New cooperation agreement between Department of Transport and European Investment Bank welcomed

Cork Chamber and the Cork Offshore Renewable Industry Forum (CORIF) welcome today’s announcement of an advisory partnership between the Department of Transport and the European Investment Bank to support the development of port infrastructure for offshore renewable energy.
 
Catherine Sheridan, Chair of CORIF, commented, “Building Ireland’s capacity for offshore renewable energy presents the economic opportunity of a generation, and will also play a critical role in achieving our 2030 climate and energy targets. The announcement of a new cooperation agreement between the Department of Transport and the European Investment Bank is a very welcome step forward in this regard.
 
“Significant investment is needed to ensure we build capacity for offshore wind and reach the target of 80% electricity generation from renewable sources by 2030. The Port of Cork is the only port in Ireland with the necessary planning permission to develop the infrastructure needed to support the growth of the offshore renewable industry; further investment in the port must be prioritised to ensure that this is realised in advance of the expiration of planning permission in 2025.”
 
CEO of Cork Chamber, Conor Healy, said, “Cork Harbour has immense potential to become a national hub for offshore renewable energy and central to that is the development of the Port of Cork’s infrastructure. Cork Harbour is home to numerous industry players active in the renewable energy sector, as well as the National Maritime College of Ireland and other key stakeholders who have the potential to play pivotal roles in the transformation of Ireland’s energy sector.  
 
“The announcement that the Department of Transport and the European Investment Bank will work together to progress the development of Ireland’s ports to facilitate offshore wind projects is welcome, but Government must ensure that investment in the Port of Cork is prioritised. Cork has the capacity to support a thriving offshore wind sector, unlocking significant economic and societal benefits for Ireland as a whole – investment in the critical infrastructure needed for the sector must be accelerated now.”