Strategic Issues for Ireland’s Energy Landscape
The Vitality of the Oil & Gas Industry
Oil and gas are vital to the modern economies of numerous countries, including Ireland. However, it is worth noting that technological innovations are making this sector challenging and harder to predict. Due to this, the energy sector has shown both opportunities and risks for players in the industry.
Committing to Reduce Greenhouse Gas Emissions
The future of the oil and gas industry has been mainly underpinned by the numerous climate change policies that international bodies have enforced. Currently, Ireland’s transport and heating rely almost fully on oil and gas. However, the current policies and regulations call for commitments from nations to reduce greenhouse gas emissions. For instance, Ireland is committed to reducing these emissions by up to 80% by 2050. This prompts the companies in sectors such as transport and heating to rely on alternatives such as the use of electric cars. This worsens the situation for the Irish oil and gas sector, but fares better for the electricity sector. This basically leads to a huge decline in the oil and gas sector when it comes to support by international bodies.
Embracing Innovation in the Energy Sector
However, the energy sector can still thrive if the current players embrace innovation to manage carbon emissions and energy to gain an advantage over their competitors. For instance, digital technologies enable consumers to have control over their energy usage. This is well illustrated by the smart metering electricity concept where the consumer is the manager of their electricity. Another example is the emergence of innovations such as Big Data and the Internet of Things. These have found their way into the oil and gas sector whereby motor vehicle manufacturers make use of chips to detect leakages in oil or gas levels. These advancements are meant to ensure that sustainability is upheld while at the same time making everyday tasks simpler and more convenient.