Britain now boasts the fourth most attractive energy market in the world, according to research, having risen one place over the last quarter, with homeowners having more access to green energy deals than ever.
Since the government released further details on how it will reward green energy generation in the future, Britain has leapfrogged Australia in Ernst & Young’s ranking of the most attractive renewable energy markets to place fourth.
Global drive to slash emissions boosts green energy investment
It was also found that the global drive to slash greenhouse gas emissions through the use of green energy sources has seen investment in renewable energy soar across the globe.
The US took the top spot when it came to attractive renewable energy markets, with China coming second and Germany rounding off the top three.
Ben Warren, environmental finance leader at E&Y commented: “The flurry of (UK) government announcements has been welcomed with a sigh of relief by the sector and contributed to the UK’s improved position in our index.”
The jump in ranking came after Britain published details on guaranteed electricity prices. Various renewable energy technologies will benefit from these thanks to the government’s “contracts for difference”.
What’s more, Britain scored first for offshore wind, and also ranked second for biomass after Germany.
Is the government neglecting biomass for shale gas?
However, Mr Warren warned that Britain may be failing to support biomass-only power plants which produce electricity.
He commented: “The government’s controversial move toward shale gas appears to be at the expense of biomass power, which arguably still has a critical role to play in expanding the UK’s low-carbon base-load power.”
This comes after the government gave the green light to tax-break incentives to explore shale gas – a move which has sparked much controversy among environmental groups in the UK.
However, the country is sitting on massive reserves of shale gas, and utilising them could see energy bills for consumers slashed.