BaileNuachtCartlann Aitheasc agus Preaseisiúintí

Taoiseach welcomes the potential for 7,000 new jobs through Government support of a Green International Financial Services Centre in Ireland

 

The Taoiseach Brian Cowen TD today announced the Government’s support for the establishment of a Green IFSC to target environmentally-related financial services as a means of generating high value employment and revenue growth in Ireland.

The Taoiseach said “By supporting the establishment of the ‘Green IFSC’, Ireland is positioning itself as leading financial services centre for the management of carbon and green finance, including the establishment of a government supported International Carbon Standard (ICS) and associated Dublin International Voluntary Offset Registry (DIVOR). This initiative will help to maintain the competitive advantage of the IFSC and has the potential to create in the next five years over 7,000 new jobs and €6 billion in revenue from this emerging sector. This is a significant boost for the development of Ireland’s Smart Economy.”

He went on to say "There are considerable opportunities globally in green finance, carbon management and the growth of the green economy. We already have the template through the IFSC in how to position ourselves as world leaders in this area. If we marry the skills we already have, and support them with appropriate enabling policies, we can position ourselves as a country of choice for green financial services."

"We proved in the past with the IFSC that a successful partnership between Government and business can successfully provide world-class international financial services. Today there are nearly 12,000 people employed in Ireland’s international funds servicing sector. We can repeat that success by developing a green financial services centre which will place Ireland at the forefront of a growing demand for such services in the coming decades.”

The Government has agreed in principle to provide seed funding of €6.8m over three-years to develop the initiative.

The next step is the finalisation for Government approval of the detailed business plan which will be completed by the Enterprise Agencies in partnership with the Green IFSC Steering Group, working under the aegis of the IFSC Clearing House Group. It is expected that the business plan will be finalised by the end of March 2011.

Notes:

‘Green Finance’ refers to capital investment, banking and treasury business which support the development and promotion of a low carbon economy. This includes funding of renewable energy generation, energy efficiency measures and carbon credits trading. In a wider context it embraces environmental aspects such as waste, water and weather. The growing awareness of the threat and impacts of climate change has propelled green finance to centre-stage, creating a dynamic and fast-growing area of finance.

The Green IFSC initiative emerged from a workshop on the future of the IFSC, chaired by the Department of the Taoiseach in February 2009. In November 2009 the Government's High Level Action Group on Green Enterprise welcomed the establishment of a sub-group – the Green IFSC Steering Group – of the IFSC Banking and Treasury Group and the work being carried out in examining green finance opportunities