Cornwall Insight, a leading energy analysis company, has forecast that Great Britain's solar and wind power generation will fall short of the 2030 decarbonization target without an additional £48bn investment. The government has pledged to achieve a zero-carbon electricity system by 2030, necessitating the doubling of onshore wind, tripling of solar power, and quadrupling of offshore wind capacity.
Current projections indicate that solar and wind will contribute only 44% of the electricity supply by 2030, significantly below the required 67% for complete fossil fuel elimination. According to Cornwall Insight, gas will still constitute 19% of electricity generation by 2030, surpassing individual contributions from solar, onshore wind, and offshore wind.
Tom Edwards, principal modeller at Cornwall Insight, highlighted the considerable challenges in closing the renewable investment gap. These include funding constraints, supply chain issues, limited port capacity, and the necessity for more National Grid connections.
The analysis suggests that an additional £48bn is needed on top of the already planned £18bn for energy infrastructure projects. Edwards emphasized that attracting this investment is critical, potentially through schemes like "contracts for difference," which guarantee returns for investors by fixing electricity prices.
A government spokesperson stated, "We are taking immediate action to implement our long-term plan to make Britain a clean energy superpower," citing recent measures to enhance onshore wind and solar power installations.
Source: theguardian.com