The Government aims to have 5GW of offshore wind capacity by 2030. However, 100% of the energy executives we polled at our Annual Energy Conference said this target would not be met.
The conference focused on The Future of Energy Investment in Ireland, and attracted close to 200 industry professionals to The Clayton Hotel, Cork City.
59% of respondents said less than 2GW of offshore wind capacity will be installed by 2030, and 41% said that more than 2GW but less than the 5GW target would be achieved.
The majority (72%) said that increased interconnection with the UK and mainland Europe was critical to delivering our off-shore wind ambitions.
However, there was more positivity around the proposed reforms to Ireland’s planning system.
Almost all (86%) of Ireland’s energy executives expect the proposed reforms to Irish planning law to have a positive effect on the sector.
The survey also found that planning uncertainty (48%) is Ireland’s greatest energy challenge when addressing our energy infrastructure deficit, followed by grid availability (35%).
Jay Sattin, Planning and Environment Partner, said: “These results are not surprising as there is a lot of frustration with the current delays in receiving a planning permission that is safe from legal challenge. If enacted in their current form, the proposed reforms should be broadly positive such as mandatory timelines for planning determinations. However those changes need to be supported by other measures including more resources for planning authorities, which should mean the timelines are achieved and result in fewer errors in the planning decisions.”
More than three quarters of respondents (81%) called for greater government focus on the decarbonisation of transport and heat - not just electricity – in order for Ireland to attract well-rounded FDI. Meanwhile, just over two thirds of respondents (66%) said the incentivisation of green hydrogen production would help to deliver the decarbonisation of Ireland’s power system.
Event chair Eoin Cassidy, Partner and Head of our Energy Sector team, said: “Ireland’s energy transition is one of the defining issues of our time and our energy lawyers are at the vanguard, helping clients to navigate the complex challenges that face the sector. Today’s event was an opportunity for industry leaders and stakeholders to explore how we can work together to shape the future landscape of energy investment in Ireland and improve our global competitiveness.”
Minister for Finance, Michael McGrath TD, delivered a keynote address at the conference and commented: “Achieving the Paris Agreement goal of limiting the increase in global temperature to 1.5°C above pre-industrial levels will entail nothing less than a full transformation of our economy and our society. It is important to recognise that the scale of investment needed to transform our energy systems is beyond what can be facilitated through public sector funding alone.
It is therefore imperative that we encourage the development of sustainable businesses. We must ensure that financial markets increasingly embed sustainability, and reorient private capital flows towards sustainable investments, and today’s conference provides a timely opportunity to discuss how this collaboration can take place.”
Simon Mundy, journalist and author of Race for Tomorrow: Survival, Innovation and Profit on the Front Lines of the Climate Crisis, also spoke at the event. He said: "I'm glad to have had this opportunity to discuss the global race for leadership in the clean energy age — the most important business and economic story of our generation."
Read more about the survey results in the Irish Examiner, our media partners for this event.