The political will to tackle climate change is so low that investors are happy to plough huge amounts of money into fossil fuel projects but fearful to back green energy initiatives – even though the reverse needs to happen if the world is to have any chance of meeting its agreed objective to limit global warming to 2C.
That is the conclusion of a new parliamentary report, which finds that a £100bn hole has opened up in Britain’s green energy finances, with investment in renewable power generation such as wind turbines and solar panels running at less than half the level required this decade.
The Environmental Audit Committee report blames the Government’s inconsistent approach to supporting green energy for the lack of financial backing. And it warns that investment in low-carbon energy generation is running at “less than half” of the £200bn needed between 2010 and 2020 if Britain is to reduce its carbon emissions sufficiently to enable the country to meet legally binding environmental targets and play its part in cutting global warming to 2C.
A £100bn red alert over green energy gap