A new organisation is aiming to stimulate investment in green technologies and cleantech, developing and promoting Ireland as a hub for sustainable and responsible businesses and investment.

Sustainable Nation Ireland, which merges cleantech cluster bodies Green IFSC and the Green Way, is targeting €250 billion of sustainable funds deployed in Irish enterprises by 2021.

The new organisation is designed to help the country achieve its climate change targets while helping Irish companies capture part of an estimated €85 trillion market.

"It is clear that the world's capital markets and major global investors have woken up to the challenge of climate change, environmental sustainability and the role of finance in helping solve society's problems," said Sustainable Nation chief executive Stephen Nolan.

“This shift presents a significant opportunity for Ireland in terms of increasing sustainable and responsible funds serviced, under management or deployed into Irish enterprise activities with potential for exponential growth. Now is the time to capture the opportunity.”

Among its targets for development are ideas and strategies to deal with population growth and the rising consumption of food, water and energy.

The group is part of the Government’s IFS 2020 strategy, and is supported by both public and privately financed initiatives.

Among its partners are AIB, Coillte, ESB, Bank of Ireland, SEAI, KPMG, PwC, Mainstream Renewable Power and Greencoat Capital.

"With a clearer global policy framework emerging, we feel it is timely to focus on what is potentially required from a domestic policy, funding and skills perspective to further support the emergence of Irish enterprise leadership in sustainability. Sustainable Nation Ireland will provide that focus," said chairman John Mullins.