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Climate Action Fund launched as part of the Project Ireland 2040 framework

Tuesday September 18th, 2018

Ireland has launched the Climate Action Fund as part of the overarching infrastructure framework Project Ireland 2040.Government Opportunities

Funding of €500 million through to 2027 will aim to combat fuel poverty, enhance renewable energy, and bolster local infrastructure such as electric vehicle networks, district heating.

With the application deadline of 1 October 2018 looming, applications are welcome from both public and private sector bidders.

The policy is set to contribute towards the Irish Government’s efforts to reduce greenhouses gas emissions in line with the Paris Agreement.

This funding is in addition to the soon to be issued first-ever Green Bond, which will raise capital for further environmental projects in line with the National Development Plan.

The Minister for Communications, Climate Action and Environment, Denis Naughten, commented:

“This fund is one of the most innovative measures that we announced as part of Project Ireland 2040, where we have ring-fenced half a billion euros for projects that will have a practical and profound effect on the future of our nation and our environment.

“The opportunities are endless and I would encourage people to be creative and solution-focused.”

Mr Naughten has also spoken about how a wide variety of suppliers will be required to complete the projects supported by the Climate Action Fund, explaining that services will “range from electrifying our bus fleet to expanding electric vehicles.”  Other projects include the development of district heating and exploration of ways of using food waste as a source of renewable energy. He says that:

“The fund is about a new way of problem-solving in urban and rural communities, and in business and enterprise on climate and our environment.”

Cross-party support across the Irish Parliament has boosted environmental legislation as Ireland comes under pressure from the European Union to step up efforts in the fight against climate change. This was underscored earlier this year when Ireland became the first country to stop investments in fossil fuel companies, with the €8 billion national investment fund expected to divest from public investments in peat, oil, gas, and coal within the next five years.

Lewis McCathie

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