Bord Bia and Teagasc will both see their funding allocation increase for next year, following the announcement of Budget 2024 yesterday (Tuesday, October 10).
Minister of State Martin Heydon, who has responsibility for new market development, farm safety, and research and development, confirmed that both agencies would see increases in funding compared to their allocation in last year’s budget.
Teagasc will receive an allocation of €168 million for 2024, an increase of €10 million compared to the €158 million announced last year. Bord Bia, meanwhile, will see an increase in its allocation of €2 million compared to Budget 2023, bringing its funding to €57 million.
Commenting on Teagasc’s funding, Minister Heydon said it was necessary to help farmers meet climate and environmental targets.
“Farmers cannot deliver on environmental sustainability unless they are economically sustainable and I firmly believe that the answers to the challenges faced by agriculture around climate and environmental issues lie in science and innovation,” he said.
Separate from Teagasc’s funding, an additional €2 million funding has been secured for the Department of Agriculture, Food and the Marine’s research activities, bringing the department’s research budget to €22.45 million.
“This will be used to drive greater innovation in our agriculture, food, forestry, and bio-economy sectors as we position Irish agriculture as a leader in sustainable food production,” Minister Heydon said.
The minister pointed to “significant breakthroughs” achieved through department-funded research projects, including multi-species swards and the selection of low-emitting livestock.
“Budget 2024 will allow us to remain on this momentum, ensuring we have resources for strong funding calls, to build on our existing partnerships with countries such as New Zealand, and to not only address challenges we face here in Ireland but also lead global efforts to develop sustainable livestock systems,” he said.
Commenting on Bord Bia’s additional funding, Minister Heydon said: “Reducing the emissions profile of our food production and ensuring we are a leader in sustainable food systems is central to everything we want to achieve under Food Vision 2030, and will be the driver on increasing the value of our agri-food exports.”
“In the year ahead we will continue to focus on progressing market access files in priority markets in addition to growing the value of existing markets.”
The minister also confirmed that a dedicated fund of €2.5 million has been secured to build on efforts to improve farmer safety, health and well-being.
The fund will be used to extend the range of initiatives currently undertaken to improve farm safety and wellness among the farming community, according to Minister Heydon.
Furthermore, Minister for Finance Michael McGrath confirmed yesterday that the accelerated capital allowances for farm safety equipment would be extended.
“I welcome the extension of the accelerated capital allowances for the wear and tear of farm safety equipment,” he said.
The wear and tear allowances for machinery or plant are generally given over an eight-year period at an annual rate of 12.5% of the capital expenditure incurred.
However, the accelerated capital allowances for farm safety equipment provides for capital allowances of 50% per year to be claimed over an accelerated two-year period, when a person holds a qualifying certificate in respect of the eligible equipment.