REA launches annual report
The Association for Renewable Energy and Clean Technology (REA) has published its latest annual report, which reveals that renewable energy now provides nearly half of the UK’s electricity (47%) – up from just 15% a decade ago.
According to the REview 24 report, the UK’s renewable energy sector reached a market value of £24.38 billion in the 2022/23 fiscal year, demonstrating strong progress during difficult wider economic headwinds.
With projections estimating a market expansion to more than £41 billion by 2035, the renewables sector is expected to play a major role in boosting the UK economy while securing a sustainable and independent energy future. Key renewable sources such as wind, solar, and biofuels continue to outperform expectations, attracting robust investment and driving innovation across the sector.
The sector also registered impressive employment growth, reaching nearly 143,000 jobs. Employment surged particularly in solar and biofuels, with regions such as Yorkshire and the Humber leading in biomass-based roles, and the North East benefitting from large-scale offshore wind projects, including Dogger Bank, one of the world’s largest offshore wind farms.
But the REA highlighted that continued government action will be essential to unlock the sector’s full potential. Meeting the UK’s ambitious net zero targets will depend on strategic investments in grid infrastructure, stable local incentives, and coordinated policies across government departments, it said.
Michael Shanks MP, Energy Minister, Department for Energy Security and Net Zero, said:
“These findings confirm that the government’s clean power mission is not only the right long-term choice for our country, but is essential to bolster our energy independence, protect people’s bills and help tackle climate change.
“Working hand in hand with our renewables industry, we’ve already secured a record-breaking 131 renewable projects in just four months. We’ve also set up Great British Energy, to help us go further and faster on the energy transition to win jobs and drive investment into our communities.”
Trevor Hutchings, Chief Executive of the REA (Association for Renewable Energy and Clean Technology), said:
“Released today on Finance Day at COP29, REview 24 is our flagship annual report and a leading assessment of the UK’s renewable energy and clean technology sector. The report provides insights on the impressive progress by the sector which is worth over £24bn to the UK economy, employing around 140,000 jobs.
“As the Prime Minister has reiterated in the last couple of days, renewable energy and clean technology is driving economic growth and creating jobs on a global scale. In the UK, it is also providing nearly half of the country’s electricity, but to reach our net-zero goals, we need to accelerate action.
“This report highlights the critical role of strategic investment in infrastructure and the need for cohesive policy across government departments in unlocking the sector’s full potential—and in winning the global race for green investment, economic growth, and jobs.”
Will Gardiner, CEO of Drax, sponsor of REview 24, said:
“This report highlights the remarkable progress the UK has made in transitioning to a cleaner, secure and more sustainable energy system. Drax’s long-term, reliable renewable electricity projects in Yorkshire and Scotland could create thousands of high skilled jobs which will power the UK’s clean energy revolution and supercharge economic growth.
As the sector continues to grow, we must prioritise rapid decision making, the right policy support and continued investment in order to achieve the country’s 2030 clean energy ambitions.”
