Minister Eamon Ryan (spokesperson on Communications, Energy and Natural Resources) has warmly welcomed the EU Commission's proposals that 16% of Irleand's energy should be sourced by renewables by 2020.
Minister Ryan said the proposed targets are in line with the Government's own national targets on renewable energy. "I welcome the Commission's endorsement of our renewable energy commitments. Our own ambitious targets in the electricity, heat and transport (biofuels) mean that we can meet, even surpass the EU targets.
"It will not be easy but I believe we can do it. Under my watch, I will work so that Ireland becomes a world leader in renewable energy. I have begun this process in earnest. First publishing an authoritative study (10 January 2008) demonstrating that we can generate 42% of our electricity from renewable sources, well in excess of our 33% target. The study also showed the level of Government and private sector investment required for this to occur.
"That programme of Government investment is already underway. Last week, I announced a major €26 million package of support for ocean energy in Ireland. In the coming days and weeks, producers of other forms of renewable energy can expect similar supports. The Government will provide the regulation and support for private industry to invest in this new energy future. Indeed, in many respects the market place is ahead of the game. Companies realise their shareprices are being affected by those looking for foresight on energy costs and emissions released. The clever companies are going green.
"Clean energy technologies account for over €100 billion in international investment. In Europe alone, over 300,000 jobs have been created. In meeting our renewable energy targets we will be providing the jobs of the future for Ireland. We will also reduce our dependence on fossil fuels and our carbon emissions at the same time.
"The Stern report told us that the cost of inaction on climate change targets is at least 10 times the costs of appropriate action. Doing nothing is the most expensive option."