National Development Plan to help Ireland meet climate goals, says Taoiseach
National Development Plan
(NDP) on Tuesday.
The NDP is designed to safeguard the State's future and 'meet our climate goals', he said, as he defended spending on new roads.
While much of the €275 billion in capital investment up to 2035 addresses infrastructure deficits and housing shortfalls, including capacity to deliver water and electricity connections, much spending is geared towards the scale-up of renewable energy, ensuring more robust grids and resilience from the effects of the climate crisis.
The Government has identified the need to provide support for development of 'low-carbon transport projects', such as
MetroLink
, before 2030.
READ MORE
The NDP says the Government has decided, given its 'unique scale', to fund the Metrolink out of the
Infrastructure, Climate and Nature Fund
(ICNF), whose purpose is to finance investment associated with delivering on the Republic's climate and nature goals. This funding approach will 'allow the ambitious pipeline of other public transport projects', it adds.
This will allow for scale-up of low-carbon transport, but also key road developments separately under the Department of Transport. The NDP, in effect, confirms the previous government's commitment to 2:1 funding in favour of public transport and active travel over roads no longer applies.
The ICNF will allocate €2 billion to MetroLink. The fund is projected to grow to €14 billion overall up to 2030.
Mr Martin defended spending on new roads and suggested they could be climate-friendly, as evidenced by improvements in air quality in Macroom, Co Cork, after the town was bypassed.
A total of €3.5 billion is earmarked for spending by ESB Networks and EirGrid over the 2026-2030 period. 'This equity will enable both companies to increase capital investment to expand electricity transmission and distribution network infrastructure,' says the NDP.
Minister for Energy Darragh O'Brien said this 'transformative investment will strengthen Ireland's energy security, support economic growth and accelerate our transition to renewable energy'.
The Taoiseach said funding for MetroLink, the Greater Dublin Drainage Project (a new regional wastewater treatment facility at Clonshaugh), and a project supplying water to Dublin and parts of the east coast from the river Shannon are 'baked in', though not costed in the document.
The Shannon project is to address shortages and supply vulnerabilities in the Greater Dublin Area, which are likely to become more acute with climate change and population growth.
Separate to €2 billion for
Uisce Éireann
to provide water infrastructure for 300,000 new homes, €2.5 billion is allocated for 'key large-scale water infrastructure projects to build essential capacity for growth and increase the resilience and sustainability of water supply'.
Coinciding with a new infrastructure division in the Department of Public Expenditure and Reform, the NDP confirms projects proposed for funding, on top of economic appraisal, will have to assess impact on greenhouse gas emissions and evaluate likely 'climate-related outcomes'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
13 minutes ago
- Irish Independent
How to make sure you can keep on top of your energy bill and stay warm
There are about 350,000 homes in arrears. What can you do to make sure you're getting the best value? Even with the heatwave over, it's still relatively warm, so most of us aren't thinking – yet – about sticking on the heating, or worrying about leaving the windows open. But just as autumn is not far away, neither are costly energy bills – and the Government has already been fielding ministers to warn that there will be no cost-of-living supports in Budget 2026.
