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kessingland

Latest news

The new initiative, Community Energy Catalyst, will support local communities to build their own clean energy infrastructure or secure stakes in larger regional renewable energy schemes. Fair Play Clean Energy, Thrive’s existing joint venture with Top Cashback Sustainability Ltd, will provide £20 million of the investment, with Better Society Capital providing matched funding.
Community Energy Catalyst will make investments ranging between £0.5 million to £30 million in individual projects which are at least 1MW in size and employ proven technologies such as onshore and offshore wind, solar PV and hydro-electric. The joint venture will target late-stage development projects that have already secured planning consent, enabling them to advance through to construction, commissioning and operation while aligning with local objectives.
As well as funding, Thrive brings 30 years of experience financing, building and operating clean energy projects in the UK, and will provide support to community energy groups during key milestones such as procurement and grid connection.
When we created our award-winning community funding bridge in 2017, it was the first of its kind. Eight years later we’ve invested over £21 million into seven community energy projects, including £4 million to build England’s largest onshore wind turbine, which is 100% owned by the community in our home city of Bristol.

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ACE_June_2024-6

Funding partnership with Better Society Capital will help more communities to own their own projects or take a stake in a larger project in their local area.

We’re partnering with the UK’s leading social impact investor to mobilise £40 million for community-owned energy projects

Featured

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We evaluate the DRSP when material events occur. In October 2018 , the Directors undertook a review of the valuation of the company, resulting in a 25p increase in the DRSP due to a combination of factors which had a positive effect. These included an extension of the lease duration at Haverigg II, an increase in wholesale electricity prices, lowering the cost of our debt and an increase in the value of operational renewable energy projects in the UK.
The sale of two wind farms, announced on 15 February , has provided evidence of an increase in the value of our operational assets, resulting in a 5p increase in the DRSP to £2.65 per share.
Also announced on that date was a proposed interim 40p dividend per share to be paid in April 2019. If the proposed dividend is agreed at the General Meeting on 12 March, we expect the DRSP to reduce to around £2.25 when it is paid out, assuming there are no other significant changes in the Company and marketplace. The Thrive Renewables Annual General Meeting (AGM) will be held as usual in June. Invitations and information on proposed annual dividends will be sent to shareholders in May.
Changes to the DRSP are always published on our website. Below you will find a graph which shows the movements in the DRSP since February 2018, including projected future changes illustrating the impact of the proposed interim dividend on the DRSP.
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<figure class=""><picture><img decoding="async" src="https://www.thriverenewables.co.uk/media/1929/drsp-graph.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></picture></figure>
</div>

mean-moor

mean moor

Directors’ Recommended Share Price increases following positive developments.

Directors' recommended share price review

Adrian Warman, our Operations Manager, went to the school to provide an overview of options for wind farms using our portfolio as an example, as well as industrial and commercial applications. They then visited the 8.2MW Avonmouth wind farm to see the four turbines in action and gain valuable first hand insight for their coursework.

thrive-renewables-2

Thrive Renewables

Eleven sixth-form pupils and staff from Backwell School in North Somerset braved a freezing cold and breezy day at the end of January to visit our Avonmouth wind farm.

Students find the answer blowing in the wind

Driven by increasing public support, renewables are no longer ‘unconventional’. They are a vital part of our energy mix. A reassuring  85% of people said they support renewable energy technology in 2018.  The annual survey released in April by the Government’s Department for Business, Energy and Industry Strategy (BEIS) also found two thirds of people would support a large scale renewable energy development in their area.
This trend can also be seen across the globe. In Germany, renewables overtook coal as the main energy source.  In Denmark, renewables accounted for a whopping 68% of the country’s electricity needs.  While in December, the number of US cities committed to 100% clean or renewable energy surpassed 100.
Looking forward, the International Energy Agency (IEA) expects that renewables will enjoy the fastest growth in the electricity sector, providing almost 30% of power demand in 2023, up from 24% in 2017.
In this time, solar PV capacity is forecast to expand almost 600 GW – more than all other renewable power technologies combined. China is expected to maintain its position as the world’s solar leader with almost 40% of the globally installed capacity predicted in 2023.
In the UK, renewables are on course to overtake fossil fuels and become the energy industry’s ‘dominant force’ during 2020, according to EnAppSys.  This will hopefully be supported by a more progressive regulatory and policy environment, including a replacement for the government’s scrapped feed-in-tariff (FIT) subsidy scheme.
There is also a significant opportunity for UK renewables to meet the lion’s share of the capacity gap left by failed nuclear. More than 40% of the UK’s planned new nuclear capacity has in effect been cancelled due to economic viability – with Toshiba pulling out of developing a plant in Cumbria last year and Hitachi scrapping plans for two plants in Wylfa and Gloucester in January.
The cost of renewable technology, such as solar and onshore wind, has fallen precipitously in recent years, making it a much more economically sound and reliable investment decision. It’s so much faster to build too. In the UK it has taken less than two years to install renewable capacity capable of delivering more electricity than Hinkley Point C will generate, and it’s not scheduled to come online until 2025.  Perhaps the economic and technology landscape has progressed beyond the nuclear solution, presenting a positive opportunity for renewables to seize an even larger piece of the energy generation pie.
At Thrive, we’re looking forward to continuing to deliver this positive change. We’ll be using our 20 years’ experience to continue to help people meaningfully connect with clean energy projects across the UK and to ultimately power the transition to a clean energy future.

