£39.6bn invested in UK renewables since 2010

An estimated £39.6 billion was invested in the UK’s renewable energy industry between 2010 and 2014. New figures from DECC suggest electricity capacity from renewable sources has grown by 165% […]

Register now!

By Priyanka Shrestha

An estimated £39.6 billion was invested in the UK’s renewable energy industry between 2010 and 2014.

New figures from DECC suggest electricity capacity from renewable sources has grown by 165% since 2010 and currently provides 18% of the nation’s needs – powering the equivalent of 14.5 million homes every year.

In 2013, the UK low carbon economy was worth £122 billion and supported more than 460,000 jobs – 1.5% of all UK jobs.

Onshore wind, which supported 19,000 jobs in 2013, is estimated to have attracted £7.9 billion of investment between 2010 and 2013, solar £11.4 billion, marine £100 million, biomass and bioenergy £8.8 billion and hydropower £300 million.

The nation currently has 4GW of offshore wind capacity, 8.1GW of onshore wind, 5GW of solar, 4.4GW of biomass and 1.7GW of hydropower.

Nuclear and carbon capture and storage (CCS) has seen investment worth £2.5 billion so far and £45 billion was invested in electricity generation and networks.

Energy Secretary Ed Davey said: “We have changed Britain’s energy landscape for good. The low carbon economy that many have talked about is now within reach. There is still a long way to go and we will need to stick to the plans we have put in place. But this Government can be proud of the clean, green energy system it has created.”

Earlier this month, a report from financial services company EY however suggested the UK is losing its appeal as a destination for investment in renewable energy, as it dropped to eight place in the latest global league table.

DECC estimates investment in renewable electricity generation capacity between 2015 and 2020 to be up to £45 billion, rising to £60 billion when nuclear and CCS are included.