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UK tops global list for offshore wind investment

wind investment

A new study by financial analysts Ernst and Young has placed the UK at the top of the global list of countries in which to invest in offshore wind energy.

Ernst and Young’s Renewable Energy Country Attractiveness Index places the UK’s offshore wind sector above Germany, which had previously held the top spot but is now in second place. China is third, Belgium fourth and Denmark fifth.

The UK currently has 3,321 MW of offshore wind energy installed – more than the rest of the world put together.

The Environmental Finance Leader at Ernst and Young, Ben Warren, highlighted what he described as the UK’s huge offshore wind potential’. However he highlighted the need for the Energy Bill, which is currently going through parliament, to become law as soon as possible to provide clarity for investors.

He said: “There has never been a better time to turn the UK into the go-to market for investment in renewable energy in Europe”.

Trade body RenewableUK welcomed the report’s findings with the organisation’s director of offshore renewables, Nick Medic, adding: “The UK’s offshore wind sector is at number one where it rightly belongs. The challenge now is to ensure that it stays there. The proposals in the Energy Bill, and a firm political consensus on the need to develop offshore wind energy, will be the deciding factors. Working together we can build a sector we are all proud off, leading the world in job creation, clean energy production and billions of pounds of continued investment.”