Tony Mulcahy (Fine Gael)

I join with colleagues in welcoming the Minister to the House. Today we are at a crossroads in the history of this State. A wasteland of inaction and mismanagement by a succession of Governments over the past ten years has left our finances in tatters, another generation lost to emigration and our economic sovereignty surrendered to the Troika of the EU-IMF-ECB.

I do not want to dwell on that but to look ahead to our shared future. Being an optimist, I firmly believe in the future prospects of this great country. For too long a cloud of despair and depression has hung over our Republic. Human nature dictates that while we sympathise with someone who is moaning all the time about the state of the world or the economy we eventually tire of negativity. We want to move on. We have to move on.

Investors will only be attracted to Ireland if they see it as a country of optimism that is seeking opportunities and not stuck in a cycle of self criticism and pity. Hard decisions have to be made. Issues that have been put on the long finger, including full State ownership of certain assets, must be addressed. In view of agreements made with external lenders, we are obliged to raise funds from the disposal of State assets to pay down our debts. This is not the best time to be selling State assets but it is the best time to invest in new assets. If we can persuade the troika that we should be allowed to retain some of the money raised from the sale of State assets to be reinvested in new strategic assets such as water, broadband and energy we can then sow the seeds for a quick recovery.

There is a commitment in the programme for Government that in line with the NewERA proposal, a strategic investment fund are to be established by the Minister for Finance, Deputy Noonan, Minister for Public Expenditure and Reform, Deputy Howlin and the Minister of State, Deputy O'Dowd. I have no doubt the Minister, Deputy Rabbitte, also had an input in this regard. This is further proof that the Government is looking forward and will be proactive in taking steps to get the economy moving again.

With regard to energy, the programme for Government sets the framework for how we can get Ireland working efficiently again. In areas such as energy, communications and natural resources we can see the building blocks of future prosperity. In the programme, we have identified the need to target new technology sectors and to focus on the application of technology innovation in established areas of the economy, such as energy generation.

As Ireland is an island on the edge of the Atlantic Ocean, we are in a perfect location to exploit natural resources in the production of green energy, namely, wave, tidal and wind power. The sea around our coast amounts to approximately ten times Ireland's land area. The economic benefits to the country are limitless and are being harnessed.

Wavebob was founded in 1999 and is based on the Maynooth Business Campus. Its vision is to be the leading global wave power technology company, providing a reliable, highly efficient, tunable and cost effective means of producing useful power from ocean waves. Having carried out sea trials in Galway Bay for a number of seasons, the company has expanded its expertise in the field of wave power technology. This is an example of the significant talent that lies within Irish technology companies. Wavebob's recent announcement of a research collaboration with Spanish technology giant Abengoa is proof of how Irish companies can tie up successfully with international firms to develop solutions for tomorrow's world.

The west coast is ideal for wind farms, as the prevailing south-westerlies roar in from the Atlantic. Onshore wind turbines operate at 50% above the average European capacity.

Under the Gate 3 application process, the Commission for Energy Regulation, CER, controls which renewable energy producers can connect to the transmission and distribution network. The production of some 3,900 MW from renewables are envisioned under Gate 3 and successful applicants are receiving their estimated connection dates. As of 30 June, 1,459 MW of installed wind capacity exist from the Gate 1 and Gate 2 schemes. Some capacity pre-exists these schemes.

There may be problems with the Gate 3 system, in that some of the projects may not have full planning permission. Although I am open to correction, An Bord Pleanála has refused permission for the Lettermuckoo project in Connemara because of its impact on the landscape. Other wind farms are in special protection areas. Furthermore, some Gate 1 wind farms signed contracts in December 2005 and have been given target connection dates of before September 2014. This will delay the roll-out of renewable projects, impacting on our target of renewable generation accounting for 40% electricity consumption by 2020.

We need joined-up planning. State agencies must work with one another to facilitate the swift construction of the renewable network. The faster we reach our target, the better it is for the economy. Some projects have planning permission, access to finance to build the infrastructure in close proximity to the grid and legal interests in the land in respect of which applications have been made, yet they are outside the Gate 3 process. It may be time to revisit the system in advance of the Gate 4 process so that those projects that are shovel ready can get priority connections.

