(SeeNews) - Apr 30, 2014 - The UK renewable energy sector has secured GBP 29.8 billion (USD 50bn/EUR 36bn) in private sector investments since 2010 and will need a further GBP 64.4 billion to meet the state’s 2020 goals for renewable heat and electricity.
These figures were unveiled in a new market report on Wednesday, prepared by the Renewable Energy Association (REA) in cooperation with Innovas and PwC (PricewaterhouseCoopers).
According to the Renewable Energy View: 2014 (REview), about GBP 27.7 billion have been poured into UK renewables power and some GBP 1.4 billion more on renewable heat. The remainder from the GBP 29.8 billion figure are for renewable transport fuel production, analysis by PwC show.
The report further says that GBP 40.8 billion is to be invested in renewable electricity in the period 2014-2020. About GBP 23.6 billion more is expected to be spent on renewable heat in the period.
On the other hand, an Innovas study shows that 103,000 people were employed across the domestic renewable energy value chain in Britain over the last two years, which is a decrease of 7,000 compared to the 2010-2011 period. The fall is mainly attributed to job cuts in the small-scale solar sector. Innovas projects there will be between 110,000 and 124,000 jobs in three years because of the recent rise in anaerobic digestion and large-scale solar project activity.
REA analysis shows that renewable electricity generation has grown by 20.3% on average year-on-year in 2009-2013. The association believes that the British government will be able to achieve its goal for 30% renewable power in 2020 "if the policy framework remains supportive". Major contributions are required from wind, biomass, energy-from-waste and solar power.
The report also says that renewable heat production has risen on average by 11.3% year-on-year in 2009-2012, but the expansion would need to speed up to an average of 18% in 2013-2020 so that the state can meet its objective of 12% renewable heat share by that time.
The use of biofuel has gone up on average by 3.8% year-on-year between 2009 and 2013. REA stressed on the fact that the government is unlikely to reach its legally-binding 2020 sub-target of 10% renewable transport fuel without an improved policy framework.
(GBP 1.0 = USD 1.682/EUR 1.216)