Minister for Communications, Climate Action and the Environment Richard Bruton has published legislation to put the €500m multi-year climate action fund on a statutory footing.
The aim of the fund is to help to kickstart climate-related projects that can reduce Ireland's greenhouse gas emissions and assist in the transition to a low-carbon economy.
The fund was first announced as part of the Government's 'Project Ireland 2040' National Development Plan back in 2018, and the first round of funding under the climate action fund was announced in November 2018.
The principal source of funding for the climate action fund is through the repurposing of part of the existing petroleum products levy collected by the National Oil Reserves Agency or NORA.
As a result the fund is able to support projects without any additional cost to the Exchequer.
The new legislation also allows for the climate fund to be used to support projects related to a 'Just Transition' in order to help support communities - such as Bord Na Móna workers in the midlands - who are disadvantaged by the switch away from the exploitation of fossil fuel.