Tag Archives: Gresham House

SERIOUS questions continue to been raised over Coillte’s proposed deal with investment fund, Gresham House, with a Clare Independent TD suggesting it represents “greenwashing”.  During a debate on forestry, Deputy Michael McNamara probed the deal that is tipped to see forests acquired and land planted to deliver returns to investors and help meet climate targets. “This deal has made people sit up and take a look at the role of investment funds in protecting or enhancing the environment, and at Coillte’s relationship with investment funds,” the Scariff TD said. “Both are important matters to consider. A number of questions arise. Why did Coillte select Gresham House? What procurement process was put in place? Gresham House came up with a great blurb but it is not unique in that. Many investment funds around the world are into greenwashing these days. Were all the other greenwashing investment funds allowed to bid? If not, why? Why did Gresham House choose Coillte?” Deputy McNamara …

PROPOSALS to sell Coillte lands to an overseas investment fund in order to meet climate targets through afforestation have been described by Deputy Michael McNamara as “a bizarre construct”.  Under the planned deal, thousands of acres are to be planted through the Irish Strategic Forestry Fund (ISFF) launched by Coillte and Gresham House. This aim is attract investors to plant as well as acquire forests across the country to meet Ireland’s climate targets. The Scariff-based TD launched a scathing attack on the deal. “It is a bizarre construct whatever way you look at it,” he said. “To give State funds earmarked for environmental measures to foreign investment companies to fund forestry practices that are not environmentally appropriate is just baffling.” He noted that once the crop is harvested, those profits will go back to funds based outside of Ireland.  Deputy McNamara accepted that forestry does have the potential to store carbon and to have environmental benefits, but he was adamant …