Britain has fallen behind in attracting foreign investments in renewable energy projects, with new developments decreasing by 57% in 2023. France has overtaken the UK, growing its foreign-backed projects amidst a broader European increase in renewable investment. The decline has also led to a significant drop in job creation within the sector. Experts warn that if the UK does not address challenges in planning and grid connectivity, its energy security and net-zero targets will be jeopardized, particularly as the Labour government seeks to rebuild green industrial capabilities.
The number of green energy projects backed by overseas investors in the UK dropped by 57% in 2023, a significant decline reflecting decreased attractiveness.
Despite the downturn, investments in renewable energy continue to grow across Europe, suggesting the UK is falling behind amidst a broader continental momentum.
Lee Downham noted that the UK's lengthy planning procedures and uncertainty over future pricing have negatively impacted its appeal as a destination for clean energy investment.
The UK must attract a stronger pipeline of renewable investments to meet its energy security ambitions and decarbonisation goals.
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