UK's 'huge savings' from low carbon
The UK’s renewables sector received a boost today when an independent government advisory body set out potential huge savings from backing low-carbon generation sources.
A report by the Committee on Climate Change (CCC) claimed investment during the 2020s in a portfolio of technologies including renewables rather than gas-fired generation would save British consumers up to £45bn ($68bn).
But the CCC – which advises the Westminster government on emissions reduction – warned that more needs to be done to encourage investor confidence.
Echoing concerns from large renewables investors, it called on the government to set a carbon-intensity target for 2030 and set out clear levels of long-term support.
Lord Deben, chairman of the CCC said: “In order to secure maximum economic benefit for the UK, it is crucial that the government gives certainty to investors by legislating to chart a clear course well beyond 2020.”
Gordon Edge, director of policy at industry group RenewableUK, said the report “provides compelling evidence that investment in British renewables is cost-effective”.
But he adds: “The Committee on Climate Change is also right to highlight the fact that the current lack of a long-term political vision is jeopardising investment in renewable energy projects.”