Clean energy investment plummets

Written by: Editorial staff | Published:
Clean energy investment is at its lowest since 2008

Clean energy investment has taken a "dramatic and worrying collapse" since 2015, according to the Environmental Audit Committee (EAC).

Investment in low-carbon energy fell by 10% in 2016 and 56% in 2017, resulting in clean energy investment at its lowest since 2008.

An EAC report, Green finance, mobilising investment in clean energy and sustainable development, stated government’s Clean Growth Strategy does not do enough to meet legal climate change targets, even if policies were delivered in full.

It drew up a series of recommendations including ministers to find new ways to support councils to mobilise investment in low carbon projects and government to maintain the UK’s relationship with the European Investment Bank.

Mary Creagh, chair of the EAC, said: “The Government must urgently plug this policy gap and publish its plan to secure the investment required to meet the UK’s climate change targets.

“It should provide greater clarity on how it intends to deliver the Clean Growth Strategy by the 2018 Budget, and explore how a Sovereign Green Bond could kickstart its Clean Growth Strategy.”

Head of policy at the Renewable Energy Association James Court welcomed the report.

He said: “This report perfectly chimes with the reality that our members are feeling. There is a real frustration that at a time of renewable costs plummeting and other countries steaming ahead, the UK is going backwards.”

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