Bord na Mona chief calls for long-term vision for economy

THE chief executive of Bord na Mona, Gabriel Darcy, said this economy has huge potential to develop despite its current problems.

Ireland has been guilty of becoming “incredibly short term” in its vision for the future, he said.

“We need to shake ourselves out of this and start putting together some kind of vision” for the future.

His company was accused of moving away from its “remit” by Colm McCarthy, the economist charged by the outgoing Government to identify what state assets should be sold off.

Mr Darcy countered by saying in Bord na Mona’s 75 history, it has been continuously evolving. It has evolved from turf cutting to briquette production into biomass and other activities.

PowerGen, its energy subsidiary, is involved in activities from wind energy to biomass, all backed by the theme of sustainability.

As a result, the group expects to report a turnover of up to €400 million for its last financial year and earnings before tax, depreciation etc of €70m, an increase of about 40% on the €52m recorded just four years ago.

In his address to the monthly meeting of the Leinster Society of Chartered Accountants in Dublin, Mr Darcy stressed the critical importance of “sustainability” in all that we do.

Business will have to commit to social sustainability, preserving the environment as well as long-term economic sustainability.

Future inward investors in key categories have new priorities that we can meet provided we take the right action. This country can also develop renewable energy way beyond its current levels provided we think long- term and look at the bigger picture, he added.