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Identifying and unlocking the value from heat decarbonisation in the United Kingdom

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Title: Identifying and unlocking the value from heat decarbonisation in the United Kingdom
Authors: Daruwala, A
Workman, M
Hardy, J
Item Type: Journal Article
Abstract: Decarbonisation of heat is critical to the UK achieving its net zero emissions target by 2050. With the low rate of asset turn-over in the heat sector, decarbonisation needs to start immediately. However, the risk and uncertainty regarding the most ‘cost optimal pathway’ across the range of technology options and the lack of a holistic UK heat policy is failing to provide a clear directive as to how market actors should address UK heat decarbonisation. This research applies a novel commercial perspective to provide additional insight beyond that which traditional cost optimal tools are able to offer. The value pool approach is used to determine the magnitude of economic opportunities and map their resilience across multiple net zero scenarios in decadal timesteps to 2050. Our work indicates that by 2050 an annual value of £28 billion potentially exists in decarbonising heat in the UK. Realising this value, however, is subject to significant path-dependency. Unlocking the value will require substantial additional policy and regulatory support, business model innovation and unprecedented levels of consumer engagement and protection in the history of the energy sector.
Issue Date: Jul-2022
Date of Acceptance: 18-May-2022
URI: http://hdl.handle.net/10044/1/97461
DOI: 10.1016/j.erss.2022.102672
ISSN: 2214-6296
Publisher: Elsevier
Start Page: 1
End Page: 12
Journal / Book Title: Energy Research and Social Science
Volume: 89
Copyright Statement: © 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)
Keywords: 1604 Human Geography
1605 Policy and Administration
Publication Status: Published
Open Access location: https://www.sciencedirect.com/science/article/pii/S2214629622001761
Article Number: 102672
Online Publication Date: 2022-06-07
Appears in Collections:Grantham Institute for Climate Change

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