fenpower-field

fenpower field

The UK’s clean energy industry reached new highs in 2018. Renewables broke new records, delivering a third of all electricity generation, while power generated from fossil fuels was lower than ever before. 

Growth in Thrive's renewable electricity output reflects success of sector in 2018

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Historically, electricity suppliers have been slaves to demand. However, as the generation mix progresses towards lower carbon intensity, a more balanced relationship with increased flexibility is required.
Businesses offering increased independence from the grid via ‘behind the meter’ solutions to energy managers are on the rise. Energy cost volatility, flexibility opportunity and more transparent charging methodologies are driving businesses’ interest in taking greater control of energy supply. This trend is seeing companies install onsite renewable power generation, energy storage and other clean technologies to help them become either less reliant on the grid or completely self-sufficient.
The aims of behind-the-meter generation for businesses are threefold:
<ol>
<li>Cutting energy costs is undoubtedly the primary goal of all companies looking to go self-sufficient. Energy prices are reported to be on the rise again. So rather than relying on the markets to deliver affordable energy, many savvy businesses are beginning to take their electricity supply into their own hands, hedging their exposure to the wholesale electricity price volatility. Depending on the mix of solutions and energy efficiency measures chosen, companies can make substantial savings against today’s prices and provide confidence in future costs.</li>
<li>Reducing carbon emissions is also an extremely important motivator. Many companies have corporate social responsibility (CSR) imperatives that could be achieved by generating renewable power onsite or using energy in smarter ways. Going green can also contribute to customer retention and becoming more competitive; customers are becoming increasingly interested in the provenance of their suppliers.</li>
<li>Onsite generation can also unlock attractive new revenue streams. Depending on the mix of clean energy solutions a business goes for, onsite generation has the potential to add significant amounts to a company’s bottom line.</li>
</ol>
<h3>Three innovative business models to help drive benefits for energy managers:</h3>
<h4>Energy storage</h4>
A joint venture between Aura Power and Thrive Renewables is offering thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.
The joint venture will install and operate batteries for medium and large energy users free of charge in return for a share of revenues. Once the battery is installed, customers will achieve immediate cost savings by avoiding premium-cost peak energy charges and generating income through flexibility services to the grid.
The project is targeting thousands of businesses spending £500,000 a year or more on electricity. Over 8,000 businesses in the UK have annual electricity contracts of 10GWh or more and are likely to be spending at least £1 million a year, according to energy market analysts Cornwall Insight. The number with £500,000 annual bills is likely to be far larger.
Customers with a mid-range 2MW battery could save more than £1 million over a 15-year standard contract.
<h4>Off-grid renewables</h4>
The Greenvale AP potato processing facility joined forces with Thrive Renewables to install a 1.5MW wind turbine next to their buildings in 2014. Greenvale, located near March in Cambridgeshire, is committed to sustainability and opted for the new turbine to supplement their existing solar PV system. The wind power generated now provides up to 75% of Greenvale’s energy demand.
There is increasing pressure in modern supply chains to provide goods more cheaply and sustainably. Many UK businesses, like Greenvale, are looking to on-site, private wire renewables as a solution. These companies don’t necessarily have the right shaped capital, skill set or time to manage the installations and maintenance themselves, so they seek support from specialist renewable energy investment companies to provide access to the required capital, experience of dealing with renewable builds in developed areas, and understanding of technical renewable energy operations.
<h4>Ground source heat pumps</h4>
Rendesco, is an innovative ground source heat pump installer. Heat accounts for almost 40% of the UK’s energy demand, 70% of which is generated by burning natural gas, resulting in 20% of the UK’s CO2 emissions.
Ground source heat pumps significantly reduce this negative environmental impact by using underground pipes to extract heat from the ground to heat radiators, underfloor or air systems and water. The pump requires electricity to run but uses less power than it produces and therefore generates lower CO2 emissions overall – the typical ratio is 1:3.
Rendesco has a compelling offer whereby it designs, installs and maintains ground source heat pumps for clients, providing 20 years of low-cost energy. After the 20 years, Rendesco gives the heat pump to the client. Over the last three years, the company has successfully delivered 21 systems in new build developments.
Running a heat pump costs around 30% less than an equivalent gas boiler, 40% less than oil and 60% less than LPG, so as well as reducing carbon emissions, they can also lower energy bills. Heat pumps also have a longer life than combustion boilers and require less maintenance. The ground stays at a fairly constant temperature under the surface, so the heat pump can be used throughout the year.
Rendesco achieves a return on its investment through the government’s non-domestic Renewable Heat Incentive (RHI) payment, a 20-year inflation-linked subsidy.

