Ireland and the United Nations Development Programme announced on Thursday the launch of a new global Project Office for Sustainable Finance in Dublin, backed by €7.5 million ($8.1 million) in Irish government funding over three years.

Irish Finance Minister Paschal Donohoe and UNDP Administrator Achim Steiner made the announcement during the World Bank/IMF Spring Meetings in Washington, D.C.

The Dublin-based office will serve as a global platform to promote innovation and scale up efforts to align finance with climate, nature, and sustainable development goals.

It will host the secretariats of the UNDP Financial Centres for Sustainability and the Sustainable Insurance Forum, connecting financial institutions, regulators and public agencies in more than 40 countries.

“This new UNDP Project Office reflects Ireland’s ambition to be at the heart of shaping global sustainable finance,” Donohoe said. “Ireland is proud to contribute €7.5 million over three years to this effort.”

First UNDP presence in Ireland aims to drive innovation

The project marks the UNDP’s first formal presence in Ireland and is part of efforts to respond to the evolving global financial architecture, where mobilizing and utilizing finance for sustainable impact is seen as a defining challenge.

Steiner said finance was a key tool to tackle climate change, biodiversity loss and inequality. “Through this new Project Office, and with Ireland’s leadership and vision, UNDP is creating a global platform that connects financial centres, regulators, and markets with the needs of people and planet,” he said.

The office will support the development of financial solutions such as nature-related investment tools, gender-responsive finance mechanisms and transition finance approaches.

It will also contribute to international forums, including the G-20, APEC, the Financing for Development conference and the UN climate negotiations.

Ireland is hosting the office as part of its strategy to strengthen its position as a climate and sustainable finance leader, under initiatives like Ireland for Finance and its International Climate Finance Roadmap.