Green IFSC launch expected by March

THE GREEN IFSC Steering Group is confident the launch of the Green IFSC will take place in March, according to a spokesman for the group.

The final proposal for the initiative was circulated to government ministers more than a week ago.

It includes specific recommendations, such as the creation of an International Carbon Standard (ICS) for Ireland and an associated voluntary carbon offset registry which would involve a government investment of €6.8 million and private sector investment of €1.5 million.

While any specific recommendations that would involve government money would have to be signed off by the incoming administration, other aspects of the Green IFSC already have private backing, such as green investments, fund administration and funding of renewable energy generation have been endorsed by most parties as offering a major opportunity for job creation.

Fine Gael’s Richard Bruton said his party is “sympathetic to the concept of the Green IFSC” and would look at the specific merits of the business plan submitted to Ministers a week ago.

Mr Bruton is one of a number of Opposition politicians who have met with representatives of the Green IFSC Steering Group over the last year or so.

The concept involves establishing a centre for green finance activity in Ireland.

It is hoped Ireland can build on its existing activity in asset management and funds servicing, as well as areas such as renewable energy, to create high-value employment and investment.