More than 100,000 jobs are supported by renewable energy in the UK, according to a new report.
The 2014 REview study by consultancy PwC and Innova, and published by the Renewable Energy Association (REA), also estimates that £64 billion of investment will be made in the industry by 2020.
“This report highlights the close relationship between clear, stable policies and sustained growth and jobs in the renewable energy industry,” said Nina Skorupska chief executive, REA.
“The government’s renewable electricity policies have incentivised nearly £28 billion of private investment since 2010, achieving annual growth rates of over 20%. The world’s first Renewable Heat Incentive is also beginning to spur positive growth in green heating. This is a tremendous success story,” she added.
A total of £29.8 billion was invested in UK renewables between 2010 and 2013, of which £27.7 billion was invested in renewable electricity.
“In the renewable electricity market, while offshore wind continues to be the most invested in technology, the rise of the UK solar market from nowhere in 2010 to now over £2 billion a year of investment, has been a highlight,” said Ronan O’Regan, head of renewable energy at PwC, which conducted the investment portion of the report.
“Our analysis highlights the mixed fortunes for investors in different forms of renewable energy. With recent historical investment dominated by renewable electricity, investment in renewable heat has been modest in comparison and this market requires a rapid scale up in investment levels if we are to achieve our overall 2020 renewable energy targets,” he added.
Although just £1.4 billion was invested in renewable heat up to 2012 (the last full year for which data are available), PwC predicts that around one of all renewables investment will be in the heating sector between 2013 and 2020.
Read the full report here.