Minister for the Environment Eamon Ryan has defended the Government's climate change pledges at COP27.
The initiative is aimed at scaling up finance needed to protect against climate risks in poor countries.
However, Head of Policy at Trócaire Siobhan Curran was quoted as saying that this €10 million comes from existing climate finance funding, and that loss and damage funding should be additional.
Speaking as he arrived for this morning's Cabinet meeting, Mr Ryan said he "didn't know about that definition of old money or new money, but it is important that we did provide the money and that we were there offering support."
He added: "There is new money. We have to deliver on the commitment we made last year which is up to €225 million a year for climate finance, and that's really important first of all that we help the developing world to switch to renewables, protect them from the climate change that is happening and also to provide for loss and damage.
"The details of that are going to be discussed at COP, the Taoiseach was obviously involved in those negotiations yesterday but the real work will be done in the next ten days."
Mr Ryan said that Ireland would be working collectively "within the European Union negotiating position".
Meanwhile, Minister for Foreign Affairs Simon Coveney met the President, the Foreign Minister, and the Climate Minister of Somalia at COP27 this morning.
He said he had "honest discussions" around the extent of the climate challenge and the responsibility countries and continents like Europe reduce emissions to limit climate change.
Somalia, he said, shows how dramatic climate change can, be on vulnerable populations, with children there starving to death in the fifth drought season in a row.
Mr Coveney said cases like of Somalia heighten the moral obligation to respond to the climate challenge.
Later, he met for an hour with Sameh Shoukry, Egypt's Foreign Minister and President of COP27 to discuss Egypt’s ambitions for COPP2.
He said a key focus is now around what will be decided in relation to "loss and damage".
This is a new area of funding or compensation being sought in recognition of the impact of increasingly severe extreme weather events in many areas of the world.
Mr Coveney said Ireland is working with its EU partners to try to respond to legitimate asks from other countries to recognise the need for new funding and finance.
He said he is hopeful of some agreement on that by the end of next week.
He reiterated that Ireland is going to increase its contribution to International Climate Finance by 140% over the next three years, bringing it up to €225m per year up from €120m now.
Mr Coveney also said Ireland has given an additional €30m to the Horn of Africa this year to keep children alive because of the drought there.
In addition, Ireland has also committed another €50m to UNICEF and US Aid for the next three years also for child nutrition in the Horn of Africa.
