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The report said the Government needs to connect entrepreneurs, regulators and investors together to support the growing climate tech sector.
A new report is calling for new supports for Ireland’s climate tech sector in order to meet emissions targets.
The report by PwC and SustainabilityWorks referenced 36 leading Irish companies that have shown success in the climate tech sector. It describes climate tech as technologies that are “explicitly focused” on reducing emissions or addressing impacts of the climate crisis.
Despite the growth in this sector, the report said “urgent actions” are needed to reduce our emissions by 50pc by 2030, or to reach net-zero emissions by 2050.
The report looked to Denmark as an example of what direction Ireland should take in its climate initiatives. Denmark is regarded as one of the world’s most sustainable countries and was ranked fourth in the 2023 Climate Change Performance Index.
The report argued that Denmark’s success was supported by its ‘State of Green’ initiative, which connects more than 600 businesses, academic institutions, agencies, experts and researchers.
PwC and SustainabilityWorks said Ireland needs a similar “one-stop-shop” to bring entrepreneurs, regulators and investors together for better interaction. The report said the Government should start the initiative but that it should be supported by the private sector.
The report also called for “stronger demand signals” such as new Government policies and incentives, to create a greater sense of urgency. It also said short- and long-term funding is required to boost the pace of climate tech innovation.
SustainabilityWorks co-founder Aideen O’Hora said Ireland needs to act immediately to be part of “the climate tech innovation wave”.
“If this sector is to survive and thrive, more focused policy, initiatives and funding are needed,” O’Hora said. “The urgency of the climate crisis means that more must be done and at an accelerated pace so that Ireland’s climate tech sector can flourish and fully leverage its potential.”
At the end of 2022, the Government launched an updated Climate Action Plan that implemented carbon budgets and emissions ceilings for various sectors.
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