Budget 2024

Budget 2024 announced the establishment of a new Infrastructure, Climate, and Nature Fund, which will grow by €2 billion for seven consecutive years, reaching €14 billion. The purpose of this fund is to ensure there is no reduction in capital investment if the economy goes into a downturn. It will be run on a more short-term basis than the Future Ireland Fund. Up to 22.5% of the fund can be used for climate and nature-related capital projects in any year from 2026 up to a cumulative maximum of €3.15 billion.

The fund can also be tapped for general investment in infrastructure, which will take precedence during a downturn. 25% of the fund can be used in a year when there is a significant deterioration in the public finances. The fund will be managed by the National Treasury Management Agency.