Energy sector to ramp up investment in renewables

(Image credit: Getty Images)

published 21 June 2020

The UK’s oil and gas sector, and one of the country’s 'Big Six' energy suppliers, have unveiled plans to invest more in renewables and sustainable energy. The news comes alongside positive reports that the European Union looks set to beat its 2030 renewable energy targets.

These developments add to an increasing body of evidence showing a shift away from fossil fuels. With energy prices currently lower than they've been for many years, it means now is a particularly good time to run an online energy comparison and switch to a green energy supplier.

UK emissions to halve by 2030

A new report from trade association Oil and Gas UK (OGUK) explains how the industry is aiming to halve its emissions from production and exploration work within the next decade.

By 2030, OGUK claims a number of its older, more ‘carbon-intense’ platforms will have been decommissioned, and a more diverse portfolio of renewable energy generation facilities will be in operation - seeing electricity use prioritised over gas. This move is also a significant part of the industry’s bid to reach ‘net-zero’ levels of emissions by 2050.

SSE to spend more than £7bn on green initiatives

In addition, this week SSE revealed that it intends to spend £7bn in the next five years to ‘power the UK’s green economic recovery’, stemming partly from the effects of the COVID-19 pandemic.

The firm has secured permission to contribute £580m to the Viking windfarm in Shetland. It will also become a partner in the multi-billion Seagreen offshore windfarm, and could be spending ‘up to £4m a day for the next five years’ with its upcoming green initiatives.

In a similar move to the oil and gas industry, SSE has also pledged to make reductions of 60 per cent to the carbon share coming from its electricity generation by 2030, which is a 10 per cent increase on the original promise of 50 per cent.

With this mix of investment, green projects and targets, the supplier hopes to provide more jobs and mitigate the financial impact that lockdown is having on the industry.

EU on course to surpass renewable energy objectives

In Europe, too, despite the pandemic taking its toll, another positive story has emerged with reports that the EU is slightly ahead in its aims to get a third of all its energy from renewables by 2030.

This is subject to continued support and commitment from EU member states, but with the Union’s plans to put ‘tens of billions of Euros’ into green projects as part of its coronavirus recovery fund, it does seem a strong possibility. What’s more, it demonstrates the commitment on a global scale towards sustainability and a greener future.

Switching to a green energy tariff

All these plans and reports come in the wake of recent news that Britain has seen one of the greenest periods in its energy production history. As such, it's a great time to use an energy comparison service to switch to a green energy supplier.

Changing to an exclusively green tariff now - or one with a more favourable fuel mix – could see you secure a better energy deal before the green markets become more popular and less competitive.

Rich is a freelance copywriter and content strategist with over 10 years' experience. His career has seen him work in-house and in various agencies, producing online and offline content marketing campaigns and copywriting for clients in the energy industry.