Tánaiste and Minister for Foreign Affairs, Micheál Martin, has announced €50 million of funding to support climate-related projects in countries most vulnerable to the impacts of climate change.

This funding package was announced whilst the Tánaiste attended the COP28 Summit and is part of Ireland's commitment to increase climate finance.

Over €6 million has been allocated to Small Island Development States (SIDS) in the package. The SIDS strategy will also deepen relationships with SIDS countries.

Tánaiste Micheál Martin said: "Ireland wants to see tangible and solid results from COP28. We need countries to be bolder in terms of their climate mitigation actions. We also need countries to step-up and provide additional funding to support the adaptation measures that are urgently needed in countries already on the front line of the climate crisis."

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"Ireland’s climate finance has doubled since 2015. By 2025, we will meet our commitment to provide at least €225 million annually in climate finance. That will see us contribute to protecting communities already feeling severe impacts of climate change. Some of this funding will be ring-fenced to specifically support Small Island Developing States (SIDS), many of whom are in a battle for survival. Ireland’s new SIDS strategy will outline how we will deepen our engagement and relationships with SIDS over the coming years."

The new funding announced today includes:

•€25 million annually for three years (2025-2027) to the International Fund for Agricultural Development (IFAD). This is a doubling of Ireland’s support for IFAD, which currently stands at €12.5 million annually.

•€13.75 million for locally-led adaptation initiatives. This will include €2.5 million for the Least Developed Country (LDC) Fund, which helps LDCs to prepare and implement National Adaptation Plans; €1 million to organisations working to prevent deforestation in the Amazon rainforest; and €2 million to the International Federation of the Red Cross and Red Crescent Societies (IFRC) to help build climate resilience in vulnerable countries.

•€6.3 million to support initiatives supporting Small Island Development States (SIDS). This includes €2 million to be contributed to the Special Climate Change Fund (SCCF), a multilateral fund which supports SIDS to strengthen adaptation to climate change.