5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Investing

Britain Urged to Triple Offshore Wind Farm Construction Pace

by
June 7, 2024
in Investing
0
Britain Urged to Triple Offshore Wind Farm Construction Pace

<?xml encoding=”utf-8″ ?????????>

Britain must accelerate the construction of offshore wind farms threefold to meet its crucial decarbonisation targets, according to a leading think tank, the Institute for Public Policy Research (IPPR).

The government has set an ambitious goal of achieving 50 gigawatts (GW) of offshore wind capacity by the end of this decade, a significant increase from the current 15GW. However, IPPR’s analysis suggests that, at the current rate, the target will not be reached until 2048.

Increasing offshore wind capacity is essential to meeting the government’s objective of decarbonising the electricity system by 2035. Labour has set an even more ambitious target of achieving net zero by 2030.

Despite having one of the most mature renewables industries globally, Britain has fallen behind other European nations in developing the manufacturing capacity for key wind supply chain components. The IPPR report claims that if Britain had fully exploited its potential for wind installation, it could have generated an additional £30 billion between 2008 and 2022, matching the efforts of countries like Spain and Germany.

Simone Gasperin, an associate fellow at IPPR, commented: “The UK has missed out on becoming a world leader not just in wind power but also in wind manufacturing. This has cost thousands of jobs, billions for the economy, and is putting future net zero targets for wind deployment at risk.”

To reduce import dependence and revitalize its manufacturing industry, the UK needs to produce more wind components domestically. The think tank recommends the construction of at least one additional blade factory, two nacelle and tower factories, and two extra foundation factories within the next five years.

An investment of £3.2 billion in British manufacturing facilities could create tens of thousands of direct and indirect jobs, particularly benefiting small and medium-sized businesses, according to IPPR.

The urgent need for Britain to step up its offshore wind efforts is not just about meeting environmental targets but also about maintaining economic competitiveness and securing energy independence. As other European countries forge ahead, the UK must act swiftly to ensure it does not fall further behind.

Previous Post

Ikea to Hire Virtual Staff for £13 an Hour in Roblox Metaverse Store

Next Post

Institute of Directors Introduces Code of Conduct for Business Leaders

Next Post
Institute of Directors Introduces Code of Conduct for Business Leaders

Institute of Directors Introduces Code of Conduct for Business Leaders

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Trump sets 19% tariff on PHL goods

    Trump sets 19% tariff on PHL goods

    July 23, 2025
    ADB, AMRO slash PHL growth forecasts for 2025, 2026

    ADB, AMRO slash PHL growth forecasts for 2025, 2026

    July 23, 2025
    Philippine exporters to face ‘hard climb’ with 19% US tariff

    Philippine exporters to face ‘hard climb’ with 19% US tariff

    July 23, 2025
    SMGP acquires 43.2 million Meralco shares for P90 each under long-delayed deal

    SMGP acquires 43.2 million Meralco shares for P90 each under long-delayed deal

    July 23, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.