Mr. Barry O'Flynn:

I thank the Chairman for the invitation to speak to the joint committee. I have been following with interest all of its debates to date online.

From our experience as a global firm which is very focused on the clean-tech sector, we see the proposed Bill as a positive step in the right direction. Every country is going down the exact same route. From the perspective of the private sector and private capital, this a huge area of economic growth. The main drivers to date are social and environmental obligations or responsibilities, as opposed to economic necessity or opportunity. Our experience in various markets is that the sector is rocketing; there is massive growth, with an eightfold increase in investment in the past eight years. Last year alone $250 billion was invested in the sector. We expect this to continue.

When addressing this important set of objectives and their implementation for low carbon use and transformation to a resource-efficient economy, it is important to keep in mind how to turn this opportunity into an economic growth story for Ireland, with increased competitiveness, employment, job creation and economic stability. From what we have seen in other markets, that is one of the fundamental drivers behind the entire transition to a low carbon economy, not only the environmental, social and moral aspects but also the ability to address our own domestic challenges as a country, to learn, innovate and export these skills and capabilities to other markets. Denmark, Israel and Saudi Arabia are doing this and it is central to the Chinese economy. A low-carbon and resource-efficient objective needs to fit very nicely and neatly within the economic growth strategy, development opportunities and the competitiveness and employment agenda.