Renewable sector can generate £20bn for green recovery

Renewable sector can generate £20bn for green recovery

Unleash the power of renewables

New statistics from RenewableUK shows that if the UK government lifts the caps on contracts for difference (CfD), the next round of auctions can secure £20bn and bring in over 12,000 jobs.

The auction is set to take place in 2021, which is the government primary driver of supporting low carbon and renewables initiatives and electricity generation.

According to the analysis, since lockdown was imposed on 23 March 2020, UK companies in the wind industry have announced contracts and investments in new projects worth more than £4Bn, creating over 2,000. All at a time when UK jobs and economic activity in many sectors has diminished.

Furthermore, a new RenewableUK’s report, “Recommendations for a Green Economic Recovery”, sets out a range of priorities for Government and industry to work on together, to achieve the goals of kickstarting the economy after the Covid pandemic, levelling up economic opportunities throughout the UK and reaching net zero emissions as fast and as cheaply as possible.

RenewableUK’s Director of Strategic Communications Luke Clark said:

“The Prime Minister and the Chancellor want to build back greener; putting low cost renewables at the heart of this agenda is a no regrets option that will get investment flowing into the economy quickly and create jobs. Government has the tools it needs to put a rocket under renewable energy projects, which will make it much easier to achieve wider net zero objectives like the switch to EVs and low carbon heating.

If we can support innovation and strategic investment in our offshore wind supply chain, alongside new cutting-edge technologies like renewable hydrogen and floating wind, the UK can be at the forefront of global growth sectors. The renewables sector is one of the biggest investors in UK infrastructure; boosting that will increase opportunities and employment, particularly in parts of our economy where we need to level up”.    

The CfD auctions provide an opportunity to support these new technologies which will, for example, allow us to build offshore wind farms in deeper waters using floating foundations. RenewableUK also calls for the Government to consider providing tax relief for companies who sign power purchase agreements with marine energy developers.

Want to hear more about the future of floating offshore wind? Be sure to check our upcoming webinar, Floating Offshore Wind: Breaking out into deeper waters and new territories.
Hear from:

  • Chair: Maf Smith, Director, Lumen Energy & Environment
  • Allan MacAskill, Kincardine Offshore Windfarm
  •  Rhodri James, Equinor
  • Una Brosnan, Atkins and Friends of Floating Wind
  • Ralph Torr, ORE Catapult’s Floating Offshore Wind Centre of Excellence (FOW CoE)

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