march-2

march 2

As the energy sector evolves to include a growing volume of renewable electricity, the dynamic between demand and supply is changing. Matthew Clayton, MD at Thrive Renewables, took a deeper look at this relationship for Tomorrow's Facilities Management magazine.

A self-sufficient supply

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In the past month or so we have seen a plethora of separate, independent scientific reports detailing both the damaging effects we are already seeing and what’s to come. Our own Met Office produced the <a href="https://www.metoffice.gov.uk/research/collaboration/ukcp">‘UK Climate Projections 2018’</a> with dire warnings of flooding, sea level rises and heat waves. The World Meteorological Organisation (WMO) State of the Climate report says 2018 is set to be the fourth warmest on record. The WMO deputy secretary general was reported on CNN saying ‘these are more than just numbers. Every fraction of a degree of warming makes a difference to human health and access to food and fresh water.’
While this series of scientific reports makes for frightening, and for those who have been involved long-term, immensely frustrating reading, at least they are no longer being ignored. The National Climate Assessment, a team of more than 300 expert scientists in the US, released a report in November saying Climate Change ‘has moved firmly into the present’, listing numerous impacts that are already being felt in the US from Vermont to Florida. There was wall to wall media coverage in the US, allowing climate scientists to highlight consensus and certainty.
There is a common thread of hope running through the majority of this terrifying data. And that hope is based on the response of the private sector – individuals and businesses. The <a href="https://www.unenvironment.org/resources/emissions-gap-report-2018">UN Emissions Gap</a> report, launched at the end of November, said “Global emissions are on the rise as national commitments to combat climate change come up short. But surging momentum from the private sector and untapped potential from innovation and green-financing offer pathways to bridge the emissions gap.”
The message from the IPCC and WMO too is if we act quickly, we can keep climate change under control. As the WMO secretary general said: “We do face a really large challenge but it is not impossible to limit warming to 1.5 degrees.” And there is consensus about what we actually need to do. The IPCC report was clear we need to cut emissions by 45% by 2030, getting almost all of our electricity from renewables by the middle of the century.
In response our own government wrote to the Climate Change Committee asking whether further action is required in the UK to meet the goals of the Paris agreement. Importantly it is asking for advice about setting a date for achieving net zero greenhouse gas emissions across the economy and how emissions reductions might be achieved. In a separate move, the Bank of England is to start stress testing UK banks for climate change risk.
As consumers and investors, we have a choice in our response to these reports; wring our hands and complain that not enough is being done by government, or roll up our sleeves and make it happen in our personal and professional lives. Positive solutions, like renewables, enable us to use the anxiety caused by these reports to galvanise, not paralyse.
At Thrive we’re determined, with your support, to play our part in transforming the UK’s energy system to become cleaner and smarter. In 2019 we will continue to be absolutely focused on delivering new sustainable energy capacity for the UK. We’ll be working with communities and businesses to install renewable generation, energy storage and even demand management systems – changing the relationship between electricity demand and supply, lowering the cost of energy and making more green electricity available to everyone on the grid.
</div>

boardinghouse

The UN’s Intergovernmental Panel on Climate Change (IPCC) report warns that we have just 12 years to turn the climate change ‘supertanker’ around. Crucially, it places responsibility for action, not just with Governments and international companies, but with us, individuals. 

