Ireland’s green agenda needs much support, but the long term benefits will far outweigh the costs

Given Ireland’s existing renewable wind and marine resources as well as the skills built up in the industry, there is significant ‘green’ opportunity for Ireland. It is important to build on this success and help Ireland become a ‘centre of excellence’ in this important and growing field.

Speaking at Ireland’s Green Growth Forum, John Gibbs, PwC UK Senior Partner, Renewable Energy Practice, said:

“The industry faces many challenges, particularly with regard to finance and stakeholder buy-in. For example, access to funding remains particularly challenging and countries around the world are continuing to develop new and innovative ways to support financing initiatives. There is also increasing public resistance to the “cost” of renewable energy and not enough focus tangible benefits to consumers and the environment. It is only when consumers see energy savings in their utility bills that the benefits will be fully recognised.”

Success for the industry in the future will depend on having a regulatory regimes that is supportive, particularly with regard to green projects and green technology. Success for the sector in Ireland will also require:

  • Having the supports in place so that Ireland can become a leader in innovative funding and financing solutions. This includes most notably supporting initiatives such as the Green IFSC
  • Maintaining a supportive tax regime to support a developing industry

Paul Hennessy, PwC Ireland’s Energy Leader added:

“Ireland’s green agenda needs much support but the long term benefits will far outweigh the costs. We welcome the Government’s new announcement yesterday of the ‘Memorandum of Understanding’ which is a significant development in providing a platform for structured investment and can ultimately be a game-changer for the sector in Ireland.”

ENDS

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