A study, by the Environmental Protection Agency (EPA), has found improving resource efficiency and productivity could save Irish firms €7 billion.

Launching the report Dr Jonathan Derham, EPA said: "The report shows that resource efficiency can be achieved - with potential for economic benefits and job creation - through the implementation of this Roadmap, which is in line with current Government policy to promote a 'Green Economy'.

The report, Roadmap for a National Resource Efficiency Plan for Ireland suggests that a target of just a two per cent reduction in material consumption spending per annum would yield savings of about €928 million in the first year. Over an eight to ten year period, this could lead to a 25% improvement yielding a total saving of €7 billion.

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Dr Shane Colgan, EPA said: "Ireland spends approximately €46 billion on raw materials per annum. These are used in factories, offices, shops and homes across the country and provide the basis of our lifestyle. Unfortunately, Ireland has one of the highest ratios of consumption to wealth in Europe - showing that we are not getting maximum productivity from our materials. Just like we aim to be energy efficient; carefully avoiding wastage means we can become 'resource efficient' - spending less while maintaining our standard of living."

(CD/MH)