UK SECURE BETTER STANDING IN FIGHT AGAINST CLIMATE CHANGE
The Uk has risen from fifth to fourth in the rankings for EY's national attractiveness of renewable energy investment. This was published in the EY’s 57th Renewable Energy Country Attractiveness Index (RECAI), with the UK rising one position for countries that are attractive for investment into clean energies and deployment opportunities.
The EY’s report noted that the energy capacity investment grew by 2% globally, this is the second highest recorded rise since the inception of the RECAI. This increase is even more impressive if one considers the economic constraints following the Covid-19 global pandemic. However, even with this increase in investment the RECAI predicts that it will need a further increase of 15% investment to achieve the required financial commitment to move towards the aims of the Paris agreement.
Investment into technologies such as battery technology, green hydrogen or electric vehicles where all highlighted in the EY as essential to achieving net-zero and further investment is needed to develop these areas further. A larger investment into these areas could potentially decarbonise industries that were previously harder to reduce emissions.
Globally, the US retained its position at the top of the rankings, and renewables opportunities are expected to increase under President Biden’s watchful eye.
As well as re-entering the Paris Accord, plans to cut emissions by 52% by 2030 and deliver zero-carbon power five years later will increase clean energy demand. China remains in second place in the rankings, having added 72.4GW of new wind power in 2020, including 48GW in December alone, while India rose to third, largely thanks to a solar market that is expected to exceed coal before 2040.
The Uk has managed to rise on the list thanks to our investment into off-shore wind generation, investment into the largest battery storage project globally, as well as numerous other net-zero carbon projects across the country. This is part of the ‘Build Back Greener’ plan that outlines all future investments into greener technology and deployment or net-zero strategies.