Government approves UNDP sustainable finance office in Dublin

Minister Darragh O’Brien has obtained official government approval for the creation of a United Nations Development Programme (UNDP) Sustainable Finance Project Office in Dublin. This initiative represents the UNDP’s first formal footprint in Ireland and aims to enhance sustainable finance efforts central to combating climate change and promoting sustainable growth. The UNDP works globally to eradicate poverty, reduce inequalities, and support sustainable development goals in 170 countries. Sustainable finance is pivotal in these efforts, helping to direct financial markets towards investments that support decarbonisation and environmental, social, and governance (ESG) objectives. Locating the office in Dublin builds upon Ireland’s strong international financial services reputation. The project office will employ 16 staff, with 14 based in Dublin, one in Geneva, and one in South Africa. Funding for the office will be shared equally between the Department of Climate, Energy and the Environment and the Department of Foreign Affairs and Trade. Minister O’Brien emphasised the importance of climate finance and the financial sector’s role in transitioning away from fossil fuels. He highlighted that the approval coincides with Ireland’s participation at COP31 in Türkiye, underscoring the country’s commitment to global climate collaboration. Minister for Foreign Affairs and Trade Helen McEntee stated that sustainable finance is vital for supporting development and climate goals and reaffirmed Ireland’s partnership with the UNDP to mobilise finance for sustainable development. This development aligns with the 'Ireland for Finance Vision 2030 – Renewed and Refocussed for a Digital Age Strategy,' which underscores Ireland’s leadership in sustainable finance by integrating ESG factors into financial systems to encourage long-term sustainable investments.