Labour’s net zero target faces £116bn ‘investment challenge’
[image credit: latinoamericarenovable.com]
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Challenge is putting it mildly. Cloud cuckoo land beckons once again in the form of impossible but supposedly climate-related targets. Some timescales are hard to shorten just by uttering demands.
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A report by Policy Exchange, supported by analysis from Aurora Energy Research, outlines challenges facing Labour’s aim to achieve a decarbonised power grid by 2030, says Energy Live News.
The report highlights a £116 billion additional investment requirement.
This finding, based on modelling, emphasises obstacles such as planning reforms, supply chain limitations and workforce shortages.
The analysis underscores difficulties in accelerating renewable energy deployment and scaling up infrastructure.
In contrast, the report suggests the Conservative-backed net zero grid 2035 scenario may offer a more feasible pathway.
Recommendations include clear timelines and budget allocations for renewable energy schemes, accelerated grid investment, and commitments to large-scale nuclear and renewable projects.
Iain Mansfield, Director of Research at Policy Exchange, commented: “To decarbonise the power grid by 2030 is simply not feasible.
“Given the state of the public finances it is hard to see how any government could find the additional £93bn required – but even if the money were made available, it is simply not possible to build new renewable generation at the pace required.”
Full article here.
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Image credit: latinoamericarenovable.com
Source: https://tallbloke.wordpress.com/2024/03/27/labours-net-zero-target-faces-116bn-investment-challenge/
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