Sir Patrick Coghlin, a retired appeal court judge, will open the inquiry into the Renewable Heat Incentive (RHI) scheme.
The scheme, which was aimed to encourage businesses to switch from fossil fuels to biomass or wood chip, could cost up to £400 million.
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It led to the collapse of Stormont's power-sharing Executive in January.
Witnesses will be called to give evidence over the coming months.
Sinn Féin MLA Máirtín Ó Muilleoir said: "It was my intention that this would be an inquiry which would afford no hiding place to the guilty parties, shine a light in the dark corners of alleged corruption and bring to book those who pickpocketed the public purse.
"Getting to the truth of the RHI scandal will not be easy but the public needs to know why money which could have been spent on building schools, employing nurses and funding libraries was instead squandered on the cash for ash scheme."
(CD/LM)
