Three out of four energy professionals (73%) say market uncertainty is the biggest barrier to financing new renewable technologies in Ireland, according to law firm Mason Hayes and Curran’s latest survey of more than 250 industry leaders.

The survey was conducted as part of its annual energy conference - 'Financing Ireland’s Energy Transition' - which took place in Dublin.

However, more than half of respondents (53%) said that planning permission uncertainty is the biggest obstacle to the ongoing financing of Ireland’s more established renewable energy categories, such as onshore wind and solar.

Pressing

Event chair and energy sector lead partner Eoin Cassidy said that unlocking the necessary capital to decarbonise our economy is one of the most pressing challenges of our time.

“The complexity of financing this transition requires decisive action to overcome the barriers affecting the roll-out of renewable projects across Ireland,” he said.

However, Ireland’s highly anticipated new planning laws, expected by the end of October, have the potential to alleviate many of the challenges faced by the sector, the conference heard.

Despite challenges, Ireland’s energy sector remains resilient. Nearly half (49%) of respondents see Ireland's renewable financing climate as stable, while more than one third (34%) see it as improving.

Technologies

Of the new technologies, offshore wind was favoured by more than half of respondents (51%) as the most attractive proposition for low-cost project finance in Ireland.

Under the Government’s offshore wind energy programme, Ireland aims to deliver 20GW of offshore wind by 2040 and at least 37GW in total by 2050.