Dáil Éireann Debate, Tuesday - 21 May 2024
243. Deputy Marian Harkin asked the Minister for Public Expenditure, National Development Plan Delivery and Reform if there is an indicative list of existing and potential projects that are being considered under the climate and nature fund; and if he will make a statement on the matter. [22482/24]
View answerThe Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024 proposes to establish the Infrastructure, Climate and Nature Fund. This legislation is the responsibility of my colleague, the Minister for Finance. I understand that the Bill passed all stages in Dáil Éireann on 15 May.
It is intended that the ICN Fund will support the economy in times of exceptional need and will be available to support Ireland’s transition to a low carbon economy. A total of €2bn will be invested in the Fund each year from 2024 to 2030 building up to an overall fund of €14bn.
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. Up to 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. Up to 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 €3.15bn.
The legislation states that the Minister for Public Expenditure, NDP Delivery and Reform will be required to provide a report to Government by 31 July each year from 2026 to 2030 specifying the total State expenditure on designated environment projects that is estimated to be incurred in that year, and the amount the Minister proposes to be paid from the Fund to the Exchequer up to 22.5% of the net asset value of the Fund in the previous year (to a maximum of €3.15bn).
The intention is that, once the ICN Fund has been established, allocations from the Fund will be carried out in line with the standard Estimates process. My officials will engage with Departments in this regard.
