Dáil Éireann Debate, Thursday - 25 January 2024
187. Deputy Jennifer Whitmore asked the Minister for the Environment, Climate and Communications what communication he has had with the Minister for Finance in relation to the development of the Climate and Nature Fund; whether he is concerned regarding the ability of this fund to finance overseas fossil fuel projects under the current heads of bill; and if he will make a statement on the matter. [3708/24]
View answerThe Infrastructure, Climate and Nature Fund is one of two new funds announced by the Minister for Finance as part of Budget 2024.
The General Scheme for the Future Ireland Fund and Infrastructure Climate and Nature Fund Bill has been published by the Minister for Finance, who is leading on the development of this legislation in consultation with other relevant Ministers. My Department is engaging with the Department of Finance on the preparation of the Bill.
The General Scheme of the Bill sets out that the Infrastructure, Climate and Nature Fund will have the following objectives:
• to support expenditure by the State in times of significant deterioration in the public finances; and
• to support individual projects that will contribute to the achievement of climate and nature goals.
• The Infrastructure, Climate and Nature Fund will provide additional funding of up to €3.15 billion for projects that will assist the State in meeting its climate, biodiversity and water quality obligations in the period from 2026 to 2030. The identification and prioritisation of projects will be subject to criteria to be developed by the Minister for Public Expenditure, NDP Delivery and Reform, as well as approval by the Government.
• The General Scheme of the Bill sets out that the “Investment Policy” and the “Investment Strategy” of the Fund will provide a framework for Environmental, Social and Governance considerations. The provisions of the Fossil Fuel Divestment Act 2018, which applies to the Ireland Strategic Investment Fund (ISIF) will also be replicated for the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.