Climate change - Too little, too late or a tipping point in consciousness?

Drumduff wind farm was officially opened by local MSP Alison Johnstone at a community open day in September 2018 where we welcomed over 400 visitors from the surrounding towns and further afield. Three new 2.85MW wind turbines are forecast to generate enough electricity to power the equivalent of 5,500 average UK homes each year, more than enough to satisfy the needs of the local community.
The brownfield site has already started to rewild itself as native trees and plants grow and wildlife begins to return. We are hoping to work with the community to help them develop a network of footpaths and cycle tracks; something they have identified as a priority locally.
Drumduff is one of nine renewable energy projects in Scotland that we’re invested in, with an overall generating capacity of 25MW.

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DC25

Our iconic Drumduff wind farm near Edinburgh, built on the site of a former open cast coalmine, has won an award for Sustainable Development at this year’s Scottish Renewables Green Energy Awards.

Drumduff wind farm wins sustainable development award

The acquisition was complex and fast moving. Our role was to provide the speed and certainty required by the commercial vendor to get the deal done. We supplied the finance required almost immediately via our <a href="/project-funding/community-energy-groups/" target="_blank" rel="noopener">Community Energy Funding Bridge</a>, plus expertise and advice for the communities involved in partnership with Energy for All. This gave the three groups the time and support they needed to undertake two rounds of successful fundraising, raising £4 million in a matter of weeks.
Last Friday this epic collaborative effort was recognised at the Community Energy England awards in Bristol. The culmination of Green Great Britain week, the event celebrated the vibrant world of Community Energy, where people gather together to fundraise for and build solar parks, wind farms and water wheels in their area, reach out to support people locally with energy efficiency and work together to tackle fuel poverty.
At Thrive Renewables we believe that ordinary people should be given the chance to own renewable generating capacity, providing them with direct social, financial and environmental benefit. So far, we have deployed over £12 million of investment in community projects via our Community Energy Funding Bridge, giving local communities the time they need to raise their own funds via crowdfunding once they have taken ownership.
Mean Moor is now being operated with the community-owned High Winds wind farm, comprising five turbines running at a combined capacity of 11.5MW. Its one of the largest community-owned renewable energy projects in the country. We are immensely proud to have played such a crucial part in this groundbreaking collaborative project, and look forward to continuing to support the Community Energy sector as it grows and flourishes.

Mean Moor Wind Farm,  in partnership with Thrive Renewables, has won the Finance Award at the Community Energy England Awards 2018.

Community energy finance award for Mean Moor wind farm

As part of a series of events during the week our MD, Matthew Clayton, reflected on projects in Bristol that we are part of which demonstrate the growth potential of renewables and highlight what is around the corner for pioneering businesses who choose to get involved.
Read the full story at the <a href="http://bristolgreencapital.org/green-great-britain-week-blog-series-financing-low-carbon-economy-bristol-thrive-renewables/" target="_blank" rel="noopener">Bristol Green Capital Partnership </a>website.

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sigurd 2

We celebrate the UK's first ever Green Great Britain Week.

