The special fund is associated with the ambition to accelerate urgently needed investments in infrastructure, climate protection, and transformation. It is intended to clear modernization backlogs, strengthen resilience, and enable the transition to a climate-neutral, resource-efficient economy. Yet between political objectives and the actual impact of the funds, key questions arise: Where do the investments take effect? What leverage do they create—and where have expectations so far remained unfulfilled? The panel discussion “Special Fund Between Ambition and Impact – Effects on Infrastructure and the Circular Economy” addresses precisely these areas of tension. The discussion explores the extent to which the special fund is capable of remedying structural deficits in public infrastructure while simultaneously providing momentum for climate action, the circular economy, and sustainable value creation. It also considers whether existing funding logics and implementation structures are adequate to meet the challenges of transformation and resource scarcity. The discussion is aimed at all those engaged with the financing of transformation, sustainable infrastructure development, and the role of the circular economy in the context of large-scale public investment programs.