Report tells Government: Do more to attract private investment in renewable energy projects

Published in the run-up to the Spring Budget, RenewableUK’s new report is entitled: Retaining the UK’s leadership in renewables – recalibrating policy in the midst of an energy crisis and increasing global competition. It warns of the danger of the US and  EU leaving the UK behind in the battle for investment in clean energy technologies.

RenewableUK is the trade association for wind power, wave power and tidal power industries.

The report sets out seven main recommendations which include:

• Streamline the planning process: Although it only takes around 3 years to build an offshore wind farm, it currently takes about 3-5 years to move through the consenting phase.
• Speed up pace and scale of investment in the UK’s grid:  There are offshore wind farms being granted leases which can’t get a grid connection for another decade.
• Set new tax incentives: The US and EU are establishing a system of tax incentives to encourage investment, and the UK Government should ensure our incentive structure remains competitive.
• Increase investment in key infrastructure such as ports: Offshore wind turbines are now the size of the Shard, and the manufacture, marshalling, assembly and pre-assembly of their components requires large port spaces.

RenewableUK’s Executive Director of Policy Ana Musat said: ‘The US and the EU are in a race to offer incentives to clean energy investors, and the UK cannot take its leadership position for granted. A combination of fiscal measures and smart regulation will create a business environment which can boost Britain’s energy security, reduce consumers bills and tackle climate change at scale, enabling us to reach our net zero goal as fast as possible’

Commenting on the report, the Conservative MP for Cleethorpes Martin Vickers said: ‘The UK has the talent and expertise to be a world leader in renewables, particularly wind power. This is an area of direct benefit to my constituents in northern Lincolnshire and the Humber, delivering highly-skilled and well-paid jobs to local people. I welcome RenewableUK’s report which outlines how the Government can make the UK an even more attractive destination for renewable energy investment. The recommendations, if implemented in full, would turbocharge local economies up and down the country creating over 100,000 jobs in the wind industry, cheaper energy bills for households and better paid work for hardworking families’

Image: Insung Yoon