Press release
Government hosts Sustainable Finance Workshop coinciding with launch of landmark World Bank Sustainable Development Bond
Published on
Last updated on
Published on
Last updated on
Ireland continues to proritise sustainable finance as appetite from global investors for sustainable products increases
The Department of Finance, in association with Sustainable Nation Ireland (SNI), is today (Thursday) hosting a conference on sustainable finance, entitled Catalysing Global Savings to Advance our Shared Sustainability Goals.
Following the launch last month of the Government’s follow-on strategy for international financial services, “Ireland for Finance”, of which sustainable finance is a cross cutting priority, the focus of today’s event is to foster discussion on the crucial role of the private sector in mobilising capital to support the sustainable agenda, and the associated investment opportunities.
The event which includes addresses from An Taoiseach, Leo Varadkar TD , and Minister for Communications, Climate Action, and Environment, Richard Bruton TD , brings together representatives from major, multilateral development banks, bond issuers, investors and key market participants in the sustainable finance field.
The event coincides with the launch in Dublin this morning of a 10-year Global Sustainable Development Bond by the World Bank. The Bond, which is the World Bank’s first 10-year euro denominated global bond in 10 years, raised €1.5 billion from institutional investors across the globe, and demonstrates the increasing appetite from global investors for sustainable products. This follows on from
Ireland’s issuance of its first Green Bond last year in October 2018.
An Taoiseach, Leo Varadkar TD who gave the welcome address at the Conference this morning noted
“I believe the greatest responsibility we have is to pass on our planet to the next generation in a better condition than we inherited it. We need to make changes now, before it is too late. They will not be easy. In this country, we recognise that Government doesn’t have all the answers. So we will work with people, industry and communities to chart the best and most inclusive way forward.
Commenting on the workshop and the launch of the World Bank Sustainable Development Bond, Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD , stated:
‘Following the successful hosting of the Climate Innovation Summit in Dublin last year, today’s workshop, hosted by the Department of Finance in conjunction with Sustainable Nation Ireland, is an important step in increasing awareness amongst investors of the significant opportunities available as financial markets align with the sustainable agenda. I was delighted that the World Bank who are represented at today’s workshop have chosen Dublin to announce the launch of a 10-year Global Sustainable Development Bond. The Bond which is the World Bank’s first euro denominated global bond in ten years, is very much aligned with Ireland’s commitment to the UN's Sustainable Development Goals, as well as our objectives to continue to work with the development and financial community as articulated in our new development policy, ‘A Better World’.”
Richard Bruton TD, Minister for Communications, Climate Action and Environment who opened the conference said:
“We are determined to step up our response to climate change. Sustainable finance is key to achieving the level of ambition we are aiming for. It is crucial that investors recognize the value of long-term sustainability when evaluating investment opportunities. There are also huge ‘first mover’ opportunities for enterprises in the low carbon and circular economy. In this context, today’s announcement of the World Bank’s new sustainable development bond is a very welcome development.”
Michael D’Arcy TD, Minister of State with special responsibility for Financial Services and Insurance , commented:
“The Government’s new strategy for international financial services, ‘Ireland for Finance’, identifies sustainable finance as a key priority. It will apply across all of the strategy. Today’s event provides a significant opportunity to further contribute to the advancement of sustainable finance initiatives, as well to highlight Ireland’s emerging role as a leader in this area.”
ENDS
Note for Editors:
About the Sustainable Development Finance Conference:
On 16 May, the Department of Finance in conjunction with Sustainable Nation are hosting a conference on sustainable finance, entitled Catalysing Global Savings to Advance Our Shared Suitability Goals. The conference follows Ireland’s issuance of its first Green Bond in October of 2018 and Dublin’s 4th European Financial Forum on 12-13 February.
Contact
Deborah Sweeney, Press Advisor to Minister Donohoe - 086 858 6878
Aidan Murphy, Press Officer, Department of Finance – 085 886 6667