Building on renewable energy
2019 was potentially a significant year for the renewable energy industry. Record temperatures and environmental catastrophes highlighted the need to reduce carbon emissions and make greater use of sources of renewable energy, and political parties championing green policies saw – for the most part – their share of the vote increase both domestically and internationally.
In September 2019, the Financial Times reported that the number of institutional investors committed to divesting from fossil fuel stocks had risen from 180 in 2014 to more that 1,100 (these 1,100 holding more than $11tn in assets between them). These included Norway's sovereign wealth fund, which was instructed by Norway's parliament to divest more than $13bn of stocks in oil, gas and coal companies, and invest up to $20bn into renewable energy projects.
We anticipate continued growth in the renewable energy sector for 2020, including large-scale unsubsidised arrays and installations. Indeed, a number of leading insurers (including Aviva) have launched specialist products designed to cater to the same.
In this series of articles, we examine the main forms of renewable energy from a design-and-construct and insurance perspective. We also consider the residential rooftop solar industry, and the use of energy efficiencies measures including cavity wall insulation.
Whilst these articles are primarily concerned with design and construction, RPC has considerable experience advising on wider issues (including public and product liability, warranty and indemnity insurance, and claims against solicitors and investment advisors) that may arise. Please do not hesitate to contact the renewable energy team should you have any questions regarding the same.
Read the first in the series on solar power here.