Growth in the UK’s low carbon power capacity will lag behind other major global economies until the end of this decade, reveals a new study.
Consultancy Oxford Economics has conducted research, which forecasts a 2.9% yearly average increase in renewable and nuclear electricity output in the UK from 2023 to 2030.
When compared to the world’s eight largest economies, this rate ranks as the slowest. India leads with a 10.6% growth, followed by China at 7.2%, the US at 6.4%, and Germany at 5.8%.
Energy UK, the trade group behind the research, emphasised that these findings highlight the UK government’s need to ramp up support for the renewables sector.
During a media briefing on the anniversary of the US Inflation Reduction Act (IRA) organised by the Energy and Climate Intelligence Unit, Emma Pinchbeck, Chief Executive of Energy UK: “The IRA has been a game changer for the investment landscape.
“The UK’s world-leading role in the development of clean energy has given us strengths in terms of expertise and experience – but we have no divine right to this position.
“With growing global competition for private investment that can choose its location, a failure to respond will see us quickly fall behind and jeopardise ambitious targets for increasing our own sources of clean energy and decarbonising our whole economy. While we can’t necessarily replicate what the US has done, resting on our laurels and successes so far would be a very serious mistake.”
