“UK Faces Challenges in Achieving Energy Transition Goals”
11.08.2023 By Tank Terminals - NEWS

November 8, 2023 [Energy Live News]- Despite ambitious decarbonisation targets, issues related to energy transition governance, regulations and flexibility markets hinder progress, according to a new report.

 

Despite having ambitious decarbonisation targets, the UK faces significant challenges in achieving them.

That’s according to the Energy Transition Readiness Index (ETRI) 2023, which suggests energy transition governance, regulatory issues and flexibility market concerns contribute to investment uncertainty and impede renewable energy deployment in the UK.

The report emphasises the need for clear governance and regulatory stability to attract investors and accelerate the energy transition.

The UK ranks ahead of several European countries in the ETRI but lags in terms of flexibility market development, crucial for balancing high-renewable grids.

The ETRI 2023, produced by the Association for Renewable Energy and Clean Technology (REA) and sponsored by Eaton and Foresight Group, assesses electricity markets in 14 European countries.

While the UK has improved its overall ranking, it faces challenges in providing fair, transparent and accessible flexibility markets.

Flexibility is vital for balancing renewable grids as coal and gas generation declines.

However, the UK’s progress in flexibility markets is not comprehensive or fast enough, according to the report.

Survey respondents suggested that introducing measures similar to the US Inflation Reduction Act would accelerate energy transition progress in the UK.

The REA stresses the severe financial consequences of slowing the energy transition.

ETRI 2023 recommends creating open markets for low carbon flexibility assets, prioritising flexibility market reforms and addressing technology and process barriers.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More