Ireland Strategic Investment Fund, Dublin, committed €25 million ($27 million) to Irish Strategic Forestry Fund managed by Gresham House, confirmed a spokesman for the €9 billion sovereign wealth fund.
Gresham House's fund will provide up to €200 million in capital to create new forests across Ireland as part of the country's efforts to mitigate climate change.
Nick Ashmore, director at ISIF, said in a news release Friday that the investment underlines ISIF's commitment to climate action through its €1 billion climate investment program.
"This new fund will drive significant investment in one of Ireland's key natural resources. It will help deliver on ISIF's double bottom-line mandate of generating a commercial return and supporting economic activity and employment in Ireland, while generating further progress in Ireland's transition to a net-zero economy," Mr. Ashmore said.
