Green Finance Taskforce recommendations would boost renewable energy growth

• The UK Green Finance Taskforce has launched its report containing key recommendations to Government
• Key initiatives proposed include setting up Clean Growth Regeneration Zones, boosting green investment, and launching a sovereign green bond

The Green Finance Taskforce, an independent taskforce led by former Mayor of London Sir Roger Gifford and comprised of experts in renewable energy and clean technology finance, has today launched its recommendations to Government.

The initiatives proposed would make for a welcome boost to green investment according to the REA, the UK’s largest trade association for renewables and clean tech. The Association sees the initiatives as welcome but not a substitute for energy policy reform that would allow for the development of a predictable pipeline of low-cost, low-carbon renewable energy projects.

If acted upon, the recommendations are likely to have implications across the renewable energy and clean tech economy ranging from bioenergy and solar power deployment to EV infrastructure investment.

Dr Nina Skorupska CBE, Chief Executive of the Renewable Energy Association said:

“We strongly welcome the Green Finance Taskforce Report and its recommendations.

“Interventions such as the Green Investment Accelerator for early stage technologies and a dedicated public-private green venture capital fund are particularly welcome for delivering new renewable and clean tech projects in the UK.

“At the same time, the taskforce has set strong expectations for UK companies to lead on climate related disclosures, which will mainstream sustainability reporting and climate risk management in large corporate companies.

“The Government should be applauded for instigating the Taskforce and must now act quickly to implement the recommendations, further cementing the UK’s position as a global leader in green finance.

“As the report highlights, these proposals must also be matched by policies that support a pipeline of renewable and clean tech projects to be invested in. This includes setting out what mechanisms will replace the existing renewable incentives that currently come to an abrupt end by 2020.”

Peter Dickson, Technical Director at Glennmont Parters and Chair of the REA’s Finance Forum said:

“The UK’s sustainable development and finance sectors have produced some of the most practical financial tools for supporting green technologies and policies of the past two decades. We at Glennmont welcome the Green Finance Taskforce as a means of making these tools sustainable in the widest sense of the word and look forward to supporting the REA in its ongoing engagement with the Taskforce.”

—ENDS—

For more information or to request an interview, please contact:

Daniel Brown
External Affairs Officer
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[email protected]

Notes to editors

• The Green Finance Taskforce can be found online here: https://www.gov.uk/government/publications/accelerating-green-finance-green-finance-taskforce-report

About the Renewable Energy Association (REA)

The Renewable Energy Association represents renewable energy producers and promotes the use of all forms of renewable energy in the UK across power, heat, transport and recycling. It is the largest renewable energy and clean technology (including energy storage and electric vehicles) trade association in the UK, with around 550 members, ranging from major multinationals to sole traders.

About the REA’s Finance Forum

The Finance forum brings together renewable technology developers and financers in order to optimise the flow of funds into renewable technologies. The group is comprised of over 50 companies ranging from banks to crowd funding platforms.

For more information, visit: www.r-e-a.net