The Green Party is calling on the Government to reinvest €2 billion from sale of state assets back into the clean energy economy.

Green Party Leader Eamon Ryan said: "The Government says it is fighting the Trokia to introduce a stimulus into the upcoming budget but it is at the same time handing over €2 billion from the sale of state assets which was not even a condition of the original bailout programme.

"They are planning to send some €1.5 billion from the sale of Bord Gais Generation assets straight out of the country, when that money could instead be used to leverage investment in a whole range of new power plants and grid assets. The ESB also has a range of broadband, Electric Vehicle and ready to go energy retrofit projects which will be abandoned if the Government insists on taking €500 million out of the company.

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"Investment in the energy sector has fallen dramatically in the last two years. Putting this €2 billion back into the sector would create some 50,000 jobs, mainly in the hardest hit construction area. The switch would also improve our trade balance as it would increase our electricity exports to the UK and cut our fuel import bill from the Middle East. Investing public money in this way would increase public ownership and therefore support for the energy transition we already know we have to make.

"The problem lies in the Departments of Finance and Public Expenditure and Reform, where there is an ideological aversion to any investment in the new clean energy economy. The IMF could hardly give out about a switch in plans, as one of their main criticisms of the Government has been their over-reliance on cuts in the capital budget to meet our programme targets. The European Commission would also be on weak ground arguing against the move as they are at the same time looking for states to increase expenditure in this clean energy area."

(CD/MH)