Mixed energy messages puts investment at risk
Delays in delivering a stable energy framework for the UK is holding back investment in renewables.
Ernst & Young has warned that mixed messages on energy policy from the government could see the UK miss out on an opportunity to become a “safe harbor” for renewable energy investment in Europe.
Although the UK is now fifth in the business service company’s latest renewable energy country attractiveness index, Ben Warren, environmental finance leader at Ernst & Young, said: “Competing visions and strategies within the government about the country’s future energy mix, pose serious questions among investors about whether we can compete for capital on a global level.”
According to Warren, with investment wavering in other parts of the EU there has never been a better time for the UK to position itself as the number one European destination for investment in renewable energy. "The foundations arre there, reflected in the UK's consistent performance in the index and its current fifth place ranking, as well as its huge offshore wind potential."
Publication of the new index follows an announcement by the energy and climate secretary that the UK would not support plans by the European Commission to set new renewable energy target for the bloc. The existing target is a 20% share of energy from renewable sources by 2020, and is credited with stimulating investment in low-carbon generation across Europe. The commission is proposing to raise this to 30% by 2030.
Demand for fossil fuels will peak by 2025 if all national net-zero pledges are implemented in full and on time, the International Energy Agency (IEA) has forecast.
The Green Homes Grant is set to deliver only a fraction of the jobs and improvements intended, leading to calls for more involvement from local authorities in future schemes.
COVID-19 recovery packages have largely focused on protecting, rather than transforming, existing industries, and have been a “lost opportunity” for speeding up the global energy transition.
Half of the world's 40 largest listed oil and gas companies will have to slash their production by at least 50% by the 2030s to align with the goals of the Paris Agreement, new analysis has found.
None of England’s water and sewerage companies achieved all environmental expectations for the period 2015 to 2020, the Environment Agency has revealed. These targets included the reduction of total pollution incidents by at least one-third compared with 2012, and for incident self-reporting to be at least 75%.
The UK’s pipeline for renewable energy projects could mitigate 90% of job losses caused by COVID-19 and help deliver the government’s ‘levelling up’ agenda. That is according to a recent report from consultancy EY-Parthenon, which outlines how the UK’s £108bn “visible pipeline” of investible renewable energy projects could create 625,000 jobs.
Billions of people worldwide have been unable to access safe drinking water and sanitation in their homes during the COVID-19 pandemic, according to a progress report from the World Health Organisation focusing on the UN’s sixth Sustainable Development Goal (SDG 6) – to “ensure availability and sustainable management of water and sanitation for all by 2030”.