Climate Action Fund €250 million in surplus despite NORA levy pause - Mayo TD

Aontú TD Paul Lawless has revealed that the Climate Action Fund is in surplus by €250 million, despite the government cutting off one of its income streams.

Deputy Lawless obtained the figures through a Parliamentary Question. He said they undermine the government's case for restoring the National Oil Reserves Agency (NORA) levy.

The levy adds 2 cent to every litre of petrol or diesel. It was paused in April during the fuel crisis.

Deputy Lawless said the government plans to bring it back in six weeks' time, and hike fuel costs, on the grounds that it needs the money for climate measures.

The levy was set up to fund an emergency oil reserve. Deputy Lawless said it raises far more than the reserve needs.

Most of the money is transferred each year into the Climate Action Fund.

"What my Parliamentary Question today has exposed is that the Climate Action Fund is still in surplus to the tune of a quarter of a billion despite the income stream to that account having been cut off with the pause of the NORA levy," he said.

"My data today pours cold water on that entire narrative. The government does not need the levy.

They have proven themselves unable to spend the money currently in the account, and despite cutting off the income supply the account is still overflowing with money."

He also called on the government to be straight about the figures ahead of the budget.

"They can't keep saying 'we can't afford X because we've reduced the fuel taxes'," Deputy Lawless said.

"They are going to take in more in carbon taxes and more in VAT on fuel and energy than last year despite their reductions, and this particular fund into which some of their fuel tax goes is overflowing with money."

"The government is not running out of money, therefore the rush to increase fuel taxes in the coming weeks is completely unjustified," he concluded.