Labour’s 2030 clean electricity target will require £48 billion in additional solar-wind investment according to energy consultants Cornwall Insight.
While the new Labour government is not offering figures in the region of nearly £50 billion for renewable energy projects, the additional capital may come in the form of private investment as well as government funding.
Among Labour’s current plans include increasing domestic upgrade investments by £6.6 billion to help five million UK homes. Further, Labour intends to provide renewables-oriented GB Energy with £8.3 billion over the course of parliament.
Cornwall’s forecast shows that Labour’s 2030 clean electricity target will require significantly exceeding current renewable energy projections.
Whether through government funding, private investment or both, Cornwall Insight believes the following targets must be reached:
- An additional 35 gigawatts to onshore wind
- An additional 50 gigawatts to offshore wind
- An additional 55 gigawatts to solar
The above goals would require exceeding current projections by 17 gigawatts for onshore wind, 27 gigawatts in the case of offshore wind and 55 gigawatts for solar power.
Cornwall Insight also projects that renewable energy will comprise about 44% of UK electricity generation by 2030.
According to Cornwall, supply chain issues will pose challenges for Labour’s ambitions as well as affecting the renewable industry’s efforts to expand.
On the other hand, a recent survey from AlphaReal showed that investments in the renewable energy sector is likely to surge. With that said, the most recent benchmark power curve forecast from Cornwall Insight emphasises the challenges in bringing Labour’s energy transformation goals to life.