Dave Elliott: Covid may still be with us, but you might hope that the recovery programmes will lead to some positive changes in the energy sector. Sadly that may be slow in coming. ‘The UK is spending 32 times more on fossil fuels than renewables’. So said the headline to a recent Forbes article. It was reporting on a study by Finnish power firm Wärtsilä Energy that found that the UK has allocated $5 bn in Covid 19 recovery stimulus commitments to fossil fuels, while clean energy will receive $158 m, just 3% of the injection intended for hydrocarbons. Wärtsilä said that, if instead, all the fossil fuel stimulus was shifted to renewable energy, $16.5 bn in investments could be leveraged, delivering a 60% renewable energy system, which would mean 58% lower carbon emissions from the power sector, putting the UK on track to meet its 2050 net zero carbon goal. The system would have 60 GW of renewable, supported by 7 GW of battery energy storage and 14 GW of flexible gas-based generation for balancing. Wärtsilä has also been looking longer term, in conjunction with Finland’s LUT University, at 100% renewables systems.
Renew Extra 19th Dec 2020 read more »