{"id":12601,"date":"2023-02-20T14:26:09","date_gmt":"2023-02-20T14:26:09","guid":{"rendered":"http:\/\/TheNextWeb=1394240"},"modified":"2023-02-20T14:26:09","modified_gmt":"2023-02-20T14:26:09","slug":"uk-at-risk-of-lagging-behind-eu-and-us-in-clean-energy-investment-race","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=12601","title":{"rendered":"UK at risk of lagging behind EU and US in clean energy investment race"},"content":{"rendered":"\n
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Although the UK<\/a> has<\/span> set out ambitious clean energy targets, it risks lagging behind the US and the EU in attracting the required investments, two of the country\u2019s energy trade organisations have warned.<\/p>\n

Ahead of the Chancellor\u2019s Spring Budget next month, Energy UK<\/a> and Renewable UK<\/a> have published two separate reports<\/a>, calling on the government to implement measures and rule changes that will enable the UK to attract vital private investment in renewables<\/a>.<\/p>\n

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\u201cThe renewable energy sector is facing a perfect storm this year.<\/p>\n<\/p><\/div>\n<\/blockquote>\n

According to Energy UK\u2019s report<\/a>, investment in low-carbon electricity generation \u201chas deteriorated significantly\u201d in the past months, owing to soaring inflation, increasing interest rates, supply chain difficulties, policy uncertainty, and \u201cpoorly designed\u201d windfall taxes<\/a> that presently \u201cfavor oil and gas extraction.\u201d<\/p>\n

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The trade organisation estimates that an additional investment of \u00a3500 billion would be needed between now and 2050 to meet the UK\u2019s Net Zero goals. But without government action, it expects a \u00a362 billion investment loss by 2030. This would translate to a shortfall of 54GW of potential wind and solar capacity \u2014 enough electricity to power every home in the UK.<\/p>\n

\u201cThe UK is in increasing danger of undermining its own ambitions and failing to deliver on its commitments, \u201cEmma Pinchbeck, Energy UK\u2019s CEO, said<\/a>. \u201cIn many ways, the UK has led the way in the transition to clean energy \u2014 witness our world-leading offshore wind industry \u2014 but we risk squandering this position and driving the investment that we need elsewhere.\u201d<\/p>\n

The fierce global competition for investment, skills, and supply chains was also cited by Renewable UK\u2019s Executive Director of Policy Ana Musat, who highlighted<\/a> that \u201cthe US and the EU are in a race to offer incentives to clean energy investors.\u201d<\/p>\n

Both trade organizations are calling for measures such as implementation of more attractive regulations, faster project planning, more sustainable renewable electricity prices, and new fiscal measures policies like reforming the windfall tax and respective tax reliefs.<\/span><\/p>\n

\u201cWe are at a pivotal point right now with other countries actively trying to attract the same companies and investors and it would be unforgivably complacent to think that we don\u2019t need to do the same,\u201d Pinchbeck noted. \u201cThis is a once-in-a-generation opportunity and if we don\u2019t seize it now, we will miss out not just on cheaper, cleaner energy but on the huge boost to our economy such investment will bring in terms of growth, jobs and other benefits.\u201d<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Although the UK has set out ambitious clean energy targets, it risks lagging behind the US and the EU in attracting the required investments, two of the country\u2019s energy trade organisations have…<\/p>\n","protected":false},"author":1,"featured_media":12602,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/12601"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12601"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/12601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/12602"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}