Ireland and EIB Collaborate to Advance Offshore Wind Port Infrastructure

Ireland and EIB Collaborate to Advance Offshore Wind Port Infrastructure

(IN BRIEF) The Irish Department of Transport and the European Investment Bank (EIB) have announced a partnership to develop port infrastructure critical for supporting offshore wind projects in Irish waters. The collaboration, led by Minister Eamon Ryan and EIB Vice President Ioannis Tsakiris, will focus on evaluating investment strategies to upgrade ports, enabling Ireland to tap into €30 billion in offshore wind projects. This initiative is a key step towards Ireland’s goal of generating 80% of electricity from renewable sources by 2030 and fostering regional economic growth. Five key ports will be assessed as part of the project.

(PRESS RELEASE) LUXEMBOURG, 12-Sep-2024 — /EuropaWire/ — The Irish Department of Transport and the European Investment Bank (EIB) have launched a new advisory partnership to accelerate the development of port infrastructure necessary for offshore wind projects in Irish waters. This collaboration, formalized by Irish Minister Eamon Ryan and EIB Vice President Ioannis Tsakiris, will focus on evaluating investment strategies to upgrade Irish ports, enabling them to support large-scale offshore renewable energy (ORE) projects.

Ireland currently lacks the specialized port facilities needed for offshore wind energy projects. However, several ports have the potential for transformation with strategic investment. The partnership aims to unlock €30 billion in offshore wind investment by identifying the infrastructure needs and financing options to develop these ports. The initiative will also explore balanced regional development, ensuring that the economic benefits from this investment are felt nationwide.

Minister Ryan emphasized that this effort is crucial for realizing Ireland’s significant offshore wind potential and supporting the country’s broader renewable energy and decarbonization goals. He highlighted that these infrastructure upgrades would not only strengthen the nation’s renewable energy capabilities but also stimulate economic growth and regional development.

EIB Vice President Tsakiris reaffirmed the bank’s commitment to supporting Ireland’s green transition, emphasizing that this advisory partnership is essential for Ireland to meet its renewable energy targets and align with broader European Green Deal objectives.

The collaboration will involve a detailed evaluation of five key Irish ports, representing a diverse range of operations and geographic locations. The lessons learned from these projects will serve as a model for further port developments across Ireland, facilitating the country’s ambition to derive 80% of its electricity from renewable sources by 2030, with offshore wind contributing 5 GW.

This initiative marks a significant milestone in Ireland’s journey toward a sustainable energy future, aligning port infrastructure development with long-term climate goals and the nation’s offshore wind industrial strategy.

Background information

EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 – 90% of it in the European Union.  These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

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SOURCE: European Investment Bank