The UK government must engage with local communities to roll-out renewable technologies such as onshore wind and solar to achieve an affordable, sustainable and secure energy system and reach its goal of net zero by 2050, according to a new report.
It found that increasing power prices forecasted up to 2044 underline the need to build confidence for investment in renewable energy and deliver a stable and secure energy future.
The report ‘UK and the energy transition: Leading the way?’ from Cornwall Insight and Transatlantic law firm Womble Bond Dickinson analysed different markets including solar PV, onshore wind, offshore wind, low-carbon hydrogen and carbon capture utilisation and storage (CCUS), and storage.
It said reducing consenting time for renewable projects from up to four years down to one year represents an important step towards a more streamlined market.
However, onshore wind received less attention with limited detail and less ambitious proposals.
There is a need for more holistic joined-up thinking to maximise the efficiency of the grid, particularly with regard to offshore wind, the report concluded.
Crucially, the UK also needs to exploit first mover advantage for low-carbon hydrogen and CCUS by providing clarity on business friendly models for new technologies, the report argues.
This would allow industries and investors to make appropriate investment decisions.
In addition, focus needs to be given to research and development to support domestic manufacturing and the workforce.
Cornwall Insight lead research analyst Naomi Potter said: “This research explores the advantages the UK holds as it pushes forward with the decarbonisation of its economy in the coming decades.
“The UK is already a global offshore wind leader, has some clear competitive advantages in the development of floating technologies at scale, and is paving the way to utility-scale low carbon hydrogen and CCUS.
“There are critical challenges facing the country as it pushes forward with its decarbonisation ambitions.
“These challenges are not insurmountable, however, and building on its strong foundations, the country can make significant strides towards environmental sustainability and energy independence, while unlocking investment opportunities.”
Womble Bond Dickinson head of energy Richard Cockburn added: “Throughout the research period for this report, new variables continued to be thrown into the mix.
“The impact of the invasion of Ukraine, gas supply concerns and new legislation and political strategies were just some of the developments, which are typical of the pace at which the energy landscape changes.
“It’s tricky making decisions in an environment which is constantly in flux – which is why this data and insight will hopefully be invaluable for a market currently in a period of change.
“The report takes a global view, and the research has made it increasingly clear that the journey to net zero must be a collaborative one.
“Whilst the UK is well placed to take the lead in many areas of transition, the right policies need to be in place to make this a reality.
“The UK is a world leader in areas such as offshore wind – where the UK successfully ran its Offshore Wind Leasing Round 4 and its ScotWind process, which together could create up to an additional 33GW of offshore wind capacity.”