Shannon Foynes Port Company announce plans for unprecedented expansion

first_imgNewsBusinessShannon Foynes Port Company announce plans for unprecedented expansionBy Staff Reporter – May 15, 2018 2859 O’Sullivan urges Limerick people affected by flooding to attend briefing Advertisement Twitter Foynes planning Ireland’s largest bulk port company, Shannon Foynes Port Company (SFPC), has announced plans for an unprecedented expansion at its general cargo terminal, Foynes, adding over two-thirds the size of its existing area.In the latest phase of a €64million investment programme launched three years ago, SFPC is to invest over €20million in enabling works alone to convert 83acres on the east side of the existing port into a landbank for marine related industry, port centric logistics and associated infrastructure.The project, which will be developed on a phased basis over the next five years, will require the biggest infrastructure works programme ever undertaken at the port, with the entire 83acre landbank having to be raised to all of 4.4metres.  The programme will also require the provision of new internal roads and multiple bridge access as well as roundabout access.Sign up for the weekly Limerick Post newsletter Sign Up A planning application for the project, which has the capacity to attract hundreds of jobs to the Limerick town, has been lodged with An Bord Pleanála.  The same application will also see SFPC seek permission for modifications to its existing jetties and quays, including connecting its two main quays.  This will, in turn, extend the area at the port for mooring of vessels and other port related operations.The development is in line with the long-term programme outlined by SFPC under its Vision 2041 masterplan to transform its ports and the Shannon Estuary into one of the country’s premier economic zones.The move by SFPC is fully endorsed by the Government with the expansion of SFPC included in the recently published National Planning Framework and Project Ireland 2040 together with the inclusion of the Limerick to Foynes road, which will link the port directly to the national motorway network .“This planned investment by SFPC is essential if we are to introduce optionality into our existing national supply chain and promote regional balance and development.  This investment is fully consistent with the National Development Plan and National Planning Framework and will further establish the port of Foynes as a key national and international freight hub.” said SFPC CEO Patrick Keating.He continued: “Our business is back to peak boom-time levels in terms of tonnages but we are reaching capacity as it is.  So this is not a speculative play, it’s an absolute necessity as projected in Vision 2041 and even more so when the five to seven year lead times are factored in.  It is a huge logistical project as we will be raising an 83acre sit 4.4m, the depth essentially of four Olympic swimming pools on top of each other”The announcement was welcomed by locally based Minister of State at the Department of Finance Patrick O’Donovan. “This investment is a massive vote of confidence by Shannon Foynes Port Company in the potential of the port of Foynes and estuary.  It’s also an emphatic statement about the National Planning Framework”“The port company is on a very impressive footing now, has ambitious plans for the future and has also met and exceeded every single target since it unveiled those plans through Vision 2041 in 2014. This type of forward planning is going to deliver a very bright future for Foynes but, more than that, be a major driver of growth regionally and nationally,” he concluded.More about business here. Print State agencies join forces to tackle Foynes flooding threat Email Decision to enter Phase 4 of reopening Ireland deferred to August 10 WhatsAppcenter_img Previous articleCompetition winnerNext articleGas meter tampering leads to court conviction for two Limerick householders Staff Reporter RELATED ARTICLESMORE FROM AUTHOR An Bord Pleanála grants permission for King’s Island Flood Relief Scheme Shannon Foynes Port annual report Fianna Fáil TD Niall Collins appointed as Minister of State TAGSAn Bord Pleanalafoynesgovernmentplanning applicationprogrammeShannon Foynes Port Company Facebook Linkedinlast_img read more

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ABP targets carbon neutral portfolio in 2050

first_imgPeter Branner, APG’s CIOOne of its goals for 2030 is to cease investing in coal for power plants without carbon capture in OECD countries, while reducing its stake in non-OECD members.APG’s CIO explained that the decision to distinguish between OECD and non-OECD countries in its divestment plans for thermal coal, was based on the readiness of the markets to adopt its sustainability policy and what was practicably possible.He added that the OECD area comprises by far the largest proportion of ABP’s stake in coal-fired power plants.ABP’s sustainability targets also include tailor-made investments in digital solutions aimed at increased efficiency in the use of natural resources and combating climate change.It said it will establish additional climate criteria for companies in the portfolio, in addition to criteria to assess firms on how they use natural resources.According to Branner, ABP’s sustainability policy will include a thematic approach, addressing climate change, protection of natural resources and digitisation of society with the prerequisite that companies should respect human rights.He added that the allocation to clean energy will be raised from more than €5bn to €15bn.“Intermediate steps will be needed to ensure that the goals will be achieved”Peter Branner, chief investment officer at APGABP has already started an energy transition fund to invest in companies and startups focusing on sustainable energy in the Netherlands. The investment fund has already attracted €275m of commitments by five other of APG’s pension fund clients, including BpfBouw, the scheme for the building sector, said Branner.He added that the first €50m allocation had been made.ABP said it will increase its stake in companies that contribute to digital value creation and solutions against climate change and commodity scarcity, and that it would also come up with criteria to establish whether firms respect digital rights.As part of its plan to invest 20% of its assets in SDGs, the civil service scheme said it will work on the necessary standards among investors, and will increase its engagement with firms about human rights and labour conditions.Branner highlighted that APG and its client need to monitor the impact of the decisions and will need time to implement all goals. “Intermediate steps will be needed to ensure that the goals will be achieved,” he said.He highlighted, however, that every investment decision will keep on being judged against the criteria of return, risk, costs and sustainability, and that no compromise will be made on ABP’s return requirements. The latter translates into a €35bn increase to €93bn.Commenting on ABP’s goals, Peter Branner, chief investment officer at APG, the asset manager for ABP, confirmed to IPE that the fund’s targets were largely a prolongation of the aims that had been set in 2015.As for the additional carbon reduction target of 15 percentage points for its entire equity portfolio, he said the first 25% have been “more or less low hanging fruit”. The €465bn Dutch civil service scheme ABP has announced plans for its investment portfolio to be carbon neutral by 2050. This vision was part of a five-year plan for its sustainability policy, which was launched this morning.The largest pension fund in the Netherlands said it now wants to divest from companies with majority holdings in coal mines and tar sands.It also plans to reduce the carbon footprint of its equity holdings by an additional 15 percentage points, to 40% in 2025, relative to 2015.It is also aiming to invest €15bn in sustainable and affordable energy and to allocate 20% of its entire assets to the United Nations’ Sustainable Development Goals (SDGs) in the next five years.last_img read more

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