More farmers turning to renewable energy, study finds
A study has found that a large majority of farmers have, or are willing to invest in renewable energy sources in an attempt to increase sustainability and promote greener living.
Research conducted by Investec Wealth & Investment across 100 different UK farms showed that around 68% of farm owners said they had invested in biomass energy schemes, with 51% having investing in wind energy.
The investment service stated that a further 39% of farmers interviewed said they had invested in solar energy measures, with 23% taking on hydropower schemes, and 14% developing battery energy storage systems.
Only 2% of UK farmers interviewed said they were not currently investing in any renewable energy projects.
On top of this, 9 in 10 farmers disclosed that they had been approached by third-parties who were willing to invest in purchasing carbon credit emission schemes. Almost half this number (45%) said they had been approached multiple times.
Carbon Credit’s have been described as an effective measure to meet the UK Government’s carbon reduction targets.
Scott Jones, Divisional Director - Southern Offices at Investec Wealth & Investment (UK), said: “Our survey shows how renewable energy production aligns well with the ethos of many farmers who are prioritising environmental stewardship and sustainable land management.
“By integrating renewable energy projects into their operations, farmers can demonstrate their own commitment to reducing carbon emissions, protecting natural resources and preserving the rural landscape for future generations.
“Such projects also offer farmers a way to future-proof their operations against the impacts of climate change and volatile energy markets. Moreover, such investment in renewable energy gives famers an opportunity to create other income streams, including the sale of carbon credits to third parties, which can be less susceptible to market fluctuations and regulatory changes, thereby enhancing the resilience and long-term viability of their businesses.”
Investec Wealth & Investment are a UK based wealth management firm. They are committed to helping investors ensure the safety and longevity of rural farming and the environment across Britain.