In Budget 2020, the Minister for Finance announced that the projected revenue raised by a €6 increase of the carbon tax in 2020 will be ring-fenced to protect those most exposed to higher fuel and energy costs, to support a just transition for displaced workers and to invest in new climate action. This paper details the allocation of these funds to specific spending programmes, as announced on Budget Day. It also details how the Department of Public Expenditure and Reform will ensure that funds allocated via the carbon tax increase are spent by Departments on these specific programmes.
The paper also details new ex-ante performance metrics that have been included in the Revised Estimates Volume 2020 for those programmes receiving additional funds via the carbon tax.
The full paper can be found here.