Legislation setting up €500m climate action fund to be published

Fund will use levy on oil companies to invest in green projects over the next decade

The National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2019 is being published by Minister for Climate Action Richard Bruton, who said the State had an “enormous transition” to make

The National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2019 is being published by Minister for Climate Action Richard Bruton, who said the State had an “enormous transition” to make

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The Government will publish legislation on Monday to establish a €500 million climate action fund, using the proceeds of an existing levy paid by oil companies for climate action projects.

The legislation, which will be brought to the Dáil later this year if a government is formed this week, would establish a fund to invest in projects that would help decarbonise the economy over the next decade.

A number of projects have already been funded on an interim basis, including €20 million to develop the ESB charging network for electric cars.

The legislation, the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2019, is being published by Minister for Climate Action Richard Bruton, who said the State had an “enormous transition” 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.”

The fund would be authorised to make investments in projects that seek to reduce greenhouse gas emissions; increase the production or use of renewable energy; improve energy efficiency; and support projects and initiatives in regions and sectors of the economy impacted by the transition to a low-carbon economy.