UK increasingly attractive for renewable energy investors
Britain has become an increasingly attractive proposition for renewable energy investors according to a new biannual global survey.
The UK climbed to sixth place in EY’s “attractiveness index” for renewable energy ahead of a major clean energy auction next year – following the Government’s decision to lift its block on new onshore wind subsidies in March.
This came in the wake of a Government pledge to cut emissions to virtually zero by 2050, something that climate advisers believe will require the UK’s onshore wind-power capacity to triple in the next 15 years.
The US topped the rankings in the report, knocking China off the top spot, in large part due to plans to invest £47bn to install up 30GW of offshore wind by 2030.
Ben Warren, EY Global Power & Utilities Corporate Finance Leader and author of the report said investors remained confident in the long-term picture for clean energy and report findings indicated that despite the global slowdown caused by COVID-19, the renewable energy sector is expected to bounce back quickly, with long-term drivers for investment remaining strong.
As a result of the pandemic, pollution levels have fallen dramatically through reduced fossil fuel consumption. A greater focus on a sustainable long-term energy future therefore works in favour of clean energy, in particular wind and solar
Ben Warren, EY Global Power & Utilities Corporate Finance Leader
Renewable energy developers in Britain are currently working towards the 2021 auction to affect a green economic recovery after pandemic restrictions are lifted, including plans to deliver multi-billion-pound windfarm investments across the north-east of England and Scotland.
Benoit Laclau, EY Global Energy Leader, said, “This is a defining and transformative moment for the energy industry. Stakeholders are looking to collaborate and invest in companies where climate change and sustainable development is embedded in their strategy.”