Ireland Targets China to Strengthen Links in Rapidly Growing Green Finance Sector
March 26, 2012
Just one week after Ireland launched the Global Green Asset Management Network at the New York Stock Exchange (March 19) the country’s Prime Minister promotes the initiative on his Chinese visit in a bid to further strengthen green finance links between the two countries.
Ireland has now publically, in two continents in a matter of days, set out its stall to be the global leader in the fast growing $260 billion global green asset management sector which is predicted to grow fourfold to over $1 trillion by 2020.
Irish Prime Minister Enda Kenny, said: “Last week at the New York Stock Exchange I welcomed the launch of Green IFSC’s Global Green Asset Management Network. Today, in China, by inviting your participation in the initiative and offering to be your partner as the world transits to a low carbon economy, we are one step closer to being a global leader in the green finance sector.
“With $10 billion in green assets managed or serviced, Irish green asset management and green enterprise firms are active all over the globe but China is a country where links are particularly strong – and growing. We look forward to strengthening these existing links to mutual and global benefit through this new initiative.”
One Dublin headquartered global renewable energy developer, with strong Chinese links is Mainstream Renewable Power (Mainstream). In recent weeks it was revealed that Mainstream and the world’s fourth largest wind turbine manufacturer, Xinjiang Goldwind Science & Technology Co Ltd (Goldwind), signed a 50/50 joint venture to build the first phase of the Ckani Wind Farm in the Antofagasta region of Northern Chile.
Mainstream’s Chief Executive Eddie O’Connor said: “Our goal is to deliver low cost, high quality renewable energy projects by partnering with world-leading Chinese technology manufacturers like Goldwind and Suntech. Funding for projects is also being supplied by China Development Bank. Mainstream has over 15,000MW of wind and solar projects globally and our Chinese partners have the world-leading technology which is ready to deploy cost-effectively and at scale.
“The Green IFSC’s Global Green Asset Management Network is a tremendous boost to further developing Chinese / Irish partnerships in the renewable space and with Chinese technology and Irish talent it is a perfect pairing.”
EEA Group with offices in London, Beijing, Dublin, and Singapore is set to double its Irish workforce before the year-end largely as a result of collaboration between its Dublin and Beijing offices.
Yesterday (Tuesday, March 27) EEA Ireland welcomed the signing of a joint venture with the Chengdu Jingkong Finance Development Fund and its sister company EEA China to raise capital for green tech investments in China.
EEA China Head Jie Liang pointed out: “Funds like this are an essential part of the financial infrastructure required to develop green power and new technologies. The EEA Ireland team will be heavily involved in this new venture because of Ireland’s specialist expertise in the field, expertise which is being further developed with Green IFSC’s focus on green finance educational activity.
“We anticipate new green jobs in both Chinese and Irish high tech companies which will benefit from future investment resulting from the exciting Chengdu initiative.”
Mike Hayes, KPMG, member of the Green IFSC Steering Group, explained: “Ireland is an obvious platform for Chinese firms to utilize for renewable energy manufacturing for the European market given the cluster of enterprise companies and experienced talent in the renewable space.
“And, secondly, Irish companies provide investment opportunities for Chinese banks and investors. In fact, Mainstream was the first European company with an renewable project to be supported by a Chinese bank – and that was for a windfarm in Chile demonstrating the global expertise Ireland has to hand.”
Green IFSC, an initiative of the Clearing House Group at the Department of the Irish Prime Minister, launched the Global Green Asset Management Network after research showed that green assets under management in Ireland doubled in the last year and tripled in the past four. *Today, Ireland manages or services more than $10 billion in green assets.
The first Chinese meetings of the Green IFSC’s Global Green Asset Management Network will take place in Beijing, Shanghai and Hong Kong in October to discuss with green asset managers why Ireland may offer the ideal location and services for their businesses.
NOTES TO EDITORS
*Research from PwC and KPMG conducted on behalf of the Government-supported public/private sector project, Green IFSC Initiative.
About the Green IFSC
The Green IFSC initiative is a public/private output of the IFSC Clearing House Group, Department of the Prime Minister, Ireland. The initiative is tasked with accelerating the growth of Ireland’s green finance sector, where finance, trade, products and services are developed and exchanged in support of the global transition to a low-carbon economy.
About the Global Green Asset Management Network
The new network aims to accelerate the growth of Ireland’s green asset management cluster by developing a forum for all market practitioners in the industry through which a consensus on regulatory, legislative and educational needs can be addressed through engagement with government, state bodies and other industry groups both nationally and internationally.
What is Green Asset Management?
‘Green Asset Management’ refers to capital markets, investment banking activities and related advisory services which support the development, finance and promotion of a low-carbon economy. It includes funding of renewable energy generation, energy efficiency measures, trading and management of carbon and cleantech/sustainable funds.
Picture caption: Enda Kenny, Taoiseach of Ireland, is greeted by Wen Jiabao, Premier of China, as he arrives at the Great Hall of the People in Beijing
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