Renewables ready to ‘turn marathon into a sprint’

Solar, wind and energy storage will do much of the heavy lifting in decarbonising the energy sector, with fossil fuel assets left stranded, however time is running out to realise that shift and limit global warming.

That is the conclusion of the United Nation’s Intergovernmental Panel on Climate Change’s (IPCC) latest report, which has stressed that it is “now or never” for the world to avert an unstoppable climate crisis.

While much of the report’s conclusions will be of little surprise to those in the renewables sector – to a certain extent, it is very much preaching to the converted here – the industry has still responded with a sense of cautious optimism, welcoming its findings that while it may not be too late, an acceleration of deployment must happen this decade.

Keith Anderson, chief executive at UK utility and renewables developer ScottishPower, said it was now time to “turn this from a marathon into a sprint” and accelerate renewables deployment globally.

“Today’s IPPC report rightly calls for a rapid global phase-out of fossil fuels to address the climate crisis and here in the UK, we are showing that renewable energy is the way to a cleaner, better future for us all,” he added.

Richard Lum, co-CIO at asset investment group Victory Hill Capital Advisers, said the ongoing cost reductions of solar PV was cause for particular optimism, alongside the maturation of energy storage solutions and the potential for digital technologies to help decarbonise and decentralise energy networks.

“Humanity must continue to innovate but we must translate good ideas into immediate action if we are to succeed,” he said.

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