The Coillte-backed Irish Strategic Forestry Fund has made substantial strides in forest acquisitions, surpassing 5,000 hectares to date, with an additional 750 hectares across 30 properties in the pipeline for acquisition. The ISFF's effective management has seen over 4,500 hectares under its purview by the end of the previous year, exceeding its initial targets and demonstrating robust progress in forestry expansion.
Last year, Coillte, a semi-state company, faced criticism for its collaboration with the Ireland Strategic Investment Fund (ISIF) and UK-listed asset management firm, Gresham House, in establishing the ISFF. Gresham House outlined the fund's objective of providing up to €200 million in capital to facilitate the creation of new forests in Ireland, with a focus on planting approximately 3,500 hectares of new forest over a five-year period.
The fund's strategic vision extends beyond new forest creation to include the acquisition of existing forest assets, aiming to build a diverse portfolio encompassing approximately 12,000 hectares of new and established forests. Coillte affirmed its commitment not to sell any publicly-owned forests to the fund and reiterated its dedication to sourcing land for afforestation, emphasizing the fund's pivotal role in supporting Ireland's national target of establishing 100,000 hectares of new forests by 2050.
In its 2023 annual report, Coillte underscored the multifaceted approach adopted by ISFF in advancing afforestation initiatives. The fund's proactive stance aligns with Coillte's strategic priorities, focusing on leveraging public lands in collaboration with Bord na Móna, utilizing Environmental, Social, and Governance investments through the Nature Trust for planting native woodlands, and fostering the creation of mixed woodlands through the Irish Strategic Forestry Fund. These initiatives collectively contribute to the long-term goal of enhancing Ireland's forest cover and promoting sustainable forestry practices for future generations.
