The UK government has recently announced a new investment scheme aimed at boosting the country’s renewable energy storage capabilities. This is good news for people and businesses that seek to reduce their carbon footprint.
What is this scheme about?
This initiative focuses on developing energy storage projects such as ‘water batteries,’ which are a type of pumped hydroelectric storage. These systems work by storing energy when electricity is plentiful and cheaper and releasing it during periods of high demand. The new scheme offers good financial incentives, such as a cap-and-floor mechanism. This guarantees a minimum income for developers while capping excess profits. This is expected to attract investment and help meet the UK’s energy independence and net-zero goals by the year 2030.
How popular is renewable energy?
Renewable energy has seen a surge in popularity over the past few decades as countries worldwide try to reduce their carbon emissions, combat climate change, and move to cleaner energy sources.
According to Financial News, Tesco and Shell have reached an agreement to harness power from the Cleve Hill solar farm, which is the largest in the UK. This sees a shift in the solar farm’s intended usage, directing energy originally meant for homes to business needs, specifically supermarket and electric vehicle charging operations.
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Is there a high level of public support for renewable energy?
There is good public support for renewables around the world, particularly in combating climate change. Surveys reveal that people worldwide favour increasing renewable energy use, seeing it as essential for environmental and economic sustainability moving forward.
Renewable energy sources such as solar and wind power have been growing exponentially. As of 2023, renewables accounted for around 29% of electricity generation around the world.
Solar and wind energy are leading this growth, driven by falling costs and technological advancements. Countries such as China, the US, and those in the European Union are major investors in renewables.
