The Republic spends €90 million on imported energy sources each week according to Sustainable Energy Ireland (SEI).
Speaking on the opening day of the Renewable Energy Forum in Kinsale, SEI's Mr Paul Kellet said: "Ireland boasts vast resources of renewable energy which we are failing to harness."
Mr Kellet said: "Instead we are choosing to spend billions of Euro on imported polluting coal, gas and oil rather than develop our own natural sources of clean energy."
He said: "Given the continued increases in the cost of oil and the recent announcements to further increase the cost of electricity and gas to the Irish user, we can no longer afford to ignore the merits of renewable energy".
The two-day Forum in Cork is being attended by over 120 delegates and will examine existing renewable energy policies, practices and performance in Ireland.
Mr Kellett said: "Existing Government policy aims to increase electricity generation from renewable energy to 500 MWe by 2005. While the renewable potential in Ireland is enormous, 2005 is looming large on the horizon and action is needed now if we are to reach the 500 MWe target."
He said: "Ireland is home to the best wind regime and growing conditions for wood in Europe, and has an excellent climate for certain solar heating systems."
"Yet, these clean, eco-friendly sources of energy currently supply just 2 per cent of our energy requirements. The remaining 98 per cent is supplied from fossil fuels, such as coal, oil, gas and peat, which when burned emit vast quantities of greenhouse gases, including CO2, into the atmosphere"
He continued, "The level of greenhouse gases now emitted poses a serious threat to our climate. Climate change and global warming are no longer a phenomenon but a reality and if not tackled urgently will have dramatic effects on our lives and more worryingly on the lives of future generations."
