The UK has gained momentum towards decarbonisation, becoming a global leader in offshore wind generation – but more work remains to be done to achieve its ambitious net zero and energy transition targets. Contracts for difference (CfDs) have been the key policy enabler behind rapid deployment of renewables capacity – the UK had 10.5GW of offshore wind in operation at the end of 2020, the highest of any country globally.
A post-COVID-19 green economic recovery presents a significant opportunity to make further headway in realising the UK’s renewable energy potential and draw in billions of pounds in private capital to multiply the effect of economic stimulus spending. The UK has already made headway as an early mover on green recovery, but more can be done. The UK has a $150bn+ pipeline of investible renewable energy projects, large enough to play a key role in a broader post-COVID-19 economic recovery and have a transformational impact on the UK energy sector.
Read the full presentation by EY-Parthenon by clicking here