The Taoiseach Brian Cowen has announced the establishment of a Green International Financial Services Centre initiative with the potential to create 7,000 highly skilled jobs over the next five years.
Mr Cowen said the green finance sector has the potential to contribute hugely to Ireland's economic development.
He said: "It is the Government's intention to ensure Ireland has a pivotal role in what has been described as the most important market of the 21st century."
The Government is to provide funding of nearly €7m over three years to develop the initiative.