Financing the low carbon economy

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We evaluate the <a href="http://www.thriverenewables.co.uk/for-investors/buy-and-sell-shares/directors-recommended-share-price/" target="_blank" rel="noopener">Directors’ Recommended Share Price</a> when material events occur. In this context a material event is an occurrence (or combination of events) which has an impact on the value of Thrive Renewables. In February 2017 we provided an update on a number of factors which had had both positive and negative impacts on the value of Thrive Renewables. In our most recent review of the Company’s value, we have identified a range of factors which combined have a positive impact.
<h3>Life extension at Haverigg II</h3>
We have agreed extended lease terms with the landlord at Haverigg II in Cumbria. Haverigg II is a pioneering wind farm, built as part of the first wave of wind power in the UK, and in conjunction with a local community energy group. This is our oldest site, which this month enters its third decade of generation. Having extended the lease duration, we can now include an additional 5 years of operation and therefore financial contribution from the site.
<h3>An increase in UK wholesale electricity prices</h3>
<h3><img decoding="async" style="font-size: 16px;" src="https://www.thriverenewables.co.uk/media/1901/drsp18.png?width=620&amp;mode=none&amp;scale=downscaleonly&amp;quality=80" alt="" /></h3>
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<figure class=""><figcaption>Source: www.smartestenergy.com</figcaption></figure>
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<div class="cms rte js-cms-done">
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The chart above illustrates the movement of UK wholesale electricity prices. The negative impact on the Company’s value of the reduction in electricity prices experienced since 2014 has been offset by the growth in our portfolio. Since early 2016, electricity prices have been steadily increasing, with rapid uplift throughout the summer months. Whilst there are a vast range of factors which influence energy prices, the following combination of factors have had a material impact over the course of 2018:
<ul>
<li>oil prices (and consequently natural gas prices) increasing,</li>
<li>£ weakening in the currency markets relative to € and $, making imported fossil fuels and electricity (via the interconnectors) more expensive,</li>
<li>Following shortages in the availability of natural gas earlier this year, questions remain about the adequacy of supply for the coming winter months.</li>
</ul>
Despite the long term projections of energy prices stabilising (helped by a growing contribution of renewables) electricity prices in the immediate years ahead are expected to increase. This provides Thrive with the opportunity to benefit from higher prices for the electricity it generates. Approximately 50% of Thrive revenue comprises government backed and inflation linked support. The other 50% is generated via the wholesale energy market. We manage our exposure to market price volatility by putting in place a mixture of short and long term price agreements with our customers for months, seasons and years ahead.
<h3>Embedded benefits</h3>
To date our operational projects have been able to access a range of minor revenue streams which in combination the industry refers to as ‘Embedded Benefits’. These revenue streams are site specific and can contribute up to 5% of a project’s revenues. The payments encompass a number of elements to support smaller, decentralised electricity producers, such as incentives for generating at peak times. As the mix of sources of generation changes, the national policies determining these benefits are being reviewed. Whilst the various consultations are ongoing, in our projection of future cashflows we have now taken a more conservative view of the future contribution of Embedded Benefits to reflect the changes widely expected by the industry. This change has had a marginally negative impact on the value of the company.
<h3>Mezzanine finance</h3>
We have been able to put the £10 million raised in the Thrive Renewables plc Bond issue to work faster than we had forecast. The majority of the money raised has been deployed as bridging loans to plug funding gaps, contributing to the construction of two new wind farms in Scotland and providing communities with access to capital to purchase renewable energy projects. The interest generated by the rapid deployment of the bond money has had a positive impact on Thrive’s financial performance.
<h3>Discount rate</h3>
The DRSP is calculated using projections of the cash our existing portfolio of renewable energy projects and investments will generate over the long term. To derive a value today for future cash flows, we apply a discount rate. You can find more information on the discount rate <a href="/for-investors/buy-and-sell-shares/directors-recommended-share-price/">here</a>. The appropriate discount rate to use is largely driven by the cost of our capital. This is calculated by combining the cost of the bank debt and bonds with our target shareholder returns.
We have successfully raised capital via the Thrive Renewables and Thrive Renewables (Buchan) bond issues, and renegotiated other debt terms (taking advantage of current competitive rates available) enabling us to lower our cost of debt. So the discount rate we apply has been reduced, resulting in a higher valuation for the Company.
In addition, we are observing a significant number of transactions where operational renewable energy projects are being acquired by both pension and infrastructure funds and funds set up with a view to delivering inflation linked yield. We have received valuations of some of our operational projects from leading infrastructure players. This provides us with a helpful benchmark of the value of our operational projects and consequently comfort in the value of the Company upon which the DRSP is calculated.
<h3>Impact on the Directors&#8217; recommended share price</h3>
The combination of the factors set out above result in a DRSP of £2.60, a 11% increase on the previous DRSP of £2.35.
</div>

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Directors’ Recommended Share Price increases by 11% to £2.60 following positive developments.

We’ve also been recognised for our new Community Energy Funding Bridge by Community Energy England. The innovative financing solution has been shortlisted in the Community Energy Finance Award category. The Community Energy Funding Bridge provides temporary finance for communities wishing to purchase or build their own renewable energy projects. Our financial support gives community groups the extra time they need to fundraise themselves. So local people can take ownership of renewable energy projects near them and reap the financial, social and environmental rewards.

