Ireland has launched a Global Green Asset Management Network at the Ireland Day Summit in the New York Stock Exchange.
The move comes after green assets under management in Ireland doubled in the last year and tripled in the past four. Ireland now manages or services more than $10bn in green assets.
The Green IFSC’s Global Green Asset Management Network aims to accelerate the growth of Ireland’s green asset management cluster by developing a forum for all market practitioners in the industry through which a consensus on regulatory, legislative and educational needs can be addressed through engagement with government, state bodies and other industry groups both nationally and internationally.
“Irish green asset management and green enterprise firms are active all over the globe from China to Chile and Ireland to Africa and, with $10bn in green assets managed or serviced, Ireland is already emerging as a world leader in green finance. The establishment of this network can only serve to accelerate the continued growth and copper-fasten Ireland’s growing reputation in this sector,” said Taoiseach Enda Kenny at the launch.
Green asset management refers to capital markets, investment banking activities and related advisory services which support the development, finance and promotion of a low carbon economy.
It includes funding of renewable energy generation, energy efficiency measures, trading and management of carbon and cleantech/sustainable funds, and the sector is predicted to grow fourfold to over $1trn by 2020.