The Irish government has planned to invest €90 Million in the R&D of clean energy to meet the growing domestic energy demand and to secure resources for future economic growth.

The Irish government has decided to invest €90 Million in developing research facilities of international standard in the country for promoting renewable energy and technologies by 2013. The Science Foundation Ireland (SFI) and Irish government signed an agreement to change remit of SFI for setting up a new energy research center in the country, as reported by Siliconrepublic.

The new initiatives taken by the government include rebate in taxes for companies spending on energy saving equipment, opting for energy-efficient transport, new regulations for building to reduce energy cost, conversion of public transport into biofuel-driven system, and move towards farming of energy crops in the country.

Minister Martin, speaking at the Energy Forum 2008, said, “It is important that the opportunities and challenges in the energy field are underpinned by the knowledge, understanding and human capital that investment in world-class research can provide”, as reported by Siliconrepublic .

Turning itself into a hub of global green energy boom, Ireland is securing its future economic growth. The main cause of making huge investment into the Irish energy sector is a part of energy policy that calls for securing energy resources that promote competitive environment and environmentally-friendly solutions.

Another reason for government’s keen interest in this sector is its strategy for science, technology and innovation. The Irish government is making every effort by investing in research and development to stay at the forefront for developing environmentally-friendly products and solutions. Considering the rapid industrialization and fast growing automation.

Moreover, a study conducted by Sustainable Energy Ireland to analyze the benefits of energy efficiency to the country’s economy highlighted that the economic benefits will be around €300 Million annually if the country successfully meets the set energy efficiency target for 2020.

A Research Analyst at RNCOS said, “The Irish government is making every effort to promote green energy in the country which reflects government’s serious approach towards energy demand. The new investment will greatly help in meeting the country’s energy demands. Moreover, as the threat of global warming is looming high over the world, the investment in research and development of clean energy will help Ireland to fight it.”