New analysis from Good Energy and Energy Systems Catapult suggests transition to net zero emission energy system may require just £14bn of additional investment a year. The UK could deliver net zero emissions by 2050 at a cost of just £14bn a year of additional investment, according to the latest modelling on the future of the UK’s energy system. Good Energy today published a wide-ranging new analysis developed in conjunction with the Energy Systems Catapult, which concludes net zero emissions by 2050 is achievable at relatively “low cost” through the development of an almost entirely renewables dominated energy system. The report, titled Renewable Nation: Pathways to a Zero Carbon Britain, concludes that the net costs of delivering on the UK’s decarbonisation goals are between £14-£49 billion a year, which it argues represents a manageable spend when compared to the annual cost of maintaining roads at £11bn or the defence budget at £42bn, especially when the significant long term environmental and economic benefits that would flow from such investment are considered. The model developed by the Energy Systems Catapult suggests that by 2050 wind and solar capacity could generate 98 per cent of the UK’s power, meaning no further investment in new nuclear and fossil fuel power capacity is required, according to Good Energy. It argues that a total of 210GW of solar power and 150GW of wind capacity, combined with 100GW of lithium-ion batteries for energy storage, could almost fully decarbonise the grid, while at the same time over 80 per cent of heating and 90 per cent of transport would be electrified.
Business Green 22nd June 2021 read more »
Environmental levies should be moved off of electricity bills to make sure it’s always cheaper to run a heat pump than a boiler, a number of business and civil society groups have said. Led by environmental consultancy Third Generation Environmentalism (E3G), the consortium has called on the government to introduce a ‘Fair Heat Deal’ to make it more attractive to move from fossil fuel boilers to clean heat pumps. Such a deal would help ensure switching to heat pumps is affordable, helping the public benefit from cheaper energy bills, warmer homes and lower emissions. A key recommendation for this deal is to shift levies from electricity bills. Currently 23% of an average electricity bill is made up of environmental and social obligation costs, which fund numerous decarbonisation programs, while gas bills are comprised less than 2% of such costs.
Current 21st June 2021 read more »
British financial institutions should be mandated to outline their plans for decarbonising investments in line with the national net-zero target by the end of 2023, Aviva Investors is recommending. The investment giant set a 2040 net-zero target earlier this year and stated at the time that greater policy support would be needed to get the whole sector to follow suit. It has since been working with WWF to develop a new policy paper, containing recommendations for aligning the UK’s financial sector with its long-term climate goals. Entitled ‘Transition Plans for a Net-Zero Future’, the policy paper argues the benefits of mandating the UK’s regulated financial institutions to publish not only net-zero targets for 2050 at the latest, but credible transition plans to back them up, from 2023. To meet this deadline, the Treasury could encourage such firms to produce transition plans by the end of 2022 in a statement ahead of COP26.
Edie 21st June 2021 read more »
Andrew Griffith is the prime minister’s UK Net Zero Business Champion and Conservative MP for Arundel and South Downs: There is a new generation of climatetech entrepreneurs who see more clearly than most we are on the threshold of a new climate tech revolution. A revolution that will not only save our planet but one that will see whole new sectors of the global economy come into existence. Billion and trillion pound companies will be created – and many of today’s biggest will fade away. We will see entirely new forms of clean energy such as fusion sitting alongside those such as solar which may be small today but could become the dominant sources of the future. Transportation systems will be reinvented with zero carbon aviation, autonomous hydrogen-powered ships and radically different urban transport solutions. Proper circular economies will be established in everything from food and clothing to net zero paper, glass, steel and aluminium. And all using smart networks, ubiquitous connectivity and data unlocked by the power of next generation computing. Every day I meet the British innovators building or investing in this future. TechNation report that the UK is already a hub for green technology and innovation with over a third of a billion received in investment in net zero companies in 2019 the last year for which figures are available. The Government’s role is to create the infrastructure and conditions for the low carbon economy. The smart grid, wind farms and carbon sequestering plants are the coalfields and the canals of this industrial revolution. And of course new low carbon economy jobs.
Times 22nd June 2021 read more »