Latest News
Forestry Investment News
Ireland forestry planting grants get go-ahead
04/03/2009
The Department of Finance has confirmed that it is to resume funding for forestry planting projects in Ireland. As a result, the Irish Department of Agriculture is to resume approving forestry planting grant applications.
Forestry plantation owners have welcomed the news after grants were suspended for a period last week after it emerged that all capital investments worth over EUR5 million had to be run through the Department of Finance.
This season’s planting season will now get properly started, with EUR30 million in grants expected to be approved. Each grant is worth an average of EUR4,500/ha for planters and cover tree planting and maintenance for four years. The grants are paid in two installments, with 75% paid at the beginning of the planting process and the remaining 25% paid at the end of four years.
The forestry industry said that any disruption to the planting season could have threatened the benefits provided by the industry, such as carbon sequestration, employment and the substitution of imports. As many as 30,000 jobs would have been at risk if the suspension of grant approvals had been sustained further into the planting season, according to the industry.
Forestry plantation owners have welcomed the news after grants were suspended for a period last week after it emerged that all capital investments worth over EUR5 million had to be run through the Department of Finance.
This season’s planting season will now get properly started, with EUR30 million in grants expected to be approved. Each grant is worth an average of EUR4,500/ha for planters and cover tree planting and maintenance for four years. The grants are paid in two installments, with 75% paid at the beginning of the planting process and the remaining 25% paid at the end of four years.
The forestry industry said that any disruption to the planting season could have threatened the benefits provided by the industry, such as carbon sequestration, employment and the substitution of imports. As many as 30,000 jobs would have been at risk if the suspension of grant approvals had been sustained further into the planting season, according to the industry.
RSS