Ireland's energy transition could generate €19 billion annually by 2030
- The SEAI reports that Ireland's energy transition could attract up to €19 billion annually by 2030.
- The majority of investment is expected in low-carbon transport, energy in buildings, and renewable electricity generation.
- This transition presents significant opportunities for Irish businesses, positioning them for growth in the sustainable energy sector.
Ireland is in the midst of a significant shift towards sustainable energy sources, with the Sustainable Energy Authority of Ireland (SEAI) highlighting the potential for substantial economic benefits. A report titled 'Ireland's Sustainable Energy Technologies: Supply Chain Opportunities' reveals that investments can reach up to €19 billion annually by 2030. This analysis underlines a growing international market which offers opportunities for Irish businesses in various sectors, particularly in low-carbon transport, renewable electricity generation, and energy-efficient buildings. The report emphasizes Ireland's rich wind and ocean energy capabilities, advocating for their utilization to create a robust local market. The sustainable energy transition is not without challenges, as Ireland has been found to have limited capability in effectively engaging with broader EU and global markets. However, SEAI asserts that Irish companies can still capture market shares by providing essential services and equipment rather than manufacturing key components. The report details that collaboration between public and private sectors is paramount. It also proposes developing training programs to upskill installers and energy experts, leveraging Ireland's strong research and development capabilities, and encouraging businesses to adopt sustainable practices. Irish Minister for Climate, Environment, and Energy Darragh O’Brien underscores the government’s commitment to climate targets and the energy transition. The outcomes anticipated from this transition are not only aimed at benefiting the environment, but they are also projected to create considerable economic opportunities. This report serves as a call to action for policymakers and industry stakeholders to support local businesses and ensure they can participate fully in the emerging sustainable energy market. With these initiatives, Ireland can begin to reap the benefits of a fossil fuel-free economy. The prospects highlighted by the SEAI report illustrate a significant economic opportunity that aligns with the country’s climate objectives, thereby ensuring a sustainable and financially secure future for its citizens and businesses.