Pa Daly (Kerry, Sinn Fein)
Link to this: Individually | In context

620. To ask the Minister for Public Expenditure and Reform the amount of the ICN fund that will be ringfenced for protecting and restoring nature; and if he will make a statement on the matter. [45086/25]

Jack Chambers (Dublin West, Fianna Fail)
Link to this: Individually | In context

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 through the funding of designated environmental projects. A total of €2 billion will be invested in the Fund each year from 2024 to 2030 building up to an overall fund of €14 billion.

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. 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. 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 €3.15 billion.

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.

As outlined in the Programme for Government 2025, the review of the National Development Plan encompassed all public capital investment, including funding available from the ICN Fund. 

As part of this review, €3.15 billion was allocated from the ICN Fund to support low-carbon transportation, climate mitigation, renewable energy development and improvements in water quality, which will ultimately support improved climate and environmental outcomes.

The NDP Review confirmed the following indicative allocations to Departments: 

• €2 billion for the Department of Transport to support low-carbon transportation;
• €500 million for the Department of Climate, Energy and the Environment to fund projects and programmes that will support climate mitigation and renewable energy development; and
• €650 million for the Department of Housing, Local Government and Heritage for projects and programmes that will support improvements in water quality.