Energy Efficiency Needed to Avoid Triple-Dip Recession
Top executives from companies in Brazil, China, Korea, UK and the USA have failed to calculate the costs of ongoing energy price hikes and environmental disasters, according to the report "Are Businesses Sleepwalking into a Resource Crunch" from the Carbon Trust.
Enigin reported on the research which showed that many top executives fail to realize they need to take crucial action now to combat rising costs, including improving energy efficiency. The report also revealed that many leading executives believe they do not need to act for another 10 to 15 years. 43 percent of the respondents in the report admitted that they do not monitor environmentally related issues, such as energy cost rises, while 52 percent have still not created targets for or monitoring CO2 reduction.
The report underlines the work ahead of those within the energy efficiency industry in educating and aiding the commercial and industrial sectors to act now for the benefit of their companies, the environment and help prevent a triple-dip recession.
"It is frightening to think that so many business leaders are 'Sleep Walking', as the report terms it, into an avoidable calamity. This highlights the important task already being carried out by Enigin Distributors globally in raising the importance of improving energy efficiency to businesses. They also educate and empower executives and their workforce on how to monitor and gain control of their energy use - saving energy and energy costs. Action saves, it doesn't cost."
Troy Wrigley , Managing Director, Enigin PLC
The Carbon Trust research shows that if companies do not act now they will feel the detrimental effects of their inactivity as early as 2018. According to the Enigin report action now not only protects businesses but opens up new opportunities and affects profits positively.
SOURCE Edit Optimisation
Major move forward for UK’s nascent marine energy sector
Although the industry is small and the technologies are limited, marine-based energy systems look to be taking off as “the world’s most powerful tidal turbine” begins grid-connected power generation at the European Marine Energy Centre.
At around 74 metres long, the turbine single-handedly holds the potential to supply the annual electricity demand to approximately 2,000 homes within the UK and offset 2,200 tonnes of CO2 per year.
Orbital Marine Power, a privately held Scottish-based company, announced the turbine is set to operate for around 15 years in the waters surrounding Orkney, Scotland, where the 2-megawatt O2 turbine weighing around 680 metric tons will be linked to a local on-land electricity network via a subsea cable.
How optimistic is the outlook for the UK’s turbine bid?
Described as a “major milestone for O2” by CEO of Orbital Marine Power Andrew Scott, the turbine will also supply additional power to generate ‘green hydrogen’ through the use of a land-based electrolyser in the hopes it will demonstrate the “decarbonisation of wider energy requirements.”
“Our vision is that this project is the trigger to the harnessing of tidal stream resources around the world to play a role in tackling climate change whilst creating a new, low-carbon industrial sector,” says Scott in a statement.
The Scottish Government has awarded £3.4 million through the Saltire Tidal Energy Challenge Fund to support the project’s construction, while public lenders also contributed to the financial requirements of the tidal turbine through the ethical investment platform Abundance Investment.
“The deployment of Orbital Marine Power’s O2, the world’s most powerful tidal turbine, is a proud moment for Scotland and a significant milestone in our journey to net zero,” says Michael Matheson, the Cabinet Secretary for Net-Zero, Energy and Transport for the Scottish Government.
“With our abundant natural resources, expertise and ambition, Scotland is ideally placed to harness the enormous global market for marine energy whilst helping deliver a net-zero economy.
“That’s why the Scottish Government has consistently supported the marine energy sector for over 10 years.”
However, Orbital Marine CEO Scott believes there’s potential to commercialise the technology being used in the project with the prospect of working towards more efficient and advanced marine energy projects in the future.
“We believe pioneering our vision in the UK can deliver on a broad spectrum of political initiatives across net-zero, levelling up and building back better at the same time as demonstrating global leadership in the area of low carbon innovation that is essential to creating a more sustainable future for the generations to come.”
The UK’s growing marine energy endeavours
This latest tidal turbine project isn’t a first for marine energy in the UK. The Port of London Authority permitted the River Thames to become a temporary home for trials into tidal energy technology and, more recently, a research project spanning the course of a year is set to focus on the potential tidal, wave, and floating wind technology holds for the future efficiency of renewable energy. The research is due to take place off of the Southwest coast of England on the Isles of Scilly