The issue of energy security has moved up the EU agenda since the Russian invasion of Ukraine cut off one of the bloc’s main sources of oil and gas supplies. It was further underlined by the recent blackouts across Spain and Portugal, although the exact reasons for this unprecedented grid failure have yet to be established.
Ireland, like most other countries, faces challenges in decarbonisation and energy security, yet also opportunities. The State has abundant access to coastal waters ideal for offshore wind – and as well as meeting domestic need has the possibility of becoming an energy exporter, even if a recent report from the National Economic and Social Council raised serious questions about this.
The policy objective is to generate 37 gigawatts of electricity through offshore wind by 2050. To put this in context, it would be six times the current level of peak demand, which means that not only would Ireland become self-sufficient, it could also become an important source of green energy to the rest of the EU.
Furthermore, if Ireland were to reach this target, it would be in compliance with its EU-mandated obligations to reduce its CO2 emissions. Failure to meet these targets will result in significant fine which could have major implications for the public finances.
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But the consensus is that whatever about generating 37GW of offshore wind by 2050, Ireland is highly unlikely to reach the much more modest target of 5GW of offshore renewable energy by 2030. Progress is slow and, as the NESC has pointed out, there is no clarity on how it might be speeded up.
This should not be the case. Ireland’s only existing offshore wind energy project, the Arklow Bank Wind Park, will be dismantled over the coming months. It was developed by Airtricity 21 years ago.
One of the reasons often cited at an official level for Ireland’s overwhelming reliance on foreign direct investment is that the country lacked indigenous resources. This is not true of wind energy and when Airtricity, founded in Ireland, became a world leader in the development of the sector, it looked as if Ireland was on the cusp of a major breakthrough. However, there has been lamentable progress since Airtricity was sold in 2008 and that largely reflects policy failures at government level, despite lofty rhetoric.
There is a great opportunity for Ireland. But for that to happen, a lot of issues, such as planning, infrastructure bottlenecks and investment must be addressed. The Government faces many challenges, not least a housing crisis. But it must also treat the issue of decarbonisation and energy security as a central goal. And come up with a plan to show that this is achievable and can deliver both for businesses and consumers.
