Dáil Éireann Debate, Tuesday - 10 February 2026
192. Deputy John Paul O'Shea asked the Tánaiste and Minister for Finance for an update on the establishment of the Future Ireland Fund; the intentions of the fund; and if he will make a statement on the matter. [9951/26]
View answer201. Deputy John Paul O'Shea asked the Tánaiste and Minister for Finance for an update on the establishment of the Infrastructure, Climate and Nature Fund; the intentions of the fund; and if he will make a statement on the matter. [9952/26]
View answerI propose to take Questions Nos. 192 and 201 together.
The Future Ireland Fund (FIF) and Infrastructure, Climate and Nature Fund (ICNF) were established in July 2024 following the commencement of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024.
Each of the funds received their first tranches of funding in September 2024, with further transfers having occurred in 2024 and 2025. The FIF and ICNF had received combined transfers of approximately €16.5 billion by year-end 2025, with this rising to approximately €23 billion by year-end 2026.
Each of the funds is currently being invested by the National Treasury Management Agency (NTMA) in their role as controller and manager of the funds. The long-term investment strategies for each fund were published in January 2026.
The Future Ireland Fund will be maintained over the longer term with the return on the Fund used to support government expenditure for future generations. This will help to deal with future recognised expenditure pressures including ageing, climate, digitalisation and other fiscal and economic challenges. It will support in a consistent and sustainable manner, State expenditure from 2041 onwards.
The Infrastructure, Climate and Nature Fund will help to ensure that the State has resources available in a future downturn to support capital expenditure through the business cycle.
€3.15bn of the ICNF is being provided to help achieve carbon reductions and particular environmental and nature objectives as set out in the legislation. An indicative allocation of this funding to departments was provided in the review of the National Development Plan (NDP):
• €2 billion to the Department of Transport (to support low-carbon transportation),
• €650 million to the Department of Housing (to support improvements in water quality), and
• €500 million to the Department of the Climate, Energy and the Environment (to support climate mitigation and renewable energy development).
The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation has primary responsibility for the designation of such projects under the ICNF. €134 million will be drawn down in 2026, with details as to the projects in receipt of funds provided in the Revised Estimates Volume 2026.
