UK losing ground on renewable power investments
02 Jun 2014
Ernst and Young (EY) have released their Renewable Energy Country Attractiveness Index, which now ranks the UK lower than the US, China, Germany, Japan and Canada.
Ben Warren, EY’s Environmental Finance leader said: ‘The UK has slipped to sixth place for the first time in more than a year. Policy tinkering and conflicting signals once again become too much for investors and developers to handle’.
Recently the Government announced plans that renewable energy subsidies will be scrapped, and according to the EY report ‘another Government consultation on financial support for UK solar projects has left the sector again facing uncertainty at a time when solar is fast becoming one of the UK’s cheapest, cleanest and most popular forms of energy. The proposals would make projects larger than 5MW ineligible for renewable obligation certificates (ROCs) from April 2015’.
The Renewable Energy Foundation has released a report showing that Britain has hit its EU renewable energy projects target. With a thousand more projects seeking approval for subsidy, the Government may decide that further development in this area is surplus to requirement.