The country plans to spend the money on wind, wave, tidal and biomass, as well as smart metering and smart networks.

Ireland has announced plans to put $16.5 billion into renewable energy and clean technology, aiming to halve its carbon emissions within 12 years, and get to carbon net-zero by 2035.

The state-owned Electricity Supply Board plans to put the cash into wind, wave, tidal and biomass, as well as smart metering and smart networks, as part of an overall €22 billion, or $34.6 billion, investment by the utility.

“ESB is operating in a dramatically changing environment,” said Lochlann Quinn, chairman of the Electricity Supply Board.

“Three overarching concerns now exist — the consequences of climate change, energy security and competitiveness of energy supply and ESB is strong, focused and prepared to deal with them.”

The utility said $6.3 billion would be directly invested in renewable energy projects, with $10.2 to be spent on smart metering and smart networks.

Earlier this year, Ireland announced a push for tidal and wave power with a $38 million initiative for research and facilities and a new feed-in tariff.

Under the new program from the Electricity Supply Board, the other half of the overall $34.6 billion will go toward the country’s electricity infrastructure, with the utility saying the upgrades would facilitate the development of up to 6,000 megawatts of wind on the island.

The Electricity Supply Board said it expects to be delivering one-third of its electricity from renewable generation by 2020.

This will include over 1,400 MW of wind generation, in addition to wave, tidal and biomass, according to the utility.

The Electricity Supply Board said that with the development of a single U.K.-Irish electricity market by 2020, it plans to invest in more generation plants and renewables in the U.K. and further plants in Europe.