The UK government should be clearer about its long-term renewable energy strategy and climate targets to ensure investors are confident to invest, according to a House of Lords committee report.
In today’s European Union Energy Governance report, the Lords EU Committee said current UK energy policy announcements do not yet reflect the 2030 renewables and climate targets that are a key aspect of the EU Energy Union.
The report urges the UK government to be transparent, timely and comprehensive in reporting on its own progress against each of the dimensions of the Energy Union as well as against its own additional domestic targets.
Lords EU committee chairman Baroness Scott of Needham Market said: “If we are to focus national government minds on meeting their responsibilities they have to know how far they have got to go domestically and have a clear idea on how they will get there.
“To that end we recommend that our own government should be clearer and more open about progress in meeting its own targets and also provide consistency in energy and renewable policy to provide investors with the confidence to provide the funding needed to meet our targets.”
The report also states the EU-wide binding renewables target of at least 27% by 2030 will not be delivered unless it is backed-up by an enforcement mechanism ac ting guarantor for the agreement.
To that end, the committee is calling for the European Council to ask the European Commission to introduce a monitoring and enforcement mechanism that ensures member states live up to their own commitments and share fairly the effort to meet the 2030 targets.
It recommends that the European Council should, with the Commission, present a much clearer timetable for the establishment of the energy governance framework.
The EU Committee also recommends common standards across the EU for capacity markets, thus opening up national energy markets to cross-border transactions and greater cooperation across member states.
“The question for the EU is how to meet the twin challenges of reducing our reliance on fossil fuels while also ensuring abundant and affordable energy supply,” added Needham.
“We think the European Commission’s flagship Energy Union Strategy is broadly on the right lines but now is the time to ensure it is delivered by across Europe and by Member States domestically.”
Image: UK parliament (FreeImages)
Lords: RE needs consistent policy
UK energy, climate policy needs to be clearer to attract investors, says report
By EBS