ESB pledges €2 billion a year to cut greenhouse gas emissions

• 2 years ago (2022-02-15)
• David Flin

Emissions 57 Europe 1061

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The Irish state energy group ESB has announced it will spend up to €2 billion a year until the end of the decade on reducing greenhouse gas emissions. It said it would reach net zero by 2040.

Paddy Hayes, Chief Executive of ESB, said: “We have invested €1.3 billion this past year and the plan requires us to get that up to €1.8 billion and beyond to 2030.” He said that ESB is likely to borrow further cash to invest in its plans following the €500 million green bond it raised recently.

ESB plans to connect 5000 MW of renewable electricity, close to current peak in the Republic, to its networks over the next decade. This will include the ESB’s own renewable projects as well as generators built by all investors.

ESB is involved in joint ventures in the Irish Sea, and onshore with forestry business Coillte, with which it plans to build wind farms with a total capacity of 1000 MW.