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Minister of State at the Department of Agriculture, Food, and Marine, Martin Heydon, today announced details of funding for farm safety, research and development, and new market development as part of Budget 2024.
On research and development, Minister Heydon outlined:
“I am delighted to have secured an additional €2 million in funding for this area, bringing my department’s research budget to €22.45 million. This will be used to drive greater innovation in our agriculture, food, forestry and bioeconomy sectors as we position Irish agriculture as a leader in sustainable food production. In addition, Teagasc will receive an allocation of €168 million to support their activities.
“Farmers cannot deliver on environmental sustainability unless they are economically sustainable and I firmly believe that the answer to the challenges faced by agriculture around climate and environmental issues lie in science and innovation.”
Minister Heydon pointed to significant breakthroughs already achieved through department funded research projects including multi-species swards and the selection of low emitting livestock.
The Minister said:
“Budget 2024 will allow us to remain this momentum, ensuring we have the resources for strong funding calls, to build on our existing partnerships with countries such as New Zealand, and to not only address challenges we face here in Ireland but also lead global efforts to develop sustainable livestock systems.”
Referring to the area of new market development Minister Heydon confirmed Bord Bia would receive an allocation of €57 million:
“Reducing the emissions profile of our food production and ensuring we are a leader in sustainable food systems is central to everything we want to achieve under Food Vision 2030 and will be the driver of increasing the value of our agri-food exports. In the year ahead we will continue to focus on progressing market access files in priority markets in addition to growing the value of existing markets."
Minister Heydon also confirmed his intention to continue building on efforts to improve farmers safety, health and wellbeing with a dedicated fund of €2.5 million in 2024. The fund will be used to extend the range of initiatives currently undertaken to improve farm safety and wellness among the farming community.
Minister of State Martin Heydon added:
“I welcome the extension of the accelerated Capital Allowances for the wear and tear of Farm Safety Equipment. The Wear and tear allowances for machinery or plant are generally given over an eight-year period at an annual rate of 12.5% of the capital expenditure incurred. However, this measure, introduced in 2021, provides for capital allowances of 50% per annum to be claimed over an accelerated two-year period where a person holds a qualifying certificate in respect of eligible equipment.”
He concluded by saying:
“Social sustainability encompasses a wide range of areas including farm succession, farm safety, farmer health and wellbeing, and over the next year I intend to target a number of these areas for further initiatives in the year ahead."