It was interesting to read in ESG Today that a new report from energy think tank Ember has revealed that renewable energy sources surpassed fossil fuels in the UK power mix for the entirety of 2024, marking a first in the country’s history.
The article goes on to say that:
“In 2024 wind, solar and hydropower collectively produced 37% of the UK’s electricity surpassing the 35% generated by fossil fuels.”
Comparatively, fossil fuels provided 46% of UK electricity in 2021, while renewables accounted for 27%.
Responding to the news, UK Sustainable Investment and Finance Association’s (UKSIF) CEO James Alexander said: “That we are seeing renewables overtake fossil fuels as a share of our energy mix is historic. It is clear we have now crossed the Rubicon; renewables are cheaper than fossil fuels.”
However, the flip side of this is that the battle lines over fossil v renewables are definitely being drawn as we hear that BP is finally admitting that it is, in effect, pulling out of the renewable sector.
This toxic situation really need not happen but there is no doubt that the transition to a different form of energy system is in play and new opportunities are being created for smart businesses. As the political world order is changing in front of our eyes, maybe the same will be true for the corporate world order and we will witness the emergence of a new breed of super corporate.