The UK’s renewable energy industry has attracted almost £30 billion of private sector investment since 2010, which has enabled the industry to sustain more than 100,000 jobs in 2013 and deliver 4.2% of UK energy.
This is revealed in a new report published today by the Renewable Energy Association (REA).
Its REview – Renewable Energy View: 2014, launched in the House of Commons by energy minister Greg Barker, features analysis on the growth of renewables in the energy mix; jobs and turnover in the renewable energy industry;, and investment in renewable energy projects.
REA chief executive Dr Nina Skorupska explained: “This report highlights the close relationship between clear, stable policies and sustained growth and jobs in the renewable energy industry.
“The government’s renewable electricity policies have incentivised nearly £28 billion of private investment since 2010, achieving annual growth rates of over 20%. The world’s first Renewable Heat Incentive (RHI) is also beginning to spur positive growth in green heating.”
But, Dr Skorupska warned that drastic cuts in the Feed-In Tariffs (FITs) in 2011/12 led to widespread job losses in the solar industry – and the continued policy uncertainty for renewable transport – has seen employment and investment opportunities in UK refineries go begging.
“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.”
She pointed out that renewable energy was helping the UK to keep the lights on, homes warm and cars moving
Analysis by the REA revealed that while the generation of renewable electricity had grown steadily, increasing on average by 20.3% year-on-year between 2009 and 2013, growth would need to accelerate to an average 18% year-on-year between 2013 and 2020 if the government’s ambition of 12% renewable heat by 2020 was to be achieved, with contributions coming mainly from biomass and heat pumps.
However, without an improved policy framework, it was unlikely the government would achieve its legally binding 2020 sub-target of 10% renewable transport.