Taoiseach and IDA see Ireland's climate plans as key to FDI growth 

IDA chief executive Martin Shanahan said Ireland aims to be a global leader in the area of green or sustainable finance

Taoiseach Micheál Martin said sustainable finance is 'a top priority' within the Government's financial services agenda, while the IDA wants Ireland to become a global leader in the area.

The Taoiseach and the IDA have highlighted the importance of Ireland’s green credentials and climate improvement plans in attracting future investment from international financial services firms.

Addressing the European Financial Forum, jointly run by the Financial Times and IDA Ireland, IDA chief executive Martin Shanahan said Ireland remains open for business and aims to be a global leader in the area of green or sustainable finance.

“Increasingly, Ireland is becoming known as a financial centre with strong green credentials and a hub for sustainable finance; our goal is to become a leader in this area,” he said.

“We have a globally recognised platform dedicated to sustainable finance talent and development already in place… and international finance companies based in Ireland are leading the way in climate change and sustainable finance,” Mr Shanahan added.

Also addressing delegates, Taoiseach Micheál Martin said sustainable finance remains “a top priority” within the Government’s financial services agenda.

There is, rightly, increased urgency and focus on the world’s decarbonisation pathway and we must all step up — industry and Government — firstly, and most importantly, because it is the right thing to do, but also because it is what is increasingly demanded by citizens and consumers the world over." 

He said Ireland was “uniquely positioned” to benefit from significant global investment in fintech due to the country’s track record for foreign direct investment, entrepreneurial culture and existing number of international financial services firms.

“As Europe and the world begin to emerge from the pandemic, we are facing a changed and more competitive landscape — one where the accelerating digital and decarbonisation transitions are bringing challenges as well as new areas of opportunity for growth.

“We have the knowledge, expertise, and leadership to support your sector as you move forward,” Mr Martin told delegates.

The Taoiseach’s comments came as latest CSO figures showed a 10% surge in employment in the 12 months to the final quarter of last year, with 2.5m people in work. 

Finance Minister Paschal Donohoe said the numbers prove the effectiveness of the Government’s policy response to the Covid crisis.