Government plans to inject up to €30bn extra into Ireland's infrastructure
Fianna Fáil Minister for Public Expenditure, appearing on RTÉ's This Week radio programme today, said that the plan is to be published on Tuesday, and that the coalition party leader met last night.
'This really gives an opportunity for transformational investment within the Irish economy.
'Over the next five to 10 years we'll be providing up to €30bn in additional capital expenditure… that's for the National Development Plan, the roads, the schools, the health infrastructure, and the homes that are critical to ensuring Ireland's prosperity and growth over the medium term,' Chambers said.
He said that the plan will also present a long term commitment to €200bn in capital investment, which he said will help to 'bridge the infrastructure deficit' we have in the country.
Advertisement
He was questioned on where an additional €10bn has come from, as before today it was expected that the figure would be an additional €20bn, rather than the thirty that has been announced.
Chambers said that of the additional €30bn, ten is being set aside for 'specific strategic investment', and that the money will be 'ring fenced for our grid, our water infrastructure and also the necessity to provide that medium to long term funding for the metro project, as an example.'
He said that while the Government was making these plans it didn't want to see the likes of public transport and road infrastructure competing for funding.
Chambers said that the purpose of the plan being announced this week is to provide 'funding certainty' which has been an issue 'in the last number of years'.
Chambers said that the Government is not planning to publish its new housing plan until Autumn time, as part of the National Development plan.
Responding to Mary Hanafin's comments about how it would be a 'disgrace' if Fianna Fáil didn't run an election candidate in the presidential race, Chambers said that the party is engaging on the matter 'internally' and that it will set out its position 'in the early autumn'.
He also said that he is not aware of any engagements between Fianna Fáil and the former Chief Medical Officer of Ireland Tony Holohan on a potential presidential bid.
Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.
Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.
Learn More
Support The Journal
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTÉ News
2 hours ago
- RTÉ News
Nearly 500 concerns raised about Irish charities with regulator in 2024
Nearly 500 concerns were raised about registered Irish charities last year, marking a decrease on the number of concerns raised in 2023, according to the latest Charities Regulator annual report. A total of 493 concerns were raised with the regulator in 2024, down from 574 in 2023. Issues around charity governance accounted for most of the concerns raised (42%), followed by issues relating to financial control and transparency (20%). When an issue arises, the Charities Regulator engages directly with the charity to help them resolve the matter voluntarily. However, the regulator will take further action when it is required. Charities removed for failing to file annual reports In 2024, the Charities Regulator closed three statutory investigations. In addition, it took a range of other statutory actions including the removal of 38 charities from the Register of Charities for failing to file annual reports. Each charity is required to file an online annual report within 10 months of its financial year end, and details from these reports are published on the public register. Eight charities were prosecuted for failing to file their annual reports. The national record of Irish-registered charities (the public register), saw a jump of 43% in the number of views of charity records in 2024 (355,145), compared to 248,858 views in 2023. Public demand information on finances and governance The Charities Regulator said the rise reflected growing public demand for access to information about registered Irish charities, including their finances, governance and activities, as well as annual report filings. Over the course of 2024, the Charities Regulator "proactively engaged" with charities and charity trustees who were defaulted on their reporting obligations to the regulator. A total of 127 new charities registered in 2024, bringing to 11,445 the total number of registered charities in Ireland at the end of the year. A further 199 charities were deregistered during the year, (including the 38 for failing to file annual reports). Deregistrations can arise for a variety of reasons, such as failure to comply with legal requirements, findings of misconduct, or where the charity ceased to operate or changed its legal form. 'Number of concerns relatively low' Chief Executive of the Charities Regulator, Madeleine Delaney said the number of concerns received by the office remains relatively low every year, considering there are about 11,500 charities in Ireland. "Having said that, the most common issues relate to governance, and a recurring theme is that of dominant behaviour, typically by one individual in a CEO, chair or founder role, who exerts or exercises excessive control over the charity's governance and operations. "This is a challenge, and it's an area that we, as the Charities Regulator, are preparing guidance to support trustees in dealing with," she said. Ms Delaney said most charities in Ireland "work hard to fulfil their charitable purpose while implementing good standards of governance and complying with their legal obligations". "However, for some there is still progress to be made," she added. Charity sector worth €32 billion per year to Irish economy Research by the regulator has estimated that the sector is worth some €32 billion annually to the Irish economy. More than 280,000 individuals are employed by a registered Irish charity, equivalent to almost one in eight workers, and further supported by hundreds of thousands of volunteers. Charities are registered in every county in Ireland. The majority are based in Dublin (3,116) and Cork (1,186), with large numbers also registered in Galway (661), Donegal (510), Limerick (485) and Kerry (433). Minister of State with responsibility for Community Development and Charities, Jerry Buttimer said the report demonstrated "progress" by the regulator to regulate and support the charities sector. "I am confident that the Charities (Amendment) Act 2024 will provide additional transparency, fairness and clarity to charities and their trustees, and to the public," he said. "I also want to acknowledge the hard work of the Board, management and staff of the Regulator for their support and oversight of our charity sector."
