Government can supercharge renewables deployment this decade by ensuring all relevant bodies have a mandate aligned with the UK’s 2035 net zero power system target, scaling up support to attract renewable supply chain investment to the UK, and setting ambitious interim targets for renewables technologies. While existing oil and gas production should continue to be used, future licensing rounds will not play a part in eliminating UK’s reliance on Russian gas due to the long time to bring projects online. Additional domestic production will do nothing to change the prices consumers pay for oil and gas which are set by the international market.
With the context of the Russian invasion of Ukraine, this briefing by E3G explores the most rapid way to bring down energy bills and eliminate Russian gas imports. It looks into what energy alternatives can be brought online and when, and the risks of additional oil and gas production.
Download the brief here