Renewable energy industry set for £64bn investment boost by 2020, finds report
Almost £30bn of private sector investment has been ploughed into the renewable energy industry since 2010, delivering 4.2 % of UK energy and sustaining over 100,000 jobs in 2013 alone.
These are some of the key findings of a new report published today (30 April) by the Renewable Energy Association (REA) in collaboration with Innovas and PwC. REview - Renewable Energy View: 2014 takes an in-depth look at the growth of renewables; jobs and turnover in the renewable energy industry and investment in renewable energy projects.
"This report highlights the close relationship between clear, stable policies and sustained growth and jobs in the renewable energy industry," said REA chief executive Dr Nina Skorupska. "The government's renewable electricity policies have incentivised nearly £28bn of private investment since 2010, achieving annual growth rates of over 20%.
"Clear, stable policies create the investment, jobs and growth in renewables that the UK needs. We urge the Government to learn the lessons from past experiences, such as solar FITs and biofuels uncertainty, and engage closely with industry to resolve outstanding uncertainties, such as State Aid rules and the details of CfDs."
REview key findings: Deployment
Analysis by REA reveals that: -
- Renewable electricity generation has grown steadily, increasing on average by 20.3% year-on-year between 2009 and 2013.
- Renewable heat generation has also grown steadily, increasing on average by 11.3% year-on-year between 2009 and 2012.
- Biofuel consumption has increased on average by 3.8% year-on-year between 2009 and 2013, although this growth has been erratic, with consumption actually decreasing in some years.
Analysis by Innovas reveals that: -
- 103,000 people were employed across the UK renewable energy value chain in 2012/13.
- In 2010/11, the REA estimated that there were 25,000 jobs in solar power and 110,000 jobs in renewables overall. On this basis, there were 7,000 fewer jobs in renewables overall in 2012/13 than in 2010/11.
Analysis by PwC reveals that: -
- £29.8bn was invested in UK renewables between 2010 and 2013, of which: £27.7 bn was invested in renewable electricity; £1.4bn was invested in renewable heat; and £0.7bn was invested in renewable transport fuel production.
- £64.4 billion is expected to be invested in renewables by 2020 in order to achieve Government projections for renewable electricity and heat.
REview builds on the REA's 2012 report, Renewable Energy: Made in Britain - the first industry-wide analysis of employment in the UK renewable energy industry. REview will be formally launched this evening by Energy Minister Greg Barker in the House of Commons.