Irish Independent
13 minutes ago
- Irish Independent
Irish pensions will suffer without access to private markets, says Elkstone
Significant pension reforms in the US as well as UK initiatives to funnel funds to growth mean Ireland is now in danger of falling even further behind. Elkstone's Brian Merriman said he is relatively pessimistic of action in the coming Budget but argued long-term thinking is required – including leadership from Government – or future pension provision is going to fall significantly short in Ireland. He was commenting as the Trump administration is expected to sign an order that will allow the 401(k) pension plans used by millions of ordinary American workers access investment in private markets, including private equity, real estate, infrastructure schemes and higher return forms of lending. In Britain, Work and Pensions Secretary Liz Kendall announced this week that she is reviving a pension commission to tackle what she described as a coming 'tsunami of pensioner poverty' after her department found people due to retire from 2050 are on track to be poorer than those retiring today. Brian Merriman said there is now an expectation that returns from Irish pension savings will decline over time, if the current restrictive investing regime remains in place that in effect box most ordinary pensions savers into public investments like equities and bonds. Facilitating access to private markets would allow pension savers to benefit from higher returns, he said. Private market investments – hedge funds, private equity, venture capital investment in start-ups and private companies – have exploded in scale globally since the financial crisis of the late 2000s, while the role of traditional public assets has been in relative decline. Pension rules here have not reflected the shift, Mr Merriman said. Personal Retirement Savings Accounts (PRSA), a popular savings option, restrict investments in assets where fees may be higher or valuations are less transparent. High fees may well be justified where returns are higher, while the net return to investors should be the key consideration, Mr Merriman argues. Private capital investments are less liquid, which comes with less valuation transparency, but are suitable for long-term pension investing, he said. While high returns generally reflect higher risks, Mr Merriman said failing to open pensions to diverse investment opportunities creates its own problems. 'It is riskier not to be investing in private markets,' he said. ADVERTISEMENT A shift to facilitate Irish savers would benefit the domestic economy too, he said. 'The UK is also grappling with this question of do you force people to invest in the UK economy. In Ireland we should at a minimum have it as an opt out, so you'd have to make a decision not to put 5pc or 10pc of your investment into Irish investments.' He cited housing and infrastructure as areas where the Irish economy needs investment and where Irish savers are not active. Pointing to the push happening in the US and UK to funnel pensions into growth opportunities he said Ireland needs to be more agile and should look to get ahead rather than just catch up with other regimes. Elkstone's investments include a string of Irish tech start-ups as well as housing and student housing schemes. It advises wealthy families and individuals on their long-term investments. Opening such schemes to ordinary pensions would allow more people to access higher returns, Mr Merriman said.
Irish Times
42 minutes ago
- Irish Times
Valuing cherished heirlooms: ‘Google can be a good starting point but it's best to ask a specialist
Auctioneers regularly hear from members of the public seeking their opinion on the value of a piece of jewellery, a painting, a rare book or a piece of antique furniture. And while most auctioneers offer their expertise for free, many say that members of the public often have unrealistically high expectations of the value of the items they bring in to be valued. 'Some clients have done their own research before they come to us but a lot of the time it has been done incorrectly, leading them to having higher expectations than the true auction market,' says Claire-Laurence Mestrallet, head of jewellery at Adam's Fine Art Auctioneers and Valuers on St Stephen's Green , Dublin . She explains that people can be confused between the insurance valuation (ie the retail value in case of loss or damage) and the more realistic price a piece might fetch when sold at auction. 'Sometimes pieces are overvalued for insurance,' she says. According to Mestrallet, some people accept the valuation given by the auctioneer, while others need time to come to terms with the news before deciding to sell a piece. READ MORE Engagement rings are among the items for which valuations are frequently sought. Jewellery that's no longer worn and jewellery that's been inherited but not necessarily wanted are also likely to be brought in for assessment on valuation days, she says. It's often the case that people no longer want to keep valuable jewellery that they don't wear in their homes and decide to sell it on. Adam's is hosting valuation days next week in hotels in Dublin (Monday, July 28th), Belfast (Tuesday, July 29th), Cork (Wednesday, July 30th) and Limerick (Thursday, July 31st). Anyone interested in attending should email stephanie@ in advance. Mestrallet says valuation days always bring some surprises. 