Ireland’s Electricity Emissions Could fall by 25 Percent this Year, But We’re Still Not on Track to Meet Targets
Ireland’s energy emissions are not falling fast enough to meet its climate obligations of a 30 percent reduction in CO2 emissions by 2030, according to a new report from the Sustainable Energy Authority (SEAI). This is despite Ireland’s energy related emissions having fallen to 1.7 percent, their lowest level in a quarter of a century, excluding 2020 as an outlier due to the effect of the Covid-19 pandemic.
The SEAI estimates that Ireland’s 2023 electricity related emissions could be down by as much as 25 percent compared to 2022. This reduction is largely due to a significant decrease in imported electricity. According to the report, Ireland imported 81.6 percent of its energy last year, while in the first 9 months of the year Ireland imported just over 9 percent of its electricity.
However, Ireland’s emissions are not expected to continue to reduce as the EU/UK carbon price differential driving these electricity imports disappears. The report also showed that Ireland is still getting 85.8 percent of its energy from fossil fuels.
This report comes as industry experts have also pointed to rising costs and planning delays as potentially putting the development of Ireland’s offshore wind farms in jeopardy. With the cost of new turbines and other components rising by up 40 percent in the last year, offshore wind energy is also going to struggle to hit its 2030 targets.
Additionally earlier this week, delegates at COP28, agreed to “transition away” from fossil fuels. However, energy-related pledges from COP28 have drawn criticisms including from the International Energy Agency (IEA) who said while the pledges are “positive steps” they would “not be nearly enough to move the world onto a path to reaching international climate targets.”
In a recent survey 62 percent of AmCham members said investing in renewable energy solutions should be the priority for Ireland in regard to Climate Action. 96 percent of respondents said certainty with regard to energy costs and supply is important to maintaining FDI employment in Ireland.
To engage with AmCham on sustainability please contact Ellen McGrath, Public Affairs and Advocacy Manager at e.mcgrath@AmCham.ie.
Irish Energy Prices Drop by More than 60 Percent Year on Year
Energy prices in Ireland have more than halved in the past year according to new figures from the Central Statistics Office (CSO). Wholesale electricity prices in July had dropped by 64 percent compared to the same time last year. Meanwhile, prices were 18 percent lower than they had been in June of this year.