While the environmental benefits of renewable energy are well known, experts have pointed out that the transition to cleaner energy could also bring economic benefits. The UK is set to benefit as its renewable energy sector could balloon to £46 billion by 2035 while employing more than 210,000 people, according to the Association for Renewable Energy and Clean Technology’s (REA) annual report, Review23.
The projection shows significant growth for the sector, worth £23 billion and employed over 140,700 people last year.
The report, however, notes that the UK’s energy transition faces some challenges. It also posits that the country cannot meet its sustainability challenge without supportive government policies. According to the report, the UK needs to fix policy gaps, support the sector, and recognize the economic advantages of renewables.
Chief Executive of the REA, Dr Nina Skorupska, said: “The urgent need to unlock policy and investment blockages is clear throughout REview23, which shows that in 2022, only 14% of the UK’s total energy consumption came from renewable sources across heat, transport and power according to government statistics.
“While we continued to see the dynamic resilience of the renewable energy and clean technology sector over 2022 through the energy crisis, as well as months of political and policy uncertainty, we are not immune to real-world economic forces.
“Indeed, at times it can feel as if we are wading through treacle when repeatedly being challenged to make the economic case for net zero.”
Renewable Brief 