Green IFSC targets $200bn in eco funds' growth
THE Green IFSC -- set up to manage eco funds and assets in Ireland -- has claimed it can grow the funds managed here in Ireland from $10bn to $200bn within five years and create 5,000 jobs in the process.
The funds will enable foreign investors to involve themselves in green energy projects such as solar, wind and tidal, as well as green technologies like electric cars or energy- saving devices.
Ireland is already the leading world fund management centre along with Luxembourg.
Green IFSC proponents say they believe we have enough executives with the skills that could ultimately give Ireland the edge.
The $10bn currently managed, domiciled or serviced from Ireland already represents close to 4pc of the $263bn global market in 2011, and Irish-based managers are already responsible for some of the world's leading 'green' funds, such as Kleinwort Benson's water fund.
BlackRock, the international fund management firm, also recently announced its first renewable assets fund to be globally managed out of Ireland. Enda Faughnan, partner, PwC and chairman of the Green IFSC Tax Working Group, explained that ensuring the most appropriate tax environment was the most important enabler.
"The Green IFSC tax working group has helped facilitate six tax changes to support and accelerate the growth of 'green finance' in Ireland."