The Ireland Strategic Investment Fund (ISIF) has announced a new climate action investment programme, which will be worth €1 billion in total over a four-year period.
The ISIF, which is part of the National Treasury Management Agency (NTMA), kicked off the new programme with three separate investment commitments totalling more than €160 million.
Investment commitments
This includes a €28 million investment in AP Ventures Fund III LP, which focuses on hydrogen and carbon capture technology; a €75 million investment in the HitecVision New Energy Fund 2, which will focus on the development of renewable energy and circular energy systems across Europe; and a €58 million investment in the L&G NTR Clean Power Fund, which will focus on clean power infrastructure assets to support the decarbonisation and energy security agenda at a European level.
The new investment programme follows on from the completion of the ISIF’s previous €1 billion climate investment target, which was reached two years ahead of schedule. It will focus on investments in areas such as renewable energy, energy storage, sustainable fuels, hydrogen, and carbon capture technologies.
A strong start
“We recently doubled our commitment to climate investments to €2 billion, to demonstrate the importance ISIF attaches to getting behind climate action,” commented Nick Ashmore, director of ISIF, adding that the latest announcement gets the new climate investment programme off to a promising start.
“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.
Ireland‘s finance minister, Paschal Donohoe, also praised the initiative, saying, “Having exceeding its previous €1 billion climate investment programme target two years ahead of schedule, I strongly support ISIF’s recently announced ambition to bring its total climate investments to €2 billion over the next four years.” Read more here.
