The Irish Government has launched its new initiative Green IFSC (International Financial Services Center), in a bid to replicate the success of the Irish funds industry.

Speaking at the launch of the Green IFSC initiative, Irish Prime Minister (Taoiseach) Brian Cowen explained: “We proved in the past with the IFSC that a successful partnership between Government and business can successfully provide world-class international financial services. Today there are nearly 12,000 people employed in Ireland’s international funds servicing sector.

“We can repeat that success by developing a Green Financial Services centre which will place Ireland at the forefront of a growing demand for such services in the coming decades.”

Cowen said the Irish funds industry and the IFSC as a whole continue to grow. “The resilience of international financial services in an unprecedented global environment is evidence both of the sustainability of the business being done here and the quality of the staff doing it. Ireland has built an industry that is both diverse in the activities it carries out and enjoys a world class reputation. We should be justifiably proud of its success.”

The Government has agreed to provide seed funding of €6.8 million over three years to develop the concept. It is estimated that the new sector could create at least 7,000 jobs over the next five years.

Cowen said there are considerable global opportunities in green finance, carbon management and the growth of the green economy. “And there are still plenty of reasons for confidence in Ireland’s future, our potential and what we can achieve over the coming years. Ireland’s economy retains very significant strengths and we are building on those strengths.”

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