A €1 billion National Recovery and Resilience Plan will allocate €524 million to climate and biodiversity-led projects.
The European Commission will now assess the plan before it is submitted for approval to the Council of the European Union.
Aims of the draft plan include how to address green and digital issues and following the Covid-19 pandemic supporting economic and social recovery.
There is a strong focus on return to work and training in the plan with €181 million investment in future challenges.
Meanwhile, Ibec, the organisation that represents Irish business, praised the plan for providing certainty for business as the economy recovers from the Covid-19 pandemic.
Danny McCoy, Ibec CEO said: “Despite the positive progress made in terms of the easing of restrictions in recent weeks, many businesses will struggle to return to pre-Covid levels of activity for some time.”
“Focus must now turn to ensuring the activation of the labour market and safely returning workers o the workplace as swiftly as possible, including those within the experience economy.”