'It's like fishing. Some days, there is nothing and other days, you might see something spectacular,' she says. Valuation days are also a way for auctioneers to build relationships with future clients, with about 40-50 per cent of items seen on the day put on the market for sale subsequently. Will de Búrca of De Búrca Rare Books in Blackrock, Co Dublin, says his antiquarian and rare books shop receives photographs almost on a daily basis from people 'hoping they've stumbled upon a hidden treasure in their attic or in their inherited library'. Most of the time, the owners of these potentially rare books, maps or manuscripts have already typed the details into Google in the hope of finding the answers to their questions. 'The internet can be a good starting point but it's a bit like diagnosing an illness – it's best to ask a specialist,' says de Búrca. 'What many people don't realise is that a book's true value lies in the detail: edition, condition, rarity, provenance and sometimes the story attached to it.' While it may be difficult to fathom, he says two books with the same title and date can differ in value substantially. 'Valuations can be a bit of a reality check. Sometimes people are disappointed to learn their cherished heirloom is more sentiment than substance. Others are pleasantly surprised to discover that a volume on their shelf is actually quite valuable,' says de Búrca. Genuinely valuable or remarkable books don't turn up very often. 'Most inquiries turn out to be relatively common editions or books with more sentimental than market value.' He says that what makes a book particularly interesting for a dealer isn't always its monetary value. 'It's rather if it has unique binding, marginalia [notes written in the margins of the text] from a notable owner or a forgotten piece of Irish printing that fills a gap in the historical record.' De Búrca Rare Books regularly puts up a selection of new books on its website for collectors to view. Moral Tales, by Maria Edgeworth, new edition, complete in one volume, with three plates, designs by Harvey; (€575) Morgan O'Driscoll, which has offices in Skibbereen, Co Cork and Fitzwilliam Square in Dublin, says paintings are often brought in for valuations. 'If people send us an image of a painting, we will give them an initial valuation but we will never sell something unless we physically have it here,' says O'Driscoll. A final, formal valuation will only be given once he sees the painting in person to check its authenticity, size and condition. 'Valuations are one of the most rewarding aspects of the job – never knowing when something truly special will come through the door. Those unexpected finds keep things exciting,' he says. On average, O'Driscoll estimates that about 50 per cent of the paintings sold in his art auctions come in through clients seeking valuations. One such work is the John Shinnors painting Falling, which is being offered in his current Irish Art online auction. Executed by the artist between 2000 and 2001, the oil-on-canvas work carries an estimate of between €8,000 and €12,000 and is available to bid on until 6.30pm this Monday, July 28th. Lot 18: Falling, by John Shinnors, Morgan O'Driscoll's Irish art online auction (estimate €8,000-€12,000) Lot 70: Cottage with red door and tree, by Graham Knuttel, Morgan O'Driscoll's Irish art online auction (€1,500-€2,500) Lot 106: Coming Home, Achill Island, by Alice Hanratty, Morgan O'Driscoll's Irish art online auction (€800-€1,200) Lot 33: Roses on Table (after McGahern) (1998), by Nick Miller, Morgan O'Driscoll's Irish art online auction (€2,000-€3,000) According to O'Driscoll, most people are happy with the estimates that auctioneers give them. 'They can see online the highest price an artist has made and avid collectors will know how much each artist's paintings are worth,' he says. ; ; What did it sell for? The original Hermes Birkin Bag, owned by Jane Birkin, was sold at the Sotheby's Fashion Icons Auction in Paris. Photograph: Sotheby's/PA Jane Birkin's original Hermes Birkin bag Estimate €1 million (bidding opened at this level) Hammer price €8.6 million Auction house Sotheby's Lady's Rolex Cellini cream face wristwatch with Roman numerals and an 18ct gold case, clasp and buckle with black leather strap Rolex Cellini Estimate €3,000-€4,000 Hammer price Unsold Auction house O'Reilly's Patek Philippe 'Golden Ellipse' 18ct yellow gold man's watch Patek Philippe Golden Ellipse Estimate €7,500-€8,500 Hammer price €8,333 Auction house Adam's Blackrock Chopard 'Happy Sport' stainless steel diamond-set lady's wristwatch Chopard Happy Sport Estimate €1,800-€2,000 Hammer price €952 Auction house Adam's Blackrock
