ESB, the incumbent Irish energy company, are not renowned for being innovative but today they shocked everyone when they announced that they are going on a capital expenditure program worth €22 billion!
This has got to be the largest announced investment by a single company in Ireland in the history of the state.
Why am I reporting it here? Well, the announced investment is in renewable energy. They say:
The Board of ESB has approved a Strategic Framework to 2020 that will see major company investment in renewable energy, the halving of its carbon emissions within 12 years, and the achievement of carbon net-zero by 2035…
By 2020, ESB will be delivering one-third of its electricity from renewable generation. This will include over 1,400 megawatts of wind generation, in addition to wave, tidal and biomass. To promote this, the company will invest in emerging green technologies.
The chairman of the ESB, Lochlann Quinn is quoted as saying:
ESB is operating in a dramatically changing environment. Three overarching concerns now exist - the consequences of climate change, energy security and competitiveness of energy supply and ESB is strong, focussed and prepared to deal with them
This is an amazingly positive move for an organisation which would generally not have a track record of original thinking.
Let’s hope other energy companies will follow in their lead.
