Minister Ryan secures government approval for negotiations on the establishment of UNDP Project Office in Dublin
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From: Department of the Environment, Climate and Communications
- Published on: 7 November 2024
- Last updated on: 8 November 2024
- Location of office in Dublin has the potential to build upon Ireland’s track record in international financial services
The Minister for the Environment, Climate and Communications, Eamon Ryan, has received government approval to enter negotiations on the establishment of a United Nations Development Programme (UNDP) Project Office in Dublin.
The UNDP is the United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development.
Sustainable finance is at the core of sustainable development and an integral part of tackling climate change. The role of the financial markets is critical — domestically and internationally — in providing transparent information on sustainability risks related to investment decisions, and in shifting financial flows towards decarbonisation and sustainable development.
This would be the first formal presence of the UNDP in Ireland. Discussions with the UNDP have been ongoing for a period of time and it is considered that locating the office in Dublin has the potential to build upon Ireland’s track record in international financial services.
The proposed office will host the global Secretariat for activities of UNDP's Financial Centres for Sustainability (FC4S) and the Sustainable Insurance Forum (SIF). In addition, it will support ongoing UNDP climate and nature finance policy efforts at the country level by connecting financial centres and regulators in over 40 countries to global policy forums, for example the G20, Asia-Pacific Economic Cooperation (APEC), COPs and their respective initiatives.
The Minister stated that:
"Ireland recognises that adequate and accessible climate finance is the key to achieving decarbonisation and climate resilience globally. This will require a mix of public, private, philanthropic and innovative sources of finance if the necessary levels of finance are to be reached. I am very pleased to have secured approval for these negotiations which can help ensure that we move closer to realising the financial flows necessary to tackle climate change. It is an honour for Ireland and a reflection of our own track record in international financial services that this UNDP office may be based here. There is a clear role for the financial services sector both domestically and internationally, in shifting financial flows towards decarbonisation and sustainable development, and away from activities harmful to the climate and environment."
Marcos Neto, Assistant Secretary-General and Director of UNDP's Bureau of Policy and Programme Support detailed that:
"As the global community intensifies its efforts to address climate change, Dublin is uniquely positioned to be a vital hub for sustainable finance and climate-related initiatives. We are thrilled to be moving forward with Ireland, on a new project office, a country whose commitment to sustainable development and innovative finance solutions makes it an ideal partner for this ambitious endeavour."
ENDS
Notes to the Editor
Ireland's role in Sustainable Finance:
Ireland was selected as the location for the UNDP Project Office for Sustainable Finance because of our very strong track record on international financial services and successes in Climate/Sustainable Finance delivered through a series of government strategies driven by the Department of Finance such as: 'IFS2020' and 'Ireland for Finance'.
The proposed UNDP Project Office for Sustainable Finance will work with UN member countries, International Organisations such as Multinational Development Banks (IMF, World Bank, and so on) and the private sector (business and the financial services sector) to identify, develop and implement financial instruments that deliver funding to enable developing countries meet the challenges of the Sustainable Development Goals (SDGs), especially climate change and its impact on food, water, health, and so on. The Project Office will also work with developed countries and international organisations such as the EU to deliver solutions to climate change problems including green/sustainable bonds, sustainable infrastructure and risk-based planning for climate and weather-related disasters.