CBI warns against losing billions in green project investments

”CBI

The UK Government has been warned by the Confederation of British Industry (CBI) over its “green new deal” as there could be billions of pounds worth of green investment lost, if there is not greater focus on environmental targets.

There has been heavy criticism of the UK climate policy as it has not supported change in the development for renewable energy and this has meant that the UK is at a disadvantage when bidding for investment.

The CBI, Renewable Energy Association and the Environmental Industries Commission’s Environment Investment Network have all voiced concerns over the inadequacy of the Government’s renewable energy policy.

It seems as though politics and policy making are at the heart of the problems rather than the impact of the recession as companies were nervous about investing in the UK due to the poor infrastructure of the National Grid connections, according to the CBI.

This is made worse by the funding issues surrounding new technology and planning permission delays, and if there are going to be carbon prices introduced in order to help control environmental pollutants, added the CBI.

The Department for Energy and Climate Change has said that the Government is focusing on creating medium and long-term environment for energy investment and that any barriers to progress will be removed.

In one positive step, the incentive for offshore wind power has just been doubled.

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