The recent confusion and lack of direction from the Westminster Government may cause the UK to slide towards the bottom of the renewable energy production capacity table in Europe, says Luca Concone, CEO of the Real Asset Energy Fund…
At the moment wind farm capacity accounts for less than 6 per cent of the UK’s energy needs per day. On a global scale that means the UK, a G7 country, produces barely 3 per cent of the world’s wind energy capacity. The UK is now behind Germany, France, Italy and Spain in wind power capacity production.
What is perhaps most baffling is the Government’s decision to increase reliance on fossil fuel energy which has 3 key negative effects: it damages the environment; it increases health risks and it makes the UK dependent on foreign countries. Fossil fuels WILL run out, why invest to pump dangerous emissions into the atmosphere? Currently the UK imports twice as much coal as it produces domestically, including a significant amount from Russia, a relationship that is not always predictable.
The prime argument that some coalition members are citing for not building wind-farms is that they are an “eyesore” on the countryside. This is subjective and arguably marginal when considering the importance of future energy supplies. Now we have to invest in renewable energy or the UK will find itself failing to meet EU quotas and be left with a substantial energy debt.
Of course building wind farms does have an effect on the countryside but the most recent Harris poll indicated that over 75 per cent of those surveyed were in favour of wind farms.
Renewable energy is a key component of the energy mix to have a healthy, strong, independent United Kingdom. Companies choosing to invest in the sector can expect stable, long term dividends in line with other infrastructure opportunities but are contributing positively to the environment and to strengthen the country.
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