More of the funds held by institutional investors would be invested in energy projects if there was a clear EU policy about how to deliver secure, affordable and low carbon energy, says the House of Lords EU Sub-Committee for Agriculture, Fisheries, Environment and Energy in its report, published today.
Following an eight-month long inquiry, during which the Committee heard from a number of individuals and organisations including the European Commission, the Secretary of State for Energy and Climate Change, Bloomberg New Energy Finance, the CBI, WWF and power companies, the Committee’s alarm at the degree of uncertainty and complacency about affordable, secure and low carbon energy supplies has grown.
Commenting on the report, Lord Carter of Coles, Committee Chairman, said: “It is clear to us that investment is urgently required, notably in a low carbon, interconnected and innovative energy system, that makes us less reliant on imports of highly volatile and dirty fossil fuels. Such investment would help to deliver secure and low carbon energy, boost European economic growth, and stabilise household and industrial costs.
European energy sector faces £1 trillion investment blackhole