Coming a few days after the UK’s referendum on membership of the European Union increased investment uncertainty, the Aldersgate Group said that the government’s acceptance of the fifth carbon budget at the level recommended by the Committee on Climate Change is an important indication of the UK’s desire to continue growing its low carbon economy.
Nick Molho, Executive Director of the Aldersgate Group, said: “The adoption of the fifth carbon budget is an important step forward. It shows that the UK wants to stay on track in meeting its long-term climate change targets in a way that’s cost effective and also signals an intent to increase investment in low carbon technologies. At a time when global investments in clean technologies are rapidly growing in countries such as China, India, the United States and South Africa, it’s important that the UK keeps growing its low carbon economy to remain competitive on the global stage. As we are seeing with the offshore wind manufacturing investments being made in Hull, growing the UK’s low carbon economy can bring investment and skilled employment opportunities to those parts of the country that need it the most.”
Nick Molho added: “Business now looks towards the government’s Emissions Reduction Plan later this year to set out the specific policy drivers that will help stimulate investment in low carbon generation, energy efficiency projects, low carbon heat and low emission transport during this Parliament. This is an opportunity for the government to set out a strategy that businesses will respond to with affordable investment and innovation in low carbon technologies.”