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Irish Times
3 days ago
- Business
- Irish Times
We cannot continue with dirty, scarce and expensive energy to power our society
Ireland stands at a critical juncture in its energy future. We can lead the way in European renewables , developing energy that is clean, secure and affordable for all. But this opportunity is not unique to us and if we don't act decisively, others will seize that chance ahead of us. Ireland has among the highest electricity prices in Europe, with household bills 30 per cent above the average. Some reports estimate up to 550,000 Irish households are in energy poverty. Meanwhile, we sleepwalk towards costs as high as €26 billion in 2030 for missing EU emissions targets , putting us among the worst in Europe per capita. A significant portion of this is attributable to the energy system, despite enviable wind resources. This is not just an economic issue, it's a social one, and every day it compounds the climate crisis . Historically, Ireland lacked the natural resources that fuelled previous industrial revolutions. But we have abundant wind and ample solar, which can be harnessed economically. There is unnecessary waste, in terms of the wind and solar we already produce and in how we use energy that pollutes. What we are missing is a unifying, system-wide vision and implementation plan. Without this, we remain a bystander in the electric revolution. READ MORE My father, the late Eddie O'Connor , saw the potential of Ireland's enormous renewable resources long before others. He challenged us to make the possible a reality. His big ideas, such as a European supergrid, are closer now than ever. Inspired by his vision, along with my own observations and input from many stakeholders, I established Trifecta Ireland, a non-profit 'do and think tank' to catalyse system change. The name refers to the triple objective of clean, secure and affordable energy for all. Our mission is to realise the social, environmental and economic opportunities of decarbonisation. We need a unified vision for our desired energy future, as well as a system-wide master plan dynamic enough to adapt to emerging technology. We must leverage innovation, international evidence and expertise. Trifecta Ireland will work with the State and industry, science and society to create the conditions needed for investment in electrification and renewable energy infrastructure. Trifecta is focused on collaboration, bringing together experts from government, industry, research and communities to shape a shared path forward for Ireland's energy future. One initial priority is to develop a credible vision and roadmap for transforming how we produce, use and manage energy. This plan will lay out clear, practical steps to reach a zero-carbon energy system by 2050. We will draw on top global systems change and mega-project delivery expertise. With the authors of How Big Things Get Done – a Financial Times Book of the Year nominee – we will apply the evidence-based principles of delivering mega-projects on time and on budget. This will involve convening across sectors to find solutions for our immediate challenges and the multi-decade programme to transform our green economy. We will catalyse projects to accelerate emissions reduction, improve affordability and unlock investment at scale. If we get this right, in addition to tackling climate change and delivering cleaner and more secure energy, we can achieve a reduction in our cost of living and doing business. It can bring about an economic transformation benefiting all of us. In Europe, a competitiveness crisis rages on. The energy market is almost dysfunctional and favours fossil fuels. This will be felt acutely in Ireland unless we begin to plan differently for our energy, with a view to present and future. Our economy and society's most vulnerable people are at risk. We cannot continue with dirty, scarce and expensive energy to power our society, when technology exists to secure the opposite in abundance. Ireland cannot succeed alone. We will require a substantial amount of private capital to support many of our efforts to reduce carbon emissions. But here, as elsewhere, there has not been sufficient investment. Uncertainty, delay and the policy implementation gap are barriers to securing that funding. This is compounded by ongoing macro issues such as higher interest rates. Our Government and governments everywhere must recognise their responsibilities and prioritise resources for implementation. By collaborating with industry, we can create the enabling investment conditions that have been missing. With credible long-term plans and deliberate regulation to reduce systemic risk, investor confidence will increase and capital will flow. Things can get moving at pace. Collaboration between government and industry is vital. The role of communities in deploying today's solutions and driving tomorrow's transformation is critical. All sectors of Irish society must be actively engaged. Lesley O'Connor is founder of Trifecta Ireland
Bloomberg
26-05-2025
- Business
- Bloomberg
Malaysia, Singapore Explore Importing Wind Energy from Vietnam
Major power companies in Singapore, Malaysia and Vietnam have agreed to explore renewable energy links across their borders, as Southeast Asia takes steps to realize its long-held vision of a regional supergrid. The 'industry alliance' will look to export green electricity, especially offshore wind power, from Vietnam to the other two countries, according to a statement from Singapore's Sembcorp Industries Ltd. on Monday.
