The UK's road to net zero needs to be paved with a fourfold increase in investment in electricity generation and infrastructure, a leading think tank has said.
In a new report called Electric Dreams, the Resolution Foundation calculated that by 2035, about 40 per cent of the energy consumed in both our homes and in road transport will need to be electricity (up from 22 and 4 per cent today, respectively), before rising to almost 100 per cent by 2050.
"At the same time, spending on power networks needs to increase by a factor of four to cope with this surge in the volume of electricity," the report said.
There has been mounting uncertainty over the cost of capital, as interest rates have gone from 0.25 per cent to 5.25 per cent over the past two and a half years in response to rising inflation.
Such conditions mean the cost of building a wind farm in the UK has risen by about 31 per cent in recent times.
As such, for the UK economy to decarbonise and meet rising demand, "quite a bit of money" will be needed, Resolution Foundation's senior economist Jonathan Marshall said.
"We have been able to ramp up investment before. In the 2010s, we managed to double what we were investing in electricity in the previous decade."
However, the foundation points out in its report that green energy is more capital intensive in its initial phases, because many of the costs are "front-loaded", which means fluctuating interest rates can throw in an added element of uncertainty.
“Cleaner energy could be cheaper energy, if interest rates return to the low levels seen during the 2010s,” Mr Marshall said.
“But we can’t count on that being the case. If interest rates stay high, energy costs will rise rather than fall in the years ahead.”
The report says when borrowing costs for the private sector are high, up to £29 billion ($35.8 billion) could be added to energy bills, creating “severe financial strain for low-income households".
The foundation also said higher interest rates mean nearly half of the total cost of a new offshore wind project is now due to the cost of capital.
Nevertheless, Neil Kenward, director of strategy, economics, research and net zero at the UK regulator Ofgem believes the costs of decarbonisation will eventually pay dividends.
"Whatever the cost due to these capital pressures of renewables, increasingly they will start to drive down the wholesale prices," he said.
"It's currently set by gas the whole time. Increasingly it will be set by renewables as we generate the renewable surplus."
Although the cost of capital-intensive infrastructure required in the electricity sector on the road to net zero will be higher if interest rates go up, Mr Kenward said Ofgem can keep some of the costs, particularly in critical parts such as networks, "as low as possible, by providing a very investable framework, which gives investors the clarity and certainty they need to make long-term investments".
'Crunch time'
However, others point out that decarbonising the economy will strengthen it in the longer term. For example, the last of Britain's coal-fired power stations, Ratcliffe-on-Soar, will shut down around September this year, as the UK meets its pledge to ban the use of coal. The German company Uniper has plans to make green hydrogen on the site by the end of the decade.
The next 10 years will be "crunch time" for Britain's electricity industry, said Emma Pinchbeck, chief executive of Energy UK.
"We've got lots of old capacity retiring over the next decade and we need to replace it.
"The economics of the energy transition are that we are going to replace it with clean stuff, rather than fossil, and that's because on a whole-system basis and as far as the whole energy sector looks at it, renewables, storage and clean technologies now offer a cheaper energy system.
"We do absolutely have to crack on with this transition, because it's better for the UK economy as a whole in the long run."
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
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Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
WISH
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Killing of Qassem Suleimani
Killing of Qassem Suleimani
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
UAE currency: the story behind the money in your pockets
Company%20Profile
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The Baghdad Clock
Shahad Al Rawi, Oneworld
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE currency: the story behind the money in your pockets
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
BELGIUM%20SQUAD
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Company%20profile
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Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
FROM%20THE%20ASHES
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mohammed bin Zayed Majlis
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
