Recently a lot of oil and gas projects are experiencing significant growth whilst renewable energy projects are struggling to get passed funding and planning stages or connected to the grid.
This has led oil and gas projects to surpass renewables. Whilst the energy sector still wants to work on the transition to net zero emissions, a lot of attention is being taken to new oil and gas projects.
Although there is still a high level of demand for renewable energy and low-carbon technologies, work in these areas seems to be lacking. It is also harder for projects to be approved, funded, and connected to the grid if they are renewable. Therefore, investors and businesses have been focusing on oil and gas ventures which are currently proving to be more profitable for them.
Oil and gas projects are not only getting pushed through quicker they are also receiving a lot more funding compared to wind, solar and hydro projects.
Why this is risking energy security in the UK
The pressing need for renewable energy in the UK cannot be overstated. With the looming threat of climate change, it's imperative that the country makes a steadfast shift towards renewable energy sources. The dependence on fossil fuels poses risks to energy security. Renewable energy, on the other hand, offers a sustainable and environmentally friendly alternative that ensures a steady energy supply.
Renewable sources like wind, solar, and hydroelectric power are abundant and inexhaustible. They not only reduce the dependency on imported fossil fuels, thereby enhancing energy security but also create job opportunities, fostering economic growth. In the fight against climate change and for secure, sustainable energy, the role of renewables in the UK's energy mix must be aggressively pursued and supported.
The cost implications of relying on fossil fuels also represent a significant concern for businesses. Fossil fuels like oil, coal, and gas are subject to market volatility, with prices often prone to sharp fluctuations. This can lead to unpredictable energy bills for businesses, impacting their operational costs and financial planning. Furthermore, the external costs associated with fossil fuel usage, such as environmental degradation and health impacts, are not reflected in the market price. These hidden costs can potentially escalate in the future, leading to even higher energy bills. In contrast, renewable energy sources offer more stability in terms of pricing, along with the added benefits of environmental sustainability. Thus, a continued focus on fossil fuels could result in escalating business energy bills in the long run.
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