The United Nations statistics show that over 80 per cent of the global population, around 6 billion people, live in countries that are net-importers of fossil fuels. In simple terms, the poorest countries do not currently have the luxury of using renewable energy, instead of relying on fossil fuels to generate electricity and heat. This article, “The renewable energy revolution will only happen in time if no one is left behind” succinctly addresses the unequal distribution of access to energy and critical resources, in the regions which are most affected by climate change.
Yet this isn’t a problem that the world can ignore. The science is very clear, in order to prevent the devastating impact of climate change, the world needs to reduce all carbon emissions by 50% by 2030 and to reach net zero by 2050.
As specialists in renewable energy investment this sentiment resonates strongly with RA-ESG. Our investment bonds are designed to fund international sustainable energy projects, especially those focussed upon providing energy to disadvantaged, those countries most affected by global warming.
As ESG investing is our area of expertise, we keep a close eye on global initiative and events, such as the upcoming COP28 in the UAE (November 2023) and also the UK government’s most recently policies covering environmental social and governance, sustainable energy generation and carbon zero targets.
A summary of the UK government’s policy towards sustainability energy generation, consumption and net zero deadlines, can be seen on The House of Lords Library website. The report makes interesting reading for those who are interested in pushing forward with sustainable energy advances, as it clearly illustrates that there has been a number of U-turns and back-peddling with regards to net zero targets.
“The government has committed to reducing the UK’s carbon emissions and household energy costs while increasing energy security. In September 2023, the government announced it would be pushing back some of its previously announced net zero related deadlines, including those for the transition to electric vehicles and the phasing out of fossil fuel boilers for off-gas-grid homes.”
Snapshot of UK energy trends
The most recent statistical release, Energy Trends UK, April to June 2023, published by the Department for Energy Security and Net Zero, shows the percentage change in the levels of energy production, trade and consumption in the UK segmented by specific types of fuel, comparing data from Q2 2023 with the same period in 2022.
The report compares April to June 2023 against the same period 2022. It finds that solar energy generation reached a record high due to increased capacity and levels of sunshine but overall renewable production was lower due to still condition, resulting in less wind generation. Nuclear output was also lower due to maintenance issues at four of the five nuclear power plants. Fossil fuels comprised 38.8% of total electricity, down 3% on the previous year.
Energy production
- 11% reduction in total energy production
- 9% reduction in natural gas production
- 13% reduction in petroleum
Energy consumption
- 2.7% reduction in total energy consumption
- 8% reduction in household demand
- Slight increase for transport consumption
Renewable energy generation
- 3.5% increase in total renewable generation
- 6% increase in renewable electricity generation
- 2.7% increase in low carbon generation
- 8% growth in the generation of solar power
David Viera, Managing Director of RA-ESG, explains, “We are in the midst of a renewable energy revolution which can bring an end to the use of fossil fuel. Global warming is already creating very real and worrying conditions, such as heatwaves, that within time could render some countries inhabitable, melting icebergs and more ferocious and frequent wildfires. This is why RA-ESG’s analysts are dedicated to identifying the best investment opportunities within the field of solar power and other renewables.”
If you would like to know more about RA-ESG.com’s ESG renewable energy investment opportunities, visit www.ra-esg.com or email info@raesg.x-co.dev.
Further details of data from energy suppliers collated in the survey can be viewed here: Statistical Release 28 September 2023.
