Reasons to be cheerful….. part one!

Two recent but separate conferences have succeeded in lifting the cloud of pessimism and gloom by focusing on that part of Ireland not readily visible – our ocean territory – despite it being ten times larger than the land mass we inhabit.

The subject matter of both conferences centred on the major economic potential of the marine in general. At both events, the main question was whether Ireland could address major global challenges and avail of emerging market opportunities through our unique ocean resources.

The first event (II April/May) Delivering Ireland’s Ocean Energy Targets defined the truly staggering economic and employment potential of harnessing marine energy – offshore wind, wave and tidal.

It drew on consultants SQW’s report, commissioned by the Belfast and Dublin governments, which predicts that with the necessary structures in place, Ireland stands to generate up to €10 billion in income and as many as 52,000 jobs from marine renewables by 2030.

Irish marine territory offers the highest wave energy resource in Europe – with a generating capacity estimated at 60 GW, or to put it another way, 20% of the entire European ocean energy resource is waiting to be tapped – in Irish waters!

 Just think about that – an environmentally-friendly energy resource, which, once tapped, will never run out!

And despite the doubts expressed by ESRI economist John FitzGerald (pg 24) it’s hard not to be won over by the predicted potential of ocean energy – both in terms of employment and revenues accruing.

The second conference (lead story; pg 25) SmartOcean – organised by the Marine Institute – heard Ireland described as being ‘strategically positioned on the western periphery of the EU, abutting the important Gulf Stream… [    ]… separating important southern and northern commercial fisheries, and in one of the world’s greatest hotspots for offshore wind and wave energy. This unique position makes Ireland an ideal location for a European and Global Centre for ocean research, technology and innovation’.

Together, the feeling of optimism generated at both of these events was evidence that despite these dark days of economic gloom, as a nation there is something new worth aiming for.

Separately, a PwC review in 2008 of a seabed mapping initiative estimated the value of benefits accruing to the knowledge economy from this dataset alone to be in the region of €240 million. The figures and statistics emerging from the ocean territory continue to astonish.

At both events a palpable sense of enthusiasm in the air prevailed, and most delegates were of the view that the marine environment was the next new frontier for exploration and sustainable commercial exploitation.

At a time when it might be difficult to see a way out of the economic gloom, Ireland’s marine territory presents a boundless economic opportunity, too good to miss.

We now must look to our politicians to display imagination and boldness so as to harness the bounty that lies within our ocean territory.