Economy

Chartered Accountants Ireland has reacted to today’s publication of the Critical Infrastructure Bill which aims to fast-track the approval processes for critical infrastructure projects in Ireland. Commenting on the Bill, Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said “As a professional body representing 40,000 businesspeople across the economy, we see this Bill as a significant step in the Government’s approach to addressing Ireland’s infrastructure challenges. “Engagement with our members has demonstrated that infrastructure deficits need to be addressed as a matter of urgency if Ireland is to achieve its growth ambitions, meet its energy, transport and water requirements, and its sustainability goals. It is encouraging, therefore, to see the Bill’s focus on coordination and collaboration between public bodies to facilitate the rapid approval of projects and programmes.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “For a small, open economy like Ireland, infrastructure is key to competitiveness. It is vital for maintaining the standard of living for our citizens, for attracting foreign direct investment, for supporting our SMEs and for ensuring Ireland remains one of the best locations to do business.” “Our infrastructure continues to be one of our most critical competitiveness deficits. It is essential that barriers are removed to facilitate investment in our infrastructure to safeguard Ireland’s social and economic interests.  We look forward to engaging constructively with Government and stakeholders on this issue.”

The Climate Change Advisory Council’s latest report: Annual Review 2026 - Our Changing Climate in 2025, finds that climate change is having measurable impacts in Ireland, with growing risks for communities, infrastructure, essential services and the economy. The economic damage from the five named storms that affected Ireland in 2025 amounted to almost €360 million, following estimated losses of €4.1 billion from flood and windstorm events in Ireland in 2024. The storm also exposed vulnerabilities in critical infrastructure and essential services, including energy, water and telecommunications. The Council identifies gaps in how the economic, social and environmental consequences of extreme weather events are monitored and notes that robust data and evidence are essential to inform effective policy, planning and investment; it also calls for coordinated Government action, including investment in climate monitoring and infrastructure systems, strengthened policy and legislative frameworks, and a systemic approach to improving national resilience.

Moving away from fossil fuels is key to reducing the impact of the current crisis and future crises, according to Taoiseach Micheál Martin TD. The Taoiseach was commenting in a  recent Government announcement of temporary and targeted measures to reduce fuel prices for households and businesses in order to shield them from the recent hikes in fuel prices. The measures provide for temporary reductions in the rates of Mineral Oil Tax (MOT) applying to petrol, auto diesel and Marked Gas Oil (MGO), and are in effect from 25 March to 31 May 2026. Separately, Tánaiste and Minister for Finance, Simon Harris TD, warned that Ireland and the European Union remain exposed to fossil fuel price shocks: “As long as we rely on imported fossil fuels, events far beyond our shores will continue to impact in a real way on households and businesses. That is not a sustainable position. And it is not a secure one.” The Tánaiste further commented that reducing that dependence as “the only lasting answer”, by accelerating Ireland’s transition to renewable energy and improving efficiency, and building a system that is more resilient and more within our own control. Energy was also a core pillar of Ireland-UK Summit 2026 which took place in Cork in March. A key focus of the Summit was closer cooperation between both countries to deploy offshore wind at scale, as well as increased electricity interconnection and securing critical infrastructure in shared maritime space. An expanded Memorandum of Understanding was signed at the Summit between the electricity transmission system operators of Ireland, Great Britain and Northern Ireland (EirGrid, NESO and SONI), to increase knowledge-sharing and cooperation. Commenting, Minister for Climate, Energy and the Environment Darragh O'Brien TD said “This Summit has come as Ireland reaches 8GW of onshore renewable electricity generation, which is a significant milestone. We're building on this both in Ireland and with our near neighbours, creating opportunities for jobs, investments, and a more stable economy." Ireland has doubled wind energy capacity over the past decade, receiving more electricity from onshore wind farms than any other country in Europe. A new peak for wind energy was reportedly recorded in Ireland during February 2026, according to provisional data from EirGrid, with almost 50 percent of Ireland’s electricity came from renewable sources last month.