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| Tue, 19th May 2020 13:13:00 |
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How renewable energy could power Britain's economic recovery |
In the first months of 2020 Britain relied on renewable energy like never before. The power generated by clean energy projects eclipsed fossil fuels for the first time ever, making up almost half the electricity used to keep the lights on.
As the UK emerges from the financial maelstrom of the coronavirus pandemic, analysts, economists and environmentalists argue that the renewable energy industry could – and should – play a greater role, powering a green economic recovery too.
The companies harnessing energy from the sun, wind and sea hold the potential to spur the UK's economy by attracting billions in investment and creating thousands of green jobs across the UK's regions while accelerating Britain’s climate ambitions.
Britain's clean energy sector proved this point in the wake of the 2009 financial crisis and the Confederation of British Industry calculated that the green economy contributed a third of the UK's economic growth in 2010-11.
Britain's traditional economic engines – the banks and financial services firms – had continued to flounder, leaving GDP growth struggling below 1% while the economic value of offshore wind climbed by almost 17% and the solar industry’s growth was almost 7%.
The CBI report concluded that the so-called "choice" between going green or going for growth was a false one because green business was already on track to become a major pillar of Britain’s future growth.
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"After the last financial crisis, the UK's green economy contributed substantially to new fiscal growth, supporting tens of thousands of jobs and finding new export markets around the world," says Nathan Bennett of RenewableUK.
"Once again, our industry will play a proactive role in getting the economy back on track, as we move out of lockdown. Renewables are a UK-wide opportunity to have a sustainable, forward-looking recovery and to boost productivity across the economy."
Today, much of the risk shouldered by renewable energy investors a decade ago has fallen away alongside plummeting technology costs. The UK's commitment to pursuing a carbon-neutral economy by 2050 alongside its established financial support frameworks offer far more certainty to willing investors than in the past.
The investment case for renewables is flattered further by the relative gloom shrouding investment opportunities elsewhere: fossil fuels have fallen from favour among a growing number of investors due to climate concerns and the collapse of global market prices for oil, gas and coal in recent weeks.
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