Economic benefit by 2020 - €3.6 billion Carbon savings – 6,300 million tonnes
“Today is a demonstration of the cross-Government on energy security and climate change. We all have our part to play in ensuring that Ireland can reach our inter-related climate change, renewable and energy efficiency targets.
Over the course of my Ministry thus far, I have undertaken major policy initiatives to ensure that we can take advantage of the global boom in renewable energy. Over the coming months, I will focus my attention on the demand side of the energy equation – energy efficiency.
Energy efficiency is the least expensive and most intelligent means of making substantial cuts in our fuel bills and greenhouse gas emissions.
Reducing unnecessary energy waste will be achieved through a range of measures: smart metering, building improvements, appliance and lighting improvements, behavioral change and peak demand reduction. These will all form central planks of my upcoming National Energy Efficiency Action Plan.
There is a tendency to focus only on the costs of such actions rather than the benefits they bring. I am pleased today to publish Demand Side Management in Ireland: Evaluating the Energy Efficiency Opportunities.” This study was commissioned by Sustainable Energy Ireland and undertaken by KEMA.
The study examines in detail Ireland’s potential for energy efficiency – where the energy and carbon savings lie and how to capture them
The analysis shows that these sectors could reduce their energy use by one quarter based solely on actions that pay for themselves through their energy cost savings. This economic savings potential equates to a CO2 emissions reduction of over six million tonnes. The study also shows that these savings could reduce peak electricity demand by over 1200 MW, bringing significant benefits to the Irish electricity system.
Minister Ryan said, “This study establishes that the Irish energy savings targets, while challenging, are certainly achievable.
More importantly, it establishes the business case for energy efficiency, showing that the economic benefits far outweigh the costs. The analysis indicates that meeting the 2020 national energy efficiency target will bring economic benefits that outweigh the costs by on average close to €300M per annum over the period between now and 2020. That’s a net benefit of €3.6 billion by that date.
I will work with all my colleagues across Government to ensure these measures are implemented and that both the environment and our economy can benefit from efficient use of our energy.”
David Taylor, CEO of Sustainable Energy Ireland said, ““Acting on the efficiency opportunities identified in this report will bring immediate competitiveness gains and will help steer us towards a more sustainable mode of energy use in the future. The report quantifies the potential benefits for Ireland and suggests the policy tools to release those benefits. Energy efficiency is the win-win policy option as it delivers public and private benefits at low or no net cost”
