REA respond to EAC green finance report
- Environmental Audit Committee report finds that investment in clean energy fell by 10% in 2016 and 56% in 2017.
- Annual investment in clean energy is now at its lowest since 2008.
- New Government policies urgently needed to boost clean energy investment and secure climate goals.
Commenting on the Environmental Audit Report on green financing, James Court, Head of Policy at the Renewable Energy Association, said:
“This report perfectly chimes with the reality that our members are feeling. There is a real frustration that at a time of renewable costs plummeting and other countries steaming ahead, the UK is going backwards. Government must now move forward quickly by implementing the recommendations of the Green Finance Task Force that reported back in March.
“Renewables are now cheaper than building new gas and nuclear generation, yet the decisions of the last three years will have an impact on not only the UK hitting our climate targets, but whether we will have a cheaper, cleaner, smarter and future-proofed energy system, and the jobs and investment that come with that”.
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Notes to editors
- ‘Green finance: mobilising investment in clean energy & sustainable development’ is a report published by the Environmental Audit Committee. The role of the committee is to consider the extent to which the policies and programmes of government departments and non-departmental public bodies contribute to environmental protection and sustainable development, and to audit their performance against sustainable development and environmental protection targets.
- The report can be found here.
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.
For more information, visit: www.r-e-a.net