“Powering the Future: RenewableUK’s Vision of the Transition” sets out a wide-ranging vision of how the UK’s energy system is set to change between now and 2050, which is the government’s target date to reach net zero emissions.
RenewableUK, which represents more than 400 companies in the renewable sector from large multinationals to smaller companies in the supply chain, says renewables could provide 76% of the UK’s energy needs by 2050.
The report particularly highlights the massive potential for green hydrogen, which is produced using renewable electricity, as a zero-carbon alternative to fossil fuels like gas or petroleum.
RenewableUK forecasts that renewable hydrogen is likely to become cost-effective in the UK much faster than in other parts of the world, and that it could be used in heavy industries, such as steel, which have been slow to decarbonise, and for heating in homes.
The report also forecasts:
- Wind energy capacity is forecast to grow six-fold to over 120GW by 2050, alongside other renewable sources like solar and innovative floating wind and marine energy.
- Energy storage to grow exponentially as batteries and other forms of storage will scale up to ensure the UK’s power supply remain balanced at all times.
There are also a series of recommendations for government to ensure the successful transition and to safeguard the UK’s long-term energy security.
These include holding annual auctions for contracts for large-scale renewable generators to provide low-cost power, rather than every two years, and greater support for innovative technologies, which are not yet able to compete with more established power sources in these auctions.