Renewable energy now supplies 47% of the UK's electricity, marking a substantial increase from just 15% a decade ago, as noted in the REA's (Association for Renewable Energy and Clean Technology) latest annual report, REview 24.
The UK's renewable energy sector reached a market valuation of £24.38 billion for the 2022/23 fiscal year, demonstrating resilience and growth despite wider economic challenges.
The renewables sector is projected to expand further, with market values anticipated to exceed £41 billion by 2035. According to the report, renewable energy is playing an increasingly crucial role in the UK economy and energy independence, particularly in power generation.
However, there is a need to accelerate renewable adoption in heat and transport, where it represents only 9.4% and 6% of demand, respectively. Overall, renewables account for 15.5% of the UK's total energy consumption across power, heat, and transport.
Employment in the renewables sector continues to rise, with jobs reaching nearly 143,000 in sectors such as solar and offshore wind. “Released today on Finance Day at COP29, REview 24…provides insights on the impressive progress by the sector,” noted Trevor Hutchings, Chief Executive of the REA. He emphasized the sector's economic impact and called for greater urgency to meet net-zero targets, aligning with recent statements by the Prime Minister.
Energy Minister Michael Shanks echoed this sentiment, adding that the government's clean power mission is vital for long-term energy security and cost control. “Working hand in hand with our renewables industry, we've already secured a record-breaking 131 renewable projects in just four months,” Shanks said.
