From left: Margie McCarthy, SEAI; Minister Darragh O’Brien, TD; and William Walsh, SEAI, at the launch of the report in the RDS. Image: Naoise Culhane
Ireland has huge wind and ocean energy potential, which the SEAI recommends should be used to create a strong revenue stream.
Ireland’s energy transition could be worth up to €19bn of capital expenditure annually by 2030, according to a new report by the Sustainable Energy Authority of Ireland (SEAI).
The report, which will be launched later today at the 30th annual SEAI Energy Show in Dublin, identifies the “significant” economic opportunity presented by the growing energy transition market.
Titled ‘Ireland’s Sustainable Energy Supply Chain Opportunities’, the report also outlines recommendations for policymakers and the industry on how they can better support Irish businesses to take advantage of the opportunity.
SEAI analysed 13 key technologies in five major sustainable technology areas. According to the report, the majority of the capital expenditure in the sustainable sector is anticipated to be in low-carbon transport, energy in buildings and renewable electricity generation.
While in the EU-27 and the UK, the market for the sustainable energy areas studied is valued at an estimated €1.5trn per year. “This growing international market offers Irish suppliers of sustainable energy products and services an export opportunity,” the report reads.
Although there are currently “limited capabilities” to “effectively” engage with EU and global markets, it also acknowledges.
SEAI’s report points out that Ireland has copious amounts of wind and ocean energy potential, which the agency recommends should be used to build a strong local market. According to the organisation, a strong local wind and ocean energy market can help Ireland create an export springboard to wider markets and establish revenue streams.
“Ireland can reap the economic benefits of a fossil fuel free economy and society. This report identifies the growth potential of 13 key technologies for the sustainable energy transition and the supply chain areas where Irish businesses have potential opportunities to benefit from this growth,” said William Walsh, the CEO of SEAI.
Moreover, an analysis of the supply chain indicated “considerable scope” for Irish suppliers to capture a share of the investment in sustainable energy technologies in Ireland, particularly in relation to construction, engineering services and financial services, SEAI said.
Though Ireland would likely not manufacture the key components related to the tech, the country can still capture a market share by providing equipment and services.
Image: SEAI
The report also identifies the importance of collaboration between the public and private sectors. Among others, it recommends targeted training programmes and accreditations for installers and energy experts in the sector; leveraging Ireland’s strong research and development capabilities to advance emerging sustainable tech; promoting sustainable practices and encouraging businesses to comply with EU directives; and harness the opportunities presented by high-value markets such as energy efficient construction, sustainable biomass heating and electric vehicles.
“The Programme for Government is committed to Ireland’s climate targets and to the energy transition which will lead to a more secure, sustainable and affordable energy future for our citizens and businesses,” said Minister for Climate, Environment and Energy Darragh O’Brien, TD.
“What this report highlights is that this energy transition will deliver for both our planet, and our economy, creating significant opportunities for Irish businesses in the supply chain where Ireland is well positioned to capitalise.”
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
