Three of the world's largest technology companies are set to provide €3 million in funding between them to "restore" 450ha of peatland in Ireland.

According to Peatland Finance Ireland (PFI), which said it is facilitating the funding in Ireland, Meta (the parent company of Facebook and a number of other social media sites), Microsoft and Google will be involved in the funding.

The initiative will direct the €3 million funding towards peatland sites to deliver water retention and quality, avoided emissions, biodiversity, and community resilience.

The funding is made available through the Bonneville Environmental Fund (BEF), which is based in the US state of Oregon, and Aqua Segura, an international company that works on water access projects.

According to PFI, the funding will underpin the restoration of at least one major site, with "additional co-benefits expected for local communities and ecosystems".

The project builds on local stakeholder engagement; technical assessments; and planning support from Waterplan, an international company that seeks to "accelerate the transition to a water-secure world".

PFI said that Waterplan's work informed site selection and restoration design.

Dr. Shane McGuinness of PFI said: "Peatlands are one of Ireland's most important ecosystems for biodiversity, climate and water, and their restoration is one of the most cost-effective ways to reduce greenhouse gas emissions; protect our unique species of plants and animals; and strengthen climate resilience.

According to PFI, the funding "reflects a shared ambition by Google, Meta and Microsoft to support nature-based solutions that generate transparent, measurable outcomes that are supported by government priorities and match the Irish climate action context".

Projects supported through the funding will be validated against the Peatland Standard for Ireland, which was developed by PFI and its partners over the past two years.

The standard was developed with support from the European Investment Bank, the National Parks and Wildlife Service (NPWS), the Department of Agriculture, Food and the Marine (DAFM), the Department of Climate, Energy and the Environment (DCEE), and the Landscape Finance Lab, which was established as part of the World Wildlife Fund (WWF) in 2016.

The boundaries of the restoration site or sites supported under this agreement will be confirmed later in 2025, with ecological assessments and implementation planning now underway.

The first site under consideration is located in the Wicklow Mountains Special Area of Conservation (SAC).

Paul Chatterton, director of the Landscape Finance Lab, said: "This agreement is a breakthrough moment in showing how international climate and nature funding can support Irish communities to revive their landscapes, while respectfully incentivising the incredible work they do on a daily basis."