An allocation of €524 million is to be directed to climate and biodiversity-led projects as part of a €1 billion National Recovery and Resilience Plan.
This draft plan aims to support economic and social recovery, and address green and digital issues, as we emerge from the Covid-19 pandemic.
The plan will now undergo a formal assessment by the European Commission, a process expected to take two months, before being submitted to the Council of the European Union for approval.
Climate and biodiversity focus
- A loan-guarantee system that will allow for the low-cost retrofitting of homes;
- Investment in Cork commuter rail, providing significant capacity increases on the Cork Area Commuter Rail network as well as investment to allow for the future electrification of the service;
- Provision of supports for Irish SMEs and exporters to address their emissions, and by investing in carbon measurement and abatement technologies for manufacturing companies;
- A €20m River Basin Management Plan to upgrade a minimum of 10 waste-water treatment plants not currently scheduled for upgrade;
- A Public Sector Retrofit Pathfinder Project to undertake the deep retrofit of public-office accommodation.
Return to work
The plan also has a strong focus on return to work and training with €181 million investment to address the challenges of the future with particular focus on the green economy.
The SOLAS Green Skills Action programme will provide training to address climate and low-carbon economy issues, while a work-placement programme and the expansion of technological universities will develop expertise and provide opportunities in Ireland’s future green economy.
The climate and biodiversity aspects of the plan have been welcomed by the Green Party.
Ibec
Meanwhile, Ibec, the group that represents Irish business, has said that the plan provides certainty for business as the economy gradually begins to transition from Covid-19 restrictions over the coming months.
Ibec added that it is important that funding is deployed effectively to address pre-existing economic and social challenges.
This includes securing further innovation, deployment and adoption of the digitalisation opportunities presented by the emerging post-Covid landscape.
Ibec CEO Danny McCoy said: “Despite the positive progress made in terms of the easing of restrictions in recent weeks, many businesses will struggle to return to pre-Covid levels of activity for some time.
“Financial support schemes have represented a crucial lifeline over the course of the pandemic and will continue to do so over the coming months.
“It is positive that Government has committed to a tapering off of the schemes rather than an abrupt cliff-edge termination.
“Focus must now turn to ensuring the activation of the labour market and safely returning workers to the workplace as swiftly as possible, including those within the experience economy.”