A proposal to establish a new forestry fund that citizens could invest in, which was brought to the Seanad this week, has received strong support from a number of senators.
Senator Victor Boyhan brought the motion yesterday, calling for the establishment of a National Forest Fund, which would target sustainable afforestation and encourage the involvement of Irish stakeholders.
He proposed a scheme that would offer various short, medium and long-term investment options for those wishing to get involved with tax incentives offered to participants.
Presenting the motion, the senator said that the establishment of this fund would offer people an opportunity to invest in something that has “a positive social and environmental impact”.
He said that recent controversy surrounding the Coillte, Gresham House forestry deal has demonstrated the interest that people have in the “intersection of forestry, climate change mitigation and national pride”.
“A forestry fund would allow them to be part of the solution.
“A National Forest Fund would create increased transparency and accountability by involving relevant stakeholders from outside the government in their administration,” he added.
Senate support
The proposal was widely welcomed in the Seanad with numerous representatives thanking Senator Boyhan for bringing the motion forward.
Senator Gerard P. Craughwell seconded the motion and said that the “Irish people will get behind a project if it is the right kind, particularly now that there is a lot of interest in environmental issues.
“My €150 would go into it any day of the week and I believe people would get behind this.
“Particularly those with young children who want to secure the future. They would be happy to invest in something such as this,” he added.
Following these comments, Senator Tim Lombard commended the proposal and said that it is important to think about the role private entities will play in reaching national forestry targets, and how this can be managed.
“The motion has been well drafted. I compliment the senator for putting it forward.
“This is a significant proposal and young people have helped an older senator to put together a really good motion,” he added.
National Forestry Fund proposal
The senator’s proposal calls on the government to establish a scheme that invest funds gathered from participants “in a range of sustainable, approved forestry projects”, which would help to achieve the country’s climate goals through biodiverse afforestation.
“If Ireland is to grow its forestry sector the focus must be on sustainable forests in terms of mixed forestry, deciduous, broadleaf, and spruce,” he said.
He added that this model would also further “Irish-owned and managed forestry enterprises” and would support small farmers and environmentalists.
The independent senator called for the government to evaluate the potential benefits of establishing such a scheme and publish a report on the model by September 1, 2023.
According to Boyhan, more than 50 countries have these type of funds in operation, although the structure differs from region to region.
He said that this type of fund creates “increased transparency and accountability” to meeting afforestation targets by “involving relevant stakeholders from outside the government”.