A significant number of UK farmers are increasingly engaging in renewable energy production, with a recent study showing that 70% are investing in environmentally friendly energy solutions.
The research, conducted by Investec Wealth & Investment (UK) among 100 freehold farmers, indicates a robust movement towards diversifying farm income sources through renewable energy, while also contributing to carbon emission reductions.
The types of renewable energy projects vary, with 68% of farmers involved in biomass, 51% in wind energy, 39% in solar, 23% in hydropower, and 14% in battery energy storage systems. Only a small fraction (2%) of those surveyed stated they were not engaged in any form of renewable energy projects.
Additionally, the research highlighted a growing trend in the carbon credit market, with 90% of farmers reporting that they had been approached by third parties interested in purchasing carbon credits to offset their emissions. Almost half of these farmers have been contacted multiple times, underscoring the increased corporate commitment to meeting stringent national carbon reduction targets.
Scott Jones, Divisional Director – Southern Offices at Investec Wealth & Investment (UK), commented, “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.”
Jones further noted the economic benefits of such investments, stating, “Moreover, such investment in renewable energy gives farmers 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.”
James Gower, Managing Director of The Game Fair, added, “The findings from the research highlight key factors affecting the farming community which is an important part of the future of our countryside. Our partnership with Investec Wealth & Investment (UK) is at the heart of our drive to create the perfect opportunity at The Game Fair for farmers to come together to share values, discuss the latest topics and find solutions to the challenges they face.”