One of the UK’s premier energy analysis organizations predicts that without £48bn, solar and wind power output would fall considerably below the objective required to decarbonize Great Britain’s electrical system by 2030.
The government wants to double onshore wind, triple solar power, and quadruple offshore wind capacity to create a zero-carbon electrical grid by 2030.
Since becoming a top energy forecaster, Cornwall Insight stated that closing the renewable investment gap would need a “step-change” to reach that aim.
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The expert predicted that solar and wind would provide 44% of Great Britain’s energy by 2030, well behind the 67% needed to eliminate fossil fuels.
It projected that gas will generate 19% of power by 2030, higher than solar, onshore wind, or offshore wind.
Cornwall stated the government’s renewables aim requires £48bn more than the £18bn planned energy infrastructure projects are estimated to cost.
It cautioned that finance limits, supply chain issues, limited port capacity, and the need to establish many more National Grid lines would make such a change a “substantial challenge”.
“Attracting that investment is going to be critical to delivery,” Cornwall added, suggesting “contracts for difference” to lock in investor profits by establishing a fixed power price.
The Cornwall principal modeller, Tom Edwards, said: “International competition for project development and material shortages are challenging issues that often lie beyond a government’s control.
Additionally, grid connection upgrades, storage increases, and many other legislative changes are required to achieve a 2030 zero-carbon power system.
“The new government’s quick actions, like lifting the onshore wind ban, are encouraging. However, more must be done to fulfill decarbonisation promises.”
A government official said: “We are implementing our long-term plan to make Britain a clean energy superpower immediately.
“In one week, we removed barriers to onshore windfarms, approved more solar power than in the past year, and announced a solar rooftop revolution.
Only investing in clean electricity can ensure our energy security and safeguard bill payers forever, thus we will double onshore wind, triple solar, and quadruple offshore wind by 2030.
Our major renewable power program is to create GB Energy, a state-owned firm that invests in wind, solar, and other projects. The administration also aims to speed up planning to launch new electricity projects.
Last Monday, the Climate Change Committee cautioned that Rishi Sunak’s government’s plans would only achieve a third of the emissions cuts needed to satisfy the UK’s Paris accord objective of 68% carbon reduction by 2030.
Reference
Davies, R. (2024, July 22). Solar and wind ‘will miss 2030 clean energy target without £48bn funding.’ The Guardian. https://www.theguardian.com/environment/article/2024/jul/22/solar-wind-uk-clean-energy-cornwall-insight