AmCham Calls for a Focus on Energy Security and Cost Competitiveness in its 2023 Pre-Budget Submission

AmCham, today, has launched its Budget 2023 submission, ‘Empowering Ireland – At the Heart of the Transatlantic Economy’. 

In its submission, AmCham has outlined the importance of sustainability and predictability for energy costs. In this context AmCham has called on Government to:  

• Provide a comprehensive roadmap outlining how Ireland will meet its climate goals, while providing energy security, and further outline where redundancies will be provided within the energy system to ensure back-up capacity.  
• Increase development of renewable energy sources, particularly focused on the potential of offshore wind, wave, solar, and green hydrogen.     

In the context of energy, our Budget 2023 submission builds on AmCham’s submission to the CRU’s consultation on electricity network tariffs. AmCham has also been engaging with Ministers and key stakeholders on the issue of energy supply and cost on an ongoing basis. Ensuring Ireland is cost competitive in comparison with competitor locations is vital in securing the future of FDI in Ireland. AmCham will continue to actively engage with decision-makers and stakeholders on energy supply, capacity and cost to support AmCham members.  

AmCham Chief Executive, Mark Redmond said: “Ireland remains an attractive location for business and talent. However, AmCham is conscious that while Ireland’s economy is expected to grow this year, the rising cost of living and global inflation will place significant challenges on both people and business this winter. AmCham believes that maintaining Ireland’s cost competitiveness, particularly in the case of energy costs, is crucial to retaining FDI in Ireland."

Mark added: "AmCham understands that there must be a balancing between the energy needs of citizens and the needs of business. The products produced by US MNCs in Ireland are critical supplies needed globally and are also vital to the economic health of Ireland. Ireland produces 1 in every 2 hospital ventilators and 4 in every 5 medical stents used globally. AmCham believes that we must be cognisant of the important role of US MNCs to the domestic and global economy and society.” 

AmCham recently met with Minister for Finance, Paschal Donohoe TD, Minister for Public Expenditure and Reform, Michael McGrath TD and Minister of State, Ossian Smyth TD to outline our key recommendations in our Budget 2023 submission. 

In our submission, AmCham has put forward its recommendations to Government in the context of promoting business and supporting people and focused on key items impacting members.  

AmCham, in its Budget 2023 submission, has outlined the importance of a focus on Ireland’s cost competitiveness and the need to ensure public finances are sustainable. Such an approach will be important in providing the ability to adequately address any future economic shocks whilst securing the provision of services and the development of vital infrastructure projects.  

AmCham’s Budget 2023 submission makes recommendations in key areas including housing, energy security, talent development, planning, sustainability, investment in physical and digital infrastructure, cybersecurity, RD&I, and Industry 4.0.  

AmCham’s full Budget 2023 submission is available here or you can watch a short video outlining AmCham's recommendations for Budget 2023 here.

If you would like any further information on key topics, please contact Colm O’Callaghan, Head of Public Affairs and Advocacy at c.ocallaghan@amcham.ie.