Deploying 5.4GW of new wind power in Ireland by 2030 could generate €8.3bn ($11.4bn) of investment in the country’s economy, according to a new study.
The investment would come if the nation installs the 3.8GW of wind capacity needed to meet its 2020 targets and develops a further 1.6GW to 2030, said a report launched by the Irish Wind Energy Association (IWEA) today.
The report – The Value of Wind Energy to Ireland by Pöyry and Cambridge Econometrics – is claimed to represent the most comprehensive independent study conducted into the economic impact of wind development in Ireland.
The study estimates the ambitious wind programme would also deliver €1.8bn in new tax revenue to the Irish state, as well as reducing dependency on energy imports.
If Ireland were to become an exporter of wind, the economic impact of the sector would multiply significantly and could add €5bn to GDP during the 2020s, concludes the report.
A number of major projects are being planned in a bid to export wind at gigawatt-scale to the UK.
However, talks between the two nations on an agreement to enable such exports appear to have stalled, with Ireland’s energy minister recently saying a deal looks unlikely.