Leading industry body Energy UK has recently warned that Britain’s green ambitions to reach net zero and achieve a level of energy security are at risk because of a poor investment environment.
The latest report from Energy UK regarding industry investment states that the country’s financial climate for drumming up spending on renewables and driving low-carbon generation is significantly worsening in recent months. It added that this lack of activity is now threatening to undermine the UK’s ambitious environmental agenda and could damage the wider economy of the country.
The report argues that a range of different factors are stifling UK green investment. It listed inflation, supply chain difficulties, interest rates, planning hurdles and badly designed taxes. According to the industry body for energy, these factors combined have now driven up the total cost of many new low-carbon projects by as much as 50%.
Chief executive at energy UK Emma Pinchbeck commented:
“In many ways, the UK has led the way in the transition to clean energy – witness our world leading offshore wind industry – but we risk squandering this position and driving the investment that we need elsewhere.”
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Energy UK has warned that unless action is taken to address the present levels of investor uncertainty, the British economy could potentially lose out on up to £62 billion worth of investment from 2022 up until 2030.
