CONCLUSION
The UK stands at a pivotal moment in its energy transition journey. The nation’s energy businesses are driven by a strong commitment to decarbonisation and have been buoyed by significantly improved and active financing conditions.
These solid foundations are set against a more supportive political climate and a UK government with ambitious clean energy plans. The creation of Great British Energy and increased financial support for renewable projects underscore this commitment.
Looking ahead, we see this belief in energy transition mirrored in energy suppliers’ take on their own company’s net-zero targets, with 76% confirming they are confident in hitting these goals.
While much progress has been made, it’s important to put this in context and recognise that the road to energy transition is a long one. In 2022, the most recent full year for which data is available from the UK Government, 78% of the energy consumed in the country still came from coal, oil and gas - a reduction of around 9% since 2012.
Our survey highlights many of the bumps and pot holes which lie ahead, particularly in regulation, workforce development and infrastructure costs. Plus the UK’s lag in AI adoption also presents both a challenge and an opportunity with the potential to truly accelerate the pace of change.
Meanwhile, commercial energy consumers are playing a crucial role too by investing in decarbonisation strategies and prioritising energy efficiency. The anticipated rise in M&A activity and strategic alliances further highlights the sector’s dynamic nature.
What’s more, if we take the manufacturing sector as an example as it continues its digital transformation, companies are increasingly implementing advanced energy management systems and adopting AI-driven solutions. This shift will provide fertile ground to optimise energy use and significantly reduce emissions, supporting energy transition.
In the context of the challenges ahead, our outlook reveals a resilient and revitalised energy sector in the UK. Those impacted by energy transition in the UK stand at a decisive point for decarbonisation. They are not only optimistic about the future but also forward-thinking, ready to tackle issues head-on and play a major role in the global energy transition.
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