A report published has said that investing now in renewable energy would help to shield countries from another energy price shock.

It also warns that entering long-term contracts to import Liquefied Natural Gas (LNG) would lock in dependence on a fuel that has already proven highly volatile.

Sinn Féin MEP Lynn Boylan said the findings highlight serious flaws in the government's LNG strategy and would do little to protect Ireland from future energy crises.

According to the report, renewables could reduce gas demand by a quarter by 2030 — twice the savings that LNG exports could deliver over the same period.

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Boylan said: "Renewable energy is more secure, and much cheaper than relying on fossil fuels, which are usually imported from overseas.

"Ireland has massive, untapped potential for a renewable energy supply, but the government approach is underutilising it.

"Instead of aggressively investing in renewables, they're backing a state led LNG terminal.

"The Governments plan doesn’t prioritises security, affordability or sustainability – just corporate bottom line for gas and LNG giants.

"Rather than building up our capacity for cleaner energy that we can generate and use ourselves, we’re destroying the planet for more expensive, more risky, and more scarce resources.

"To tackle the extortionate prices we pay for our energy in Ireland, and to secure true energy independence, the government needs to invest in renewable technologies across the island.

"We saw that other countries managed to lessen the impact of the latest energy crisis because they invested in their renewables, its long past time for the Irish government to do the same."