Ged Nash
Question:125. Deputy Ged Nash asked the Minister for Finance the reason no monies can be drawn down from the Infrastructure, Climate and Nature Fund until 2026; and if he will make a statement on the matter. [51426/23]
View answerThursday, 23 November 2023
Questions (125)
Written answers
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.
The drawdown for the use of the "Climate and Nature" element of the Infrastructure, Climate and Nature Fund has been set to begin from 2026.
The legislation is not likely to be passed until 2024 and there is a need to allow time for the building of sufficient resources in the Fund. It is intended that €2 billion will be paid into the fund each year from 2024 until 2030.
Thus based on that approach €4bn would be lodged to the Fund by the beginning of 2026. This would allow projects up to a value of €900m to be funded in 2026 which is a significant increase in resources.
This fund is 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 and time is required to for relevant Departments to prepare appropriate projects that can be supported by this Fund. It should be noted that this Fund will be complementary to other work by Government in dealing with climate and nature issues, including via funding provided via the NDP and other means.