UK Prime Minister Boris Johnson announced a huge £160 million investment in wind power on the 6th of October in a bid to fuel every home in the country with renewable energy within 10 years. This is part of the PM’s aim to “build back better” after the pandemic and towards its 2050 climate goals, but experts have calculated that this would require almost £50 billion in investment and the equivalent of one turbine installed every weekday for the whole of the next decade.
The UK’s Wind Power Potential
While there is skepticism as to how realistic a timeframe this project is, there are reasons to be optimistic and it is a step in the right direction for the UK. As an island surrounded by alongshore, the United Kingdom is prime for adopting solar power and could be one of Europe’ leading producers of wind energy. In the last decade, the capacity of the UK’s offshore turbines has risen from 1GW to nearly 10GW while costs have been drive down by nearly a third.
Advantages & Challenges
Wind energy is one of the fastest growing energy sources in the world and one which can bring many advantages. Wind power is highly cost-effective, it creates jobs, it is a clean and sustainable and it will go a long way in helping the UK and other areas of the world to reduce their environmental impact. As mentioned, there are challenges though and significant investment will be required in order for the UK to power every home with wind energy by 2030.
A Smart Step for Investors
Investing in this trustful energy as a business could be intelligent for those looking to make green investments and build an energy and infrastructure portfolio. Downing is offering to investors services in the provision of a full suite of asset management services, managing assets throughout the full lifecycle: development, construction, operation and decommissioning.
Doing Good in the World
It is clear which way the wind is blowing, so to speak, when it comes to renewable energy and now is a smart time for investors to take advantage of opportunities in order to maximise their returns while simultaneously supporting the green industrial revolution and taking pride in doing some good in the world. The world is changing and becoming greener with people and businesses taking action to reduce their impact, so now is the perfect time for investors.
The Green Revolution
The UK, in particular, is embarking on a £12 billion green industrial revolution which will aim to create up to 250,000 jobs as well as see the sale of petrol and diesel cars banned from 2030 (brought forward from 2040 and 2035). The PM’s 10-point plan fits with the UK’s net-zero emission target for 2050 and was unveiled ahead of the COP26 climate summit scheduled for next year in Glasgow.
The UK has ambitious plans when it comes to boosting its green credentials in the coming year with the £160 million investment in wind energy being just one area. While there are concerns over the achievability of some of the targets, it is better to aim high and hopefully there will be significant strides made in the coming years towards a greener future.