REview: Renewables Expecting £64 Bln of Investment by 2020
The renewable energy industry has attracted almost £30 billion of private sector investment since 2010. This investment has enabled the industry to sustain over 100,000 jobs in 2013 and deliver 4.2% of UK energy. These are the findings of a new report published today by the REA: REview – Renewable Energy View: 2014.
- The growth of renewables in the energy mix, by the REA
- Jobs and turnover in the renewable energy industry, by Innovas
- Investment in renewable energy projects, by PwC.
REview builds on the REA’s 2012 report Renewable Energy: Made in Britain, the first industry-wide analysis of employment in the UK renewable energy industry. REview, the most complete assessment to date of the UK renewable energy market, will be formally launched this evening by Energy Minister Greg Barker in the House of Commons.
REA Chief Executive Dr Nina Skorupska said:
“This report highlights the close relationship between clear, stable policies and sustained growth and jobs in the renewable energy industry. The Government’s renewable electricity policies have incentivised nearly £28 billion of private investment since 2010, achieving annual growth rates of over 20%.”
Renewable electricity generation has grown steadily, increasing on average by 20.3% year-on-year between 2009 and 2013.
If the policy framework remains supportive then it is likely that the Government’s ambition for 30% renewable electricity in 2020 can be achieved, with major contributions from wind, biomass, energy from waste and solar power.
103,000 people were employed across the UK renewable energy value chain in 2012/13, compared to 110,000 in 2010/11.
This is mainly due to job losses in the small scale solar industry (down by approximately 10,000), partially offset by continued job creation in the wind industry (up by approximately 4,000).
It is expected that recent growth in anaerobic digestion and large scale solar power, along with anticipated growth in renewable heating, will boost job numbers above 2010/11 levels in subsequent years. Innovas expects between 110,000 and 124,000 jobs in three years’ time.
Turnover in the renewable energy industry stood at £14 billion in 2012/13, up £1.5 billion from 2010/11.
Between 2010 and 2013, a total of £29.8 billion was invested in UK renewables, of which £27.7 billion was invested in renewable electricity.
According to the report, renewables will see additional £64.4 billion in investments by 2020.
Press Release, April 30, 2014; Image: rea