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Highlights
- About 9,000 new jobs can be created by 2030 in the North East of Scotland if enough investments are made in the renewable energy sector.
- As per new research, thousands of jobs are at risk if the investment isn't hastened.
With the net-zero targets in sight, governments and companies are looking for innovative ways to switch to alternative energy sources that produce lesser emissions. Along with the environmental benefits, the switch will also give a boost to the job market, as per a new study.
The research, conducted by the Robert Gordon University, particularly refers to the North East of Scotland, saying that the region could create 9,000 more jobs by 2030 if it attracts sufficient funding in the renewable energy sector. It added that an investment of £17 billion in new manufacturing and installation capacity in renewables is required in the region.
On the other hand, thousands of jobs are at risk if the investment in renewable energy isn't hastened, the research indicated.
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The Scottish government says that it is ready with an investment worth £80 million to support existing oil and gas workers in roles in the renewables sector.
Additionally, the research stated that 90% of jobs in the North East of Scotland are in oil and gas. Just 10% are in the renewable sector. By the year 2030, 60% of jobs in the region will support renewables, it added.
Let us take a look at the stocks of some FTSE-listed companies that work in the renewable energy sector and how they have been faring.
Drax Group plc (LON: DRX)
Drax Group is engaged in the generation and transmission of renewable electricity to its customers. It also produces sustainable biomass in the form of wood pellets for its own use and customers in Asia and Europe.
The current market capitalisation of the company stands at £2,488.21 million, with the shares closing 0.24% higher at GBX 622.50 on 15 June 2022. The shares have performed significantly well in the past one year and have provided a return of 41.80% to the shareholders. The year-to-date or YTD return, meanwhile, stands at 2.89%.
The Renewable Infrastructure Group (LON: TRIG)
The Renewable Infrastructure Group is a British investment trust listed on the FTSE 250 index. It primarily invests in assets related to electricity generation using renewable sources. Its portfolio includes solar parks and onshore and offshore wind farms in the UK and Europe.
Shares of the company have provided 2.91% returns to the investors over the past one year, while the YTD return stands at 0.15%. The shares closed at GBX 134.60, down 1.32% on 15 June 2022, with a market cap of £3,382.66 million.
Clean Power Hydrogen plc (LON:CPH2)
The company develops green hydrogen technology. It went public earlier this year and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
Clean Power Hydrogen has a market cap of £102.19 million at present, and its shares closed at GBX 38.25, down 0.65% on Wednesday.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
