As many as 668 clean energy projects are “ready to go” in the UK according to a new Ernst & Young (EY) report.
The report – A clean Covid-19 recovery – was commissioned by the European Climate Foundation.
It finds that green energy offers enormous potential for sustained job creation and economic growth, particularly in Northern England and Scotland.
The current project pipeline includes 540 projects, mainly solar and wind power, which has the potential to create 438,667 jobs.
The total number of projects and jobs rise to 668 projects and around 625,000 jobs when storage, transmission, and distribution projects are added, which would mitigate 90% of job losses from the Covid-19 pandemic.
Projects include Orsted’s Hornsea Three offshore windfarm and Norfolk Boreas/Vattenfall’s East Anglia offshore windfarm.
The pipeline of projects includes:
The report lands ahead of crunch decisions on net zero investments expected from chancellor Rishi Sunak in the Autumn Spending Review and Treasury Net Zero strategy.
Globally, the research finds that 13,000 renewable projects are about to be built, with the potential for the visible project pipeline to create up to 10M jobs, locally and in the supply chain.
The research covers 47 countries, and as such only lays out part of the total global opportunity, which is considerably larger. Moreover, the visible project pipeline will close emissions reduction target for 2030 for the 47 countries covered in this report.
EY global energy advisor Serge Colle said: “This new report highlights the huge potential to accelerate private sector renewables investment through applying the best government policies and regulatory frameworks through global collaboration between governments and the private sector.
“This multi-country report, that has taken a bottom-up approach, maps the pipeline of ‘shovel ready’ investable projects that could be unlocked to enable a green recovery.”
Visible pipeline top 10 countries
|Country||# Projects||Investment Opportunity ($bn)||Capacity (GW)||Total Potential Jobs|
Department of Civil Engineering https://www.ibu.edu.ba/department-of-civil-engineering/