Latest news with #NationalEconomicandSocialCouncil
The Journal
8 hours ago
- Business
- The Journal
Hefty up-front costs are stopping households paying for energy efficient upgrades
COST IS ONE of the main barriers for people trying to make their home more energy-efficient. That's according to a new report from the National Economic and Social Council that looked at how a just transition could be achieved for all. The Council said it recognises that the global factors have contributed to the high energy costs, but 'nonetheless, action is required'. Not all low-income households or community groups have equitable access to energy efficiency solutions and microgeneration technologies like solar panels, despite the availability of grants. Grants may not fully cover costs for some, and others may be excluded from targeted supports. Furthermore, the report said the government must take a 'holistic' approach if it is to end energy poverty. Historically, energy prices in Ireland have been higher than the European average, in part due to geographical location, the small size of the Irish market, and low population density. Households with higher energy needs, which include families with children, people with disabilities and older people, are more susceptible to energy poverty. Women, in particular lone parents and older women, are also especially affected due to structural inequalities in income distribution, socio-economic status and the gender care gap. Advertisement Enhanced monitoring and data analytics are needed to track how vulnerable groups are affected, and specific energy poverty policies should be integrated with energy transition goals. Up-front costs Changes that many people are already implementing, such as retrofitting, need to be scaled up, the Council said. This would involve reducing costs and simplifying processes. One person told the Council: I'd have a lot of renovation to do in my house, which would be hugely expensive. Cost would be a massive factor. Home energy 'assets' like heat pumps and batteries can provide flexibility, but benefits may not be equitable due to lifestyle or income differences, it said. One of the main barriers to a just transition is the high up-front cost. Many people won't make the investment because they either can't afford it or they're not convinced of the long-term savings. The report says this could lead to new challenges for those left behind during the transition phase. For example, the value of their property could drop over time as homes around them become more energy efficient. Vulnerabilities Transitioning to more clean energy can also leave people more vulnerable in some cases, as was seen during Storm Éowyn. Electricity was cut off and some people in energy-efficient homes were without a secondary heat source. Those with solar panels, EVs, and batteries couldn't use them for backup power because they couldn't disconnect from the grid without a changeover switch, and regulations were unclear. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Agriland
31-07-2025
- Business
- Agriland
Report: Reliance on fossil fuels presents 'disadvantages' for Ireland
Report highlights challenge of transforming Ireland's energy trade. A report from the National Economic and Social Council (NESC) has found that Ireland is currently among the most fossil-fuel import dependent countries in Europe. The NESC revealed that this reliance on imported fossil fuels presents several disadvantages, including high levels of CO2 emissions, exposure to supply disruptions and price volatility on international markets, financial outflows, inefficient fossil-fuel subsidies, and negative impacts on air quality and human health. According to the NESC, Ireland faces cost-competitiveness challenges that must be acknowledged addressed if the country is to be become a significant net exporter of renewable energy. The NESC believes that Ireland's dependance on fossil fuel imports is exposing households and businesses to "price volatility on international markets", as well as geopolitical risks. Policy analyst at NESC, Dr David Hallinan said: 'The energy transition will not insulate us from developments beyond our borders. "Ireland is an island—but we're part of a European energy system. The international trading environment and domestic energy system will remain deeply intertwined." "To lead in clean energy, we need to invest strategically, contain costs and work more closely with our neighbours," Dr Hallinan explained. The NESC claims, that unless reliance on imported fossil fuels is "dramatically" reduced, Ireland risks worsening climate change and substantial fines from the EU. The report recommends redirecting fiscal resources away from inefficient fossil fuel subsidies to accelerate the energy transition and shift economic incentives toward investment in renewables. According to the NESC, green hydrogen is a pillar of Ireland's decarbonisation strategy and renewable energy export potential, mainly focused on decarbonising hard-to-electrify sectors. The report cautions that the outlook for the sector remains uncertain and points out that domestic hydrogen demand alone will not justify large-scale infrastructure investment. The NESC claims, that without guaranteed export pathways and demand certainty, green hydrogen risks becoming "another stranded asset". It believes that Ireland will need to develop strategies for cost-competitive green hydrogen production, while fostering strategic partnerships with countries that will be significant importers of green hydrogen in the future. Dr Hallinan said: "Ireland must not view itself in isolation. Our energy future is European, and it must be built on shared planning, shared investment, and shared ambition. "The race to become a global leader in renewable energy trade will not be won on policy ambition alone. There are real concerns about the slow pace of energy infrastructure delivery." "If Ireland is to realise its ambition of becoming a significant net exporter of renewable energy commodities, we must address the root causes of high domestic electricity prices," he added.
