Changes announced in the Queen’s Speech could “help unleash” new investment that can help take the UK to net zero, according to the Association for Renewable Energy and Clean Technology (REA).
The trade body has welcomed the prospective change to Solvency 2 rules by boosting available finance to help deliver new renewable and clean technology projects, in turn creating jobs and tackling environmental issues such as air and noise pollution.
REA policy director Frank Gordon said: “The REA welcomes this prospective change to Solvency 2 rules – provided it is fully applied to renewables and clean tech – as it is something we have called for previously.
“A lack of available finance can be a major barrier to developing new renewable and clean tech projects, and the changes proposed would help unleash a wave of new investment that can help take the UK to net zero.”
The REA also said that, while a dedicated Energy Bill is a step in the right direction, there would have to be a significant evolution from the Energy Security Strategy which was described as “wholly inadequate”.