The €3.15bn climate and nature fund established by Government in the last budget is to form a key element of State’s plans to back the biomethane industry with capital funding.Minister for the Environment Eamon Ryan has said that this multi-year fund will kick in after the €40m announced for developing the biomethane sector with the publication of the National Biomethane Strategy is depleted. This €40m must be spent by 2026, with the climate and nature fund to run out to 2030.
The €3.15bn climate and nature fund established by Government in the last budget is to form a key element of State’s plans to back the biomethane industry with capital funding.
Minister for the Environment Eamon Ryan has said that this multi-year fund will kick in after the €40m announced for developing the biomethane sector with the publication of the National Biomethane Strategy is depleted. This €40m must be spent by 2026, with the climate and nature fund to run out to 2030.
“We are giving a clear system of grant-based support over the next six years through the REPowerEU funding, but then switching to the infrastructure, climate and nature fund, where we are diverting some of the corporation tax surplus funds into that fund,” he stated to Renewable Gas Forum Ireland’s conference on Wednesday.
“Of that fund, we expect €14bn in it to the end of the decade and €3.15bn has been set aside for climate and nature.”
This source of medium-term capital funding will give the sector the assurances it needs to begin rolling out funding-heavy development projects, Minister Ryan commented.
The climate and nature fund has also been earmarked for spending in agriculture in the areas of water quality, emissions reductions and for funding measures under the EU Nature Restoration Law.
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