Dáil Éireann Debate, Thursday - 16 June 2022
57. Deputy Marc Ó Cathasaigh asked the Minister for Finance if he will provide an update in relation to action 73a(i) of the Climate Action Plan (details supplied); and if he will make a statement on the matter. [31328/22]
Amharc ar fhreagraI am informed that NewERA continues to work with the commercial State companies, the Ireland Strategic Investment Fund (ISIF), the Strategic Banking Corporation of Ireland (SBCI) and other public bodies to mobilise private investment towards assisting in meeting our climate objectives.
To give some examples, Bord na Móna has named eight Irish companies chosen for its climate action and sustainability accelerator programme, Accelerate Green. Early stage investments are also receiving support from HBAN (Halo Business Angel Network), a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, which launched a new Impact Syndicate to invest in ESG start-ups on the island of Ireland over the next three years, in February this year. HBAN’s Impact Syndicate will collectively invest €10m in start-ups focusing on sectors such as climate, energy, the blue economy and cleantech.
To meet Climate Action Plan energy efficiency targets, the Department of the Environment, Climate and Communications (DECC), with assistance from NewERA, is working with SBCI to develop a loan guarantee scheme of at least €500m to provide a competitive funding offer to help increase the volume and depth of retrofit activity – the Residential Retrofit Loan Guarantee Scheme.
Separately, the SBCI published an Open Call earlier this year to identify lenders to participate in the €150m SME Energy Efficiency Loan Scheme.
The St James’s Hospital €15m retrofit, financed by the Ireland Energy Efficiency Fund, in which the Minister for the Environment, Climate and Communications is an investor, was completed in March. This will reportedly result in energy and operational savings of at least €26m over the next 20 years and a reduction of almost 6,000 tonnes of CO2 every year.
I would also note that the ISIF committed €20m to a major new fund that will improve the energy efficiency of buildings and homes in February this year. Other cornerstone investors in the Solas Sustainable Energy Fund (SSEF) include the European Investment Bank (EIB), MEAG, the asset manager of the Munich Re group and IDEAL insurance. ISIF is also an investor in the €90m Irish Innovation Seed Fund Programme, a new fund for Irish start-ups targeted at a number of areas including climate change.
