As a result, onshore and offshore wind now accounts for 28% of UK electricity generation in 2023. Floating offshore wind is the latest development in this ongoing progression of technologies. The prospect of floating offshore wind technology provides an opportunity for the UK to further establish itself at the forefront of innovation in offshore wind. To date, offshore wind has been led by fixed bottom foundations, where the foundation is built directly on the seabed, working better in shallower waters. However recent developments of floating offshore wind, where the platform floats on the sea but is anchored to the seabed via cables, more suited for deeper waters, for use in UK and further locations like Japan, Korea and Taiwan which previously have been unsuitable for fixed foundation technology are promising. Already, the UK has a number of small pilot projects, believed to account for more than a third of installed global capacity, demonstrating a gap in the market. Industry leaders believe floating offshore could account for more than half of the 100 gigawatts target set by the UK government for offshore wind power generation by 2050, a promising prediction.

While solar and wind dominate discussions on renewables, nuclear energy and green hydrogen also have promising futures, particularly in meeting firms needs to diversify energy sources. Nuclear energy, with zero carbon emissions, is increasingly seen as a viable option for companies like Amazon and Google to power data centers requiring reliable, high-capacity energy sources. Nuclear's potential impact on technology sectors, particularly in powering data-intensive applications like AI, could be transformative. However, strict regulatory hurdles and high upfront costs remain a significant barrier to wider adoption in the industry. Green hydrogen, produced through electrolysis powered by renewable sources, offers another promising pathway to decarbonize sectors that are hard to electrify, such as heavy industry and shipping. By leveraging solar and wind farms, green hydrogen production can reduce dependence on fossil fuels.

​​

However, this technology also faces substantial challenges; the land, labour, and capital costs associated with hydrogen production, as well as high transportation and storage expenses, limit its scalability. Hydrogen infrastructure is still in its infancy, requiring both private and public sector investments to bridge these gaps. Meanwhile other approaches to decarbonisation e.g. CCS (carbon capture storage) and DAC (direct air capture) are also being pursued, but to date, are yet to achieve commercial viability.

Transitioning to a renewable-based economy is not without challenges. Renewable sources like solar and wind require heavy land and labour investments which can drive up costs and strain local economies, whilst green hydrogen’s storage and transport needs pose economic and logistical hurdles. Addressing these challenges would require sufficient support from the government for each industry and its supply chain, “priming the pump”, which could be done via CFD Auctions, by providing tax credits for hydrogen infrastructure or grants for nuclear research to reduce regulatory delays.

​​

Whilst ensuring our planet has a future is essential, accommodating the global transition towards renewables has implications for economies relying heavily on fossil fuels. This is particularly relevant for highly specialised economies such as Venezuela and Angola whose exports are largely comprised of crude oil/petroleum products (95% and 89% respectively), whilst these products make large proportions of total GDP. As demand for oil declines, these economies may face budgetary shortfalls, potentially destabilizing social programs heavily funded by oil revenues. For example, under Hugo Chavéz, Venezuela used oil revenues to fund the Bolivares Missions, a series of social programs aimed at improving literacy, healthcare, and overall productivity.