Renewable Energy

In an increasingly uncertain world, renewable energy is becoming more and more important. It’s set to play a growing role in our lives, but faces challenges which must be overcome if we are to swiftly achieve net zero as well as providing energy security to the nation.

First, the good news: the pace of renewables growth across the globe is quickening as technologies improve. However, the bad news comes in the form of a retreat by the UK government from its commitment to net zero. This poses a risk to the UK’s global standing and damages its economic prospects.

Recent analysis from Cornwall Insight claims that the government will miss its 50gw offshore wind capacity target for 2030 owing to delays in offshore wind deployment. The delays are largely brought about by rising costs, most recently reflected in the 5th Contract for Difference auction which saw no offshore wind operators take part. The cancellation of Norfolk Boreas, one of the UK’s largest offshore wind farms, also sets the UK’s efforts back. This was again due to monetary concerns, as it was deemed to lack financial viability.

Lengthy delays in obtaining grid connections for consented schemes and pricing of ‘contracts for difference’ also need to be addressed. The growing backlog of projects awaiting approval is putting further pressure on the health of the industry.