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Record Investment in Renewable Energy

Thanks to efforts by the government to move to a low carbon economy, the UK is now on track to reduce carbon emissions by 34% by 2020.

Private sector organisations are already seeing the financial and economical benefits of renewable heating technologies, with an estimated £35 billion invested by the private sector since 2010.

The following is a list of actions that the government is implementing to help further reduce the UK’s C02 emissions, taken directly from the press release:

  • Reforming our electricity market to attract investment in low carbon electricity generation while maintaining security of supply, and minimising consumer bills.
  • Encouraging the uptake of energy efficiency measures through the Green Deal and Energy Company Obligation, and providing more support to fuel poor households.
  • Building a market for renewable heat through the Renewable Heat Incentive.
  • Publishing an energy efficiency strategy and announcing a £250 million Energy Intensive Industries package to ensure that UK companies can remain competitive during the shift to a low carbon economy.
  • Committing over £500 million to support the switch to the latest Ultra Low Emission Vehicle technology, and £37 million of funding for plug-in vehicle charging infrastructure across the UK.
  • Continuing to push for the EU to raise its ambition by moving to a tighter 2020 emissions target.

Edward Davey, Secretary of State for Energy and Climate Change has said:

“We’ve already had record amounts of planned investment in the energy sector and today we have given further confidence to the industry of the support available from Government for new energy infrastructure out to 2021. This could support 250,000 jobs in the energy sector.

“Our latest projections show that we are on track to meet our first three carbon budgets, but we recognise the scale of the challenge that we face in delivering further emissions reductions and meeting the target of the fourth carbon budget. We agree that we need to increase the rate of decarbonisation which is why we are taking action in a number of areas across the economy.”

A further £110 billion of private sector support is required before 2020 to help meet the UK’s renewable energy targets.

If you or your business is considering investing in the renewable energy revolution, CPL Renewables are able to help. Contact us today to find out about our innovative and financially beneficial renewable heating solutions.