Ciarán Cannon (Progressive Democrats)

I second the motion. It is a most welcome development in allowing us to debate the options open to us in tackling head-on the challenges we face. The proposal to implement a far-reaching economic stimulus package, overseen by a new economic and recovery authority, is welcome because it is real, tangible, looks past tomorrow and next week, can be implemented and, if it is, could create the sustainable jobs our country so badly needs. As I mentioned during our statements on the budget last week, we need exactly this sort of long-term planning in our time of crisis. That would allow our people to have real faith in our ability as politicians to work our way out of our difficulties. Increasing revenue through tax increases is the unimaginative option but doing so through increased economic activity is the only way we can survive in the long term and is exactly what the motion proposes.

I am particularly pleased that this motion sets out the significant potential in green energy technology, a facet of our economy that so far we seem to be intent on neglecting. Several Members of this House, in particular Senator O'Malley, have done very valuable work in setting out how we as a nation could become world leaders in research and manufacturing in this sector.

We have always looked with some degree of deference to the former economic powerhouses of Japan and Taiwan for indications of where the new cutting edge developments in technology should be. It is interesting to note that only last week the president of Taiwan insisted that green energy technologies will be the top priority on his Government's list of new industries to promote. Taiwan is looking for new areas to invest in for the future, and clean environmental technologies have become a popular target. The US, Germany and Japan have named green energy technologies as key investment areas and have been working to promote the use of energy saving devices, including solar panels. Clean technology was the third highest sector for investment by venture capitalists in the US last year. A number of prominent multinational companies located in Ireland are already using new technologies for the management of energy use.

In the area of green energy we might reflect on what one of our European neighbours has been able to achieve. Three decades ago, Sweden relied on petroleum for 77% of its energy needs. Today, that figure has shrunk to 30%. Sweden's use of renewable energy has increased steadily. No other European country provides as large a proportion of its energy needs from such sources. Sweden now has a large number of small power plants serving large towns and some regions. It is a decentralised but effective system that provides most homes with heating and many with electricity. Of these plants, 60% are run from biomass. The community of Enkuping, 60 km west of Stockholm, which a friend of mine visited recently, is the first community to provide 100% of its electricity and heating needs by processing wood. This community of 38,000 people has also managed to solve another problem thanks to its power plant: the sludge and carbon dioxide-rich water from the local sewage processing plant serves as fertiliser for growing more wood fuel.

The Fine Gael NewERA proposal focuses in particular on green energy technology. Ireland could become a world leader in wind and wave energy technology. We are a small windswept island on the edge of the Atlantic. On a daily basis we are bombarded by limitless and powerful natural forces that, if properly harnessed, could lead to the sort of advances that have been made in Sweden and other countries. With smart electricity metering we could see individual householders selling excess green power into the national grid, as already happens in other countries. However, our experience to date has been to import the know how and the technology to harness this energy. I read last week that the ESB is to begin a smart metering pilot project across 60,000 homes in this country. However, we are importing the technology for that pilot project from the USA and Germany. With a little ingenuity and commitment we could be the country leading the way in research and development in this area.

This is the first time in a number of months that such a long-term view has been adopted by any party. Of course, there are elements of this policy that must be discussed and teased out, but it most certainly provides a starting point that should be entertained by every Member of this House who hopes to play a part in our economic recovery.