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Project Code [2014-SE-MS-1]

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Project title

Financial incentives to promote a resource efficient Irish economy

Primary Funding Agency

Environmental Protection Agency

Co-Funding Organisation(s)

n/a

Lead Organisation

University College Cork (UCC)

Lead Applicant

Celine McInerney

Project Abstract

By 2014 a number of commentators including the European Commission have identified an �investment crisis� in the resource efficient sector. This proposal will identify international best practice in creating financial incentives to attract capital to the resource efficient economy. Specifically, we will present a proposal and how financial incentives employed internationally could be effectively applied within the existing Irish legislative and financial system. We will also examine the effectiveness of existing Irish financial incentives in attracting investment to the resource efficient sectors. The Enterprise Investment Scheme (EIS, formerly the Business Expansion Scheme (BES)) has been successful in attracting investment in the wind and other renewable sectors. Using case studies of international best practice for financial incentives in targeted sectors, we will identify ways the EIS scheme could be modified to attract further capital to resource efficient sectors in Ireland. Furthermore, the proposed funding instrument will be socially-inclusive as it will be fiscally-incentivised and targeted at individuals. Engagement with key stakeholders will ensure proposed funding instrument will be effective in attracting capital. Investment in resource efficient assets will not be forthcoming or the scale of investment will be lower than policy makers� desire in the absence of such incentives. Project outputs will include: a specific proposal for fiscal-incentivised funding instrument to attract capital to resource efficient economy, detailed project report, synthesis report with a non-technical summary, dissemination 2-pager for key stakeholders, four peer-reviewed conference and journal publications, policy briefs for relevant agencies, database of Business Expansion Scheme (BES) /Enterprise Investment Scheme (EIS) funded resource efficient projects in Ireland, workshop with key stakeholders to provide feedback on proposed funding instrument, seminar / mini-conference. Research capacity building: this research will inform and provide a basis for developing proposals under three of seven social challenges identified in Horizon 2020.

Grant Approved

�151,152.85

Research Hub

Sustainability

Research Theme

Socio-Economic Considerations

Start Date

01/04/2015

Initial Projected Completion Date

01/10/2016