Thursday, 20 January 2022 12:57

The UK’s path to clean growth

The transition to cleaner economic growth, as a response to the global climate challenge using low-carbon technologies and resource conservation, is a great industrial challenge and opportunity in our time.

The UK’s experiences show that it is possible to reduce carbon emissions whilst growing the economy. Emissions in the UK fell by 44%, between 1990 and 2018, while the national economy grew by 75%­­ . This progress was achieved faster than any other country in the G20 and why the UK is considered a world leader in delivering a low-carbon economy. The key to success is having the right policies and drivers in place to encourage deployment and reduction in costs, which then attracts investors and financers.  

This supportive environment has led to the growth in domestic capability across a range of renewable energy technologies. For example, the UK has the largest installed offshore wind capacity in the world , world-leading capability in the production of electrolysers and hydrogen fuel cells, as well as expertise across a breadth of hydrogen applications.

The UK is also at the forefront of investments into smart grids and network deve­lopment. The integration of renewable technologies into existing grid infrastructure and the management of intermittency issues is where the UK has another strong offer.

Energy storage technologies, that are being developed in the UK, help to provide electricity system operators with the flexibility of service required to operate a modern and efficient grid.

The Circular Economy is another area where the UK has significant expertise in designing and implementing policies and systems. The ability to collect, sort and process waste materials to be manufactured into new products is of paramount importance in the drive to a cleaner greener world. With this also comes expertise in designing and delivering many forms of Energy from Waste facilities with the required surrounding infrastructure.

We are committed to supporting countries to enable clean energy transition across the globe. Therefore, the UK is actively sharing knowledge and experience with other countries across Eastern Europe and Central Asia (EECA).

The UK Department for International Trade (DIT) has offices across EECA that play a significant role in helping governments, quasi-state companies as well as local business communities solve challenges posed by the energy transition. An example of how this is in operation is the Government-to-Government Energy Group in Kazakhstan, that helps stakeholders to understand the UK’s offer on clean energy and establish connections with the right British companies and governmental departments to build strong and long lasting bi-lateral partnerships.

To support the clean energy transition in Ukraine, the UK’s Office of Gas and Electricity Markets (Ofgem) has been delivering a series of webinars on energy market reforms to Ukrainian National Ener­gy and Utilities Regulatory Commission (NEURC) and Ukrenergo, the national grid operator.

Another example is the work being done by a UK consultancy firm BVG Associates which is developing an Offshore Wind  Roadmap for Azerbaijan. The purpose of the road map is to determine potential zones for future auctions on the basis of wind energy potential, network connectivity, environmental and social impact assessment in the offshore and onshore.

United Green is the majority shareholder in the biggest solar power project of Mongolia - Desert Solar One . The company has also successfully developed and implemented solar power plant projects with the total installed capacity of 150MW in Zhambyl and Kyzylorda regions of Kazakhstan .

UK Export Finance (UKEF) is the UK government’s export credit agency. Established in 1919 as the world’s first export credit agency, UKEF helps companies access UK goods and services through its innovative, flexible and competitive financing terms. In November 2021, they announced £217 million support to Turkish Kalyon Enerji’s 1.35 GW Karapinar solar project located in the Konya province, using GE Renewable Energy inverter technology. This is UKEF’s largest ever guarantee for any solar energy project.

Alongside this, there are billions of direct lending facilities allocated by the UK Government for different countries in EECA and £2 billion global lending to finance clean growth projects  that can be utilised.

The UK is ready to support governments and companies in their journey to a clea­ner future. To learn more about how the UK can support your energy transition, contact DIT. This email address is being protected from spambots. You need JavaScript enabled to view it. and we will connect you with the market of your interest in EECA.  

Read 70 times Last modified on Thursday, 18 April 2024 13:02
NEWS