The conditions are ripe for growth in the UK’s renewable sector as COP26 fast approaches, though a lack of investment could hamper the country’s goals.
As policy paves the way for fresh investment and new tech, the renewables sector continues to battle bottlenecks – which could require a doubling of investment over the next 10 years to ease, according to EY’s latest renewable energy index.
“With global leaders convening at COP26 in November, we are approaching what could be a watershed moment in combatting the climate crisis. Increasing investment and policy support has enabled renewables growth to continue at breakneck speed,” EY global renewables leader Arnaud de Giovanni said.
“If sustainability goals are to be met, however, a 50 per cent increase in grid spending could be needed over the next decade as markets adapt for a net-zero future.”
Last month, the UK set aside £265m in renewable energy – with some £200m going to offshore wind firms, £55m for emerging technologies and £10m for more established tech like onshore wind, solar and hydropower.
It could see as many eight million homes powered as a result, as the investment unlocked around 7GW of offshore wind capacity.