Renewable energy development in the UK could face problems if more funding cannot be found.

The country will not be able to meet its 2020 targets without further investment in offshore wind, according to a recent analysis by PricewaterhouseCoopers (PwC).

Offshore wind was found to be the key renewable sector as it is targeted to deliver over half of the country's clean energy targets.

The UK aims to generate 30 per cent of its energy from renewable sources by 2020.

Michael Hurley, global energy and utilities advisory leader at PwC, commented: "Offshore wind plays a make or break role in the UK's ability to hit its energy targets and time is running out very quickly on our ability to achieve them."

He suggested solutions to stimulate investment: "We need to dismantle the barrier to investment by creating mechanisms to either limit the risk associated with the construction phase or to improve short term returns, without unduly pushing excess costs on to the consumer."

Posted by Emily Thomas

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