ESB has announced plans to increase its renewable generation portfolio from almost 1GW to 5GW.
The Irish company also intends to reduce the carbon intensity of its power generation by two thirds by 2030.
ESB Networks and NIE Networks, with Eirgrid and SONI and all renewable developers, are already working to deliver a doubling of the renewable generation connected to the electricity transmission and distribution networks.
They aim to collectively grow from 6.2GW today to more than 15GW as both Ireland and Northern Ireland target 80% of electricity from renewables by 2030.
ESB’s move is part of a transformative drive to achieve net-zero by 2040 and to put in place the infrastructure and services to enable customers to do likewise.
Under the plan, ESB will continue to invest in maintaining electricity resilience, which it describes as an important and challenging factor in the transition.
It will also further finance system services, which will be required to help the system operators cope with high volumes of renewables.
ESB added that a fundamental part of the capability to get to net zero is finding a way of storing clean electricity when there is a surplus so that it can be used when the wind isn’t blowing.
The company said it is committing to play a significant role in making this a reality both through batteries and the other intraday storage and, in longer term, clean energy storage technologies such as hydrogen.
ESB chief executive Paddy Hayes (pictured) said: “At ESB, we are driven to make a difference and will focus our efforts on the areas where we can make the biggest impact – creating and connecting sustainable, reliable, affordable electricity – and supporting the customers and communities we serve to achieve net zero.
“By setting a clear, timebound ambition to achieve net zero by 2040, along with a Science Based Target for 2030, we are determined to play our part in taking urgent action to combat climate change, delivering a brighter future.”
Environment Minister Eamon Ryan added: “The window of time to stabilise our climate is closing.
“Here in Ireland we recently passed the Climate Act, placing us on the journey to net zero greenhouse gas emissions by 2050.
“I welcome the ambition and urgency shown by ESB in its Net Zero 2040 strategy launched today that sets a clear direction and exercises leadership in tackling climate change.
“Building on a proud history, the ESB strategy recognises the role of resilient electricity generation and networks infrastructure in providing secure, clean and affordable electricity.
“I welcome in particular the multi-billion investment to repurpose our electricity system to power 1.3m EVs and 600,000 heat pumps with low-carbon energy by 2030, placing the citizen centre of this transformation.”