As part of its commitment to achieving net-zero carbon emissions by 2050, the government has significantly expanded its green fiscal policy framework. Public investment in renewable energy infrastructure is designed to crowd in private capital and accelerate the transition away from fossil fuels. Between 2017 and 2023, funding was prioritized for offshore wind and grid decarbonization projects. This targeted state support aims to achieve long-run economic growth while meeting statutory environmental targets.
Recent macroeconomic modeling indicates that the income elasticity of demand for domestic solar panel installations is +1.8, suggesting that household adoption of microgeneration technologies is highly sensitive to changes in real disposable income.
| Year | Public Investment (£ millions) |
|---|---|
| 2017 | 110 |
| 2018 | 160 |
| 2019 | 220 |
| 2020 | 300 |
| 2021 | 390 |
| 2022 | 450 |
| 2023 | 520 |
Using Fig. 2, calculate the percentage increase in public investment in renewable energy infrastructure in the UK from 2018 to 2023.
