Latest news with #Isif
BreakingNews.ie
16-07-2025
- Business
- BreakingNews.ie
Taoiseach says €3.6m investment in Israel ‘not going to fund any war'
The Taoiseach has said a €3.6 million investment in Israel is 'not going to fund any war' in response to claims Ireland was funding a genocide in Gaza. Micheál Martin said the Government has no role in directing how public money should be invested and said it was not true to say Irish funds invested in Israel meant Ireland was funding a genocide in Gaza. Advertisement Social Democrats deputy leader Cian O'Callaghan said that at the end of 2023, the Irish Strategic Investment Fund (Isif) held €2.62 million in Israeli sovereign debt. By the end of 2024 that had increased to €3.62 million, he told the Dáil during Leaders' Questions. 'This wasn't a mistake or some kind of oversight. Someone made a deliberate decision to increase the level of public money spent on Israeli war bonds, and the Israeli government have not hidden what those bonds are for,' he said. 'These bonds are clearly being used to help finance their genocidal campaign. Taoiseach, this is utterly outrageous.' Advertisement He also said it was 'shameful' that nearly eight million euros of Irish public money was invested, directly or indirectly, in companies operating in occupied territories while the Government is trying to pass a bill banning the trade of goods with Israeli settlements in the same occupied territories. Mr Martin said he would 'follow through' on the issue raised with him on Wednesday, but pushed back against the suggestion that Ireland was funding a genocide. 'I take strong exception to your assertion that the Irish Government is funding genocide. It most certainly is not and never has,' he said. 'You know the Government does not get involved in investment decisions by any fund that is established, you know that is the case.' Advertisement He said Ireland was opposed to the war in Gaza and listed Ireland's position on matters relating to Gaza: that Ireland was the only country that has moved to pass legislation banning goods coming from the illegally occupied Palestinian territories and had pushed for the suspension of the EU-Israel Association Agreement. He said Ireland had intervened in South Africa's genocide case against Israel at the International Court of Justice (ICJ), and also sponsored UN resolutions in respect of decisions at the court. Mr O'Callaghan said the Government gives the Isif 'its strategic direction', and should direct it not to invest money in companies that contravene international law in the West Bank. 'There are much better places that our money should be spent: in affordable housing, in healthcare and disability services. Not a cent should be invested in companies operating in occupied Palestinian territories, in the West Bank.' Advertisement Mr Martin said: 'The Isif have confirmed that at the end of 2024 it had held 3.6 million in Israeli sovereign debt. 'That's not going to fund any war, deputy. So let's have a sense of perspective. 'You can argue it's not right, I take that point. 'But you said we funded genocide. That is an outrageous, exaggerated assertion. You lack credibility in putting a point like that, but you do it for political gain only.' Advertisement He said Isif held 5.2 million in Egyptian sovereign debt and 2.3 million in Jordanian sovereign debt, and added: 'I wouldn't approve of some of this either.' He called on Mr O'Callaghan to withdraw the claim that Ireland was funding genocide.
Irish Times
06-05-2025
- Business
- Irish Times
State investor pledges more than €160m to climate businesses
The State-owned Ireland Strategic Investment Fund (Isif) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion. The fund, which operates under the umbrella of the National Treasury Management Agency , aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere. The Isif said on Tuesday that it has earmarked €1 billion to back such projects in a second climate action fund, which it plans to allocate over the next four years. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 It committed the €1 billion pledged in the first such fund two years ahead of schedule. The second venture will double the State investor's backing for climate-action oriented businesses to €2 billion. READ MORE The Isif has pledged €161 million from the second climate action programme across three specialist investment funds whose aim is to back businesses that develop technology that cuts carbon dioxide output and boosts green energy. Industries that it will support include renewable power, energy storage, sustainable fuel, green hydrogen, and carbon capture and storage. The Irish fund is committing €75 million to the Hitecvision New Energy Fund 2, which will back projects in Europe that involve renewable power, boosting electricity use and sustainable fuels, such as biomethane. It will advance €58 million to the L&G NTR Clean Power (Europe) Fund, which invests in green energy infrastructure intended to advance Europe's carbon reduction and energy security plans. L&G NTR Clean Power backs projects using established technology, including wind energy, solar power and energy storage. The Isif will pledge €28 million to AP Ventures Fund III, focused on developing green hydrogen and carbon capture technology. Minister for Finance Paschal Donohoe welcomed the news. 'Having exceeded its previous €1 billion climate investment programme target two years ahead of schedule, I strongly support [the] Isif's recently announced ambition to bring its total climate investments to €2 billion over the next four years,' he said. Ireland Strategic Investment Fund director Nick Ashmore noted that the announcement would get its new climate investment programme off to a strong start. [ State-owned Isif launches new energy transition fund with Schroders Greencoat Opens in new window ] '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. Mr Ashmore also noted that the Isif was backing investors that would aid the Republic in meeting its climate goals and its bid to reach net zero. The Ireland Strategic Investment Fund completed investing its first €1 billion climate fund by the end of last year. It was originally intended to do this in 2026. The State established the Isif with cash left from the Republic's National Pension Reserve Fund, most of which was committed to bailing out Irish banks in 2010 after a property investment bubble burst, propelling the country into recession. Key areas on which it focuses include climate action, housing and investments that aid Irish businesses to grow.
