A new Dart carriage unveiled last year in Dublin. The Government's planned new Infrastructure, Climate and Nature Fund will help provide funding for capital projects should there be an economic downturn.that will help to ensure a more secure future for our country: the Future Ireland Fund and the Infrastructure, Climate and Nature Fund, which I announced as part of Budget 2024.
The first of the funds is the Future Ireland Fund and the Government is committing to contribute 0.8 per cent of GDP per year, which is roughly €4.1 billion in 2024, for the next 12 years. This money will be invested on a commercial basis with a view to generating income that can be used to help deal with future expenditure pressures.
Setting aside part of these windfall tax receipts will ensure we can offset some of the real costs we know the State will face in the future due to the changing demographics of our country, the climate transition and digitalisation and as yet unforeseen challenges the State may face. This fund will ensure we can maintain a consistent high level of public capital investment in housing, transport infrastructure, education, healthcare, renewable energy and other major infrastructure projects. This will not only ensure that capital projects are delivered, it will also support employment at a time when our economy will really need it.
The establishment of both of these funds will be a milestone for the State. They will enable future Governments to manage the challenges we know we will face from 2040 onwards. This is the type of long-term planning that responsible governments engage in The establishment of both of these funds will be a milestone for the State. They will enable future Governments to manage the challenges we know we will face from 2040 onwards. This is the type of long-term planning that responsible governments engage in.
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McGrath travels to Brussels today for talks with EU finance ministersThe EU budget, Russian aggression in Ukraine and the future of the capital markets union are all on the agenda
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