Wednesday 21 March 2018

Dublin joins UN green finance drive

Sustainable Nation Ireland CEO Stephen Nolan
Sustainable Nation Ireland CEO Stephen Nolan
Ellie Donnelly

Ellie Donnelly

Dublin has become part of a new UN-supported global network of major finance centres focusing on mobilising investment and capital into projects that are sustainable and tackle climate change.

At a meeting which took place yesterday, Dublin joined London, Paris, Hong Kong, Shanghai and Stockholm as the inaugural signatories of the 'Casablanca Statement', creating a global network of financial centres to further international cooperation in green finance.

The meeting was co-hosted by the UN Environment Programme’s (UNEP) Finance Inquiry and Casablanca Finance City, and was held in association with Italy’s Ministry of the Environment and Morocco’s presidency of the COP22 climate conference.

The UNEP expects that the network will encourage other cities across the world to mobilise their financial centres towards the task of raising the huge sums of capital needed for the transition to a sustainable, low-carbon economy.

Read more: Developing Green Finance sector a 'priority' for Ireland – Minister

The inclusion of Dublin is a boost to efforts to promote Ireland as a sustainable and green finance hub and shift capital into more sustainable and non-polluting investments, a statement from Sustainable Nation Ireland said.

Sustainable Nation Ireland is the body tasked by the Government in the IFS2020 Strategy to promote Ireland as a hub for green finance.

Welcoming the establishment of this new international network, Stephen Nolan, CEO of Sustainable Nation Ireland, said that he was very proud that Ireland was a founding member of the network,

"With Government and policy backing since 2012, Ireland was the first country to make attracting Green Finance a strategic priority.

Today, on the back of a world-class green finance cluster, we already have €28bn of green finance activity in Ireland," Mr Nolan said.

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