RenewableUK has published its new manifesto for a fully decarbonised electricity system by 2035, setting out key measures such as market and regulatory reforms needed to cut emissions. The report urges the government to act in order to accelerate the pace and scale of decarbonisation dramatically, to reduce the UK’s exposure to the volatile international gas market by expanding domestic renewable generation and rapidly develop a green hydrogen industry. Roadmap to net zero: a manifesto for a fully decarbonised power system by 2035 includes wide-ranging recommendations, including a call for the Contracts for Difference (CfD) scheme to be reformed to attract more investment, in particular into supply chains. While the CfD has been a success, RenewableUK notes, the current market set up may not be able to deliver the volume of projects needed to decarbonise by 2035. As global demand for offshore wind surges, there is increasing competition for investment as well as supply chains coming under more pressure. This, coupled with the maturing technology, means the trend of ever cheaper offshore wind prices may be at an end. Beyond the CfD, the government should consider innovative new policies to make the UK more attractive for investment in supply chains, argued RenewableUK. For example, it could create new wind enterprise zones where businesses can qualify for tax relief or credits as is happening in the US. A fundamental redesign of the way network infrastructure is planned and delivered is needed to allow more offshore wind to connect to the grid and to minimise the impact on local communities. RenwableUK’s manifesto recommends using the current Offshore Transmission Network Review to establish a long-term solution for grid infrastructure planning. Finally to maximise deployment, the trade association is calling on the government to review research and development funding levels to ensure support is at a similar level to that available to other strategic sectors such as oil and gas, automotive and aerospace.
Current 22nd June 2022 read more »
RenewableUK’s chief executive Dan McGrail said that, if the measures listed in the manifesto are delivered in full, the UK could attract £200bn in private investment and deliver more than 120,000 jobs in wind energy alone by 2030.
Edie 22nd June 2022 read more »
The UK’s Infrastructure Bank has outlined how it plans to invest £22bn to “tackle climate change and regional inequalities”, with clean energy listed as the largest area of investment across technologies like subsidy-free renewables, low-carbon hydrogen and carbon capture and storage (CCS). The UK’s Infrastructure Bank launched 12 months ago, with Chancellor Rishi Sunak promising that it will funnel billions of pounds into the UK’s net-zero transition. Based in Leeds, the Bank has received £22bn of financial capacity in the first instance; £10bn of government guarantees, £8bn of debt and equity and £4bn for local authority lending. It has a target to help unlock at least £40bn of investment from the private sector. Having already invested in seven deals worth £610m in its first year, the Bank has, for the first time, outlined its spending and investment plans.
Edie 23rd June 2022 read more »