Ever increasing power prices forecasted up to 2044 underline the need to build confidence for investment in renewable energy and deliver a stable and secure energy future, according to a new report.
The report, by Cornwall Insight and law firm Womble Bond Dickinson, shows that although the UK government is in a good position to become a global leader in decarbonising its economy, it must tackle a number of key problem areas if it doesn’t want to miss targets.
These include strengthening domestic supply chains to boost economic growth and engaging with local communities to roll-out renewable technologies such as onshore wind and solar.
The UK also needs to exploit first mover advantage for low-carbon hydrogen and CCUS by providing clarity on business-friendly models for new technologies to allow industries and investors to make investment decisions.
Naomi Potter, Lead Research Analyst at Cornwall Insight, said: “The UK is already a global offshore wind leader, has some clear competitive advantages in the development of floating technologies at scale, and is paving the way to utility-scale low carbon hydrogen and CCUS.
“There are critical challenges facing the country as it pushes forward with its decarbonisation ambitions. These challenges are not insurmountable, however, and building on its strong foundations, the country can make significant strides towards environmental sustainability and energy independence, while unlocking investment opportunities.”