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Key Climate Legislation will Fund Climate Action

The Minister for Communications, Climate Action and Environment Richard Bruton T.D. will today (Monday the 22nd of June) publish the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2019.

This legislation will establish the government’s €500m 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:
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• to support projects that seek to reduce greenhouse gas emissions
• to support projects that seek to increase the production, or use, of renewable energy
• to support projects that seek to improve energy efficiency
• to support initiatives involving potentially innovative solution
• to support projects and initiatives in regions in the State and within sectors of the economy impacted by the transition to a low carbon economy.

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.