Solar and wind ‘will miss 2030 clean energy target without £48bn of funding’ | Solar energy

Solar and wind power generation will fall well short of the target needed to decarbonise Britain’s electricity grid by 2030 without an injection of £48 billion, according to a forecast by one of the UK’s leading energy analysis companies Britain.

The government has pledged to deliver a zero-carbon electricity system by 2030, requiring a doubling of onshore wind power, a tripling of solar power and a quadrupling of offshore wind capacity.

Cornwall Insight, which has emerged in recent years as one of the leading energy forecasters, warned that reaching this target would require a “change” to close the gap in renewables investment.

According to current forecasts, solar and wind are on track to account for 44% of Britain’s electricity by 2030, the analyst said, well short of the 67% that would be needed to phase fossil fuels out of the power generation system.

According to its forecasts, gas would still account for 19% of electricity generation by 2030, more than solar, onshore wind or offshore wind.

Cornwall said a further £48bn would be needed, on top of the £18bn planned energy infrastructure projects are expected to cost, to meet the government’s renewables target.

However, it warned that achieving such a transformation would be a “substantial challenge” due to a combination of funding constraints, supply chain issues, limited port capacity and the need to build more links in the national grid.

“Attracting that investment will be critical to delivery,” Cornwall said, adding that schemes such as “contracts for difference”, which lock in returns for investors by setting a fixed price for electricity, may be needed.

Cornwall’s lead modeller, Tom Edwards, said: “International competition for project development, together with material shortages, are challenging issues that are often beyond the control of government.

“Additionally, upgrades to grid connections, increased storage and a host of other policy changes will be needed to make a zero-carbon electricity system by 2030 a realistic target.

“The swift action by the new government, such as lifting the de facto ban on onshore wind, is encouraging. However, much more needs to be done to turn the promises of decarbonisation into reality.”

A government spokesman said: “We are taking immediate action to implement our long-term plan to make Britain a clean energy superpower.

“In just one week, we’ve removed barriers to onshore wind farms, accepted more solar power than has been installed in the last year, and laid out plans for a rooftop solar revolution.

“Investing in clean energy is the only way to guarantee our energy security and keep bill payers safe, which is why we’ll double onshore wind, triple solar and quadruple offshore wind by 2030.”

Labour’s main policy on renewable energy is the creation of state-owned company GB Energy to invest in wind, solar and other projects. The government also announced plans to speed up the planning process to get new energy projects off the ground faster.

Last week, the government’s climate watchdog, the Climate Change Committee, warned that policies put in place by Rishi Sunak’s government left the UK on track to meet only around a third of the emissions cuts needed to meet the deal’s target of the United Kingdom’s Paris carbon reduction. by 68% by 2030.