Green IFSC, in partnership with the Sustainable Energy Authority of Ireland (SEAI) and Dublin City Council, has created the 'Greening the IFSC' initiative in a bid to ensure Ireland has one of the most resource efficient financial centres in the world.

The first of a kind project has also been designed to help companies operating from the IFSC measure their carbon footprint and come up with a plan to reduce resource consumption (waste, water and energy) – and ultimately reduce costs.

The project launched by Minister Rabbitte today, at Citi's Environmental Expo 2012 in Dublin, sees eight companies across 10 offices in the IFSC - which collectively employ more than 7,500 people and have a total energy bill of over €5 million – come together in a pilot project to cut energy consumption and reduce costs.

Minister Rabbitte, said: "This Green IFSC initiative in partnership with SEAI and Dublin City Council really shows how Ireland is taking a leadership role in the area of sustainability and green finance. No longer is taking steps to a more sustainable business a mere nice to have but is now a must have as the world faces a number of challenges - world population at all time highs and dependence on fossil fuels at critical levels. This project shows that by doing the right thing companies can also make real savings to their bottom line today and into the future.

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"And, by working together in this Green IFSC project, these companies are also making the commitment to position Ireland’s international financial services centre as one of the most resource efficient anywhere in the world."

SEAI has measured the participating companies’ carbon footprint and a special working group of the participating companies, along with Green IFSC, SEAI and Dublin City Council will work together to determine the best way for the group to collectively reduce the energy use of the IFSC and potentially cut hundreds of thousands of euros from energy bills.

Brian Motherway, Chief Executive of SEAI, said: "More and more businesses, such as those in the Green IFSC, are adopting a strategic approach to sustainable energy. It is clear now that this is a serious business issue that is important to all sectors of the Irish economy.

"A global transition has started – a transition away from carbon and fossil-fuel intensity to a new, sustainable energy society. This requires an unprecedented mobilisation of finance, and creates a huge opportunity for innovators and early movers and this project bringing together public and private sector copper-fastens Ireland’s leadership role."

(CD)