In March of last year, I received Government approval to develop a State-led strategic gas emergency reserve. The delivery of a strategic gas reserve is critical to Ireland's energy security as we transition to indigenous, clean renewable energy. Crucially, the strategic gas emergency reserve will also ensure compliance with EU standards and regulations.
The State-led, transitional nature of the reserve ensures that the risk of stranded fossil fuel assets is reduced, that the reserve will be used for emergency use only, and that it does not support increased gas demand with a view to minimising impacts on greenhouse gas emissions. Government remains committed to taking decisive action to radically reduce our reliance on fossil fuels and has greatly boosted the share of renewables in our increasingly electrified energy system. This, however, means greater reliance on gas to provide sufficient flexibility and backup for secure electricity supplies at times of low renewable output.
My Department is developing the appropriate policy and legislative measures to ensure that the strategic reserve provides resilience to our energy system in a manner that is compatible with Ireland's climate legislation.
The Strategic Gas Emergency Reserve Bill is to provide for an expedited planning consenting pathway to allow the next stage of delivery of the strategic gas emergency reserve project. The Bill is currently being drafted, having completed pre legislative scrutiny, and will be completed as early as possible.
The general scheme underpinning the operation of the strategic gas emergency reserve will be brought forward later this year.