State investor pledges more than €160m to climate businesses
Ireland Strategic Investment Fund
(Isif) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion.
The fund, which operates under the umbrella of the
National Treasury Management Agency
, aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere.
The Isif said on Tuesday that it has earmarked €1 billion to back such projects in a second climate action fund, which it plans to allocate over the next four years.
100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off'
Listen |
42:49
It committed the €1 billion pledged in the first such fund two years ahead of schedule. The second venture will double the State investor's backing for climate-action oriented businesses to €2 billion.
READ MORE
The Isif has pledged €161 million from the second climate action programme across three specialist investment funds whose aim is to back businesses that develop technology that cuts carbon dioxide output and boosts green energy.
Industries that it will support include renewable power, energy storage, sustainable fuel, green hydrogen, and carbon capture and storage.
The Irish fund is committing €75 million to the Hitecvision New Energy Fund 2, which will back projects in Europe that involve renewable power, boosting electricity use and sustainable fuels, such as biomethane.
It will advance €58 million to the L&G NTR Clean Power (Europe) Fund, which invests in green energy infrastructure intended to advance Europe's carbon reduction and energy security plans.
L&G NTR Clean Power backs projects using established technology, including wind energy, solar power and energy storage.
The Isif will pledge €28 million to AP Ventures Fund III, focused on developing green hydrogen and carbon capture technology.
Minister for Finance Paschal Donohoe welcomed the news.
'Having exceeded its previous €1 billion climate investment programme target two years ahead of schedule, I strongly support [the] Isif's recently announced ambition to bring its total climate investments to €2 billion over the next four years,' he said.
Ireland Strategic Investment Fund director Nick Ashmore noted that the announcement would get its new climate investment programme off to a strong start.
[
State-owned Isif launches new energy transition fund with Schroders Greencoat
Opens in new window
]
'Following the impact of our first programme, exceeding its target a full two years ahead of schedule, these three new investments give us good momentum to keep investing Isif capital to tackle the climate challenge with renewed urgency,' he added.
Mr Ashmore also noted that the Isif was backing investors that would aid the Republic in meeting its climate goals and its bid to reach net zero.
The Ireland Strategic Investment Fund completed investing its first €1 billion climate fund by the end of last year. It was originally intended to do this in 2026.
The State established the Isif with cash left from the Republic's National Pension Reserve Fund, most of which was committed to bailing out Irish banks in 2010 after a property investment bubble burst, propelling the country into recession.
Key areas on which it focuses include climate action, housing and investments that aid Irish businesses to grow.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTÉ News
37 minutes ago
- RTÉ News
Watch: Restaurants creating 'plates for Palestine'
More than 130 restaurants around Ireland are creating Palestinian-inspired dishes to raise money for Palestinian aid. 'One Plate for Palestine' sees restaurants and other establishments add a dish to their menus this week, with all proceeds from the sale of those dishes going to two Irish-Palestinian charities - Gaza Go Bragh and TEA Collective. The initiative was started by Cork-based chefs Beverly Matthews and Barbara Nealon as they said they "felt frustrated and helpless" and wanted to bring the hospitality industry together to make a difference. "We thought maybe 20 restaurants would sign up, but now we have more than 130," Ms Matthews told RTÉ News. "The response has been absolutely amazing." One Plate for Palestine runs until 27 July.
RTÉ News
37 minutes ago
- RTÉ News
Taoiseach to travel to Luxembourg for two-day visit
Taoiseach Micheál Martin is due to travel to Luxembourg to meet the country's Prime Minister Luc Frieden, as part of a two-day visit to the grand duchy. Both leaders will discuss economic issues, including European competitiveness and EU-US trade negotiations. They will also discuss the current situation in both Ukraine and Gaza. Speaking ahead of the visit, the Taoiseach said Ireland and Luxembourg have "a shared interest" in the competitiveness agenda and deepening capital markets in Europe. "Bilateral relations between Ireland and Luxembourg are excellent and we are like-minded partners on many issues," he added. Mr Martin and Mr Frieden will also discuss proposals for the EU's next seven-year budget for 2028 to 2034 following last week's draft proposal by the European Commission for a €2 trillion budget. Two-way trade between Ireland and Luxembourg is worth about €3.5 billion each year, a majority of which is attributed to financial services. Like Ireland, Luxembourg's open economy and relatively low corporate tax rates have attracted international financial institutions and global investment funds to domicile in the jurisdiction for decades. Both countries' economies would be highly susceptible to a US-EU trade war in the event that it spirals to include retaliatory tariffs on digital services. US President Donald Trump has threatened 30% tariffs on imported goods from the EU, if a trade deal is not struck by 1 August. But Reuters reported yesterday that US and EU officials are discussing a broad 15% tariff on EU imports. During his visit, the Taoiseach will also meet with representatives of Irish businesses in Luxembourg and hear from Irish community representatives. More than 2,500 Irish citizens live and work in Luxembourg, a community that has doubled in size during the past 10 years, according to Ireland's embassy to Luxembourg. Tomorrow, the Taoiseach will hold a meeting with Nadia Calviño, President of the European Investment Bank (EIB). They will discuss Ireland's ongoing partnership with the bank and its role in supporting European competitiveness by investing in infrastructure projects. Mr Martin described the EIB as a "valued partner" that finances approximately €1bn for water, housing and energy projects in Ireland each year.
