Britain is losing its lead in the global shift to a low carbon economy following local policy U-turns such as the onshore wind freeze, according to a new report.
The country risks missing out on the large economic opportunity of global investment in the sector, the analysis by NGOs Cafod, Christian Aid, Green Alliance, Greenpeace, RSPB and WWF found.
They predict that $1,900bn will be spent worldwide on low carbon generation, energy efficiency and carbon capture by 2030.
The UK used to lead these markets, exporting low carbon services and expertise to the world’s major emerging economies, the report shows. Yet energy policy changes in 2015 have reduced confidence in the domestic market, lowering its global status.
High carbon infrastructure spending is growing in the country while investment in key areas such as onshore renewables, insulation and CCS slows, it said.
“Low carbon growth is the only option if the UK is to meet its emissions targets and retain its position as a leader in the global green economy,” WWF-UK chief executive David Nussbaum said. “Yet some Ministers have sent confusing messages about their commitment to green energy and technologies.”
“That’s why it’s vital the government now agrees a strong fifth carbon budget, and backs it up with an emissions reduction plan setting out exactly how we’ll build low carbon solutions into the DNA of UK Plc.”
To restore Britain’s lead, the government should support the low carbon industry at home, champion UK projects abroad, support innovation and continue to raise global climate ambitions, according to the NGOs.
Image: sxc
