Renewable energy now provides nearly half of the UK’s electricity (47%), up from just 15% a decade ago, according to the Association for Renewable Energy and Clean Technology (REA).
REA’s latest annual report, REview 24, calculated that the UK’s renewable energy sector reached a market value of £24.38bn in the 2022/23 fiscal year, demonstrating strong progress during difficult wider economic headwinds.
With projections estimating a market expansion to over £41bn by 2035, the renewables sector is expected to play a major role in boosting the UK economy while securing a sustainable and independent energy future.
An acceleration of renewables and decarbonisation is needed in the heat and transport sectors however, where renewables account for only 9.4% and 6% of demand, respectively.
Overall, 15.5% of the UK’s energy (power, heat and transport) comes from renewable sources.
The sector also registered impressive employment growth, reaching nearly 143,000 jobs in fields that include solar and offshore wind.
Trevor Hutchings (pictured), Chief Executive of the REA (Association for Renewable Energy and Clean Technology), said: “Released today on Finance Day at COP29, REview 24 is our flagship annual report and a leading assessment of the UK’s renewable energy and clean technology sector.
“The report provides insights on the impressive progress by the sector which is worth over £24bn to the UK economy, employing around 140,000 jobs.
“As the Prime Minister has reiterated in the last couple of days, renewable energy and clean technology is driving economic growth and creating jobs on a global scale.
“In the UK, it is also providing nearly half of the country’s electricity, but to reach our net-zero goals, we need to accelerate action.”
Michael Shanks MP, Energy Minister, Department for Energy Security and Net Zero, said: “These findings confirm that the government’s clean power mission is not only the right long-term choice for our country, but is essential to bolster our energy independence, protect people’s bills and help tackle climate change.
“Working hand in hand with our renewables industry, we’ve already secured a record-breaking 131 renewable projects in just four months.
“We’ve also set up Great British Energy, to help us go further and faster on the energy transition to win jobs and drive investment into our communities.”