UK energy firms urge PM to prioritise green investments

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More than 100 major energy companies in the UK have united to urge Prime Minister Rishi Sunak to make investments in green energy a government priority.

This new call for action is driven by the recent economic warning that was issued from the Office for Budget Responsibility.

The latest report from the OBR regarding fiscal risks highlighted that Britain is still among the most gas-dependant economies throughout Europe.

To successfully achieve the target of net zero by the year 2050, around £327 billion worth of investment will be necessary. However, the UK government’s commitment so far stands at just £22.5 billion, which has resulted in a substantial short fall for the sum required.

The OBR commented that it had to date seen little indication of significant new investment in the UK for low-carbon heating and energy technologies in answer to the hike in gas prices. It added:

“In fact, while we have historically been one of the leading investors in renewables in the G7, total UK investment in low carbon technology actually fell last year from 1.1 to 0.9% of GDP, behind Germany and France.”

Former President for COP26, Alok Sharma, recently emphasised to UK newspaper the Observer that it is now high time for the British government to stop its hesitation and reform current planning rules to enable the construction of a greater number of onshore wind farms.

UK consumers keen on acquiring eco-friendly assets often consult experts for green investment advice in Chester, London and other major cities.

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