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· Investment
in clean energy has fallen amid Brexit uncertainties
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· The
UK has slipped from 7th place to
8th place in EY’s Renewable Energy Country
Attractiveness Index
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· REA
comments on energy policy and how EVs can support greater
renewable power deployment
EY’s latest Renewable Energy Country Attractiveness Index (RECAI)
has found that investment in clean energy has declined in the UK
ahead of Brexit. This is the 16th report by EY
which ranks 40 countries on the attractiveness of investing and
deploying renewable energy.
The report noted that UK investment in renewable energy has
fallen 46% year-on-year due to speculation around the outcome of
Brexit resulting in the UK dropping from 7th to
8th place in this year’s index (although the UK
was outside the top ten two years ago).
The index also revealed that uncertainty over the deployment of
charging infrastructure and uptake of Electric Vehicles (EVs) is
discouraging investors despite EVs being set to reach price and
performance parity with fossil fuelled cars by the mid 2020’s.
However, a recent report from Aurora Energy Research found that
high EV deployment will increase capture prices for renewables
enabling greater deployment, and that co-locating solar and
energy storage systems alongside EV charging could provide a
major boost to charging businesses cases.
Commenting on the report, James Court, Policy and
External Affairs Director at the Renewable Energy Association
said:
“The pipeline of projects for renewables in the UK has
greatly slowed due to the Government’s continued overhaul of
renewable energy support mechanisms and the Government themselves
recognise that we are not on course to meet our legally binding
carbon budgets.
“The UK has leading expertise in the development and
deployment of renewables and as such could be a key growth market
for the UK after Brexit - if these opportunities are to be
realised then renewed confidence through long term stable energy
policy needs to be delivered now.
“This report is right to highlight the opportunities arising
from EVs for the UK’s renewable energy sector – our research
indicates that more EVs with ‘smart charging’ can support
variable power deployment such as solar. ‘Co-locating’ assets,
such as a battery and solar carports, can also significantly
reduce costs for larger-scale EV charging hubs as well as benefit
those looking to charge their EVs at home”.
Notes to editors
