Energy secretary Ed Davey has said the UK is one of the most attractive countries in the world for green growth, with almost £37bn invested in renewable energy since 2010.
Delivering UK - Energy Investment: Low Carbon Energy, released by the Department of Energy & Climate Change (DECC), shows that under the coalition government, over £42bn has been invested in renewables, nuclear and carbon capture and storage (CCS).
The report also claims that since 2010 some 99% of the UK’s current total solar PV has been installed.
By 2020 solar power could account for around 3%-5% of the UK’s electricity generation, powering the equivalent of around 3.3 million homes.
It states that in 2013, the solar PV sector and its supply chain supported 34,400 jobs – an average annual increase of over 20% since 2010.
Mr Davey said: “This report details how far we’ve come on low-carbon energy in such a short space of time. With the 2013 Energy Act, there is also now a stable long-term plan in place, supported across the political spectrum, to maintain the rapid growth we have kick-started.”
According to the report, energy projects account for around 60% of the UK’s infrastructure pipeline.
In 2012, the government set up the Green Investment Bank. The bank has so far supported more than 40 green infrastructure projects and committed more than £2bn to the UK’s green economy into transactions worth over £7bn.
OFTEC director general Jeremy Hawksley said: “OFTEC welcomes the investment made in renewable energy production but would like to see much more support to improve energy efficient consumption.”
Mr Hawksley said cost-effective measures could include encouraging the take up of biofuels, more support for hybrid systems and a simple boiler scrappage scheme to help consumers upgrade to high efficiency condensing models.
“Until much more of the UK’s electricity supply is decarbonised, these options make more sense than incentivising consumers to switch to fully renewable heat pump systems, powered by high carbon electricity”, Mr Hawksley added.