Irish fund ISIF plans EUR 1bn in climate investment over 5 years
Wind turbine near the coast, Ireland. Author: Harry Pears. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
The Ireland Strategic Investment Fund (ISIF) has today committed to making EUR 1 billion (USD 1.2bn) of investments in climate action projects in the 2021-2026 period.
ISIF will target projects in the areas of energy efficiency, energy storage, including emerging technologies, and renewables, where it will focus on large and small-scale wind and solar power generation, both onshore and offshore. The fund will also pursue investments that lead to better use of resources such as improved transport and waste technologies, as well as significant forestry investments.
“Our planned investment programme reflects the urgency of the climate challenge and the significant opportunities that exist to back Irish businesses and projects that are developing new and more sustainable ways of doing things,” said ISIF director Nick Ashmore.
ISIF will make both direct and fund-based investments in line with this strategy, Ashmore added.
The fund, which is managed by the National Treasury Management Agency (NTMA), also published its report for the first half of 2021, which showed that ISIF has generated EUR 450 million in investment gains in the six months, translating to an investment return of 5.2%.