The successful transition from coal to clean energy

Drumduff wind farm construction 

onsite-at-drumduff

Onsite at Drumduff

Our iconic Drumduff wind farm near Edinburgh, built on the site of a former open cast coalmine, has been shortlisted for a Sustainable Development award at this year’s Scottish Renewables Green Energy Awards.

Two Thrive initiatives shortlisted for prestigious industry awards

In the first six months of this year the wind farms, solar panels and hydro turbines that we invest in have generated 125 million kWh, that’s enough electricity to power 66,534 average homes. If we look at it in terms of emissions, each shareholder has saved 8 tonnes of CO2 in the first 6 months of 2018.
Our investors want to see social impact too. Our voluntary Community Benefit Programme goes above and beyond planning requirements to support the communities who host our sites. They are eligible to apply for grants of up to £4,000 to improve energy efficiency in community buildings like schools and village halls, making them more warm and cosy for visitors.
This means real benefits to real people. Doddington, a rural community in Cambridgeshire is one of 17 projects so far that has been awarded a grant. They installed new LED lighting in their village hall.

People are intrigued and fascinated by how renewable energy works. So we run regular family open days at our sites. More than 300 people turned up recently to the family fun day to celebrate the official opening of Drumduff wind farm, which is built on the site of a former coal mine near Edinburgh. As always, visitors really appreciated the community feel of the day with free science shows, a bike track and of course the chance to peek inside the turbines. As one visitor said: “Thought we would stay for half an hour and have a look around – absolutely great, have been here all day!”
So we believe money invested by our shareholders in sustainable energy delivers several levels of ‘good’. Globally, clean, smart, renewable energy helps us tackle climate change. On a business level the electricity generated delivers profits – our operating profit was £2.9 million for the first half of the year. And local communities who host wind farms and solar parks see investment, education and support to save energy and money.

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TIDE &amp; ISE 2018

We exist to power the transition to a sustainable energy future.

The good we do with money

We have made new investments this year in renewable heat and battery storage projects, both new areas for Thrive. Space heating and hot water accounts for 80% of UK residential energy consumption; we are investing in Rendesco which specialises in implementing ground source heat pump systems in new-build retirement homes. In May, we entered into a joint venture with battery storage developer Aura Power. Our joint investment model offers UK businesses the chance to use battery energy storage systems to cut electricity bills and reduce energy use at the most polluting periods of peak demand, contributing to a cleaner electricity grid.
Going forward we intend to invest further in renewable heat projects, continue to provide financial support to community energy projects via our Community Energy Funding Bridge and  develop investment opportunities to demonstrate that subsidy free renewables can work.
<a href="/documents/2018-half-year-report/">View the full report here</a>.

thrive-renewables-open-day-in-avonmouth-september-2022-6

Thrive renewables open day in Avonmouth. September 2022.

We are pleased to announce another strong performance in the first half of 2018.

