‘Knowledge economy’ generates new revenue streams for UK’s renewable sector

According to industry sources, the UK possesses the natural resources to produce more than seven times the energy it requires domestically through the renewable energy sector. This energy surplus could generate huge revenue streams through exports, if or when a European ‘Super Grid’ has been constructed that can effectively distribute our energy reserves.

We are also developing a world leading ‘blueprint’ for renewable energy skills, particularly in the fields of research, development and testing. We already lead the way in wave and tidal prototyping and testing at the EMEC Centre in Orkney. Other areas include the development of ‘Smart Grid’ technology that makes more efficient use of power outputs.  This expertise is also exportable, particularly to countries which are looking to develop and test new renewable energy prototypes.

Countries such as Finland and Denmark are already buying in UK skills for their wave and tidal operations by employing British research and development experts, as well as using our skills to test their prototypes in Orkney. 

Furthermore, a number of UK based renewable energy companies such as Natural Power, Sgurr Energy and RES have started ‘exporting’ skills by setting up their consultancy operations abroad. This is not only generating jobs, it also provides a self sustained stream of income for further investment and development.

We are in a strong position to become one of the world’s centres for innovation, and economic growth, if we take advantage of this burgeoning ‘knowledge economy.’ However, despite our pedigree in research and development, we continue to lack skills across many of the operational elements of the sector, particularly manufacturing and engineering.

For example, we continue to rely too heavily on skills from Germany and Denmark for the manufacture of wind turbines. Unless we commit more funding to training, and provide attractive tax incentives for global manufacturers to set up their operations in the UK, we will continue to lag behind our competitors.

What we need now is commitment as well as clear and concise planning from Westminster with regards to funding and incentive schemes for training and development. The newly proposed ‘Green Bank’ is a step in the right direction, but we still don’t have enough detail about how much money has been committed, and how it will be distributed.

A short to medium term solution is to encourage more ‘cross skilling’ from related sectors, via bridge training and apprenticeship schemes. This will allow us to take advantage of a pool of useful ‘transferable’ skills from the oil and gas and civil engineering sectors as well as manufacturing industries such as automotive, aerospace and semi conductors.

Equally, we need to consider the long term picture by providing education and training schemes for school leavers, including new apprenticeship schemes to help students develop vocational skills and training courses set up by further education institutions.

With clear planning, committed funding, and good leadership both from the government and from within the industry, the UK has the potential to become a global hub of renewable energy skills, expertise that will not only secure jobs for our domestic workforce, but provide us with a lucrative exportable resource to a global renewable energy market.

Author: Tom Hopkinson, Managing Director of Taylor Hopkinson Associates

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16082010/knowledge_economy_generates_new_revenue_streams_for_uks_renewable_sector/