Ireland is growing – economically, demographically, technologically and globally, according to Ibec president and AIB chief executive Colin Hunt. But the required infrastructure to support the country’s growth, potential and aspirations is not keeping pace, he adds.
“We are at a pivotal moment in our history,” he says. “Notwithstanding the current global economic uncertainty, in Ireland we stand on the threshold of great opportunity, yet we are encumbered by significant challenges that we must deal with head-on.”
He believes the country’s potential is being smothered by its infrastructure deficit. “Businesses are struggling to attract talent because of housing shortages. Commuters are losing hours in traffic. And our energy grid is under pressure, just as we try to lead on the transition to a lower-carbon future.”
Calling for bold solutions to the issue, he welcomes the recent update to the National Development Plan and looks to the past for inspiration.
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“Nearly a century ago, in the 1920s, Ireland faced a very different set of challenges. We were a young state, emerging from war and conflict, with limited resources and uncertain prospects. And yet, in that moment, we built Ardnacrusha – a hydroelectric power station on the Shannon that, at the time, was one of the most ambitious engineering projects in the world. In fact, on its completion, it was the largest hydroelectric scheme globally.”
Noting the controversy surrounding the project at the time, Hunt describes it as “bold to the point of brazenness”. But Ardnacrusha wasn’t just about electricity, he contends. “It was about belief. Belief in a modern Ireland. Belief that we could shape our own destiny. We didn’t build it because we could afford it – it cost 20 per cent of the national budget. We built it because the leaders of that generation recognised that we couldn’t afford not to.”
He notes the criticism faced by modern big infrastructure projects such as the Luas, Terminal 2 at Dublin Airport, the motorway network, the Dublin Tunnel, and the Jack Lynch Tunnel in Cork. “While the planning and allocation of investment for these initiatives were at times met with strong resistance, much noise and some nonsense, their positive impact on the nation’s economic and social development is widely recognised and appreciated. Roll forward to today, where we face a different kind of challenge – but the same kind of opportunity – that will ensure our future competitiveness and prosperity.”
He calls for an “unrelenting and unapologetic focus on delivery against the National Development Plan that brings us closer to a housing system that gives people a place they can call home, a public transport network that connects all our cities and regions, a digital infrastructure that keeps us globally competitive, a green energy grid that powers a sustainable future”.
Sustainability is a key theme for Hunt. “At AIB, we have placed the sustainability agenda central to our group strategy for close to the last decade. Through our actions, we have proven that it is good for business, and good for the economy and society we serve.”
On green energy, he points out that there are long periods when onshore wind and solar farms are switched off as there is no capacity to either store or sell the energy they produce, leaving an asset that is not maximising its potential return. And that’s before the first megawatt of power is delivered by the new generation of offshore wind farms. “That’s not good for business or for society.”
On the other hand, Britain is now a world leader in offshore and onshore wind. “This is a valuable chance for shared learning between our islands, and just one of a number of examples of opportunity waiting to be exploited.”
Looking ahead, he calls for a changed approach to infrastructure delivery. “What we need is a collective mindset – brave leadership, laser-focused, which prioritises delivery – faster planning, long-term thinking and, ultimately, the collective courage to act beyond the next quarterly profit report or the next election cycle.
“Ibec, as Ireland’s leading business network, will work with the Government, across industry and within communities to develop the essential ideas, policies and partnerships required to facilitate meaningful progress against the rightly ambitious National Development Plan. Let’s not settle for easy solutions. Let’s aim for generational impact. Let’s be the generation that built the foundations for the next 100 years.
“Ardnacrusha lit up a nation. Not just with power, but with purpose. Let’s channel that same spirit – not to look back with nostalgia, but to look forward with resolve and determination. Ireland’s future won’t be built by chance. It will be built by choice – our choice. Let’s choose ambition.”
