The Government is giving priority to investment in research technology development and innovation in ocean energy, Minister for Communications and Natural Resources Eamon Ryan told the Dáil.
"Realising our wave and tidal energy potential is of strategic importance in support of our renewable energy targets, security of supply and carbon-emission reductions.
"It also has significant overall enterprise development potential in terms of innovation and economic activity.
"Ireland's geographical position is considered virtually unparalleled in the world with regard to wave energy. In addition, the tidal stream conditions in the Irish Sea are considered to be of considerable potential.
"In the context of achieving our 2020 renewable-electricity target of 33 per cent of electricity generated from renewable sources, it is vital that we develop all the renewable resources available to us.
"While wind energy will be the major contributor to renewable energy growth, the potential for solar, biomass and ocean energy technologies must also be rapidly progressed," Mr Ryan said
"I am firmly committed to accelerating delivery of the ocean-energy strategy starting in 2008. We intend taking a range of measures which will include clear market signals in the form of a dedicated technology support price.
"As announced on Budget day, we are providing €5.3 million for ocean-energy technology and development in the 2008 estimates. The funding will be used to build on the existing work under way by Sustainable Energy Ireland, the Marine Institute and the hydraulics and maritime research centre in UCC. It will also support the scaling up by the private sector."
Sinn Féin spokesman Martin Ferris said, given the potential in this area, current investment was small.
"In particular, I refer to the Shannon estuary, which experiences an eight-knot tide. Such a tide could allow for the use of reversible turbines to generate electricity and it offers huge potential.
"Does the Minister agree research facilities in University College Cork and the University of Limerick could be expanded so that practical experiments in generating electricity from waves and tides could be carried out on a wider scale?
"Is he satisfied that the timetable set out in the department's strategy for ocean energy is on target?"