Irish Examiner
2 hours ago
- Irish Examiner
Advisory body warns Government dependence on fossil fuel imports risks disruption and sabotage
Ireland's lack of a strategic fuel reserve leaves the country at risk of disruption and sabotage, the Government has been warned. The warning comes in a report from the National Economic and Social Council (Nesc) presented to Cabinet on Tuesday, which says that Ireland's fossil fuel import-dependency "is a strategic vulnerability". The report says that the fact that Ireland holds no domestic gas reserves "is a particular issue of concern and distinguishes Ireland from most other EU member states". The Department of the Environment's 2023 report Securing Ireland's Gas Supplies identified five strategic risks that could threaten the security of gas supplies to Ireland for both demand-side and supply-side shocks. They included "technical disruption, sabotage and physical attack, reduced availability of gas from the UK, an inability to meet peak gas demand, and geopolitical supply-chain risks for renewables components that present a risk to climate action delivery". In March, the Government approved a plan to develop a State-led liquefied natural gas (LNG) terminal, which will serve as the State's strategic reserve. The plan will see a floating storage and re-gassification unit (FSRU) operated by Gas Networks Ireland. Meanwhile at Cabinet, energy minister Darragh O'Brien received Government approval to issue letters to the board of ESB and EirGrid noting the €3.5bn in additional equity to support investment in electricity grid infrastructure over 2026-2030. The investment is split into €2bn for EirGrid, to support the financing of its offshore electricity grid investment plan, and €1.5bn for ESB to support its investment in the onshore electricity grid. Also at Cabinet, it was agreed that four gardaí will be sent to France this summer to assist the French National Police and the Gendarmerie during the tourist season in Mont-Saint-Michel and Giverny in Normandy during July, August, and September. Similar deployments were made to France over the last three years, with gardaí deployed to France involved in general patrolling, in uniform, in the company of French officers. They will not have police powers while in France, and their role will be to assist in any interactions with Irish citizens who are victims of crime or who are involved in crimes. They will also assist with engagement with other nationalities where the first language is English. Two gardaí have already been deployed, and in total four gardaí will be deployed, with one based in Mont-Saint-Michel and three based in Giverny. Accommodation and food is to be provided by the French authorities.
Irish Examiner
3 hours ago
- Irish Examiner
Energy transition at a crossroads as data centres to use 20% of power by 2030
Ireland's energy transition is at a crossroads with data centres expected to account for 20% of all power by 2030, and major investment needed to cope with demand, a new report warns. The report by Pinergy in collaboration with global consultancy Wood Mackenzie predicts that Irish electricity demand will grow by two thirds by 2050, with on-grid power generation climbing 16% by 2030, but says that current progress is insufficient to meet key energy targets. The 'Energy Transition Outlook: Ireland' recommends that a wider shift to low-carbon energy sources is needed if Ireland is to meet legally binding net zero targets set for 2050. "Ireland's energy transition is at a crossroads and we must invest in our future," said Pinergy chief executive Enda Gunnell. "We've set ambitious goals and commitments, but this report makes it clear we must move from aspiration to urgent, tangible action. The time for deliberation is over." The report said that EV adoption is on course to meet 2025 goals but falls short of 2030 targets by 35%. In order to meet our EV targets, the report predicts Ireland needs to accelerate our adoption rate by 54%. Heat pump adoption trails 2030 target by 461,000 units, 68% behind 2030 targets. Data centres are projected to consume 8.6 TWh of electricity from the grid by 2030, accelerated by the demands and use of artificial intelligence. "This energy consumption is equivalent to powering two million homes, placing significant strain on the grid. As the grid capacity increases and the electrification of heat and transport intensifies, the share of total power demand for data centres is expected to fall to 16% by 2050." Mr Gunnell welcomed the planned €3.5bn investment announced in the revised National Development Plan earmarked for Ireland's electricity grid infrastructure. "This is badly needed as getting grid connections, large and small can sometimes be slow. We want to see a dynamic agile grid that utilises technologies like AI to deliver a grid fit for the next century that builds upon the work of the last century. The investment announced last week is a great first step, but we may need to see more investment beyond the initial amount in NDP." Ireland is projected to fall 4GW short of its 5GW offshore wind target by 2030 as projects suffer delays and cancellations. "This decade is pivotal to the energy transition and results rather than ambition alone will be the measure of success,' said Lindsey Entwistle, senior analyst at Wood Mackenzie. 'Globally, geopolitical turmoil is creating headwinds for the energy transition. Costs have risen and uncertainty has increased across energy supply chains. Domestically, the sluggish adoption of critical technologies such as electric vehicles and heat pumps risks delaying the transition over the next decade.' Pinergy supplies 10,000 business and 28,000 residential customers. Mr Gunnell said Ireland's grid must be robust enough to deal with outside factors. "We need a grid which distributes electricity generated by renewables locally both on shore and offshore that ensures we as an island are not exposed to geo-political risks as we have seen since 2022." "We need to invest in a mix of renewables that generate electricity across wind and solar but also hydro and renewable gases together with storage that ensures we have a balanced mix to ensure there are no outages. Some fossil fuels may n