Irish Times
30-07-2025
- Business
- Irish Times
Ireland gets energy warning and should you buying a home if you aren't married
Ireland's ambition to become a big net exporter of renewable electricity 'risks being undermined unless policymakers act swiftly to address cost competitiveness challenges', the National Economic and Social Council has warned the Government. Kevin O'Sullivan has the story , and also breaks down what the reports mean for Ireland. It's more popular than ever, but is buying a home with your other half when you aren't married the right move for you? Joanne Hunt breaks down what is at stake in Money Matters. Given the amount of trade news in recent days, it is understandable that the EU's mammoth budget has moved somewhat under the radar. Martin Sandbu goes through the detail to show the good, the bad and ugly of the bloc's spending plan. Kevin also reports that progress in Ireland's transition to clean energy is insufficient to meet key energy targets with 'widening investment and delivery gaps', an assessment of trends up to 2050 concludes. The report by energy analysts Wood Mackenzie, in collaboration with the energy company Pinergy, concludes Ireland could become a net exporter of electricity as early as 2030, enabled by offshore wind and new interconnectors. READ MORE It's earnings season, and we got our first look at the big banks, with Bank of Ireland reporting a 31 per cent drop in net profit for the first half of the year and higher than expected provisions for bad loans. The shares fell, with CEO Myles O'Grady set to cut 260 jobs next year. Joe Brennan has the details, and analyses why the market turned off the bank after the earnings. The median price of homes in Ireland has risen by 9.5 per cent in the past year, according to a home valuation firm's report. The Geowox Housing Market Report for the second quarter of the year found the median average price for an Irish home rose to €370,000 after a €32,000 rise in the same period in 2024. Hugh Dooley has the story. The High Court has confirmed a Central Bank inquiry decision fining Irish Nationwide Building Society's former finance director John Stanley Purcell €130,000 for his role in regulatory breaches at the lender before its collapse during the financial crisis. Mary Carolan reports. A forensic investigation into loans from Fade Street Social restaurant company, which is in examinership, to three companies in which Dylan McGrath was a director and two of which Vincent Melinn had been a director, has been conducted by staff at recovery specialists Azets. Details emerged as the examiner to the business successfully applied for more time to save the restaurant. The International Monetary Fund has upgraded its growth forecast for the euro zone on the back of a 'strong GDP out-turn in Ireland'. As Eoin Burke-Kennedy reports, in its latest assessment of global economic conditions, the Washington-based institution said it expected growth in the euro zone to accelerate to 1 per cent in 2025 and 1.2 per cent in 2026. A senior Dublin-based manager with Twitter who was deemed by the company to have resigned when he failed to sign up to the new 'hard-core' work environment set out by Elon Musk had, in fact, availed of an 'enhanced opportunity' to depart with severance pay, the company has told the Labour Court. Emmet Malone was there. A former employee of popular Dublin ice cream parlour Spilt Milk, who said she quit after months of sexual harassment from a colleague a decade her senior, has secured €5,000 in compensation. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
30-07-2025
- Business
- Irish Times
Costs holding back Ireland as a renewables exporter, Nesc warns
Ireland's ambition to become a big net exporter of renewable electricity 'risks being undermined unless policymakers act swiftly to address cost competitiveness challenges', the National Economic and Social Council (Nesc) has warned the Government . In a report published on Wednesday, the independent think tank highlights Ireland's growing vulnerability due to being 'the most fossil fuel import-dependent countries in Europe ... exposing households and businesses to price volatility on international markets and geopolitical risks'. This includes having no existing gas reserve. The Ukraine war and Middle East conflict underline the need for strategic energy reserves 'to act as a buffer' should a prolonged disruption to international energy supplies occur, it says. In addition, 'unless reliance on imported fossil fuels is dramatically reduced, Ireland risks worsening climate change and substantial EU fines'. READ MORE The report recommends 'redirecting fiscal resources away from inefficient fossil fuel subsidies to accelerate the energy transition and shift economic incentives toward investment in renewables'. It highlights risks facing Ireland's subsea energy infrastructure, notably gas pipelines and electricity interconnectors with the UK, which are 'vulnerable to hybrid warfare attacks such as physical sabotage and cyberattacks'. This is in a scenario where the Defence Forces 'have limited access to real-time satellite surveillance'; insufficient maritime patrol capability and has 'consistently operated below their target personnel levels'. In addition to a State-led strategic gas emergency reserve, it calls for 'a long-term national plan for strategic clean energy reserves based on zero-carbon fuels such as green hydrogen and biomethane'. Green hydrogen generated from renewable energy, however, is likely to be prohibitively expensive unless economies of scale are achieved exceeding domestic demand, it concludes, and backed by partnerships with large economies such as Germany , the Netherlands and Belgium . 'Without guaranteed export pathways and demand certainty, green hydrogen risks becoming another stranded asset,' it adds, but 'given our considerable natural endowments in the offshore wind sector ... Ireland could play a strategic role in future as a producer and exporter of hydrogen'. [ Industry and environment groups unveil plan to accelerate renewable energy Opens in new window ] In examining how energy trade is likely to evolve as Ireland moves away imported fossil fuels, Nesc outlines challenges within 'a more complex and interdependent European energy system' based on renewables. 'The energy transition will not insulate us from developments beyond our borders,' said Nesc policy analyst Dr David Hallinan. 