Answers to climate crisis on the agenda for Irish tech during Climate Finance Week Ireland

A week of specially themed events in November will help Irish tech businesses tackle how they respond to climate change and the challenges and opportunities involved in financing Ireland’s move to a low-carbon economy.

Climate Finance Week Ireland 2019, sponsored by AIB, is a unique programme of more than 20 events across five days. It will include climate-themed talks on sustainable finance and investments, interactive workshops and events attended by senior domestic and international corporate leaders, financiers and key policymakers.

The week of events (November 4th to the 8th) is being convened by Sustainable Nation Ireland with the Department of Finance and is part of the Government’s Ireland for Finance Strategy to promote Ireland as a hub for sustainable finance and responsible investment.

A highlight of Climate Finance Week Ireland 2019 will be the Annual AIB Sustainability Conference which will be held in Dublin. It will focus on unlocking the potential of sustainable growth and the opportunities and most pressing challenges facing businesses in the transition to a low-carbon economy.

Events during Climate Finance Week include:

– A day of events centred on the Environmental, Social and Governance (ESG) agenda
– The launch of a national blueprint for sustainable finance
– The publication of the 2nd State of Play Report into responsible investment in Ireland
– Discussion on sustainable finance, fintech and innovation in Irish business and finance

Between now and 2030, the G20 estimates that $90 trillion is required in order to restrict global warming below 2°C. In Ireland alone, it will cost the state €50 billion to make the transition to a sustainable, low-carbon economy by 2030, according to estimates from a 2018 Deloitte report.

Last year’s inaugural Climate Week (now Climate Finance Week) included the visit to Ireland of the iconic Fearless Girl statue and the Climate Innovation Summit, hosted by EIT EU Climate-KIC and supported by Sustainable Nation Ireland, an initiative that promotes Ireland as a world-leading hub for sustainable finance. The summit was attended by over 600 of Europe’s decision-makers and climate finance innovators.

Commenting, Minister for Finance & Public Expenditure and Reform, Paschal Donohoe, T.D, said: “Climate change is one of the most pressing challenges of our time. Meeting this challenge head-on requires multiple partners across Government, industry, and further afield to work together to facilitate the transition for Ireland to a low carbon economy.

“Ireland itself has a key role to play in this and, with Government backing, sustainable finance is now a key priority of my department, underpinned by the recent launch of the Ireland for Finance strategy which includes the hosting of Ireland’s second Climate Finance Week. AIB’s sponsorship of Climate Finance Week is to be welcomed and I look forward to the collaborative approach that Climate Finance Week takes bearing fruit across the period to come.”

Colin Hunt, AIB Chief Executive Officer, said: “The Financial Services industry has a key role to play in creating a sustainable future for everyone. Climate Finance Week provides the perfect opportunity to come together, share ideas and unlock the potential for sustainable development. In AIB, we back our customers in addressing the transition to a low-carbon economy and look forward to continuing to support them in their sustainability journeys. Our third Annual Sustainability Conference promises to be another forum where our customers can access the smartest and most sustainable thinking in business.”

Stephen Nolan, chairman Climate Finance Week Ireland, said: “Climate change is the defining issue of our time and the scale of the challenges is considerable. Mobilising the capital markets in support of this agenda from both a risk management and opportunity perspective is of critical importance if we are to successfully meet this challenge head-on. We look forward to continuing these conversations during Climate Finance Week Ireland 2019. I am pleased to welcome AIB as principal sponsor of Climate Finance Week Ireland 2019.”

In the last 12 months, Ireland has also achieved the following goals:

– The National Treasury Management Agency issued its first-ever green bond worth €3 billion
– Ireland voted to become the first nation in the world to fully divest public money off fossil fuels
– Dublin was named the headquarters of UN Environment Financial Centres for Sustainability (FC4S) European node
– The Central Bank of Ireland has become a member of the Network for Greening the Financial System, an international network of over 40 central banks