7 Feb 2011

Green IFSC Could Produce 7,000 Jobs

Green IFSC could produce 7,000 jobs – Taoiseach

TAOISEACH Brian Cowen has today announced Government support for the establishment of a ‘Green International Financial Services Centre’ aimed at putting Ireland at the heart of Green financial services.

l-r Padraig Rushe, Chair of IFSC Banking & Treasury Group, Taoiseach, Brian Cowen and David Guest, Chair of the Green IFSC Steering Group

At a special event in Government Buildings, attended by top figures from the financial services sector, Mr Cowen committed the Government to supporting a range of measures “to target environmentally-related financial services as a means of generating high value employment and revenue growth in Ireland”.

The initiative will include Government backing for the development of…

  • An International Carbon Standard (ICS) 
  • And the Dublin International Voluntary Offset Registry (DIVOR).

The government has agreed in principle to provide almost €7 million over the next three years to the development of the initiative and according to the Taoiseach…

By supporting the establishment of the ‘Green IFSC’, Ireland is positioning itself as the 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.”

According to the Department of the Taoiseach…

The next step in the initiative announced today 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.”

Mr Cowen stressed the that the previous experience of the IFSC centre will be of value in securing the new Green financial services opportunities…

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.”

Read the press release from the Department of the Taoiseach

Read the speech delivered by Taoiseach Brian Cowen at the event.

You can watch his remarks in the video below;

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