More than two thirds of Ireland’s energy sector (69%) believe that the Irish Government’s delivery target for offshore wind is either extremely challenging (42%) or completely unrealistic (27%), according to our recent industry survey. Just 7% of industry professionals believe the target, which has increased from 5GW to 7GW, is ‘realistic and achievable.’ However, the majority of respondents (79%) believe that Ireland can implement policy changes to avoid blackouts in the next 18 months.
The survey was carried out ahead of our Annual Energy Conference, Energy Security in a Net Zero World, which attracted almost 400 industry professionals. Climate change, energy security and ESG were all on the agenda at the hybrid event, which took place online and at The Shelbourne Hotel, Dublin. Visit the event page to read more or watch the video playbacks.
More than half (54%) surveyed think the 75% emissions reduction target set for the electricity sector by 2030 is unachievable, with 52% of respondents also stating that the Government’s target of reducing agriculture emissions by 25% by 2030 is ‘too modest’.
Planning risk (39%) and grid infrastructure/management (31%) are seen as the greatest challenges to offshore wind delivery in Ireland. Policy uncertainty is seen as the biggest risk (67%) for investors considering investing funds into the renewable energy asset class, while attractive return potential from the asset class is seen as the biggest incentive (42%).
58% of respondents believe that it should be possible to achieve energy security while also pursuing the environmental aims of ESG policy in parallel, while 54% believe that a windfall tax on energy companies will have a negative impact on future investment in renewable energy.