Green growth is at “severe” risk unless the government prioritises vital measures in the Spring Budget, five energy trade associations have warned today.
In a letter to Chancellor Jeremy Hunt, the bosses of RenewableUK, Energy UK, the Nuclear Industry Association, Scottish Renewables and Solar Energy UK said: “Despite our industry’s commitment to the low carbon energy transition, we are concerned that there is no clear government plan to deliver green economic growth and continue attracting clean energy investment into the UK.”
The trade associations are calling for key steps in the Spring Budget to address this, including a reform of capital allowances and financial incentives for investment in low carbon energy in response to those being offered by the US in its $216 billion (£176bn) Inflation Reduction Act and the European Union in its REPowerEU package.
The letter states that: “With many clean energy projects already delaying Final Investment Decision and supply chain companies squeezed by the energy crisis and inflationary pressures, a tangible step like enhanced capital allowances announced in the Spring Budget will do more to persuade investors than the promises of a future plan for economic growth.”
ELN has contacted BEIS and the Treasury for comment.
Article source: https://www.energylivenews.com/2023/02/03/uk-energy-industry-calls-for-more-clean-energy-investment/