28 FEBRUARY 2023
Financing Britain’s energy transition – the scope and opportunities in solar energy
As war rages in Ukraine and the ensuing energy crisis stoked by Russia’s aggression takes hold, the need for energy independence, such as solar energy, has never been more apparent
In the 12 months following tanks crossing the Ukrainian border, the price of EU Natural Gas went from €80 MWh to €340 MWh. The soaring price of gas in Europe, and by extension electricity, has been shot in the arm of European renewable energy investment. Despite its low historical gas imports from Russia, the UK is no exception to this trend.
Although the UK’s electricity grid is already one of the cleanest in Europe, with renewable energy making up 42% of the national grid’s power source, the need to diversify further into the sector persists. With mounting pressures from government, consumers, and shareholders, it is estimated that switching to clean energy in Europe by 2050 will require $5.3 trillion of investment[iv]. Britain has already achieved a leadership position in offshore wind. By 2019 Britain’s ~2,600 offshore turbines accounted for 45% of all European offshore wind and a staggering 33% of global offshore capacity. Now it’s solar power’s time in the sun.
Click the link to read more: Financing Britain’s energy transition – the scope and opportunities in solar energy (openaccessgovernment.org)