Cornwall Insight calls achieving a zero-carbon power system a “substantial challenge”
According to Cornwall's recent survey, urgent policy action is needed to expedite renewable energy deployment across the UK. The organisation predicts that 44% of the UK's total electricity production will be generated via solar, onshore & offshore wind by 2030, whereas the estimated goals were set at 67% previously.
The analysis further explains that the UK's government plans on doubling the onshore wind, tripling the solar farms, and quadrupling offshore wind capacity to increase the dependence on renewable energy. However, this requires large-scale efforts and operations to achieve 2030's goals and beyond.
This effort would involve generating (17GW above projected levels), 50GW of offshore wind (27GW above projections), and 55GW of solar (10GW above projections).
The rapid rollout of new renewables capacity will face delivery challenges from funding, supply chain problems, grid connections, and port capacity, it continues.
Based on calculations by Cornwall Insight, the government's ambitious infrastructure buildout is expected to cost £18 billion, but an additional £48 billion will be required.
Thus, luring that capital into the nation will be essential to accomplishing delivery.
The analysis stated that although there are still major worldwide bottlenecks, more funding for programs like Contract for Difference (CfD) might draw in more business by offering higher returns.
A significant increase in storage deployment would be necessary to reach the goal of a completely decarbonised power system, particularly for hydrogen and longer-term storage.
Tom Edwards who is principal modellar at Cornwall said: “Our findings highlight the urgent need for a step change in Great Britain's approach to renewable energy capacity delivery.
He further added: “While the underlying goal to decarbonise the power system is one that many would agree is crucial for the country's future, the gap between our current trajectory and the new government's 2030 target is substantial.
"Without significant intervention, we risk falling far short of the decarbonisation goals.
Increasing the attractiveness of the CfD scheme for renewables schemes by increasing budgets or Administrative Strike Price caps is likely to draw in more developers, as the potential for better returns makes investing in GB a more attractive prospect.
"However, this is only one piece of a large and complicated puzzle.
"International competition for project development coupled with material shortages are challenging issues that often lie beyond a government's control.
"Additionally, updates to grid connections, increased storage and a whole plethora of other policy changes will be needed to make a 2030 zero-carbon power system a realistic target.
"The swift actions of the new government, such as lifting the de facto ban on onshore wind, are encouraging. However, much more needs to be done to turn decarbonisation promises into a reality."
The reports suggest immediate action and increased effort need to be implemented to have a closer chance of achieving 2030's renewable energy goals.
