The Climate Action Fund was established on a statutory basis with effect from 1 August 2020. A key objective of the Fund is to provide support for projects and initiatives that contribute to the achievement of Ireland’s climate and energy targets, and for projects and initiatives in regions of the State, and within sectors of the economy, impacted by the transition to a low carbon economy.
The Climate Action Fund is resourced from proceeds from the levy paid to the National Oil Reserves Agency (NORA) in respect of relevant disposals of petroleum products, after the funding requirements of NORA have been met. In the region of €500 million is expected to accrue to the Climate Action Fund to 2027. This will ensure that substantial funding is available to progress a series of funding calls.
My Department is currently finalising proposals to provide a second round of support from the Climate Action Fund which will be launched shortly. Further information, including details on the type of projects that may be supported, who may apply for this support, and the application process, will be published on my Department’s website when this call is launched.