IRISH RENEWABLE energy group NTR yesterday launched a not-for-profit foundation that will provide funding and other support for climate change initiatives around the world.
Former US president Bill Clinton gave his support to the initiative at a launch in New York yesterday and urged the 120 executives and local dignitaries who attended to seize the economic opportunities provided by climate change initiatives as a way of stimulating growth and saving the planet.
“I think you can make money to do this,” he said, adding there needs to be “more aggressive” investment in solar and wind energies. “We cannot prevail in the larger struggle unless we prevail in proving it is good economics.”
He also talked about maximising “low-hanging fruit” by achieving greater efficiencies in energy generation and distribution and retro-fitting big buildings in the United States. He cited the example of the Empire State Building in New York, which is currently being retrofitted to make it more energy efficient. “When it’s finished, the result will have the effect of taking 19,000 cars off our streets,” he said. “It will also save them a lot of money and create a lot of jobs.”
Mr Clinton said 8,000 jobs are created on every $1 billion spent on retrofitting homes. And he also called for greater banking support for these projects, which he believes are guaranteed to achieve tangible financial savings for the owners.
Mr Clinton also cited a project in Haiti, where a young entrepreneur collected the rubbish from his local area and recycled it into items that he could sell on to consumers or scrap merchants. “This fella has made money turning garbage into energy,” he said. “This will work everywhere. I would like to close every large landfill in every large city.”
The former US president namechecked Irish businessman Denis O’Brien for his work in providing telecommunications in Haiti and other small, underdeveloped countries. “He’s even made money in Papua New Guinea,” Mr Clinton said.
The philanthropic foundation will be based in Dublin but NTR has said its focus will be largely on international projects and overseas research projects. It is due to hold its first board meeting on April 12th.
NTR has committed funding of $5 million to the project and 2.26 million shares in the plc. In addition, its businesses in the US, Ireland and Britain will each provide matching funding for green projects in their own communities over the next five years.
The Irish company said it will supply funding and support to projects, research and non-governmental organisations.
Commenting to The Irish Timeson the launch of the foundation, NTR chief executive Jim Barry said: "My ambition for the foundation is for NTR to be seen as the leader in this space in the sectors we operate."
Founded in 1978, NTR has investments in a range of areas, including waste management, water, telecoms and renewable energy, comprising solar, bioethanol and wind.
In the six months to the end of September 2009, NTR made an operating loss of €64.5 million on group revenues of €205.4 million. It had total assets at the end of September of €1.4 billion.