Under the programme for Government, we will ensure that wind farms are built in locations where the wind regime is best. They are to be built in large numbers or in clusters to reduce the cost of connection to the grid under the new plan-led Gate 4 process as opposed to the existing developer-led system.

As part of the programme, we have undertaken to double funding for home energy efficiency and renewable energy projects until the end of 2013. This will be achieved through €30 million in Government funding to support an additional 2,000 jobs in 2011. By 2020, 1 million homes will be upgraded. Through better building insulation, we can reduce our expenditure on diminishing fossil fuels. This will be good for the consumer, the environment and the economy. There will be a net social benefit of €6 billion.

Another element of our 2011-16 programme will see us refitting micro-generators wishing to produce their own electricity for homes, farms and businesses. We will facilitate the sale of surplus electricity to the grid. I was delighted to learn that Nines Photovoltaics, an Irish company based on the Institute of Technology, Tallaght, campus, has been awarded €1.2 million through the European Commission's Framework Programme 7, FP7, to develop its solar cell manufacturing unit. According to Mr. Ed Duffy, the company's chief, approximately 10 billion solar cells were produced globally in 2010, consuming 25 billion litres of water and other chemicals. By reducing the environmental cost of producing these cells and accelerating the degree of process control, production costs should decrease. The use of affordable cells to produce electricity comprises another element that businesses can use to reduce costs. New industry looking for places to locate factories will consider many factors. A guaranteed supply of clean energy nearby is one of those factors.

Another is broadband. Ireland needs access to the fastest broadband speeds, as the Minister correctly outlined. I do not doubt that we will achieve our targets. The objective of 100 MB is critical, particularly so in the Shannon industrial area in my part of the world.

Many of us will fondly remember the creatures of our old coinage, be it the little hen on the old penny, the bull on the shilling or the Irish wolfhound on the sixpenny bit. The most recognisable was the salmon that graced the back of the florin or two shillings from 1928 to 1968. It was used on the old 10p following decimalisation in 1969 until 2002 when the punt was removed from circulation with the advent of the euro. We remember the ancient fable of Fionn Mac Cumhaill and the salmon of knowledge. The salmon represents sea fishing and fresh water game fishing. As such, it plays an important role in the psyche of the Irish. It is the Government's duty to protect our salmon stocks from fishing and pollution.

As we rebuild our economy, we need to consider the sectors in which we can recover the quickest as those that should be promoted, for example, tourism. Season after season for decades, our rivers have attracted overseas anglers to land the famous wild Irish salmon. Through careful management of our salmon stocks, we can recover from the overfishing of rivers that were closed to fishing by reopening them through the catch and release system or harvesting. This precious resource must be protected for the enjoyment of future generations.

The geology of Ireland dates back 2.5 billion years. As such, 70,000 sq. km. of our landmass contain a variety of minerals laid down over millions of years. Ireland has produced lead, copper, zinc, gypsum, calcite, dolomite, silver and gold as well as other exploitable minerals. Ireland is Europe's largest zinc producer, accounting for 32% of zinc produced. With the turbo speed of the industrialisation of nations like China, the demand for natural resources has increased rapidly. Ireland is being seen as a location for further exploration, which will lead to the creation of jobs. Our petroleum affairs division will play a key role in maximising benefits accruing to the State from the exploration and production of oil and natural gas. These resources belong to the people of Ireland. As their representatives, it is our duty to ensure these resources are developed to create wealth for the nation. The western seaboard is the site of much exploration for petroleum products. Some areas that were believed to be uneconomical to develop due to the depth of the water are being re-examined.

Sitting on the edge of Europe, looking out onto the Atlantic Ocean and knowing that this is an era of depleting global oil stocks, we can take comfort in the fact that we have exploitable natural resources, our renewable energy can be harnessed and our universities are producing graduates that are coming up with solutions to everyday problems. This Government did not create the financial crisis, but we will take the measures to facilitate recovery. No group, be it employer or union, can be allowed to put our recovery at risk. We will do everything in our power to get Ireland back working. We owe it to the thousands of children forced to leave so that they might return with their experiences and ideas. We have the people and the vision in the form of the Minister and his Cabinet colleagues to make Ireland great again.