Written answers

Thursday, 27 October 2022

Department of Enterprise, Trade and Employment

Foreign Direct Investment

Photo of Cathal CroweCathal Crowe (Clare, Fianna Fail)
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16. To ask the Minister for Enterprise, Trade and Employment if his Department has a strategy to attract overseas investors to invest in Ireland's renewables sector; and if he will make a statement on the matter. [53600/22]

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
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Putin’s war on Ukraine has highlighted the vulnerability of becoming too reliant on finite resources controlled by other states. While weaning ourselves off coal, oil and gas is a global challenge, it also presents incredible opportunities for Ireland, specifically electricity generated by offshore wind, backed up by battery storage and interconnection, and of course, green hydrogen.

New technologies and offshore wind present significant opportunities for new enterprises and regional development such as developing our ports. The Shannon Estuary Economic Taskforce is currently looking at those opportunities for the Mid-West.

I believe we can go from being an energy importer to being an energy exporter within a generation, with all the benefits that come with it – greater energy security and price stability, employment and regional development.

IDA Ireland has identified the renewables sector as a specific area of opportunity for Ireland. It has established a Green Economy Department to attract investment in renewable energy infrastructure such as wind and solar, renewable energy technologies and services. It also works with regional stakeholders to identify employment generating investment opportunities, including in renewable energy.

Ireland’s increased climate ambitions will require investment of tens of billions of euro in offshore renewable energy. This investment will create high-value indigenous jobs relating to the installation and maintenance of generation assets and associated infrastructure and services, and development of indigenous supply chains, and port infrastructure.

We recognise the need for a whole of Government approach to renewable energy. The Offshore Wind Delivery Taskforce, established by my colleague Minister Eamon Ryan, has been set up to accelerate and drive delivery and capture the wider and longer term economic and business opportunities associated with the development of offshore renewables in Ireland.

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