Dublin’s ISI Centre partners with London’s Climate Bond Initiative,

Business Post 19th Jan. 2016

Dublin’s ISI Centre partners with London’s Climate Bond Initiative

Gaelectric Holdings, the Irish renewable energy firm, is the first Irish firm to issue a green bond — worth €10 million.

Meanwhile, Ireland’s International Sustainability and Investment Centre (ISI Centre) has announced a partnership with the London-based Climate Bond Initiative.

The Climate Bond Initiative is a not-for-profit organisation that assists governments and companies fund climate-change solutions through sustainable investments.

According to the two bodies, the partnership aims to accelerate Ireland’s development as an international hub for environmental finance. Green bonds have been a growing area of finance over the last decade, with the more than $40 billion worth of bonds and other financial instruments issued in 2015.

The green bond market specifically has been on a dramatic rise lately, from $3 billion of bonds issued globally in 2012, to $11 billion in 2013, to $37 billion in 2014 – mostly by organisations like the European Investment Bank and the World Bank, and some national governments.

Some major corporates — Unilever, for example — have also issued green-rated bonds, but Gaelectric is the first Irish company to issue any sort of green bond. The bond will be issued over three-and-a-half years, the company said, and the funds raised will be applied to Gaelectric operations and development in areas of renewable energy generation and energy storage.

Earlier this week, the ISI Centre which co-hosted a seminar on green bonds at the IFSC in Dublin at which Sean Kidney, chief executive of the London-based Climate Bonds Initiative, said that Ireland was “perfectly positioned to demonstrate to the world how to make green finance serve the agenda of the transition to a low-carbon economy.”

The ISI Centre, an output of Government’s IFS2020 strategy, supports the effective delivery of sustainable and responsible financial services, products and operations, including Green Bonds.

Stephen Nolan, the chief executive of the ISI Centre, said that the partnership was a chance for Ireland to explore the way to use the proceeds of green bonds to support Ireland’s enterprise sector.



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