Private investment magnate Joe Devine, co-founder of Ion Equity, is no stranger to diversified portfolios. Breaking the mould, Devine has recently purchased an expanse of bogland in North Mayo, covering 1,800 acres. His focus, usually directed at sectors such as energy, film, telecommunications and football, particularly as linked to Shelbourne FC, now dedicates significant strategic effort to this unconventional investiture.
However, Devine has clearly stated that profit returns are not the desired outcome ‘This is not a return-on-investment project,’ he asserts. The bog in question, a sizeable sector of an internationally recognised blanket bog, distinguishes itself because it could be a viable carbon sink, pending reparations from human damage.
In 2017 on a trek across Mayo’s Bangor Trail (a trail extending from Bangor Erris to Newport), Devine spotted a for-sale sign on land located southwards from Bangor Erris, peripherally bordering Ballycroy. He evaluated the potential for forestation, but this vision never materialised. By 2021, the land resurfaced, posting a guide price of €900,000, which resulted in a call to Devine to explore any interest or contacts who might entertain a bid.
He shares, ‘I approached my network in forestry, carbon trading, tourism, peat production and renewables, and having exercised due diligence, I resolved to purchase.’ From that point, the venture has proven to be an enlightening adventure.
The purchase was not merely a financial acquisition but a communion with nature and future generations. Although owning a magnificent tract of bogland, Devine soon comprehended the urgency of its restoration and rewilding. He identified, too, the necessity to elevate the bog’s water level, a process termed rewetting, to counterbalance deleterious effects from previous peat extraction endeavours.
The marshland was initially drained in the 80s for the purpose of industrial extraction. Despite only a small portion of the original peat being drawn out, it led to the total removal of acrotelm (living plant-inclusive peat) during the initial phases of peat pulling, impacting a significant part of the site. As a consequence, what used to be a thriving, ecologically diverse ecosystem was compromised and ceased to function as a vital carbon storage hub. Instead, it underwent degradation to various extents and started emitting greenhouse gases.
In attempts to understand this complex situation, multiple preliminary studies had to be conducted that included a detailed survey of the site’s ecosystem and carbon functionality. The aim was to highlight the advantages of restoration and rewetting prior to kick-starting any remediation efforts. Devine emphasises the site’s potential contribution towards national and EU restoration goals as well as its role in meeting the provisions of Ireland’s climate action strategy.
Devine suggests simplicity in the approach, “The focus should be on reversing the marshland’s drainage and observing the benefits that follow.”
The project to restore the bog is the most extended task he has taken on. He adds, “We can expect to see tangible benefits within a five-year period, but it’s a project for the long haul. The real benefits won’t be known in my lifetime.”
Devine concedes he now has a deeper comprehension of the loss of nature. On asking whether the business sector understands its vital part in reversing this downturn, he comments, “I question if people know where to begin. It’s quite complicated with a lot of technical language.”
He mentions collectively taking the necessary steps to counter biodiversity and species loss. He believes when it comes to this, “Ireland has some strides to make.”
Though the bog’s conservation is a non-profit mission, he is in talks with global climate funds, potentially leading to their involvement in supporting the necessary actions. Divulging his past corporate finance and investment background he says, “I’m no engineer. I don’t have all the solutions. It is foolish to think I can do this solo.”
He appreciates the support he has received from the National Parks & Wildlife Service, Mayo County Council and Bord na Móna.
Drain blockages are currently being implemented to elevate water levels, thereby promoting the regrowth of wet blanket bog vegetation, along with its related ecosystems. The individual who has asserted this believes that such interventions will enhance the overall health and durability of the vast blanket bog landscape, whilst simultaneously increasing its ecological integrity.
The planned restoration and recovery activities are all designed with an eye on the climate benefits they may provide. The ultimate aim is to expedite the transition of the site into a naturally operating blanket bog ecosystem. This should, over time, lead to a decrease in carbon emissions originating from the site, with the long-term goal of it being able to absorb more carbon than it emits.
A further objective of the project is to create conditions conducive to making sure that where feasible, a blanket bog vegetation rich in Sphagnum can make a comeback.
Despite not being a native of Mayo, Devine, tries to visit as often as possible. He oversees the work of Bord na Móna and enjoys the fantastic hiking opportunities the area offers. For instance, he recently led 18 people along the 42-kilometre long Bangor Trail that meanders through the Nephin Beg hills, one of Ireland’s few remaining true wildernesses. This region is primarily criss-crossed by ancient paths used for livestock, often the closest substitutes for roads. The area’s extensive boglands are drained by the Tarsaghaunmore and Owenduff rivers, both too rich in salmon, and are some of the last pristine waterways in western Europe, eventually emptying into the Atlantic Ocean. Devine’s own piece of bogland can be seen from a specific point on the trail, a mere fraction of a priceless Atlantic blanket bog landscape he hopes will soon embark on its journey to full restoration.