Minister Bruton Publishes Legislation to Establish Climate Action Fund
From Department of the Environment, Climate and Communications
Published on
Last updated on
From Department of the Environment, Climate and Communications
Published on
Last updated on
Key Climate Legislation will Fund Climate Action
The Minister for Communications, Climate Action and Environment Richard Bruton TD will today (Monday 22 of June) publish the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2019.
This legislation will establish the government’s €500 million Climate Action Fund, on a statutory basis and repurpose surplus funds from the NORA levy, which is a levy on the use of fossil fuels, for use by the fund. It will ensure that the Fund can be used for measures to support climate action and just transition. The Climate Action Fund is one of four Project Ireland 2040 investment funds.
Minister Bruton said,
“The aim of the Climate Action Fund is to kick start innovative or pioneering projects in the enormous transition which we have to make. That transition presents opportunities to be seized as well as patterns to be changed. This demands that we be both agile and fair as we manage the challenges.
Work is already underway on a number of projects, in areas such as district heating and an electric vehicle charging network, which secured funding under the first round of the scheme.
This legislation will ensure we can repurpose the surplus from the NORA levy, which is a levy on the fossil fuel industry and use it to fund climate action and measures to support those who are most affected by the transition.”
Under the new law, the Climate Action Fund will be used for the following purposes:
The Minister said his Department was working hard to develop a second call under the Climate Action Fund, and he hoped that this could be published shortly.
Up to €77 million is being allocated for funding under the first tranche of the Climate Action Fund, which will leverage €300 million in further investment; existing projects include: