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25th March 2024 12:39 - Utilities

63% of UK energy groups plan moves to more sustainable markets: A recent survey has found that over 6 in 10 (63%) UK energy groups plan moves to ‘more sustainable’ markets, with many having already moved to new markets that are “more supportive of their sustainability goals”.

The survey was published in late February 2024 by the UK Sustainable Investment and Finance Association (UKSIF) and comes as the first in a four-part series. It involved 100 “decision makers” from across the UK energy sector whose companies had a combined turnover of around £700 billion. The research y has been released amidst a rise in speculation among UK energy specialists about whether the UK government’s constantly changing green commitments might deter the investment needed to build a more competitive renewable energy industry.

Further findings from the survey highlight that 81% of these major UK energy companies said the country was falling behind in making itself an attractive investment location. Reasons given include a lack of grid capacity, time-consuming planning and consenting processes and supply pressures faced by developers. Additionally, 87% of respondents agreed that changes to the UK policies are essential to make the UK an attractive investment location for green energy.

James Alexander, CEO at UKSIF, said: “An international race is underway between countries to become the most investible market for green energy and, currently, the UK is taking its leading position for granted. Multiple decades of arcane and archaic planning rules are putting the UK energy transition in great jeopardy. We are calling for practical and cost-effective measures that will advance the transition to a green economy and bring direct benefits to both consumers and the UK economy.” 

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