A new report by Energy Systems Catapult has identified credible pathways for the UK's transition to net zero by 2050 through accelerated deployment of clean technology. The Innovating to Net Zero 2024 report models four least-cost future scenarios for achieving Net Zero in 2050, highlighting innovation priorities and deployment choices for industry and government.
The analysis emphasizes the importance of accelerating the deployment of mature technologies such as offshore wind, solar, large-scale nuclear, and the electrification of heating. These technologies are essential for propelling the UK towards a net zero future.
In addition to mature technologies, the report highlights the need for an accelerated program of innovation in novel technologies such as small modular reactors (SMRs), long duration energy storage, and bioenergy with carbon capture and storage (BECCS). These technologies offer opportunities for UK clean tech innovators to capture high-value segments of the international supply chain.
The report underscores that while there is significant uncertainty about the pathway to a future energy system, the options are narrowing. The cost of meeting net zero is estimated to be within 1% of GDP by 2050, requiring £16 billion per year in capital investment from the public and private sectors, part of £600 billion in total system costs over the next 25 years.
Guy Newey, Chief Executive Officer at Energy Systems Catapult, emphasized the importance of consumer engagement in achieving Net Zero, stating, “If we fail to take consumers along the journey with us, Net Zero will not happen.”
Newey expressed optimism about meeting targets in a way that delivers for consumers and unlocks economic opportunities for innovators, noting that the UK is home to some of the world's most exciting innovators who are poised to seize the opportunity.
The report concludes that decarbonizing the UK's energy system will depend largely on electrification, with a key role for offshore wind and solar generation. Offshore wind is projected to provide up to 53% of all UK electricity production by 2050, while solar could provide up to 11%. Nuclear power generation will also remain a crucial contributor to UK electricity production, with between 23GW and 31GW installed in all energy system designs.