2018 half year results

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According to the Intergovernmental Panel on Climate Change (IPCC), this 1.5°C target is critical if we’re to avoid the very worst impacts of climate change and was agreed by 196 parties at the COP21 conference in France in 2015, subsequently known as the ‘Paris Agreement’.
But under current policies, the government would only achieve just over half (54%) of the emissions cuts needed between now and 2030 to hit the target. This is made worse by the fact that the emissions gap – the difference between the target and projected emissions in 2030 – has <a href="https://friendsoftheearth.uk/climate/track-uk-breaking-its-2030-climate-promise" target="_blank" rel="noopener">grown by more than half (55%) over the last year</a>, thanks to a scaling back on climate action – including the decision to hold annual oil &amp; gas licencing rounds.
And its not just the UK that is falling behind. A new report from the UN Environment Programme (UNEP) confirmed that urgent action is needed, with the world currently on track for 2.5 to 2.9°C of heating this century. With temperatures soaring and episodes of extreme weather becoming more and more frequent, the UN’s secretary general, Antonio Guterres, has said that the world is heading for a “hellish” future if we don’t act now.
<h3>What do we want to see as a result of COP28?</h3>
<h4>1. A commitment to fully phase out fossil fuels</h4>
In 2016, parties attending COP26 in Glasgow agreed to “accelerate the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies”. A year later at COP27, 80 countries called to have this language updated so that it included not only coal, but all fossil fuels. This was ultimately unsuccessful.
We’re now seeing this conversation continue to unfold, with countries allegedly considering calling for a formal phase-out of fossil fuels as part of the <a href="https://www.reuters.com/business/environment/fossil-fuel-phase-out-put-table-cop28-climate-talks-2023-12-05/" target="_blank" rel="noopener">summit&#8217;s final deal to tackle global heating</a>. The topic is certainly causing debate, however, with four times the number of oil and gas producing countries attending COP28 compared to last year’s conference. It perhaps doesn’t come as a surprise that we’re also hearing some extremely worrying statements being made about fossil fuels and their impact on climate change. It has been reported that COP President, Sultan Al Jaber, stated that there is “no science” backing up the need to phase out fossil fuels and that doing so would not allow for sustainable development, <a href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels" target="_blank" rel="noopener">“unless you want to take the world back into caves”</a>. This comes as the latest <a href="https://productiongap.org/">Production Gap report</a> has revealed that governments, in aggregate, still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.
Put simply, there is no net zero future that includes oil and gas. What we need from our government and other world leaders is a final and binding commitment to phase out all fossil fuels, as well as faster action to reduce emissions today. We will be keeping a close eye on the negotiations and hope to see this addressed as talks come to a close next week.
<h4>2. Investment incentives for clean technologies</h4>
Ahead of the conference, the United Arab Emirates’ COP28 presidency, International Renewables Energy Agency (IRENA) and the Global Renewables Alliance issued a joint report claiming that renewable energy capacity needs to “reach more than 11,000 GW” by 2030. Following this, we’ve seen leaders from more than 110 countries commit to a collective effort to <a href="https://renews.biz/89878/global-leaders-agree-to-triple-renewables-capacity-by-2030/" target="_blank" rel="noopener">triple global renewable energy capacity by 2030</a>.
This will require a massive scaling up of public and private sector investment, which presents a huge opportunity &#8211; especially in contrast to the investment which continues to flow into finite fossil fuel reserves. Here in the UK, we need to see the government urgently address the investment landscape which has not only been impacted by inflation and interest rates, but by policy uncertainty and infrastructure issues like grid connection times, amongst other things.
We know that COP28 can be a huge platform for climate action, but we need the government to recognise this and be more ambitious so that we can reassert the UK’s leadership position when it comes to clean investment. In fact, <a href="https://www.energy-uk.org.uk/news/uk-falling-behind-in-race-for-clean-energy-investment/">analysis by Energy UK</a> has revealed that, without taking action to address these factors, the UK economy could lose out on £62 billion of investment between now and 2030. This would lead to a shortfall of 54 GW of potential wind and solar capacity, which represents enough generation to power every home in the UK.
<h4>3. Greater support for countries bearing the brunt of climate change</h4>
The sad truth about climate change is that it’s not a tomorrow problem, countries around the world are already facing the very real consequences of our reliance on fossil fuels, from droughts and wildfires to catastrophic flooding impacting every part of our lives, not least food production.
And a report published during COP28 has revealed that the amount of money needed for the energy transition, including climate adaptation and disaster relief, is monumental. According to the report, emerging markets and developing countries will <a href="https://www.reuters.com/business/environment/climate-finance-takes-centre-stage-cop28-climate-talks-2023-12-04/#:~:text=The%20amount%20of%20cash%20needed,challenges%20posed%20by%20climate%20change" target="_blank" rel="noopener">need $2.4 trillion a year in investment to cap emissions</a> and adapt to the challenges posed by climate change.
We were pleased to see the UK taking a step in the right direction, announcing a £1.6 billion climate aid package on COP28’s ‘Finance Day’, which it says has been structured to help mobilise private investment into emerging economies as a means of tackling climate change. <a href="https://www.gov.uk/government/news/pm-to-call-for-era-of-action-at-cop28-climate-summit" target="_blank" rel="noopener">The package includes £500 million in funding</a> to tackle the causes of deforestation, £316 million for energy innovation projects around the world and up to £60 million for loss and damage.
While there are rightly questions of whether this is to distract from the scaling down of green policies at home in the UK, we agree that an ‘era of action’ is required. And it’s not just about investing in climate risk mitigation, we must keep sight of addressing the cause of climate change itself. This will cost far less and be far more efficient than having to defend ourselves against an ever increasing tide of catastrophic climate events.
As usual, COP28 has seen a number of pledges and commitments made but it will be interesting to see how these progress in the next 12 months. Instead of just talking, we’re committed to taking action: funding and building new clean energy projects that provide cleaner, cheaper power to homes across the country, while also contributing towards the UK’s net zero targets.
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We urge our global leaders attending COP28 to benchmark the cost of action against the catastrophic price of inaction.

