Establishing and ensuring the management of a national and catchment scale financing system for peatland restoration in Ireland.
Key Facts
| Location | West and North-west of Ireland, Midlands |
| Area | 137,870 hectares of raised and blanket bog |
| Start date | Spring 2021 |
| Lead organisations | ERINN Innovation, University College Dublin, Landscape Finance Lab, National Parks and Wildlife Service |
| Collaborators | Community Wetlands Forum, LIFE-IP Wild Atlantic Nature, Irish Rural Link, Bord na Móna, Coillte, National Treasury Management Agency, European Investment Bank, Dept. Agriculture Fisheries and the Marine, Dept. Environment, Communications and Climate Change, Dept. Finance, Dept. Public Expenditure and Reform, Dept. Housing, Local Government and Heritage, Irish Water, Natural Capital Ireland |
The Journey of Peatland Finance Ireland
Peatland Finance Ireland was established in 2022 with the goal to create and manage a national and catchment scale financing system for peatland restoration in Ireland. Peatland Finance Ireland is supported by the National Parks and Wildlife Service of the Department of Housing, Local Government and Heritage, the European Investment Advisory Hub of the European Investment Bank, the Department of Agriculture, Food and the Marine, the Department of the Environment, Climate and Communications, and Amazon’s Right Now Climate Fund. Peatland Finance Ireland will align the carbon, water and biodiversity agendas with opportunities for communities and regional development. It is engaging a range of stakeholders, including public bodies, NGOs, local communities, and businesses.
Phases
Phase 1│May - November 2021
Consisted of a five-month technical assistance project from May to November 2021. It demonstrated potential for establishing a financing model for restoring peatlands in Ireland and securing significant carbon and related commercial investment. Conducted on behalf of Ireland’s National Parks and Wildlife Service and the European Investment Bank, the work was undertaken by a consortium led by the Landscape Finance Lab and University College Dublin, with Natural Capital Ireland and a range of other organisations. Read the Phase 1 Report here.
Phase 2 | Live
Phase 2 of Peatland Finance Ireland is progressing the work of Phase 1 through the design of a financing instrument linked to national policy and development of a set of potential investment actions, with a strong focus on emission reductions as well as community, water and biodiversity co-benefits. The aim of this phase is to establish a national scale financing system for peatland restoration in Ireland. This will provide a framework for integrating land restoration with local economies and broader water management by supporting a strategy for scaling a community-led approach and adopting catchment management as a tool.
Phase 3
The final phase will mobilise the work of Phase 2, which will involve maturing the financing structures and developing a pipeline for implementing these across the country.