Any watering down of UK net zero policy has been condemned by renewables and other industry groups as damaging to investor confidence.
Responding to confirmation Prime Minister Rishi Sunak (pictured) intends to announce changes to net zero policies later this week, RenewableUK’s chief executive Dan McGrail said the Prime Minister has to put in place some new policies to attract investment in green technology in the UK, otherwise it will just be another blow to investor confidence.
McGrail said: “China, the US and the EU all recognise that renewables offer an opportunity to develop whole new industries with thousands of high-wage high-value jobs, as well as providing families and businesses with low-cost electricity, so they’ve put in place incentives for businesses to invest and for the public to switch.
“If all we see from government is a negative framing of green technologies, and an indication they see green industries as something to be politicised, investors are going to look overseas at more stable and attractive markets instead.
“After some encouraging recent announcements about major green tech investments, companies will just start getting confused about what the UK stands for.”
The Association for Renewable Energy and Clean Technology (REA) reiterated weakening green policies will make the energy transition more expensive and urged the UK not to abandon existing promises if the Prime Minister is serious about energy security and ensuring an affordable energy transition.
The decision to delay the ban on the sales of new petrol and diesel cars as well as the phasing out of gas boilers will only mean more dependence on expensive fossil fuels but would also risk undermining the investments that have gone into renewable technologies, following the Government’s previous commitment to have strong markets in place by the 2030s, stated the REA.
Chief executive of the REA Nina Skorupska said: “Any rolling back on existing net zero commitments is not the smart economic choice for the country. It is short term policy making that guarantees more expensive bills for us all in the future.”
Good Energy chief executive Nigel Pocklington said: “UK companies are committed to combatting climate change.
“We want to make the country a leader in the decarbonisation of power, heat and transport.
“In rolling back net zero policies, Sunak would not only be sticking two fingers up at nature and our children’s futures, but at British business.”
Chief executive at climate solutions charity Ashden Ashok Sinha said: “Putting us into the slow lane in the race to net zero will only scare off investors, damage our credibility with business and put the brakes on the climate innovation that we see growing in SMEs and communities across the country.
“This will only hurt jobs, livelihoods and living standards.”