Brian Stanley (Laois-Offaly, Sinn Fein)
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Question 75: To ask the Taoiseach his plans to make Ireland a centre of excellence in the management of carbon; and his plans to work with his Northern Ireland counterpart in doing so. [15447/11]

Enda Kenny (Mayo, Fine Gael)
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Earlier this year members of the Green IFSC Steering Group, a sub-committee of the IFSC Clearing House Group, chaired by the Department of the Taoiseach, were tasked with developing a detailed business plan for the delivery of an Initiative to secure a leading position for Ireland as the world moves towards a low carbon global economy.

This Initiative seeks to build upon the reputation of the IFSC as a leading global financial centre and to develop Dublin as a global hub for green finance. Green Finance refers to capital markets, investment banking activities and related advisory services which support the development, finance and promotion of a low-carbon economy. This includes funding of renewable energy generation, energy efficiency and in a wider context waste, water and weather management. The value of carbon as a pricing mechanism for this activity is at the core of green finance and the Green IFSC Steering Group have identified a central role in the carbon markets as pivotal to the success of this initiative.

Playing to the existing strengths of the IFSC the initiative proposes to translate and extend these skills into the carbon market and develop Dublin as the world leader in not just the management of carbon but as an innovation hub for associated carbon mechanisms and the next generation of green financial management instruments. Central to this strategy is the creation of an International Carbon Standard and Registry for the voluntary carbon credits market.

The business plan is currently being reviewed by IDA Ireland and Enterprise Ireland. Until that review is complete and considered by Government no work with my northern counterpart has taken place.