Financing Options

over the next few years, companies and financial services firms are expected to develop systems to comply with these requirements efficiently. This could propel the Taxonomy into becoming a leading-standard setter in sustainability in the Irish and European economies.

The process to increase the monitoring of sustainability within public expenditure and increase the sustainable use of public funds, in general, is essential regardless of whether the framework underpinning it is a domestic one or the EU Taxonomy. Government should aim to lead by example in applying sustainability best practice and monitoring the sustainability of expenditure throughout its life-cycle.

Though the Taxonomy regulation is developed for use by the private sector, there are applications for it in the public sector in terms of tagging public expenditure in the green budgeting process.

The system for climate-tracking EU budget funding from the Recovery and Resilience Facility provides an example of how determining and monitoring climate and sustainability contributions of government expenditure might look under the Taxonomy.

Financing Options

This Strategy also includes a recommendation aimed at exploring broader financing options for helping transport to transition to a cleaner and greener people-centered system. Among the options that may be explored are development contribution schemes, retail parking levies, European funding schemes, adoption of internal protocols within implementing bodies for harnessing private investment and financing supports from the European Investment Bank.