Cleantech could create 80,000 jobs by 2020 – report
May 08. 2012
The Cleantech sector in Ireland can create nearly 80,000 jobs across the Irish economy and boost GDP by €3.9bn by 2020, according to Ernst & Young’s ‘Cleantech Ireland’ report launched yesterday.
The global Cleantech sector is estimated to be a US$5trn market and is growing rapidly as governments and corporations develop policies in their efforts to improve energy and water security, increase competitiveness, create employment and reduce waste and emissions.
The Cleantech Ireland report estimates that this sector has the potential to create nearly 80,000 direct and indirect jobs through specific national schemes such as retrofitting, renewable energy and construction.
Barry O’Flynn, head of Cleantech and sustainability at Ernst & Young Ireland, said: “The cleantech sector can transform Ireland’s economy in two fundamental ways. Firstly, the sector can drive economic recovery through job creation and growth. Secondly, it places future economic growth on a sustainable path by breaking our dependence on importing fossil fuels which currently stands at €5.6bn, by significantly reducing domestic national energy consumption and generating more indigenous renewable energy.
Stephen Nolan, executive co-ordinator, Green IFSC, said: “Ireland is already emerging as a world leader in green finance with US$10bn in green assets managed or serviced. Irish green asset management and green enterprise firms are active all over the globe in regions as diverse as Asia, South America, South Africa and throughout Europe.
Nolan added: “Green IFSC announced last week that it intended to grow these green assets to $200bn in the coming years. We will achieve this by continuing to work in collaboration with the policy-makers, Ireland’s innovative businesses and world-class international financial services centre to ensure the optimum business environment for green finance”
Commenting on the Green IFSC, O’Flynn said: “The Green IFSC is an excellent initiative to accelerate growth in green finance in Ireland and it already reaping benefits in terms of increased assets and jobs. Now the Green IFSC has been given a mandate it can really co-ordinate and pull together the many positive public and private sector initiatives in this area. An implementation plan is well underway and Green IFSC close collaboration with the private sector and the investment community will strengthen further. This sort of certainty and co-ordination in policy-making will drive investment into the sector, attracting external investors and creating exciting businesses”.