'Greening the IFSC’ Project Launched to make Ireland's Financial Services Centre one of the most Resource Efficient in the World
27th September 2012
Green IFSC, in partnership with the Sustainable Energy Authority of Ireland (SEAI) and Dublin City Council, has created the ‘Greening the IFSC’ initiative in a bid to ensure Ireland has one of the most resource efficient financial centres in the world.
The first of a kind project has also been designed to help companies operating from the IFSC measure their carbon footprint and come up with a plan to reduce resource consumption (waste, water and energy) – and ultimately reduce costs.
The project launched by Minister Rabbitte, at Citi’s Environmental Expo 2012 in Dublin, sees eight companies across 10 offices in the IFSC - which collectively employ more than 7,500 people and have a total energy bill of over €5 million – come together in a pilot project to cut energy consumption and reduce costs.
Minister Rabbitte, said: “This Green IFSC initiative in partnership with SEAI and Dublin City Council really shows how Ireland is taking a leadership role in the area of sustainability and green finance. No longer is taking steps to a more sustainable business a mere nice to have but is now a must have as the world faces a number of challenges. This project shows that by doing the right thing companies can also make real savings to their bottom line today and into the future.
“And, by working together in this Green IFSC project, these companies are also making the commitment to position Ireland’s international financial services centre as one of the most resource efficient anywhere in the world.”
SEAI has measured the participating companies’ carbon footprint and a special working group of the participating companies, along with Green IFSC, SEAI and Dublin City Council will work together to determine the best way for the group to collectively reduce the energy use of the IFSC and potentially cut hundreds of thousands of euros from energy bills.
Brian Motherway, Chief Executive of SEAI, said: “More and more businesses, such as those in the Green IFSC, are adopting a strategic approach to sustainable energy. It is clear now that this is a serious business issue that is important to all sectors of the Irish economy.
“A global transition has started – a transition away from carbon and fossil-fuel intensity to a new, sustainable energy society. This requires an unprecedented mobilisation of finance, and creates a huge opportunity for innovators and early movers and this project bringing together public and private sector copper-fastens Ireland’s leadership role.”
Likewise, John Tierney, Dublin City Manager, said: “Dublin City Council has made no secret of its desire to showcase Dublin as one of the leading cities in the world in terms of energy efficiency and this project shows how the public and private sectors, by working together, can make a real difference to the city.”
The move is part of the Green IFSC’s mandate to promote Ireland as a centre of excellence for green finance and attract businesses and assets to the domicile and ultimately create jobs. Currently, there some $16 billion in green funds managed or serviced from Ireland. Green IFSC’s role is to facilitate and accelerate that growth and it recently announced a target of €200 billion by the end of 2017.
Stephen Nolan, Executive Co-ordinator of the Green IFSC, said: “Crucial to the positioning and promotion of Ireland as a world leading centre for green finance is that we are seen to be leaders in the transition to a more low carbon model and walk the talk ourselves – particularly in a world where large pension funds and corporations will increasingly only do business with those seen to be taking steps to a more responsible and sustainable future.
“The Greening the IFSC project further strengthens Ireland’s leadership credentials and ensures that pension funds and others can continue to do business with Irish companies in the future or see Ireland as the place to base their business.”
Aidan Brady, Citi Country Officer, Citi Ireland, said: “Climate change and energy shortage is a reality. As the world moves to a more sustainable and low carbon model, green financial services will have a big part to play. Ireland has an excellent opportunity to build upon its leading international financial services infrastructure and technology, developed over 25 years, to become a global servicing centre for international green finance transactions."
The ‘Greening the IFSC’ project was launched at Citi as a result of its leadership performance in the area of energy consumption, which has also resulted in significant cost-savings to the company.
Companies participating in the project are: A&L Goodbody, BNY Mellon, Citi, KPMG, PwC, McCann FitzGerald, Matheson Ormbsy Prentice and KBC Global Project Finance.
Green IFSC has set the target of achieving local energy cost/carbon savings of 10 per cent by the end 2013 and hopes to recruit 50 per cent of companies located in the IFSC (North and South) by 2013.
The IFSC encompasses more than 500 firms, employs more than 32,000 people and contributes 7.4 per cent of Irish GDP. It also accounts for 10 per cent of multi-national employment in Ireland and contributes some €2.1 billion to the Irish Exchequer.