Not sure COP is much COP? It's time to start doing something about climate change

Its recent tests have shown that fluid within the deep geothermal wells at United Downs in Cornwall contained around 340 parts per million (ppm) of lithium &#8211; the highest concentration of lithium found in any commercial geothermal lithium project in Europe. Having provided the first commercial funding for United Downs in 2020 and further investment for the power plant construction in 2023, we’re thrilled to hear the project’s latest development which could see GEL fulfil a significant portion of the UK’s lithium demand.      
GEL was recently awarded £1.8m by the Automotive Transformation Fund (ATF) Scale up Readiness programme.  They aim to produce around 100 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) in late 2024 which they say will be ramped up to at least 1,000 tpa from United Downs as early as 2026.  Planning permission has been secured for two other geothermal projects in Cornwall and GEL aims to rapidly expand production to over 12,000 tpa in the UK by 2030. They report this is enough to produce around 250,000 electric vehicle batteries for an average sized car [1], or 94% of the LCE needed to supply the <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">267,000</a> new Battery Electric Vehicles (BEVs) registered in the UK in 2022 [2]. 
Lithium can be sustainably extracted from geothermal fluid, avoiding the energy-intensive production processes currently used such as mining.

After providing the first commercial funding for the United Downs geothermal power plant in 2020, Thrive invested an additional £3 million in the project in 2023 to fund construction.  
[1] The average amount of lithium carbonate equivalent (LCE) per car is 47.4kg.  Sources IEA, World Economic Forum, Reuters, Goldman Sachs. GEL production target is 12,000 tonnes of LCE per year. Therefore, number of cars per year is circa 250,000. 
[2] <a class="js-scroll-done" href="https://www.gov.uk/government/statistics/vehicle-licensing-statistics-2022/vehicle-licensing-statistics-2022#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)" target="_blank" rel="noopener" data-anchor="#:~:text=In%202022%2C%20new%20car%20registrations,267%2C000%20BEV%20cars%20(16%25)">According to the UK Government</a>, 267,000 Battery Electric Vehicles (BEVs) were registered in 2022.

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High concentration of lithium found at United Downs geothermal project could support growing UK electric vehicle industry.

United Downs geothermal generation plant set to deliver UK's first commercial quantities of lithium for car batteries

This year the event was hosted at the Lowry Theatre in Manchester, and we were thrilled to be attending as a finalist in the Collaboration in Community Energy category alongside our friends Aura Power, Bristol Energy Cooperative (BEC) and RADE (Residents Against Dirty Energy). 
The award recognised “the most commendable collaboration between a community energy organisation and its partners”, with entrants required to “demonstrate outstanding efforts in supporting and advancing community energy through partnerships, investments, policy advocacy, or various forms of assistance, which have increased community energy activity or impact”.  
We were nominated for our 20 MW Feeder Road battery project in Bristol, which we acquired from Aura in 2020. It was down to great campaigning work by RADE and BEC that stopped the site being home to a polluting diesel STOR generator, which neither contributes to the UK’s net zero journey nor benefits the local community, instead of a battery storage project which is a cleaner technology and enables more renewables to be connected to the grid. Currently in the latter stages of commissioning, we’ve now offered BEC an opportunity for shared ownership, giving local people the opportunity to take a stake.    
We’re particularly proud of the project’s backstory, which shows how business can work together with the local community to develop solutions that will have a positive impact; environmentally, socially and financially. It was great to also have this recognised by Community Energy England on the night, especially against some tough competition in BHESCo, Sustainable Hayfield and Community Energy Together. A big congratulations again to all the other winners and finalists – we look forward to celebrating another year of progress at the 2024 awards! 
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Members of the Thrive team travelled to Manchester for the Community Energy Awards last week – and we were thrilled to take home the award for ‘Collaboration in Community Energy’ alongside Aura Power, Bristol Energy Cooperative and RADE.

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