The ESB is to embark on an enormous €22bn investment in renewable energy, which is to include wind, wave and biomass.

Part of the investment will also involve the rollout of smart meters to homes in Ireland allowing householders to better plan their electricity consumption something the board boss says is also a key part of their future strategy.

Its board has approved a Strategic Framework to 2020 that will see major investment in renewable energy, the halving of its carbon emissions within 12 years, and the achievement of carbon net-zero by 2035.

Fifty percent of the overall investment package is geared towards investments in a renewable future.

€4bn of this will be directly invested in renewable energy projects and €6.5bn will be spent facilitating renewables including smart metering and smart networks.

The company says the plan, which will establish ESB as a world class renewables company, makes emissions reduction and energy efficiency central to its ambitious targets.

By 2020, ESB will be delivering one-third of its electricity from renewable generation. This will include over 1,400 megawatts of wind generation, in addition to wave, tidal and biomass. To promote this, the company says it will invest in emerging green technologies.

The company also plans to invest in more generation plants and renewables in Britain and further afield in Europe.

Its chairman, Lochlann Quinn, said the Strategic Framework to 2020 addresses ESB's response to major imperatives now demanding action.

"ESB is operating in a dramatically changing environment. Three overarching concerns now exist – the consequences of climate change, energy security and competitiveness of energy supply and ESB is strong, focussed and prepared to deal with them", Mr Quinn said.

ESB Chief Executive, Padraig McManus, says the blueprint positions them now as a leading energy company in Europe.