- REA welcomes prospective change to Solvency II rules;
- Long-standing call of the REA could ensure renewable and clean tech projects are deployed quickly;
- Changes announced in the Queen’s Speech could ‘help unleash a wave of new investment that can help take the UK to Net Zero’.
The Association for Renewable Energy and Clean Technology (REA) have welcomed the prospective change to Solvency II rules as announced in the Queen’s Speech.
The change is a long-standing call of the REA, who say that the switch could ‘help unleash a wave of new investment that can help take the UK to Net Zero’.
Boosting available finance could help deliver new renewable and clean tech projects, creating jobs and tackling environmental issues such as air and noise pollution.
However, the REA has warned that, while a dedicated Energy Bill is a step in the right direction, there would have to be a significant evolution from the Energy Security Strategy which was described as ‘wholly inadequate’.
Frank Gordon, Director of Policy at the Association for Renewable Energy and Clean Technology (REA), said:
“The REA welcomes this prospective change to Solvency II rules – provided it is fully applied to renewables and clean tech – as it is something we have called for previously. A lack of available finance can be a major barrier to developing new renewable and clean tech projects, and the changes proposed would help unleash a wave of new investment that can help take the UK to Net Zero.
“Such investment will create jobs and ensure that green tech can be built quickly, while also tackling other problems like air and noise pollution.”
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Notes to editors
The Financial Services and Markets Bill will reform the regulation of the UK’s financial services sector, including the Solvency II capital requirements for insurers, which could allow a significant increase in flexibility to enable insurers to invest in long-term assets such as infrastructure (including renewables).
About the Association for Renewable Energy and Clean Technology (REA):
The Association for Renewable Energy and Clean Technology (known as the REA) is the UK’s largest trade association for renewable energy and clean technologies with around 550 members operating across heat, transport, power and the Circular Economy. The REA is a not-for-profit organisation representing fourteen sectors, ranging from biogas and renewable fuels to solar and electric vehicle charging. Membership ranges from major multinationals to sole traders.
For more information, visit: www.r-e-a.net