On 10 October 2023, I announced the Government’s intention to establish the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. The Heads of the Bill were published on 12 October and the Bill is currently in the process of being drafted.
Under the draft Heads €2 billion will be invested in the Infrastructure, Climate and Nature Fund each year from 2024 to 2030, building a total contribution to the fund of €14 billion by 2030.
The majority of the fund is aimed at providing counter cyclical support for capital projects in the event of an economic downturn. Capital projects which support a positive outcome for climate and nature would also be eligible for funding should such circumstances arise.
The €3.15bn proposed for climate and nature expenditure represents 22.5 per cent of the overall €14 billion and will be a significant contribution to addressing climate and nature issues.
The €3.15bn resources of the Infrastructure, Climate & Nature Fund are intended to support capital projects when specific objectives have not been met for climate such as reductions in greenhouse gas emissions or in the areas of nature and water quality such as deterioration in areas of special conservation or reductions in biodiversity.
This is a demand led scheme where projects will be proposed by relevant Departments and listed for approval of Government through the work of the Minister for Public Expenditure, National Development Plan Delivery and Reform.
