Investment in renewable energy now outstrips fossil fuels

Professor Catherine Mitchell from the University's Energy Policy Group has release a report which details how investment in renewable energy now outstrips that in fossil fuels. Mitchell says that "It is a sign that globally we have moved our public policy discourse and investor preferences from the old 'dirty' energy system to a clean one." She also credits the early adoption of renewable energy sources by Germany and Denmark in the 1990s, explaining that their investments helped shape a greater understanding of clean energy system operation and how this can create a fall in prices.

Total global energy use is rising, and remains based on fossil fuels. Yet, the challenge of climate change requires a deep decarbonization of our energy system. Here I argue that the global energy policy discourse is moving rapidly towards one of renewable, energy-efficient and flexible electricity systems. This is primarily because of a rapid take-up within a few countries of variable renewable electricity sources over the past decade, resulting from falling renewable electricity prices, new and more economic means of flexible system operation, and changing social preferences. This in turn has led to widespread and supportive public policy announcements. I also argue that a ‘no-regrets’ energy policy is one that increases the energy system flexibility. Although the changing discourse is welcome, it is not to say that the challenge of climate change has been met. Policy statements must be backed up by more effective governance support and pressure to speed up change.