The UK has become more attractive to renewable energy investors

The UK has become more attractive to renewable energy investors

After the government of United Kingdom has abandoned its opposition to subsidizing new onshore windfarms, investors of renewable energy have interested in the market. The Guardian informed about it.

According to the report of the world-famous audit giant, EY Britain has climbed the rankings of a biannual global survey of investors to take the sixth spot in the “attractiveness index” for renewable energy ahead of a major clean energy auction next year.

As previously reported, The government will remove a block against onshore wind projects by allowing schemes to compete for subsidies alongside solar power developments and floating offshore wind projects in a new auction scheme.

About auction

The auction will take place in 2021, allowing new renewables projects to be up and running from the mid-2020s if they manage to clinch a contract that guarantees a price for the clean electricity they generate.

EY said that the government’s decision to include onshore wind and solar energy projects in the auction had helped the UK climb one rung on the rankings list, to just below Germany, Australia, France, China, and the US.

“Certainly, renewable energy is not immune to the economic disruption being wrought, but many of these effects are likely to be short-term. Already, manufacturers in China and Europe are restarting production. Utilities have worked hard to keep generation going in difficult circumstances. And power demand will rebound as economies get back to work”, said Ben Warren, the author of EY’s report.

He said investors remain confident in “the long-term picture for clean energy.”

At the same time, Luke Clark, of RenewableUK, said EY’s report is right to highlight the economic opportunity offered by renewables after the pandemic.

“Our sector’s plans to invest tens of billions of pounds in vital new energy infrastructure all over the country have not changed, and the government is supporting our work as it remains committed to reaching its legally-binding target of net-zero emissions,” he said.

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.

Source: The Guardian

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