LCP responds to Prime Minister's offshore wind power announcement
Energy transition Policy & regulation Climate change
Today the Prime Minister announced that the government was raising its target for offshore wind power capacity by 2030 as part of a wider package of plans to transition the UK to net zero emissions by 2050.
Commenting on the announcement, Kyle Martin, Head of Market Insight at LCP, said "The Prime Minister’s commitment to boosting the deployment of offshore wind from 30GW to 40GW by 2030 shows that the UK really can build back greener following the coronavirus pandemic. There is currently around 10GW of offshore wind installed with a further 10GW in the pipeline. This means 20GW will need to be procured in the first half of the 2020’s if this target is going to be achieved by 2030, which we estimate will require a further £35bn of investment. As such, it is crucial that a market framework that incentivises and delivers this investment is in place to achieve our decarbonisation ambitions."