At the first Economist Business Roundtable with Government, Minister for Communications, Energy and Natural Resources Eamon Ryan addressed attendees on the topic of a Sustainable Energy Future: Challenges and Opportunities.
“The energy challenges we face are intimately tied to the availability of fossil fuels and climate change. Part of the answer to both of these challenges lies in a strategic retreat away from fossil fuels and towards clean energy.
The current Government has prioritised this retreat in our economic planning. Where there is retreat from the old ways, there are opportunities for the new. The Government is positioning Ireland as a centre for sustainable economic growth.
Last year, investment in clean energy reached record levels of $148 billion – 60% higher than in 2006. According to New Energy Finance investment between now and 2030 is expected to reach $450 billion a year. Performance in this sector during 2007 shows it is on track to reach these levels. The current financial turmoil has tested the market’s resolve, but has not dislodged it from this sector.
Ireland has some of the finest natural energy resources in the world. We have a Government committed to realising this potential. We have a 40% target for renewable energy over the next 12 years, Government incentives and support, a functioning all-island electricity system and plans for further interconnection to the UK and beyond.
In these times of turmoil, investment should look for stable returns. Energy and Ireland are a safe long-term bet.
This Government is planning our economic recovery and we want future growth to be sustainable. The green economy will provide us the jobs, investment and energy security of the future.”
ENDS
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