A total of £832 million was invested in energy from waste plants in 2012/13 according to a new report from the Renewable Energy Association (REA).
Analysis by PwC for the REA’s REview – Renewable Energy View: 2014 report finds that this amount was invested by 341 companies and was part of a total of £14 billion invested in renewable energy in that year.
Anaerobic digestion saw investment of £358 millionwith biofuels getting £525 million, biomass CHP £368 million and biomass boilers £600 million.
This compares to £2.4 billion for offshore wind and £2.2 billion for onshore wind.
According to the report, renewable energy has grown by 20.3 per cent year on year between 2009 and 2013 and REA believes that as long as the policy framework remains favourable, then the Government’s target of 30 per cent renewable energy can be achieved. It expects wind, biomass, energy from waste and solar power to be the major contributors to this.
REA chief executive Nina Skorupska (pictured) said: “This report highlights the close relationship between clear, stable policies and sustained growth and jobs in the renewable energy industry. The Government’s renewable electricity policies have incentivised nearly £28 billion of private investment since 2010, achieving annual growth rates of over 20 per cent. The world’s first Renewable Heat Incentive is also beginning to spur positive growth in green heating. This is a tremendous success story.
“This positive message also comes with a warning. Drastic Feed-in Tariff cuts in 2011/12 led to widespread job losses in the solar industry, and the continued policy uncertainty for renewable transport has seen employment and investment opportunities in UK refineries go begging.
“Clear, stable policies create the investment, jobs and growth in renewables that the UK needs. We urge the Government to learn the lessons from past experiences, such as solar FITs and biofuels uncertainty, and engage closely with industry to resolve outstanding uncertainties, such as State Aid rules and the details of CfDs.”