Davy estimates that at least €129 billion will be invested in dedicated energy transition measures in the Republic of Ireland to address climate change between 2024 and 2030.
The stockbroker says this equates to over €18.5bn investment per year, and is roughly equivalent to €25,000 per person by 2030.
Author of the report, Dr Fergal McNamara, finds that the private sector, driven by electrification of energy and transport and retrofitting of homes and businesses, will account for 85% of planned investment. "Though these are punchy numbers, they dwarf the environmental, economic, political and social costs of doing nothing, as evidenced by the destruction and cost of recent flooding in East Cork," Dr McNamara said."EU fines and reputational damage will also keep Ireland's 'feet to the fire’ to deliver on climate change objectives or suffer even greater cost over the longer term.
He said investment in renewables is now at a key inflection point. Everyone agrees electrification of energy is a critical enabler, yet equity markets are hesitant to invest due to higher cost-of-capital, inflation and supply chain challenges. The absence of appropriate supports and incentives risks hampering progress and momentum, at potentially greater cost over the longer term, than effective upfront incentives, he said.
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