Sunday, October 1, 2023

Concerns over the future of UK offshore wind projects

Industry experts are raising concerns about the future of offshore wind projects in the UK, pointing to “disastrous” governance as the root cause. A week ago it was announced that no further offshore wind farms would be built in the country after the latest government auction because no bids had been submitted. This came after warnings that current offshore wind projects were no longer economically viable in the existing system.

The problems arise from the fact that the government has set a maximum price of £44 per megawatt hour based on 2012 prices without taking rising costs into account. Since January, industry representatives have been calling on ministers to increase the maximum price for future auctions and to support projects that have already been agreed. The failure of this year’s auction has resulted in a 24GW gap between planned procurement and the government’s target of 50GW of offshore wind by 2030.

This setback poses a challenge to the UK’s carbon reduction commitments, as offshore wind energy is a key part of the country’s decarbonization plans. The UK aims to decarbonise the electricity system by 2035 and achieve net zero emissions by 2050. Offshore wind is expected to play a crucial role in achieving these goals, with plans to nearly quadruple its capacity from 14 GW to 50 GW by 2030.

In addition, unions have warned that the UK risks losing hundreds of thousands of manufacturing jobs if it does not invest significantly in green industries. The TUC has published research showing that around 800,000 jobs in sectors such as the car, steel and rubber industries could be at risk if there is no robust climate plan such as that proposed by US President Joe Biden. The regions with the most jobs at risk include the West Midlands, the North West and Yorkshire and the Humber.

To prevent these job losses and create a thriving green industry, the TUC is calling on the Government to take all measures to achieve the net zero emissions target and create much-needed job opportunities. It emphasizes the importance of a comprehensive, climate-focused industrial strategy to secure the country’s industrial centers and manufacturing sector.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news