Ivana Bacik (Dublin Bay South, Labour)
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251. To ask the Minister for Finance further to Parliamentary Question No. 137 of 15 October 2024, if he will provide an update on policy options relating to new sources of climate finance; the importance of this issue as it relates to the upcoming negotiations on a New Collective Quantified Goal at COP 29; his view on which option or options are best suited to best deliver climate finance; and if he will make a statement on the matter. [44082/24]

Jack Chambers (Dublin West, Fianna Fail)
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As the Deputy will know, the Government of Ireland has committed publicly to increase the climate finance provided to developing countries, aiming to reach €225 million annually by 2025. A Cross-Departmental Climate Finance Roadmap was published in 2022 setting out pathways as to how this goal could be achieved. Since 2020, Ireland has more than doubled climate finance expenditure with the 2023 figure expected to total more than €156 million, and 2024 expenditure will likely sum to more than €181 million. A finalised figure for 2023 will be made available in the coming weeks following verification of Ireland’s 2023 Official Development Assistance (ODA) contributions by the Organisation for Economic Co-operation and Development’s (OECD) Development Assistance Committee (DAC).

As part of the climate finance policy, Ireland prioritises adaptation finance and reaching the poorest and most vulnerable people, including those living in Least Developed Countries, Small Island Developing States, fragile states and communities, to ensure that they are supported and empowered to meet the challenges posed by climate change. We also champion the need for quality in climate finance delivery – in terms of access, effectiveness, gender-sensitivity, transparency and good governance.

Recognising the devastating impact that climate events can have on a country’s ability to repay debt, Ireland understands that access to climate finance is key. The funding is channelled through bilateral and civil society mechanisms, as well as multilateral funds such as the Green Climate Fund and the Global Environment Facility.

Overall, my Department has a strong and settled position of participating and discussing all manner of climate finance matters, as appropriate, in the relevant international fora – such as the EU, UN and OECD. In this context, Ireland recognises substantial sums of climate finance are needed to meet global climate and development policy objectives and that while public finance is and will remain a key driver, other sources are required, including leveraging substantial private finance resources and widening the contributor base beyond its 30-year-old existing format. In addition, I attended the 12th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action during the annual World Bank/IMF meetings in Washington, DC recently, where the second joint Climate Action Statement was agreed, we revised the Coalition Charter and I participated in a discussion on ‘Designing tools, instruments, and policies to scale up nature finance’.

I understand that Irish officials have been engaged in discussions and technical expert dialogues in advance of COP29 under the New Collective Quantified Goal (NCQG) process and will continue these discussions and negotiations over the coming weeks. The Government looks forward to the COP29 meeting in Baku, Azerbaijan later this month reaching a decision on the NCQG that takes into account the needs and priorities of developing countries, that is open to a wide range of sources and instruments and that has a broad contributor base. Minister Eamon Ryan is attending on behalf of the Government and will report back on the outcome.