The government is to match donations made to RTÉ Does Comic Relief up to the value of €3m.
In a statement, a government spokesperson said the move was "in recognition of the solidarity and support shown across our society through these past difficult months".
The spokesperson said the funding was part of the Government's commitment to support the community and voluntary, charity and social enterprise sector, which has been "pivotal in supporting the state’s response to the virus".
The spokesperson added that the funding is complementary to a €40m Covid-19 support package for the sector.
The event, which will be hosted by entertainers Deirdre O'Kane, Nicky Byrne, Baz Ashmawy, Jennifer Zamparelli, and Eoghan McDermott, will kick-off on RTÉ One at 8pm this evening.
The show will be packed full of comedy sketches and collaborations, live studio performances, dance and sport challenges as well as other events.
RTÉ and Comic Relief’s charity partner for the event is The Community Foundation For Ireland who will distribute the funds raised.
The night will see performances from the likes of comedian Dara O'Briain, musician Hozier, actors Amy Huberman and Chris O'Dowd, Normal People's Paul Mescal and Daisy Edgar Jones, actor Andrew Scott, Christy Moore and many more.
Kick-off times around the world below: