Ireland’s supply chain is well placed to capture around half of the work that will be needed to build new wind and solar farms by 2030, that’s according to a new report.
Sustainable Energy Authority of Ireland (SEAI) estimates that Ireland’s energy transition could be worth up to €19 billion to the Irish economy per year by the end of the decade.
SEAI estimates that around 40 percent of the supply chain work required could come from Irish firms, generating more than €8 billion in Irish market share.
The government has committed to generating 80 percent of electricity from reneawables by that point.
In order to meet that goal, a massive scaling up of the sector will be required.
“By 2030, Ireland aims to increase its reliance on renewables in electricity generation to 80 percent adding 9 GW [gigawatts] of onshore wind capacity, 5 GW of offshore wind capacity and 8 GW of solar PV capacity”, according to SEAI.
SEAI warns that Irish companies alone will not be able to provide that increase, not least, because Ireland lacks manufacturing capacity.
But the Irish supply chain is well placed to receive around half of the work, worth hundreds of millions of Euro.
“The estimated total value of the Irish solar PV market in 2030 is €669 million in 2030. This growth offers a strong opportunity for Irish enterprise, which could potentially capture nearly half the market, or €309 million.”
And it is a similar picture for wind power.
“Onshore wind represents a large economic opportunity for Ireland…the estimated total value of the Irish onshore wind market in 2030 is €827 million. Irish enterprise could potentially supply an estimated 48% of the total domestic market for onshore wind in 2030, or €400 million.”
Smart grids, electric cars and heat pumps all represent opportunities and green jobs for Ireland, according to SEAI.
“The supply chain analysis of the sustainable energy technologies studied indicates that there is considerable scope for Irish suppliers to capture a share of the investment in sustainable energy technologies in Ireland, particularly in relation to construction, engineering services and financial services.
Although Ireland is unlikely to manufacture the key components of the technologies studied, local enterprises could still capture a share of the market by providing some services and equipment.”
Commenting on the report, Minister for Climate, Environment and Energy, Darragh O’Brien TD, said that the “energy transition will deliver for both our planet, and our economy, creating significant opportunities for Irish businesses in the supply chain where Ireland is well positioned to capitalise.”
“Ireland can reap the economic benefits of a fossil fuel free economy and society”, said SEAI’s chief exec, William Walsh.
“There are potential opportunities for many of the businesses.”