Irish Examiner
37 minutes ago
- Irish Examiner
Irish Examiner view: Food price cuts should be on the table in Budget 2026
Normally, a second-place finish is a cause for celebration, bringing with it a silver medal, perhaps. Ireland being the second-most-expensive country in Europe for food is no such situation. Citizens have long complained about prices here, usually with some justification. But having the black-and-white statistics to prove it is, strangely, validating and disheartening at the same time. Some 40% of parents in a recent Barnardos cost-of-living survey reported reducing or cutting their own meals so their children could eat, with slightly more than 40% of families cutting back on things like food, energy, and heating just to keep pace with bills. Food price increases have been double the rate of inflation, which itself is no small obstacle to families struggling to stay afloat. It's not as if the money is necessarily going to the producers, because Irish farmers are seeing, for instance, the lowest grain prices in 40 years. Either way, the sort of disparity found by Barnardos should not exist in a developed nation. And yet the Government has, to date, ruled out any one-off measures to address the cost of living, with the electricity rebate of the last few years (welcomed by many struggling families) not due to be repeated in this October's budget. Does this make the Government tone deaf, or does it have some other initiative up the Cabinet sleeves that will tackle the cost of living on a more durable basis? As things stand, there is a €1bn plan to reduce the cost of Vat for the hospitality sector, which, in turn, takes any real scope for tax adjustments elsewhere in the economy. The Irish Congress of Trade Unions has described it as economic vandalism, given that the sector is growing and not stagnating. This may or may not be hyperbole, because a great many businesses are under pressure due to soaring costs, but it does emphasise that the Government seems to have taken its eye off the ball when it comes to the most pressing issues affecting the electorate. With pre-budget submissions already being made and with more to come, it remains to be seen if the Government will change course to give the people not just what they want, but what they need. Nature reclaims land lost in war The destruction of the Nova Kakhovka dam in Ukraine in 2023 not only obliterated a vast area of land but deprived 1m people of drinking water. Russia, as one might expect, denies being behind the explosion, which just happened to occur during its illegal invasion of the country. Russia still denies being behind the explosion at the Nova Kakhovka dam in Ukraine in 2023, obliterating a vast area of land and depriving 1m people of drinking water. File picture: AP/Maxar Technologies Yet from that ruin and weaponisation of natural resources, an unexpected ecological fairytale has emerged. As the report in today's edition notes: 'The drained reservoir is now home to dense growths of willow and poplar and enormous wetlands; endangered sturgeon have returned to waterways; wild boar and mammals to the forests; and there are signs of spontaneous regeneration across a huge stretch of floodplain.' To attempt to visualise it, imagine an area just a little bigger than Co Kilkenny was under water, then became forest and marsh within just a couple of years. No human effort has gone in to this — by all accounts it is a natural regeneration, even if the area is contaminated by heavy metals and other pollutants that could well leach into the soil. Ultimately, nature cares not whether humanity thrives or dies. What the reservoir shows is how quickly nature can reclaim what we relinquish, and how it will go on in some form. The difference to, say, how the jungle retook and buried Mayan cities is that this one has happened in our own lifetime. If more of our species could comprehend the scale, perhaps we might make it out of the climate disaster in better shape. What's your view on this issue? You can tell us here Ireland and the nuclear option One would not normally think of 'Michael O'Leary' and 'nuclear power' in the same mental breath, but his comments this week have brought them together. Commenting on the National Development Plan, in among his jabs at the Government's capabilities to spend the money wisely and his lack of faith that the Dublin Airport metro would be used, he suggested that some of the money should be used to build a nuclear power plant. Sound reasons have been advanced for not having nuclear power in Ireland but Michael O'Leary's comments are grounded in sensible notion of achieving energy independence. File picture: PA While O'Leary has form for eye-grabbing, pithy statements, sometimes seemingly said without forethought, in this case there was logic: Energy independence. Ireland imports electricity from the UK, which is building a series of nuclear plants, and will soon import power from France, which has several. Much of our development capacity depends on this imported power, and data centres already make up some 20% of the country's usage. Ireland stopped using coal for power just last month, and we no longer have any peat-fuelled plants, though gas and oil are widely used. Still, while renewables make an increasingly welcome proportion of energy generated here, we will always need contingencies. Mr O'Leary said: We are at the end of the line and will be the first to be switched off if there is a crisis. Many sound reasons have been advanced for not having nuclear power in this country, not least on the back of our relationship with the victims of the Chernobyl disaster. The price shock that came with Russia's invasion of Ukraine and the associated restrictions put on imports of Russian gas show that we can never take anything for granted. Has the time, then, come for a formal commission to consider a nuclear power plant in Ireland as part of a long-term overall energy strategy?
