Climate and Nature Fund is a landmark development

Not enough yet, but a substantial downpayment on fair and fast transition to zero pollution

Reacting to the news that Budget 2024 will include the establishment of a Climate and Nature Fund worth over €3 billion, Oisín Coghlan, chief executive of Friends of the Earth said:

"The establishment of an Infrastructure, Climate and Nature Fund is a landmark development that can help underpin climate action and nature restoration for years to come. 

"It means that whoever is in Government after the next election will have funds to invest in getting off fossil fuels and reducing pollution, no matter what happens to tax receipts. It’s not everything we need to fund a fair and fast transition but it is a substantial downpayment.

"It’s equally significant that whoever is in Government can only spend this money on climate and nature, increasing the chances of the policy consistency that households and businesses need to drive the transition to zero pollution. 

"Finally, it’s very welcome that this part of the rainy day fund can be drawn down from 2026 given that when it comes to climate breakdown and biodiversity loss, the rainy day is already here."