McKinsey Energy Insights, a network of McKinsey & Company, has published figures that show the demand for oil is likely to peak in 2030 and then decline until 2050. Low Carbon, a renewable energy investment fund, has responded, urging the UK to make a more positive investment in renewable energy technologies. Low Carbon say renewables are an “attractive alternative” to fossil fuels.
Louise Ward, Director of Investor Relations at Low Carbon, said: “These predictions reinforce the fact that the UK must continue to create a positive investment climate for renewable energy technologies, as an alternative to investments in fossil fuels. Throughout 2015 and into 2016, gas and oil prices have been extremely volatile in nature and shrouded in uncertainty for the retail and institutional investment community, and based on these figures this trend is only set to continue. As an alternative to fossil fuels, solar PV and wind assets, for example, are more reliable in the long-term and are not to be continually undermined in favour for carbon-intensive energy solutions.
“Solar panels and wind turbines generate electricity all year round, and these investments can stand up for themselves financially as well. They are typically long-term, inflation-linked contracts, generating attractive, stable returns. Investments in the solar and wind sector, for example, are predicted to be the best outperformers (between 0.5% to 3.5% additional annual returns) over the next 35 years.
“The majority of climate solution projects are, essentially, infrastructure projects. In fact, the words ‘green’ or ‘renewable’ don’t have to be mentioned at all, which could be the difference in convincing reluctant investors of their viability. Moreover, a notable amount of electricity demand in Britain has been met by renewable energy generation in recent years, which strongly suggests that renewable energy is a core, resilient electricity source that is here to stay.”
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