37B.— (1) There shall stand established on the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 a fund which shall be known as the "Climate Action Fund".

(2) Subject to subsection (3), the Minister shall manage and control the Climate Action Fund.

(3) (a) The Minister may by order delegate the management and control of the Climate Action Fund and any other functions under this section related to such management and control to a specified person.

(b) An order under paragraph (a) may contain such ancillary and incidental provisions as the Minister considers necessary or expedient for the purposes of the delegation effected by the order.

(c) The Minister may give directions or guidelines to the person to whom a delegation is made under paragraph (a) in relation to the performance by the person of the functions delegated to it under the order and that person shall comply with any such directions and perform those functions in accordance with any such guidelines.

(d) The Minister shall before giving directions or guidelines under paragraph (c) consult with such other Minister of the Government (if any) who he or she considers appropriate.

(4) The Climate Action Fund shall consist of such accounts as the Minister may determine.

(5) The Minister shall keep all proper and usual accounts of all moneys paid into the Climate Action Fund and disbursements from the Climate Action Fund.

(6) As soon as may be after the end of each financial year, the Minister shall submit the accounts of the Climate Action Fund to the Comptroller and Auditor General for audit and the Minister shall cause a copy of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas.

(7) Subject to, and in accordance with a direction (if any) of the Minister given under section 37A, there shall be paid by the Agency into the Climate Action Fund the amount specified in the direction.

(8) The Minister may, out of moneys provided by the Oireachtas or other sources, pay into the Climate Action Fund in any financial year such amount as he or she determines, with the consent of the Minister for Public Expenditure and Reform, in relation to that financial year.

(9) Without prejudice to subsection (13), the Minister may from time to time pay out of the Climate Action Fund such amounts of moneys as he or she considers appropriate for any or all of the following purposes:

(a) to support projects that seek to reduce, or support the reduction of, greenhouse gas emissions in the State;

(b) to support projects that seek to increase the production, or use, of renewable energy in the State;

(c) to support projects that seek to improve energy efficiency in the State;

F47[(ca) to support projects that seek to increase climate resilience in the State;

(cb) to support nature based projects that enhance biodiversity and seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(d) to support initiatives involving potentially innovative solutions to—

(i) reduce greenhouse gas emissions in the State,

(ii) increase the production or use of renewable energy in the State,

F48[(iii) increase energy efficiency in the State,]

F49[(iv) increase climate resilience in the State,

(v) increase the removal of greenhouse gas in the State,

(vi) enhance biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(e) to support research in relation to—

(i) reducing greenhouse gas emissions in the State,

(ii) increasing the production, or use, of renewable energy in the State,

F48[(iii) increasing energy efficiency in the State,]

F49[(iv) increasing climate resilience in the State,

(v) increasing the removal of greenhouse gas in the State,

(vi) enhancing biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;]

(f) to support projects and initiatives in regions in the State and within sectors of the economy impacted by the transition to a low carbon economy.

(10) (a) Without prejudice to the generality of subsection (9), the Minister, or such other person as he or she may nominate, may invite proposals to avail of moneys from the Climate Action Fund for any or all of the purposes set out in paragraphs (a) to (f) of subsection (9).

(b) An invitation under paragraph (a) shall be published on the website of the Department of Communications, Climate Action and Environment and shall outline the criteria to be used to assess proposals.

(11) Any payment of moneys out of the Climate Action Fund under any of paragraphs (a) to (f) of subsection (9) shall be made to the person or persons who carry on, or as the case may be, carried on the project, initiative or research, as the case may be, the principal purpose of which is, in the opinion of the Minister, the particular purpose in respect of which that payment is made.

(12) Without prejudice to the preceding provisions of this section, no payment shall be made out of the Climate Action Fund in respect of a project, initiative or research, as the case may be, where the project, initiative or research is carried on otherwise than in accordance with such guidelines as may be prepared by the Minister, after consultation with the Minister for Public Expenditure and Reform, for that purpose and which are published on the website of the Department of Communications, Climate Action and Environment.

(13) (a) The Minister may from time to time pay out of the Climate Action Fund such an amount of moneys as he or she determines for the purpose of defraying, in whole or in part, the expenses incurred on or after the establishment of the Fund, by him or her or by any person to whom functions are delegated under subsection (3) in connection with the administration of the Fund.

(b) Any amount of moneys paid out of the Climate Action Fund under paragraph (a) shall be paid into, or disposed of for the benefit of, the Exchequer in such manner as the Minister, with the consent of the Minister for Public Expenditure and Reform, may determine.

(14) The Minister may establish a committee to advise him or her with respect to the performance by him or her of functions under this section and a committee so established may advise the Minister accordingly.]

F50[(15) In this section—

"Act of 2015" means the Climate Action and Low Carbon Development Act 2015;

"biodiversity" has the same meaning as in the Act of 2015;

"financial year" means the financial year of the Climate Action Fund;

"greenhouse gas" has the same meaning as in the Act of 2015;

"nature based project" means a solution that is inspired and supported by the process and functioning of nature, which is cost-effective and provides environmental, social and economic benefits and helps to build resilience;

"removal" has the same meaning as in the Act of 2015.]