'Ireland is an island – but we're part of a European energy system. The international trading environment and domestic energy system will remain deeply intertwined. To lead in clean energy, we need to invest strategically, contain costs and work more closely with our neighbours.' Electricity exports from Ireland have fallen in recent years, while imports have surged mainly due to cheaper electricity from Britain. With the Celtic interconnector with France becoming operational in 2026, availability of cheap electricity imports will increase further, it says. Ireland's electricity is more expensive due to a combination of factors, including heavy reliance on natural gas; grid bottlenecks, geographic isolation and absence of nuclear power. To counter this, the report calls for strategic focus on maximising domestic use of Ireland's vast renewable energy resources to achieve strategic resilience; industrial decarbonisation, and meet legally-binding emissions reductions. Dr Hallinan added: 'Ireland must not view itself in isolation. Our energy future is European, and it must be built on shared planning, shared investment and shared ambition. We will remain deeply interdependent through trade in electricity, trade in zero-carbon fuels, transnational infrastructure and trade in renewable energy technologies.' The race to become a global leader in renewables trade will not be won on policy ambition alone, he said. 'There are real concerns about the slow pace of energy infrastructure delivery. Projects to expand the grid, develop offshore wind farms and upgrade port infrastructure are moving too slowly.' Future investment decisions, Nesc says, must be supported by European frameworks for joint planning and cost-sharing, backed by partnerships with countries with big demand for renewables. 'These mechanisms are vital to ensuring Ireland's renewable energy exports can be sold into European markets competitively and reliably,' Dr Hallinan said. 'We must address the root causes of high domestic electricity prices. Our ability to export clean energy will depend on how effectively we address these fundamentals.'
RTÉ News
06-05-2025
- Politics
- RTÉ News
Cabinet to be told of reduction in Ireland's suicide rate
The Cabinet will be updated on Ireland's suicide rate later today, with data suggesting it has reduced to a level where Ireland now has 11th lowest level in the EU. Preliminary figures for 2023 record 302 deaths, the lowest preliminary figure for over 20 years. Between 2000 and 2021, Ireland has seen a 28% reduction in the suicide rate, falling from 12.9 per 100,000 in 2000 to 9.2 per 100,000 in 2021 - the last year for which there are official figures. Minister for Mental Health Mary Butler and Health Minister Jennifer Caroll MacNeill are expected to tell their Cabinet colleagues today that while the overall decline is to be welcomed, it has to be acknowledged that every life lost to suicide is one too many. Minister Butler will update her colleagues on the development of a new national suicide reduction policy, which received 1,895 submissions - the majority coming from members of the public. She will say her intention is to finalise a new strategy to further reduce self-harm and suicide by the end of the year. Population growth Taoiseach Micheál Martin will bring the latest strategic policy guidance from the National Economic and Social Council to Cabinet today. It is focused on how to achieve the National Planning Framework goal that half of all population growth is within the five cities and their suburbs from now to 2040. Of this, 50% of that growth should be in Dublin and the other half in the other four cities. Between 2016 to 2022, the share of population growth represented by the five cities was just 32%. The NESC Report recommends increases in public investment to unlock land suited for compact growth and a review of development incentives with a view to providing stronger incentives for brownfield development. NESC suggests the Government continues to seek reductions in the construction costs of apartments as well as houses; increased investment in cost rental homes; and develop a brownfield activation strategy. It also wants more flexible rent controls to support increased supply and more emphasis on densification of existing areas, including more use of corner sites, gardens, and mews development. European Quantum Pact Minister for Further and Higher Education, James Lawless will inform Cabinet of his intention to sign the European Quantum Pact. This is a joint declaration by EU science ministers which recognises the transformative potential of quantum technologies for Europe's scientific, industrial, and strategic future. This Minister is expected to say that quantum technologies are set to drive breakthroughs across multiple sectors, including digital security, healthcare, climate modelling, and advanced manufacturing. They are also central to Ireland's ambition in "deep tech" innovation across key strategic areas such as semiconductors, life sciences, sustainable energy, financial services, and cybersecurity. By becoming a signatory of the EU Quantum Pact, Ireland will strengthen its ability to collaborate internationally, gaining access to shared infrastructures, research capacity, and knowledge transfer networks that amplify our national efforts. Energy Minister Darragh O'Brien will seek Cabinet approval today for the key design features of the fifth onshore Renewable Electricity Support Scheme auction, known as RESS 5. The Terms and Conditions of RESS 5 will follow a broadly similar approach to that of RESS 4 which was completed in 2024 with the auction results submitted to Government in September 2024. The fourth RESS auction was held in August 2024 with the results approved by Government in September 2024. The overall volume in RESS 4 was 2070.97GWh of shovel ready renewable electricity projects which equates to 959.84MW of solar and 373.8MW of onshore wind. The Climate Action Plan 2024 - published in December 2023 - set out revised sectoral emission targets consistent with the carbon budgets for the period 2021-2025 and 2026-2030. The CAP set a target of 9 GW of onshore wind, 8 GW of solar and at least 5 GW of offshore wind by 2030. It is known that increased delivery of grid scale renewable electricity generation will be required to achieve an 80% renewable share of electricity demand.
