Business Groups Advocate Unified Energy Policy Across Ireland
In a significant move following the restoration of the Stormont Executive, Ibec, the business representative association in Ireland, has joined forces with its Northern Irish counterpart, the Confederation of British Industry (CBI) Northern Ireland, to release an ‘all-island’ energy policy report.
The collaborative effort aims to address the lack of coordination that has posed a significant barrier to progress in the energy sector. The report outlines several policy recommendations focused on achieving a unified approach to climate action.
Key recommendations include the establishment of a strategic infrastructure investment fund to facilitate private investment in critical areas such as decarbonization and network upgrades. Additionally, the report emphasizes the importance of joint collaborative action on regulatory and policy fronts to provide certainty for investors, especially considering the substantial €125 billion needed for the transition to net zero over the next decade.
Highlighting the absence of emergency gas storage in case of disruption to interconnectors with Great Britain, the report calls for the development of indigenous renewable gas, long-term gas storage solutions, and increased energy crisis cooperation.
The groups also propose conducting a comprehensive scoping exercise, led by independent experts in conjunction with both governments, to envision Ireland’s energy landscape in 2040.
Central to the recommendations is the retention of the Single Electricity Market (SEM), a critical component that facilitates electricity trading across the entire island. The report underscores the need for investment in EirGrid and SONI to address capacity deficits caused by deteriorating infrastructure and expansion delays.
Fergal O’Brien, Executive Director of Lobbying and Influence at Ibec, emphasized the importance of an all-island approach in achieving climate and renewable targets. He warned against an uncoordinated approach, which could result in unnecessary duplication of effort, increased costs, and missed opportunities for emission reduction.
Both groups expressed full commitment to climate change goals and view the restoration of the Executive as an opportunity to usher in a new phase of energy cooperation across the island.
