The restoration and rehabilitation of wetlands to change land use from peat extraction to carbon sequestration has been earmarked for €108m from the EU’s Recovery and Resilience Facility (RRF).

Ireland is to receive €989m from the RRF, which will provide €800bn to support investments and reforms across the EU.

Ireland's plan devotes 42% of the total allocation to measures that support climate objectives.

This includes measures supporting energy efficiency, sustainable mobility, biodiversity and ecosystems.

Instalments

It’s the largest stimulus package ever financed by the EU, aimed at facilitating countries to emerge stronger from the COVID-19 pandemic.

Ireland, being the only EU country whose economy grew last year, has been awarded a very small proportion of the overall fund.

The money is set to be paid out in tranches as targets are achieved. The first portion of €400m will be paid out by June 2022, followed by two lump sums of €200m each.

The balance will come in late 2024 into 2025, with the last payment due by the end of 2026.