Dáil Éireann Debate, Thursday - 11 June 2026
31. Deputy Pa Daly asked the Minister for Climate, Energy and the Environment further to the cap on market revenues and the climate action fund, the reasons the Government has failed to spend this revenue; the way in which this revenue will be spent to reduce emissions and electricity prices; and if he will make a statement on the matter. [44290/26]
View answerThis Government is committed to climate action and has provided record funding for climate related measures and actions.
With respect to the Climate Action Fund, it is not correct to say that the Government has failed to spend this revenue. The total expenditure from the Climate Action Fund to date amounts to €261 million. Last year, the Climate Action Fund’s expenditure exceeded the income to the fund; and included €14m on the Schools Photovoltaic Programme, €53m on retrofitting hospitals and other public buildings, over €16m on peatland rehabilitation and over €13m on community-based climate action projects.
The balance in the CAF at the end of May was €253m, €217m of which has already been allocated to transport and energy projects and programmes.
With respect to the Market Cap Fund, this fund was established to meet EU obligations arising from unexpected benefits to energy producers at the time of the Russian invasion of Ukraine. The fund is to be used to finance measures to mitigate the impact of high electricity prices on electricity consumers.
To date, I have approved the allocation of up to €37m from the Market Cap Fund to the Non-Domestic Micro-generation Grant Scheme to cover anticipated payments by SEAI under this scheme during 2026. Total disbursements to SEAI to the end of April 2026 for this scheme were €14.805m.
The cash balance in the Market Cap Fund at the end of April 2026 was €178.6m. I intend that this remaining balance will be fully deployed on suitable measures to support electricity customers. This is expected to include a continuation of the Non-Domestic Micro-generation Grant Scheme as well as consideration of funding for new measures to be brought forward in a new Energy Affordability Action Plan by the National Energy Affordability Taskforce.
