A COMBINATION of recently-announced government initiatives and incentives is today said to have made the UK a more attractive location in which to invest in renewable energy projects.
This is according to Ernst & Young’s latest global renewable energy country attractiveness indices.
But, as global markets emerge from the recession, access to capital represents the single biggest challenge for the renewable energy sector.
The UK has climbed two places to tie with Spain in fifth place.
Ben Warren, Ernst & Young’s environment and energy infrastructure advisory leader, said: “The spate of recent announcements from the UK Government reflect a more strategic approach by it in providing the right investment environment to bolster renewable energy deployment.
“The UK energy market is expected to require in the region of £200billion of investment over the next decade, covering renewable energy and energy efficiency, new conventional power, carbon capture and storage and new nuclear.
“Investment is also required to deliver smart metering programmes and new transmission infrastructure. Never has it been more crucial for government and policy-makers to provide comprehensive, transparent and consistent regulatory policy.”
Access to capital will probably represent the single biggest challenge, he said.
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