London (Parliament Politics Magazine) – Solar and wind power generation in the UK will fall short of the 67% target for 2030 decarbonisation unless an additional £48bn investment is made, warns Cornwall Insight.
Solar and wind power generation will drop well below the threshold required to decarbonise the UK’s electricity grid by 2030 without a pushing of £48bn, according to a projection from one of the UK’s leading energy analysis organisations. The government has pledged to deliver a zero-carbon electricity system by 2030, demanding the doubling of onshore wind, tripling of solar power and quadrupling of offshore wind power.
How does Cornwall Insight’s projection impact UK energy goals?
Cornwall Insight, which has appeared in recent years as one of the leading energy predictors, warned that hitting that mark would require a “step-change” to complete the renewable investment gap.
Why are current solar and wind forecasts insufficient?
Under current forecasts, solar and wind are on approach to account for 44% of the UK’s electricity by 2030, the analyst stated, well below the 67% that would be needed to remove fossil fuels from the energy generation system. Under its forecasts, gas would yet account for 19% of power generation by 2030, more than either solar, onshore wind or offshore wind.
How will the £48bn investment gap affect renewable energy projects?
Cornwall stated an additional £48bn would be required, on top of £18bn that scheduled energy infrastructure projects are anticipated to cost, to satisfy the government’s goal for renewables.
However, it cautioned that achieving such a change would be a “substantial challenge” because of a combination of budget constraints, supply chain problems, limited port power and the need to create many more links into the National Grid.
“Drawing that investment is going to be required to delivery,” Cornwall stated, adding that projects such as “contracts for difference”, which lock in returns for investors by establishing a fixed price for electricity, might be needed.
The Cornwall principal modeller, Tom Edwards, stated: “International competition for task development coupled with material shortages are contesting issues that often lie beyond a government’s control.“Additionally, updates to grid links, increased storage and a whole plethora of other policy changes will be required to make a 2030 zero-carbon power system a realistic target. The swift actions of the new government, such as lifting the de facto ban on onshore wind, are encouraging. However, much more needs to be done to turn decarbonisation promises into a reality.”
How does the UK government plan to overcome energy challenges?
A government spokesperson stated: “We are making an immediate effort to implement our long-term plan to push Britain to a clean energy superpower. In just one week, we have cleaned away barriers to onshore windfarms, consented to more solar power than has been installed in the past year and set out plans for a solar rooftop revolution.
“Investing in clean power is the only method to guarantee our energy security and protect bill payers permanently, which is why we will double onshore wind, treble solar and quadruple offshore wind by 2030.”