Renewable energy investment firm Thrive Renewables has released a new report highlighting that UK’s onshore renewables has the potential to add £28.9 billion ($36.3 billion) into the region’s economy in the event the government increases its support.
According to the report, Delivering a Green Recovery with UK renewable power, There is a £66.5 billion ($83.5 billion) potential renewable energy investment opportunity for the UK between now and 2035. £4.75 billion ($5.9 billion) per year of which £2.75 billion ($3.4 billion) is in the onshore wind market, according to the study.
Unlocking this potential could help the UK to deliver 45,000 new jobs and save UK consumers up to £1.5 billion ($1.8 billion) a year.
By setting a net-zero carbon emissions goal, the UK has created an opportunity for investments in renewables to be accelerated.
For instance, to achieve the goal, the UK needs to install 5.5GW of onshore renewables every year between now and 2035. This is more than triple the amount approved over the last year.
Policy changes and the lack of guidance in planning have been blocking the growth of the onshore renewables market for over four years, according to the study.
To address this, Thrive Renewables is calling upon the UK government to deliver supportive policies that could unlock immediate private sector investment in new infrastructure, stimulate economic growth and help accelerate towards its legally-binding 2050 net-zero target.
Matthew Clayton, the managing director of Thrive Renewables, says: “We don’t need to reinvent the wheel or – in this case – the wind turbine and solar panel. UK renewables have enormous potential that can be unlocked, fast. We already have what we need: abundant natural resources, proven technology, lowest ever costs and the right skills.
“We are calling on the UK Government to stimulate the green recovery and deliver real, immediate and measurable impact on our economy. By providing policy certainty and creating a more positive environment for onshore renewables, the Government can unleash huge private sector investment, create thousands of jobs and deliver a greener, cleaner UK for us all.”
Read more about the analysis.