£2.5 Billion Boost to UK Economy through Renewable Investment

The British Department of Energy and Climate Change (DECC) released new numbers late last week showing that companies have invested £2.5 billion ($3.9 billion) into renewable energy projects across the United Kingdom so far this financial year, an investment which has the potential to create almost 12,000 jobs across the country.

“Renewable energy is not just helping us increase our energy security and reduce our emissions,” Chris Huhne, Energy Secretary, said. “It is supporting jobs and growth across the country, and giving traditional industrial heartlands the opportunity to thrive again.”

The statistics were released at the same time as a separate report to the European Commission on renewable energy progress in the UK. This report showed that the UK:

• Achieved a 27% increase in renewable energy consumption from 42.6TWh in 2008 to 54TWh in 2010 — representing 3.3% of total energy consumed.
• Increased wind generation by 46% from 7TWh in 2008 to 10.2TWh in 2010, and achieved 5GW of offshore and onshore wind capacity in 2010; and
• Saw a threefold increase in the use of biofuels in transport from 1% of total road transport fuel supply in 2007/8 to 3.33% in 2010.

“Our renewable target is less demanding than other EU member states, but the effect is bringing real jobs and investment,” said Huhne.“I do not want the UK to be left behind by turning our back on the green economy. The agreement to negotiate a global deal secured at Durban has reinforced major nations’ commitment to cutting carbon. We cannot afford to stand alone while the world wises up.”

Source: Department of Energy and Climate Change
Image Source: Ben Harrington