024 established the Infrastructure, Climate and Nature Fund (ICN Fund).

The purpose of ICN Fund is to support the economy in times of exceptional need and 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.

Designated environmental projects will be those that contribute, either directly or indirectly, or are likely to contribute to:

• the reduction of greenhouse gas emissions,
• an improvement in water quality,
• an improvement in nature and biodiversity objectives.

Darren O'Rourke (Meath East, Sinn Fein)
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313. To ask the Minister for Public Expenditure and Reform to outline the terms of reference for the infrastructure, climate and nature fund; to outline the process whereby these funds can be applied for; and if he will make a statement on the matter. [44527/24]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024 established the Infrastructure, Climate and Nature Fund (ICN Fund).

The purpose of ICN Fund is to support the economy in times of exceptional need and 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.

Designated environmental projects will be those that contribute, either directly or indirectly, or are likely to contribute to:

• the reduction of greenhouse gas emissions,
• an improvement in water quality,
• an improvement in nature and biodiversity objectives.