At the prestigious London Tech Week conference, the UK government announced a groundbreaking initiative: a £4.3 million fund dedicated to catalyzing innovation in the space-based solar power industry. This pioneering move, seen as a giant leap towards a sustainable future, could lead to the generation of 10 gigawatts of power by 2050 – enough to light up three quarters of UK homes, while creating an estimated 143,000 jobs.
Watch London Tech Week 2023 Live:
London Tech Week: A Leap into Space-Based Solar Power
Energy Security Minister Grant Shapps announced at the London Tech Week conference that Britain’s space-based solar power industry is ready for blast off. Space-based solar power systems collect energy from the Sun using panels on satellites and then beam it safely back to Earth using wireless technology. “Space-based solar energy farms could deliver clean energy day and night far more efficiently and, of course, in all weathers,” said Shapps.
Universities and companies like Cambridge University, Queen Mary University, and Port Talbot’s MicroLink Devices will get a share of the fund to drive forward innovation in the industry. Cambridge University is working on building ultra-lightweight solar panels, while Queen Mary University will focus on the system for transferring the energy to Earth.
Potential of the Space-Based Solar Power
Shapps suggested that the technology has the potential to generate 10 gigawatts of power by 2050, which would be enough to power three quarters of Britain’s homes. He also claimed that the future space-based solar energy could have the power to generate 143,000 jobs. This sector, though at a very early stage of development, holds immense promise for clean, renewable energy.
International Interest in Solar Energy From Space
The UK is not alone in exploring this frontier. Japan and the US, notably scientists at the California Institute of Technology, are also investigating the possibilities of harnessing the Sun’s energy from space.
The Urgency of Climate Change and Innovation
The initiative underscores the importance of innovating to combat climate change. “Half of the emissions reductions required to reach net zero by 2050 will have to come from technologies which are not yet totally commercially available,” said Shapps. Investing in these future technologies now is key to achieving our environmental targets.
Former Unilever CEO Paul Polman reminded us that the climate crisis is also a massive business opportunity. He emphasized the need for collective action to face the challenge and urged for a systemic shift in investments, regulations, and business models to facilitate the transition.
Impact Investing and Decarbonisation
The discussion at the London Tech Week conference highlighted the financial returns from investing in decarbonisation. Voyager founding Partner Sarah Sclarsic said, “We see the best financial returns as coming from investing in the energy transition, the biggest transition in the world’s biggest market.” She noted that more investment is now flowing into clean energy globally than into new oil and gas extraction.
Beyond decarbonisation, there is a growing momentum for a nature-positive transition as well. Consumers are demanding that companies take action to preserve biodiversity, and businesses are beginning to explore ways to mitigate any impact they might be having on biodiversity. This shift represents a fundamental change in the relationship between humans and nature, one that will require collective action and understanding.
The UK’s commitment to space-based solar power, announced at London Tech Week, marks a major stride in our journey to a sustainable, low-carbon future. With such bold initiatives underway, we can anticipate a wealth of exciting developments in the tech world. Stay tuned as we continue to bring you the latest news and breakthroughs from London Tech Week. Innovation is in the air – and beyond.
