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Most European execs think resistance to onshore wind will dampen growth
Credit: Courtney Goldsmith | City A.M. | 15 February 2018 | www.cityam.com ~~
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Translate: FROM English | TO English
More than half of European executives say resistance to onshore wind turbines in their country is too strong to allow for significant growth, according to a report by business services group Lloyd’s Register.
The Lloyd’s Register Technology Radar quizzed industry executives on what hurdles are currently blocking growth in renewables.
Of those surveyed in Europe, 55 per cent said significant growth in onshore wind was unlikely, compared with 45 per cent of executives worldwide.
The news followed a recent report by Wind Europe that showed a surge in onshore wind turbine installations in the UK last year as firms pushed projects through ahead of a deadline on government subsidies.
“As much as favourable policies can help drive renewables growth, cuts to subsidies and/or regulatory uncertainty can act as constraints to continued growth, dampening investor confidence and developer appetite,” said Karl Ove Ingebrigtsen, director of the Low Carbon business at Lloyd’s Register.
More than half of respondents (58 per cent) predicted renewables would not overtake fossil fuels until after 2025, and 62 per cent said high development costs were the primary argument against renewables.
In the next five years, technology advancements are expected to do more in the to improve the economics of renewable sources of energy than policy or regulatory changes, according to 71 per cent of those surveyed.
Ingebrigtsen said this was an encouraging sign that the winds are changing.
“These latest findings prove that no longer are the days when the entire renewable energy market was buffeted back and forth by the prevailing political wind. The sector has gained robust resilience and a stronger, more sustainable grip on the power market as a whole,” he said.
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