Ireland is the 13th best country for investing in renewable energy
According to EY, Ireland is the 13th most appealing market in the world for investments in renewable energy.
The 40 markets that made up EY’s biennial Renewable Energy Country Attractiveness Index (RECAI) put Ireland in the top half, with the Big Four company noting that the nation has maintained a good position in the rankings.
Following the adoption of the Inflation Reduction Act in August, which is seen as a windfall to the green hydrogen sector since tax credits of up to $3 per kilogramme for 10 years make green hydrogen generated in the US the cheapest kind of hydrogen in the world, the US maintained its place atop the list.
China is still in second place, and 2022 is predicted to be a record year for the nation’s output of wind and solar energy. According to estimates from the China Renewable Energy Engineering Institute, the country will install 156 GW of wind and solar energy this year, an increase of 25% over last year. Germany moved up to third place after reforming its energy laws.
According to Anthony Rourke, head of government and infrastructure consulting at EY Ireland, “energy transition remains at the top of the agenda for government and industry, made all the more urgent in light of the enormous problems confronting the global energy market.”
This may be seen in the impressive pledges made by markets worldwide to promote the use of renewable energy sources and lessen dependency on imported gas. Short-term policy changes are reducing system risks, but more general regulatory support is required.
From Ireland’s standpoint, it’s advantageous that we are leading the transformation in relation to our size as a nation, he said.
According to EY, Ireland is the 13th most appealing market in the world for investments in renewable energy.
The 40 markets that made up EY’s biennial Renewable Energy Country Attractiveness Index (RECAI) put Ireland in the top half, with the Big Four company noting that the nation has maintained a good position in the rankings.
Following the adoption of the Inflation Reduction Act in August, which is seen as a windfall to the green hydrogen sector since tax credits of up to $3 per kilogramme for 10 years make green hydrogen generated in the US the cheapest kind of hydrogen in the world, the US maintained its place atop the list.
China is still in second place, and 2022 is predicted to be a record year for the nation’s output of wind and solar energy. According to estimates from the China Renewable Energy Engineering Institute, the country will install 156 GW of wind and solar energy this year, an increase of 25% over last year. Germany moved up to third place after reforming its energy laws.
According to Anthony Rourke, head of government and infrastructure consulting at EY Ireland, “energy transition remains at the top of the agenda for government and industry, made all the more urgent in light of the enormous problems confronting the global energy market.”
This may be seen in the impressive pledges made by markets worldwide to promote the use of renewable energy sources and lessen dependency on imported gas. Short-term policy changes are reducing system risks, but more general regulatory support is required.
From Ireland’s standpoint, it’s advantageous that we are leading the transformation in relation to our size as a nation, he said.
Ireland investment in renewable energy
In a study of the most desirable nations for renewable energy investment, IRELAND CAME IN 13TH PLACE.
“The integration of renewables has to greatly improve in order to attain net zero. A variety of green energy sources may be incorporated into the grid thanks in large part to distributed energy resources. Additionally, guaranteeing energy supply and achieving net zero global emissions by 2050 will need investment in smart networks.
In the most recent study, Italy outranked Ireland, which had previously ranked 12th.
Ireland got 63.4, lagging behind the US’s top score of 73.3. This was due to Ireland’s inferior performance in concentrated solar power (19.6) and geothermal energy, which were offset by better scores in offshore wind (45.1) and solar panels (46.1). (17.8).
Ireland came in sixth in the normalised GDP chart, ahead of countries like Germany (10th), the UK (12th), France (13th), Spain (14th), and India (15th), and behind countries like Morocco, Greece, Denmark, Jordan, and Chile. The US and China were hanging around the 30th position.
EY also emphasised how dispersed energy networks and smart grids have expanded connectivity and the resulting complexity of cybersecurity problems.
In order to secure vital energy assets, Rourke added that some markets are building or improving their regulatory settings for cybersecurity.
Organizations may take measures to improve cybersecurity, but cooperation between the public and private sectors is necessary to overcome the challenges put forward.
