UK’s investment in renewable energy
It was a disappointing Budget announcement from the Chancellor, as far as renewable energy goes. It’s been described as a missed opportunity for the government to back renewable energy and clean growth – at a time when collective will and consciousness is starting to really focus on the issue of climate change.
Caroline Lucas of the Green Party denounced Hammond’s failure to even mention climate change as “unforgivable”.
“It's not clear what planet Hammond is living on” said Ms Lucas, “because he's certainly doing nothing to protect those of us living on this one. His deluded budget was built on a fantasy future where the technical revolution will solve all of society's problems. Our children will never forgive him.”
According to Chris Hewett, CE at the Solar Trade Agency, Philip Hammond talks the talk but fails to walk the walk: “Investment in renewable energy has plummeted in the UK and largely for want of fair tax and market treatment. The Chancellor has again missed a vital opportunity to do the right thing, not only by the planet and the thousands of people who want to support clean energy, but by simple fair market principles. This government claims to support clean, green technologies, but this rhetoric is far from being matched by even the most modest of actions.”
There are concerns around the lack of clarity on a variety of issues: alternative support for decarbonising heat after 2021, pledging help to develop new technologies and a route to market supported by the Government.
The Renewable Energy Association also said that the decision to freeze the carbon price support rate to lower the carbon price floor could be detrimental to the industry, as it brings the potential of coal being reintegrated into the UK’s energy mix. REA policy and external affairs director James Court said: “It is frustrating that another Budget comes and goes, yet the opportunity for the UK to be a genuine leader in crucial future technologies slips by.
“There is huge support for renewables across the country, parliament, and even within government, yet the Treasury continues to stymie the potential growth in this sector.
“Next to nothing in this budget will help build clean energy infrastructure we so desperately need, and in parts actively harms the industry. Carbon Prices frozen, tax allowances for energy products scrapped, and a continued block to market for the cheapest forms of electricity.”
Given that one month ago the world’s leading climate scientists warned there are just 12 years to keep global warming at a max of 1.5C – beyond which even half a degree will dramatically increase the risk of floods, drought and poverty, the lack of ambition is stark.