Updates

Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024

  • Legal

Jurisdiction: Republic of Ireland

Commencement: 30th July 2024

Amends: New Legislation

Mini Summary

The Infrastructure, Climate and Nature (ICN) Fund is established, to provide funding for designated environmental projects between 2026 and 2030.

Summary

The Infrastructure, Climate and Nature (ICN) Fund is established, to provide funding for designated environmental projects between 2026 and 2030.

The Future Ireland (FI) Fund is also established to support sustainable State expenditure from 2041 onwards (this fund has no direct relevance to environmental matters). The National Surplus (Exceptional Contingencies) Reserve Fund is dissolved, and its assets transferred to the newly established funds.

The ICN Fund aims to:

  • support State expenditure, in case of economic downturns, from 2026 onwards; and
  • provide funding for designated environmental projects between 2026 and 2030.

Between 2025 and 2030, the Minister must pay €2 billion annually into the ICN fund. An annual payment may be suspended if, in that year, there is a decline in the economic or fiscal condition of the state.

Duties

There are no duties for organisations under this Act, duties are held by Ministers and other public authorities.

 

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