More than £900 billion of investment could be needed in the UK’s energy supply to achieve Net Zero by 2050, according to a new report.
The report by NatWest and Boston Consulting Group said the businesses could accelerate and deliver change by working together to test low-carbon solutions, building greater security and resilience into the energy system, and unlocking revenue in the UK.
However, for the transition to be successful, it would be essential for banks and investors, regulators, policy makers, energy companies and supply chains to work together to overcome the challenges to mobilising this investment.
Andy Gray, Managing Director of Commercial Mid-Market at NatWest Group, said: “The UK needs clean, stable and affordable energy supplies, but huge capital expenditure is needed to make this a reality. Mobilising the capital needed will be complex, and the findings serve as a clear call for all actors across the system to work together to find solutions.”