Lloyd's low carbon report

16 Feb 2017

Lloyd’s Register has released its findings from its latest report which examines the outlook for renewables, nuclear, grid and infrastructure as well as energy storage.

The report, Technology Radar – Low Carbon, found that low carbon generation technologies are cost competitive and nuclear is one of the cheapest options for power generation when lifecycle costs are taken into account.

With the insight and opinions of leaders across the sector, as well as the views of 600 professionals, respondents were asked to rate the number of technologies in terms of impact, time to hit the market and how likely they are to be adopted.

Approximately 70% of respondents said that renewables are now reaching cost parity with fossil fuels, while 71% agreed there had been an increase in the scale of deployment of renewable energy sources.

Alasdair Buchanan, energy director of Lloyd’s Register, said: “We are very encouraged by the findings, which highlight not only a growing optimism across the industry but a vigorous and intelligent debate about the pathway to decarbonisation.”

He added: “Clearly, there are many uncertainties about exactly how the industry will evolve, but what is inarguable is that the conversation is no longer about ‘should we?’ but ‘how should we do it?’”

Key findings from the report also showed that solar cell technology is likely to have a major impact – renewable respondents are most optimistic about the potential of advances in solar cell technology and the likelihood of adoption.

Nuclear will continue to part of the solution to climate change long into the future, although public acceptance is a major challenge in some countries – nuclear is likely to contribute to the energy mix for the foreseeable future.